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461.75 209.83 Td (2,198,963) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 209.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 209.85 Td (2,105,594) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 184.50 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) 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681.75 m 497.25 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.25 681.75 m 507.25 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 681.75 m 562.25 681.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 584.75 m 442.25 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.25 584.75 m 497.25 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.25 584.75 m 507.25 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 584.75 m 562.25 584.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 565.75 m 442.25 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 552.75 m 442.25 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.25 565.75 m 497.25 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.25 552.75 m 497.25 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.25 565.75 m 507.25 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.25 552.75 m 507.25 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 565.75 m 562.25 565.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 552.75 m 562.25 552.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 533.75 m 442.25 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.25 533.75 m 497.25 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.25 533.75 m 507.25 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 533.75 m 562.25 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 533.75 m 442.25 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.25 533.75 m 497.25 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.25 533.75 m 507.25 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 533.75 m 562.25 533.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 514.75 m 442.25 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.25 514.75 m 497.25 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.25 514.75 m 507.25 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 514.75 m 562.25 514.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 475.75 m 442.25 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.25 475.75 m 497.25 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.25 475.75 m 507.25 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 475.75 m 562.25 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 475.75 m 442.25 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.25 475.75 m 497.25 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.25 475.75 m 507.25 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 475.75 m 562.25 475.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.25 430.75 m 442.25 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442.25 430.75 m 497.25 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.25 430.75 m 507.25 430.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507.25 430.75 m 562.25 430.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.85 698.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 460.11 698.98 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 536.63 698.98 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 686.00 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.25 685.98 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.25 686.00 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 667.00 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.75 666.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.00 666.98 Td (577,603) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.75 667.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.00 667.00 Td (481,109) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 654.00 Td (Costs and expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.75 641.00 Td (Land and housing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.00 640.98 Td (460,924) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.00 641.00 Td (388,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.75 628.00 Td (General and administrative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.05 627.98 Td (33,847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.05 628.00 Td (30,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.75 615.00 Td (Selling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.05 614.98 Td (36,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.05 615.00 Td (31,551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.75 602.00 Td (Equity in \(income\) loss from joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.35 601.98 Td (\(52) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.05 601.98 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.05 602.00 Td (121) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.75 589.00 Td (Interest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.05 588.98 Td (4,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.05 589.00 Td (6,792) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 576.00 Td (T) Tj ET Q q 0 0 0 rg BT 56.36 576.00 Td (otal costs and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.00 575.98 Td (536,247) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.00 576.00 Td (457,630) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 557.00 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.05 556.98 Td (41,356) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.05 557.00 Td (23,479) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 538.00 Td (Provision for income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.05 537.98 Td (9,610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 541.05 538.00 Td (5,756) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 519.00 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.05 518.98 Td (31,746) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.05 519.00 Td (17,723) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 506.00 Td (Earnings per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.75 493.00 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.75 492.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.05 492.98 Td (1.1) Tj ET Q q 0 0 0 rg BT 490.05 492.98 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.75 493.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.05 493.00 Td (0.64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.75 480.00 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.75 479.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.05 479.98 Td (1.09) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.75 480.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.05 480.00 Td (0.63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.75 461.00 Td (W) Tj ET Q q 0 0 0 rg BT 58.66 461.00 Td (eighted average shares outstanding:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.75 448.00 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.05 447.98 Td (28,478) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.05 448.00 Td (27,498) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.75 435.00 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.05 434.98 Td (29,009) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.05 435.00 Td (27,970) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 412.05 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) Tj ET Q endstream endobj 13 0 obj <> endobj 14 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (5) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 216.80 740.25 Td (M/I HOMES, INC. ) Tj ET Q q 0 0 0 rg BT 300.42 740.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 96.75 728.25 Td (UNAUDITED CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 284.92 728.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 319.47 728.25 Td (A) Tj ET Q q 0 0 0 rg BT 325.95 728.25 Td (TEMENT) Tj ET Q q 0 0 0 rg BT 369.11 728.25 Td ( OF) Tj ET Q q 0 0 0 rg BT 385.13 728.25 Td ( SHAREHOLDERS) Tj ET Q q 0 0 0 rg BT 473.57 728.25 Td ( EQUITY) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 695.75 m 321 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 695.75 m 325 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 695.75 m 361 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 695.75 m 365 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 695.75 m 410 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 695.75 m 414 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 695.75 m 455 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 695.75 m 459 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 695.75 m 501 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 695.75 m 505 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 695.75 m 562 695.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 351.10 697.88 Td (Thr) Tj ET Q q 0 0 0 rg BT 364.29 697.88 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 440.81 697.88 Td (ch 31, 2020) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 673.75 m 321 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 673.75 m 325 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 673.75 m 361 673.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 646.75 m 269 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 646.75 m 321 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 646.75 m 325 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 646.75 m 361 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 646.75 m 365 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 646.75 m 410 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 646.75 m 414 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 646.75 m 455 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 646.75 m 459 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 646.75 m 501 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 646.75 m 505 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 646.75 m 562 646.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 561.75 m 269 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 549.75 m 269 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 561.75 m 321 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 549.75 m 321 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 561.75 m 325 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 549.75 m 325 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 561.75 m 361 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 549.75 m 361 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 561.75 m 365 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 549.75 m 365 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 561.75 m 410 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 549.75 m 410 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 561.75 m 414 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 549.75 m 414 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 561.75 m 455 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 549.75 m 455 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 561.75 m 459 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 549.75 m 459 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 561.75 m 501 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 549.75 m 501 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 561.75 m 505 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 549.75 m 505 549.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 561.75 m 562 561.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 549.75 m 562 549.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 286.20 677.83 Td (Common Shar) Tj ET Q q 0 0 0 rg BT 336.13 677.83 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 283.00 658.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 299.38 658.98 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 273.15 650.98 Td (Outstanding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.75 665.83 Td (Additional) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.55 657.83 Td (Paid-in) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.30 649.83 Td (Capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.65 658.98 Td (Retained) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.40 650.98 Td (Earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.05 658.98 Td (T) Tj ET Q q 0 0 0 rg BT 469.09 658.98 Td (r) Tj ET Q q 0 0 0 rg BT 472.27 658.98 Td (easury) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.00 650.98 Td (Shar) Tj ET Q q 0 0 0 rg BT 484.38 650.98 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 524.25 665.83 Td (T) Tj ET Q q 0 0 0 rg BT 529.22 665.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 509.35 657.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 525.73 657.83 Td (eholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.40 649.83 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 651.00 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.45 650.98 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 638.70 Td (Balance at December 31, 2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.75 638.83 Td (28,386,456) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.50 638.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.80 638.83 Td (301) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.50 638.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.75 638.83 Td (332,861) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.50 638.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.75 638.83 Td (708,579) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.50 638.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.10 638.83 Td (\(38,264) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 638.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.50 638.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 638.83 Td (1,003,477) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 626.70 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.80 626.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.80 626.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.80 626.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.75 626.83 Td (31,746) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.80 626.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 626.83 Td (31,746) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 614.70 Td (Stock options exercised) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 291.75 614.83 Td (132,300) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.80 614.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.80 614.83 Td (290) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 614.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 614.83 Td (2,892) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 614.83 Td (3,182) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 602.70 Td (Stock-based compensation expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.80 602.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.80 602.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.80 602.83 Td (973) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 602.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.80 602.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 602.83 Td (973) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 590.70 Td (Repurchase of common shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 293.10 590.83 Td (\(80,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.80 590.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.80 590.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 398.80 590.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 590.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.10 590.83 Td (\(1,912) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 590.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 590.83 Td (\(1,912) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 590.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 578.70 Td (Deferral of executive and director compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 309.80 578.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.80 578.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.80 578.83 Td (215) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 578.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 489.80 578.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 578.83 Td (215) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 566.00 Td (Executive and director deferred compensation distributions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.75 565.98 Td (84,573) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 349.80 565.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.10 565.98 Td (\(1,849) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.80 565.98 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 565.98 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.75 565.98 Td (1,849) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 565.98 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 553.70 Td (Balance at March 31, 2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.75 553.83 Td (28,523,329) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.50 553.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.80 553.83 Td (301) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 367.50 553.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.75 553.83 Td (332,490) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 416.50 553.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.75 553.83 Td (740,325) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.50 553.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.10 553.83 Td (\(35,435) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 553.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 507.50 553.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 553.83 Td (1,037,681) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 508.15 m 321 508.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 508.15 m 325 508.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 508.15 m 361 508.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 508.15 m 365 508.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 508.15 m 410 508.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 508.15 m 414 508.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 508.15 m 455 508.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 508.15 m 459 508.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 508.15 m 501 508.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 508.15 m 505 508.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 508.15 m 562 508.15 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.75 510.15 Td (Three Months Ended March 31, 2019) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 486.15 m 321 486.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 486.15 m 325 486.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 486.15 m 361 486.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 459.15 m 269 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 459.15 m 321 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 459.15 m 325 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 459.15 m 361 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 459.15 m 365 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 459.15 m 410 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 459.15 m 414 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 459.15 m 455 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 459.15 m 459 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 459.15 m 501 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 459.15 m 505 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 459.15 m 562 459.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 375.15 m 269 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 363.15 m 269 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 375.15 m 321 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 269 363.15 m 321 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 375.15 m 325 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 363.15 m 325 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 375.15 m 361 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 325 363.15 m 361 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 375.15 m 365 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 361 363.15 m 365 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 375.15 m 410 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 363.15 m 410 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 375.15 m 414 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 410 363.15 m 414 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 375.15 m 455 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 414 363.15 m 455 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 375.15 m 459 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 363.15 m 459 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 375.15 m 501 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 459 363.15 m 501 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 375.15 m 505 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 363.15 m 505 363.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 375.15 m 562 375.15 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 363.15 m 562 363.15 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 287.90 490.10 Td (Common Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 283.80 471.40 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.90 463.40 Td (Outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 369.85 478.10 Td (Additional) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.40 470.10 Td (Paid-in) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.40 462.10 Td (Capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.75 471.40 Td (Retained) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.75 463.40 Td (Earnings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.40 471.40 Td (T) Tj ET Q q 0 0 0 rg BT 470.15 471.40 Td (reasury) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.80 463.40 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.80 478.10 Td (T) Tj ET Q q 0 0 0 rg BT 529.41 478.10 Td (otal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.05 470.10 Td (Shareholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 522.30 462.10 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 463.40 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.35 463.40 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 451.10 Td (Balance at December 31, 2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.75 451.10 Td (27,516,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.50 451.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 451.10 Td (301) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.50 451.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 451.10 Td (330,517) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.50 451.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 451.10 Td (580,992) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.50 451.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.10 451.10 Td (\(56,507) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 451.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 451.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 451.10 Td (855,303) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 439.10 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 439.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.80 439.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.80 439.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.75 439.10 Td (17,723) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 439.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 439.10 Td (17,723) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 427.10 Td (Stock options exercised) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.75 427.10 Td (136,740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.80 427.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 392.10 427.10 Td (\(550) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 427.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 427.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 427.10 Td (2,978) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 427.10 Td (2,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 415.10 Td (Stock-based compensation expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 415.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.80 415.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 415.10 Td (912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 415.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 415.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 415.10 Td (912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 403.10 Td (Repurchase of common shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 289.10 403.10 Td (\(201,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 317.80 403.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.80 403.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.80 403.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 403.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.10 403.10 Td (\(5,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 403.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 403.10 Td (\(5,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 403.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 391.10 Td (Deferral of executive and director compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 391.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.80 391.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.80 391.10 Td (246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 391.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 391.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 391.10 Td (246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 379.10 Td (Executive and director deferred compensation distributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.75 379.10 Td (1) Tj ET Q q 0 0 0 rg BT 295.75 379.10 Td (16,956) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.80 379.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.10 379.10 Td (\(2,545) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.80 379.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 379.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 379.10 Td (2,545) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 379.10 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 367.10 Td (Balance at March 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 281.75 367.10 Td (27,568,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 327.50 367.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.80 367.10 Td (301) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 367.50 367.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.75 367.10 Td (328,580) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.50 367.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.75 367.10 Td (598,715) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.50 367.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.10 367.10 Td (\(56,134) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 367.10 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 367.10 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 367.10 Td (871,462) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 344.45 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) 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operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.25 370.88 Td (194,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 370.75 Td (218,100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 360.75 Td (Repayment of bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.60 360.88 Td (\(253,400) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.30 360.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 360.75 Td (\(1) Tj ET Q q 0 0 0 rg BT 536.26 360.75 Td (16,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 360.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 350.75 Td (Net proceeds from bank borrowings - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 350.88 Td (8,151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 350.75 Td (\(49,142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 350.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 340.75 Td (Proceeds from notes payable - other and community development district bond obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 340.88 Td (1,718) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 340.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 330.75 Td (Repurchase of common shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 330.88 Td (\(1,912) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.30 330.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 330.75 Td (\(5,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 330.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 320.75 Td (Debt issue costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 320.88 Td (\(6,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.30 320.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 320.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 310.75 Td (Proceeds from exercise of stock options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 310.88 Td (3,182) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 310.75 Td (2,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 300.75 Td (Net cash provided by financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 300.88 Td (45,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 300.75 Td (49,536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 290.75 Td (Net increase in cash, cash equivalents and restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 290.88 Td (15,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 290.75 Td (20,402) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 280.75 Td (Cash, ) Tj ET Q q 0 0 0 rg BT 72.00 280.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 88.21 280.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 126.65 280.75 Td (and ) Tj ET Q q 0 0 0 rg BT 140.20 280.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 171.96 280.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 188.18 280.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 214.60 280.75 Td (at ) Tj ET Q q 0 0 0 rg BT 222.38 280.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 256.37 280.75 Td (of ) Tj ET Q q 0 0 0 rg BT 265.04 280.75 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 280.88 Td (6,083) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 280.75 Td (21,529) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 270.75 Td (Cash, cash equivalents and restricted cash balance at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 270.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 270.88 Td (21,184) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 270.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 270.75 Td (41,931) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 252.75 Td (SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 102.92 252.75 Td (AL) Tj ET Q q 0 0 0 rg BT 113.29 252.75 Td ( ) Tj ET Q q 0 0 0 rg BT 115.29 252.75 Td (DISCLOSURE ) Tj ET Q q 0 0 0 rg BT 166.63 252.75 Td (OF ) Tj ET Q q 0 0 0 rg BT 178.86 252.75 Td (CASH ) Tj ET Q q 0 0 0 rg BT 202.20 252.75 Td (FLOW) Tj ET Q q 0 0 0 rg BT 224.71 252.75 Td ( ) Tj ET Q q 0 0 0 rg BT 226.71 252.75 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 262.72 252.75 Td (TION:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 242.75 Td (Cash paid during the year for:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 232.75 Td (Interest net of amount capitalized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 232.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.30 232.88 Td (12,501) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 232.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 232.75 Td (14,460) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 222.75 Td (Income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 222.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.30 222.88 Td (408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 222.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 222.75 Td (362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 205.75 Td (NON-CASH ) Tj ET Q q 0 0 0 rg BT 95.19 205.75 Td (TRANSACTIONS DURING ) Tj ET Q q 0 0 0 rg BT 191.05 205.75 Td (THE PERIOD:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 195.75 Td (Community development district infrastructure) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 195.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.60 195.88 Td (\(617) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 490.30 195.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 195.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 195.75 Td (\(664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 195.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 185.75 Td (Consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 185.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 185.88 Td (6,350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 185.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 185.75 Td (\(3,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 185.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 175.75 Td (Distribution of single-family lots from joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.00 175.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 175.88 Td (3,726) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.00 175.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 175.75 Td (1,054) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 151.05 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.66 560.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 113.81 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.75 560.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.34 560.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 204.17 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.56 560.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 259.61 560.25 Td (with ) Tj ET Q q 0 0 0 rg BT 279.00 560.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 324.49 560.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 365.54 560.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 404.35 560.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 440.94 560.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.33 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.16 560.25 Td (United ) Tj ET Q q 0 0 0 rg BT 492.99 560.25 Td (States ) Tj ET Q q 0 0 0 rg BT 518.49 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.08 560.25 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.06 548.25 Td (management ) Tj ET Q q 0 0 0 rg BT 137.50 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 147.63 548.25 Td (make ) Tj ET Q q 0 0 0 rg BT 171.64 548.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 211.20 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.00 548.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 279.80 548.25 Td (that ) Tj ET Q q 0 0 0 rg BT 297.14 548.25 Td (af) Tj ET Q q 0 0 0 rg BT 304.73 548.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 322.07 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.64 548.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 372.31 548.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 408.55 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.23 548.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 444.91 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.70 548.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 501.27 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.06 548.25 Td (disclosures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.79 536.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 103.97 536.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 129.27 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.67 536.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 184.85 536.25 Td (at ) Tj ET Q q 0 0 0 rg BT 194.03 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.21 536.25 Td (date ) Tj ET Q q 0 0 0 rg BT 226.83 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.13 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.31 536.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.25 536.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 332.43 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.83 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.01 536.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 398.29 536.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 434.14 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.44 536.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 481.94 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.34 536.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 536.40 536.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.18 524.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 97.91 524.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.00 524.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 129.34 524.25 Td (results ) Tj ET Q q 0 0 0 rg BT 158.13 524.25 Td (could ) Tj ET Q q 0 0 0 rg BT 183.03 524.25 Td (dif) Tj ET Q q 0 0 0 rg BT 193.96 524.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 207.74 524.25 Td (from ) Tj ET Q q 0 0 0 rg BT 229.86 524.25 Td (these ) Tj ET Q q 0 0 0 rg BT 253.09 524.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 292.98 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.11 524.25 Td (have ) Tj ET Q q 0 0 0 rg BT 331.67 524.25 Td (a ) Tj ET Q q 0 0 0 rg BT 338.79 524.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 383.68 524.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 413.58 524.25 Td (on ) Tj ET Q q 0 0 0 rg BT 426.26 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.16 524.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 478.82 524.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 519.28 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 536.40 524.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.02 512.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 105.86 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.48 512.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 144.44 512.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 172.34 512.25 Td ( ) Tj ET Q q 0 0 0 rg BT 175.30 512.25 Td (W) Tj ET Q q 0 0 0 rg BT 184.34 512.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 198.08 512.25 Td (regard ) Tj ET Q q 0 0 0 rg BT 226.80 512.25 Td (to ) Tj ET Q q 0 0 0 rg BT 237.77 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.17 512.25 Td (Company) Tj ET Q q 0 0 0 rg BT 291.41 512.25 Td (, ) Tj ET Q q 0 0 0 rg BT 297.09 512.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 337.49 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 355.12 512.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 407.75 512.25 Td (are ) Tj ET Q q 0 0 0 rg BT 423.14 512.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 459.09 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.06 512.25 Td (calculations ) Tj ET Q q 0 0 0 rg BT 521.00 512.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 554.73 512.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 88.03 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.68 500.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 137.33 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.09 500.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 198.29 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 207.39 500.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 269.25 500.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 288.91 500.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 326.61 500.25 Td (property ) Tj ET Q q 0 0 0 rg BT 361.80 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.56 500.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 421.10 500.25 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 474.34 500.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 512.87 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.52 500.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 85.87 488.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 136.43 488.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 172.81 488.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 205.30 488.25 Td (on ) Tj ET Q q 0 0 0 rg BT 216.69 488.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 254.37 488.25 Td (, ) Tj ET Q q 0 0 0 rg BT 258.26 488.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 292.41 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 305.46 488.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 326.85 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.02 488.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 374.07 488.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 411.74 488.25 Td (, ) Tj ET Q q 0 0 0 rg BT 415.64 488.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 449.78 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 462.84 488.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 499.77 488.25 Td (claims, ) Tj ET Q q 0 0 0 rg BT 529.76 488.25 Td (accruals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.47 476.25 Td (self-insured ) Tj ET Q q 0 0 0 rg BT 112.99 476.25 Td (general ) Tj ET Q q 0 0 0 rg BT 144.73 476.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 178.15 476.25 Td (claims, ) Tj ET Q q 0 0 0 rg BT 209.07 476.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 249.99 476.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 285.06 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 299.03 476.25 Td (health ) Tj ET Q q 0 0 0 rg BT 325.78 476.25 Td (care ) Tj ET Q q 0 0 0 rg BT 344.74 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.49 476.25 Td (workers) Tj ET Q q 0 0 0 rg BT 396.29 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 398.60 476.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 458.96 476.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 494.03 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 508.00 476.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 554.18 476.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (indemnified ) Tj ET Q q 0 0 0 rg BT 99.51 464.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 124.81 464.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 173.71 464.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 230.94 464.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 267.34 464.25 Td (income ) Tj ET Q q 0 0 0 rg BT 298.46 464.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 323.20 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.33 464.25 Td (contingencies. ) Tj ET Q q 0 0 0 rg BT 398.50 464.25 Td ( ) Tj ET Q q 0 0 0 rg BT 400.19 464.25 Td (Items ) Tj ET Q q 0 0 0 rg BT 424.10 464.25 Td (that ) Tj ET Q q 0 0 0 rg BT 440.79 464.25 Td (could ) Tj ET Q q 0 0 0 rg BT 464.69 464.25 Td (have ) Tj ET Q q 0 0 0 rg BT 485.26 464.25 Td (a ) Tj ET Q q 0 0 0 rg BT 491.39 464.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 535.29 464.25 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.57 452.25 Td (these ) Tj ET Q q 0 0 0 rg BT 84.19 452.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 123.48 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.99 452.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 191.51 452.25 Td (include ) Tj ET Q q 0 0 0 rg BT 223.02 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.31 452.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 258.27 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 274.78 452.25 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 327.94 452.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 351.68 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 361.53 452.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 386.37 452.25 Td (1A. ) Tj ET Q q 0 0 0 rg BT 403.16 452.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 423.57 452.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 459.52 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.38 452.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 487.56 452.25 Td (I ) Tj ET Q q 0 0 0 rg BT 492.96 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.36 452.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.77 452.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.77 452.25 Td ( ) Tj ET Q q 0 0 0 rg BT 540.84 452.25 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 72.55 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 89.50 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 99.78 440.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 125.04 440.25 Td (1A. ) Tj ET Q q 0 0 0 rg BT 142.27 440.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 163.11 440.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 199.49 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 209.77 440.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 228.38 440.25 Td (II ) Tj ET Q q 0 0 0 rg BT 237.54 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 248.37 440.25 Td (this ) Tj ET Q q 0 0 0 rg BT 265.33 440.25 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 306.14 440.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 335.86 440.25 Td (on ) Tj ET Q q 0 0 0 rg BT 348.36 440.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 372.54 440.25 Td (10-Q, ) Tj ET Q q 0 0 0 rg BT 398.09 440.25 Td (as ) Tj ET Q q 0 0 0 rg BT 408.92 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.64 440.25 Td (same ) Tj ET Q q 0 0 0 rg BT 446.69 440.25 Td (may ) Tj ET Q q 0 0 0 rg BT 466.41 440.25 Td (be ) Tj ET Q q 0 0 0 rg BT 478.35 440.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 512.51 440.25 Td (from ) Tj ET Q q 0 0 0 rg BT 534.45 440.25 Td (time ) Tj ET Q q 0 0 0 rg BT 554.73 440.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (time ) Tj ET Q q 0 0 0 rg BT 69.77 428.25 Td (in ) Tj ET Q q 0 0 0 rg BT 80.05 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 95.88 428.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 142.82 428.25 Td (filings ) Tj ET Q q 0 0 0 rg BT 170.88 428.25 Td (with ) Tj ET Q q 0 0 0 rg BT 191.16 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.87 428.25 Td (SEC. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.11 380.25 Td (a ) Tj ET Q q 0 0 0 rg BT 70.05 380.25 Td (result ) Tj ET Q q 0 0 0 rg BT 94.76 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.59 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.30 380.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 167.38 380.25 Td (change ) Tj ET Q q 0 0 0 rg BT 198.19 380.25 Td (in ) Tj ET Q q 0 0 0 rg BT 208.47 380.25 Td (reportablesegments ) Tj ET Q q 0 0 0 rg BT 291.22 380.25 Td (during ) Tj ET Q q 0 0 0 rg BT 319.82 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.54 380.25 Td (second ) Tj ET Q q 0 0 0 rg BT 364.80 380.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 395.62 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 406.44 380.25 Td (2019, ) Tj ET Q q 0 0 0 rg BT 431.44 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 446.16 380.25 Td (Companyrecastcertain ) Tj ET Q q 0 0 0 rg BT 543.06 380.25 Td (prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (year ) Tj ET Q q 0 0 0 rg BT 70.25 368.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 107.67 368.25 Td (in ) Tj ET Q q 0 0 0 rg BT 118.99 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.75 368.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 180.50 368.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 234.58 368.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 273.10 368.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 318.85 368.25 Td (to ) Tj ET Q q 0 0 0 rg BT 330.17 368.25 Td (conform ) Tj ET Q q 0 0 0 rg BT 367.59 368.25 Td (with ) Tj ET Q q 0 0 0 rg BT 388.90 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.66 368.25 Td (new ) Tj ET Q q 0 0 0 rg BT 424.86 368.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 477.27 368.25 Td (\(see ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 496.912109375 366.9169921875 m 529.51953125 366.9169921875 l s q 0 0 1 rg BT 496.91 368.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 519.89 368.25 Td (1) Tj ET Q q 0 0 1 rg BT 524.52 368.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 529.52 368.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 538.63 368.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (reclassifications ) Tj ET Q q 0 0 0 rg BT 116.42 356.25 Td (had ) Tj ET Q q 0 0 0 rg BT 133.36 356.25 Td (no ) Tj ET Q q 0 0 0 rg BT 145.86 356.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 175.57 356.25 Td (on ) Tj ET Q q 0 0 0 rg BT 188.07 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.79 356.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 249.87 356.25 Td (results ) Tj ET Q q 0 0 0 rg BT 278.47 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.30 356.25 Td (operations. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 99.79 332.25 Td (Events) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (Beginning ) Tj ET Q q 0 0 0 rg BT 94.45 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.51 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.01 308.25 Td (latter ) Tj ET Q q 0 0 0 rg BT 144.83 308.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 177.00 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.62 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.11 308.25 Td (first ) Tj ET Q q 0 0 0 rg BT 223.51 308.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 255.10 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.72 308.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 292.50 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.00 308.25 Td (United ) Tj ET Q q 0 0 0 rg BT 338.50 308.25 Td (States ) Tj ET Q q 0 0 0 rg BT 365.67 308.25 Td (was ) Tj ET Q q 0 0 0 rg BT 384.50 308.25 Td (severely ) Tj ET Q q 0 0 0 rg BT 421.10 308.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 461.03 308.25 Td (by ) Tj ET Q q 0 0 0 rg BT 474.32 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.82 308.25 Td (novel ) Tj ET Q q 0 0 0 rg BT 515.32 308.25 Td (coronavirus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (\(COVID-19\) ) Tj ET Q q 0 0 0 rg BT 103.02 296.25 Td (pandemic. ) Tj ET Q q 0 0 0 rg BT 146.12 296.25 Td (While ) Tj ET Q q 0 0 0 rg BT 172.42 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.50 296.25 Td (response ) Tj ET Q q 0 0 0 rg BT 223.35 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 233.00 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.08 296.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 293.94 296.25 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 330.79 296.25 Td (continues ) Tj ET Q q 0 0 0 rg BT 370.98 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 380.62 296.25 Td (rapidly ) Tj ET Q q 0 0 0 rg BT 410.81 296.25 Td (evolve, ) Tj ET Q q 0 0 0 rg BT 441.83 296.25 Td (it ) Tj ET Q q 0 0 0 rg BT 449.25 296.25 Td (has ) Tj ET Q q 0 0 0 rg BT 464.44 296.25 Td (led ) Tj ET Q q 0 0 0 rg BT 478.52 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 488.17 296.25 Td (quarantines, ) Tj ET Q q 0 0 0 rg BT 538.63 296.25 Td (stay-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (at-home ) Tj ET Q q 0 0 0 rg BT 89.23 284.25 Td (orders, ) Tj ET Q q 0 0 0 rg BT 119.24 284.25 Td (social ) Tj ET Q q 0 0 0 rg BT 145.09 284.25 Td (distancing ) Tj ET Q q 0 0 0 rg BT 188.72 284.25 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 232.35 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.31 284.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 279.61 284.25 Td (mandates ) Tj ET Q q 0 0 0 rg BT 319.90 284.25 Td (across ) Tj ET Q q 0 0 0 rg BT 347.41 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.15 284.25 Td (country ) Tj ET Q q 0 0 0 rg BT 395.22 284.25 Td (that ) Tj ET Q q 0 0 0 rg BT 412.74 284.25 Td (have ) Tj ET Q q 0 0 0 rg BT 434.14 284.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 486.66 284.25 Td (disrupted ) Tj ET Q q 0 0 0 rg BT 526.40 284.25 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (in ) Tj ET Q q 0 0 0 rg BT 61.10 272.25 Td (lar) Tj ET Q q 0 0 0 rg BT 71.47 272.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 84.73 272.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 125.77 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 137.93 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 153.97 272.25 Td (economy) Tj ET Q q 0 0 0 rg BT 189.98 272.25 Td (. ) Tj ET Q q 0 0 0 rg BT 196.30 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 200.13 272.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 237.27 272.25 Td (all ) Tj ET Q q 0 0 0 rg BT 251.09 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.24 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.28 272.25 Td (states ) Tj ET Q q 0 0 0 rg BT 305.32 272.25 Td (in ) Tj ET Q q 0 0 0 rg BT 316.93 272.25 Td (which ) Tj ET Q q 0 0 0 rg BT 345.19 272.25 Td (we ) Tj ET Q q 0 0 0 rg BT 360.67 272.25 Td (operate ) Tj ET Q q 0 0 0 rg BT 393.92 272.25 Td (\(other ) Tj ET Q q 0 0 0 rg BT 421.62 272.25 Td (than ) Tj ET Q q 0 0 0 rg BT 442.67 272.25 Td (Michigan\) ) Tj ET Q q 0 0 0 rg BT 488.15 272.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 530.83 272.25 Td (housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (constructions ) Tj ET Q q 0 0 0 rg BT 105.26 260.25 Td (and ) Tj ET Q q 0 0 0 rg BT 122.13 260.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 162.33 260.25 Td (services ) Tj ET Q q 0 0 0 rg BT 196.98 260.25 Td (as ) Tj ET Q q 0 0 0 rg BT 207.74 260.25 Td (essential ) Tj ET Q q 0 0 0 rg BT 244.61 260.25 Td (businesses, ) Tj ET Q q 0 0 0 rg BT 291.77 260.25 Td (most ) Tj ET Q q 0 0 0 rg BT 313.65 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 324.42 260.25 Td (our ) Tj ET Q q 0 0 0 rg BT 340.18 260.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 394.28 260.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 424.48 260.25 Td (open ) Tj ET Q q 0 0 0 rg BT 446.35 260.25 Td (for ) Tj ET Q q 0 0 0 rg BT 460.45 260.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 502.32 260.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 554.19 260.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 78.31 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 95.45 248.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 117.58 248.25 Td (by ) Tj ET Q q 0 0 0 rg BT 130.28 248.25 Td (appointment. ) Tj ET Q q 0 0 0 rg BT 185.47 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 187.58 248.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 228.05 248.25 Td (we ) Tj ET Q q 0 0 0 rg BT 242.41 248.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 279.54 248.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.02 248.25 Td (build ) Tj ET Q q 0 0 0 rg BT 313.28 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.42 248.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 347.00 248.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 375.81 248.25 Td (in ) Tj ET Q q 0 0 0 rg BT 386.29 248.25 Td (these ) Tj ET Q q 0 0 0 rg BT 409.53 248.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 446.39 248.25 Td (traf) Tj ET Q q 0 0 0 rg BT 460.08 248.25 Td (fic ) Tj ET Q q 0 0 0 rg BT 473.33 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.47 248.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 512.61 248.25 Td (have ) Tj ET Q q 0 0 0 rg BT 534.18 248.25 Td (slowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (significantly) Tj ET Q q 0 0 0 rg BT 98.84 236.25 Td (, ) Tj ET Q q 0 0 0 rg BT 103.28 236.25 Td (home ) Tj ET Q q 0 0 0 rg BT 127.44 236.25 Td (cancellations ) Tj ET Q q 0 0 0 rg BT 181.58 236.25 Td (have ) Tj ET Q q 0 0 0 rg BT 202.40 236.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 242.09 236.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 294.02 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.40 236.25 Td (our ) Tj ET Q q 0 0 0 rg BT 325.67 236.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 377.05 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.43 236.25 Td (home ) Tj ET Q q 0 0 0 rg BT 417.58 236.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 452.29 236.25 Td (cycles ) Tj ET Q q 0 0 0 rg BT 479.21 236.25 Td (have ) Tj ET Q q 0 0 0 rg BT 500.03 236.25 Td (been ) Tj ET Q q 0 0 0 rg BT 520.85 236.25 Td (negatively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 88.81 224.25 Td (as ) Tj ET Q q 0 0 0 rg BT 99.80 224.25 Td (well. ) Tj ET Q q 0 0 0 rg BT 122.18 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 124.84 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.31 224.25 Td (W) Tj ET Q q 0 0 0 rg BT 135.94 224.25 Td (e ) Tj ET Q q 0 0 0 rg BT 143.04 224.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 171.80 224.25 Td (that ) Tj ET Q q 0 0 0 rg BT 189.45 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.33 224.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 251.98 224.25 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 293.52 224.25 Td (will ) Tj ET Q q 0 0 0 rg BT 311.73 224.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 356.04 224.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 385.92 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 401.91 224.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 440.96 224.25 Td (results ) Tj ET Q q 0 0 0 rg BT 469.73 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.72 224.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 527.53 224.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 90.66 212.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 119.60 212.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 140.76 212.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 166.38 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 177.54 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.15 212.25 Td (second ) Tj ET Q q 0 0 0 rg BT 224.31 212.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 256.02 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.74 212.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 291.13 212.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.96 212.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 356.79 212.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 396.84 212.25 Td (periods. ) Tj ET Q q 0 0 0 rg BT 434.67 212.25 Td (However) Tj ET Q q 0 0 0 rg BT 470.92 212.25 Td (, ) Tj ET Q q 0 0 0 rg BT 476.81 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 492.42 212.25 Td (future ) Tj ET Q q 0 0 0 rg BT 519.68 212.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 554.18 212.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 97.12 200.25 Td (on ) Tj ET Q q 0 0 0 rg BT 109.74 200.25 Td (our ) Tj ET Q q 0 0 0 rg BT 125.69 200.25 Td (results ) Tj ET Q q 0 0 0 rg BT 154.42 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 165.37 200.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 212.15 200.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 249.75 200.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 292.64 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 309.70 200.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 330.09 200.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 354.93 200.25 Td (are ) Tj ET Q q 0 0 0 rg BT 369.76 200.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 414.59 200.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 437.22 200.25 Td (the ) Tj ET Q q 0 0 0 rg BT 452.05 200.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 488.00 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.06 200.25 Td (severity ) Tj ET Q q 0 0 0 rg BT 539.34 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 200.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (outbreak, ) Tj ET Q q 0 0 0 rg BT 90.29 188.25 Td (as ) Tj ET Q q 0 0 0 rg BT 101.92 188.25 Td (well ) Tj ET Q q 0 0 0 rg BT 122.44 188.25 Td (as ) Tj ET Q q 0 0 0 rg BT 134.07 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 149.59 188.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 177.33 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.96 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 204.48 188.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 248.87 188.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 281.05 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.13 188.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 334.30 188.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 367.60 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 385.34 188.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 414.75 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 426.38 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.90 188.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 489.64 188.25 Td (recovery) Tj ET Q q 0 0 0 rg BT 523.97 188.25 Td (. ) Tj ET Q q 0 0 0 rg BT 529.77 188.25 Td ( ) Tj ET Q q 0 0 0 rg BT 533.07 188.25 Td (Further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 93.53 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.23 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.81 176.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 156.16 176.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 189.63 176.25 Td (on ) Tj ET Q q 0 0 0 rg BT 201.99 176.25 Td (our ) Tj ET Q q 0 0 0 rg BT 217.68 176.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 256.44 176.25 Td (results ) Tj ET Q q 0 0 0 rg BT 284.91 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.60 176.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 342.12 176.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.47 176.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 419.60 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 436.40 176.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 456.54 176.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 481.12 176.25 Td (from ) Tj ET Q q 0 0 0 rg BT 502.92 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.50 176.25 Td (COVID-19 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 90.87 164.25 Td (is ) Tj ET Q q 0 0 0 rg BT 100.04 164.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 138.09 164.25 Td (below ) Tj ET Q q 0 0 0 rg BT 165.03 164.25 Td (under ) Tj ET Q q 0 0 0 rg BT 190.30 164.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 208.90 164.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 220.56 164.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 241.39 164.25 Td (1A) Tj ET Q q 0 0 0 rg BT 253.06 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 255.56 164.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 280.84 164.25 Td (Factors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (Recently ) Tj ET Q q 0 0 0 rg BT 87.17 140.25 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 123.19 140.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 173.47 140.25 Td (Standards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.44 116.25 Td (June ) Tj ET Q q 0 0 0 rg BT 81.38 116.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 106.49 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.32 116.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 160.57 116.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 209.84 116.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 251.89 116.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 278.94 116.25 Td (\(F) Tj ET Q q 0 0 0 rg BT 291.52 116.25 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 321.36 116.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 348.39 116.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 397.66 116.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 439.71 116.25 Td (Update ) Tj ET Q q 0 0 0 rg BT 471.20 116.25 Td (\(ASU\) ) Tj ET Q q 0 0 0 rg BT 509.35 116.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 526.68 116.25 Td (2016-13, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 91.29 104.25 Td (Instruments ) Tj ET Q q 0 0 0 rg BT 141.43 104.25 Td (- ) Tj ET Q q 0 0 0 rg BT 147.67 104.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 157.86 104.25 Td (edit ) Tj ET Q q 0 0 0 rg BT 175.77 104.25 Td (Losses ) Tj ET Q q 0 0 0 rg BT 205.36 104.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 213.33 104.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 233.46 104.25 Td (326\): ) Tj ET Q q 0 0 0 rg BT 258.03 104.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 288.21 104.25 Td (ement ) Tj ET Q q 0 0 0 rg BT 315.00 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 325.69 104.25 Td (Cr) Tj ET Q q 0 0 0 rg BT 335.88 104.25 Td (edit ) Tj ET Q q 0 0 0 rg BT 353.79 104.25 Td (Losses ) Tj ET Q q 0 0 0 rg BT 383.38 104.25 Td (on ) Tj ET Q q 0 0 0 rg BT 396.29 104.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 438.09 104.25 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.31 104.25 Td ( ) Tj ET Q q 0 0 0 rg BT 488.22 104.25 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 518.91 104.25 Td (2016-13\). ) Tj ET Q q 0 0 0 rg BT 565.01 104.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 71.82 92.25 Td (2016-13 ) Tj ET Q q 0 0 0 rg BT 107.46 92.25 Td (replaces ) Tj ET Q q 0 0 0 rg BT 142.53 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.06 92.25 Td (current ) Tj ET Q q 0 0 0 rg BT 187.69 92.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 223.32 92.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 241.20 92.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 289.61 92.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 344.70 92.25 Td (with ) Tj ET Q q 0 0 0 rg BT 364.79 92.25 Td (a ) Tj ET Q q 0 0 0 rg BT 371.55 92.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 426.63 92.25 Td (that ) Tj ET Q q 0 0 0 rg BT 443.94 92.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 475.68 92.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 513.53 92.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 538.61 92.25 Td (losses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.56 80.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 101.39 80.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 157.88 80.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.84 80.25 Td (a ) Tj ET Q q 0 0 0 rg BT 175.90 80.25 Td (broader ) Tj ET Q q 0 0 0 rg BT 209.06 80.25 Td (range ) Tj ET Q q 0 0 0 rg BT 233.88 80.25 Td (of ) Tj ET Q q 0 0 0 rg BT 244.84 80.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 290.21 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 307.27 80.25 Td (supportable ) Tj ET Q q 0 0 0 rg BT 356.55 80.25 Td (information ) Tj ET Q q 0 0 0 rg BT 406.38 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 416.79 80.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 452.73 80.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 478.11 80.25 Td (losses. ) Tj ET Q q 0 0 0 rg BT 506.55 80.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 529.18 80.25 Td (2016-13 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.42 68.25 Td (ef) Tj ET Q q 0 0 0 rg BT 66.01 68.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 95.46 68.25 Td (for ) Tj ET Q q 0 0 0 rg BT 109.37 68.25 Td (our ) Tj ET Q q 0 0 0 rg BT 124.94 68.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 148.85 68.25 Td (year ) Tj ET Q q 0 0 0 rg BT 168.30 68.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 210.55 68.25 Td (January ) Tj ET Q q 0 0 0 rg BT 243.89 68.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 253.64 68.25 Td (2020. ) Tj ET Q q 0 0 0 rg BT 278.39 68.25 Td (Subsequent ) Tj ET Q q 0 0 0 rg BT 326.75 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.78 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.24 68.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 387.37 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 397.45 68.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 419.70 68.25 Td (2016-13, ) Tj ET Q q 0 0 0 rg BT 457.78 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.25 68.25 Td (F) Tj ET Q q 0 0 0 rg BT 477.07 68.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 498.77 68.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 525.52 68.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 547.77 68.25 Td (No. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (2018-19, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 88.49 56.25 Td (Codification ) Tj ET Q q 0 0 0 rg BT 141.65 56.25 Td (Impr) Tj ET Q q 0 0 0 rg BT 160.73 56.25 Td (ovements ) Tj ET Q q 0 0 0 rg BT 201.09 56.25 Td (to ) Tj ET Q q 0 0 0 rg BT 212.03 56.25 Td (T) Tj ET Q q 0 0 0 rg BT 216.68 56.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 237.06 56.25 Td (326, ) Tj ET Q q 0 0 0 rg BT 257.72 56.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 299.76 56.25 Td (Instruments-Cr) Tj ET Q q 0 0 0 rg BT 360.50 56.25 Td (edit ) Tj ET Q q 0 0 0 rg BT 378.66 56.25 Td (Losses) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.33 56.25 Td ( ) Tj ET Q q 0 0 0 rg BT 408.50 56.25 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 439.43 56.25 Td (2018-19\) ) Tj ET Q q 0 0 0 rg BT 483.69 56.25 Td (in ) Tj ET Q q 0 0 0 rg BT 494.63 56.25 Td (November ) Tj ET Q q 0 0 0 rg BT 540.00 56.25 Td (2018, ) Tj ET Q endstream endobj 19 0 obj <>] /Rotate 0 /Contents 20 0 R>> endobj 20 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 72.70 740.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 90.62 740.10 Td (2019-04, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 129.65 740.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 182.85 740.10 Td (Impr) Tj ET Q q 0 0 0 rg BT 201.92 740.10 Td (ovements ) Tj ET Q q 0 0 0 rg BT 242.33 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.30 740.10 Td (T) Tj ET Q q 0 0 0 rg BT 257.95 740.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 278.36 740.10 Td (326, ) Tj ET Q q 0 0 0 rg BT 299.06 740.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 341.14 740.10 Td (Instruments-Cr) Tj ET Q q 0 0 0 rg BT 401.88 740.10 Td (edit ) Tj ET Q q 0 0 0 rg BT 420.08 740.10 Td (Losses, ) Tj ET Q q 0 0 0 rg BT 452.45 740.10 Td (T) Tj ET Q q 0 0 0 rg BT 457.09 740.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 477.51 740.10 Td (815, ) Tj ET Q q 0 0 0 rg BT 498.21 740.10 Td (Derivatives ) Tj ET Q q 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(those ) Tj ET Q q 0 0 0 rg BT 496.52 560.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 520.76 560.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 546.95 560.10 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 85.83 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 95.21 548.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 116.55 548.10 Td (2018-13 ) Tj ET Q q 0 0 0 rg BT 151.22 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 162.55 548.10 Td (January ) Tj ET Q q 0 0 0 rg BT 194.99 548.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 203.83 548.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 225.17 548.10 Td (did ) Tj ET Q q 0 0 0 rg BT 239.28 548.10 Td (not ) Tj ET Q q 0 0 0 rg BT 253.40 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 273.61 548.10 Td (a ) Tj ET Q q 0 0 0 rg BT 279.39 548.10 Td (material ) Tj ET Q q 0 0 0 rg BT 313.49 548.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 342.04 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 353.37 548.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.04 548.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 419.92 548.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 456.24 548.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 499.79 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 515.57 548.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.24 524.10 Td (March ) Tj ET Q q 0 0 0 rg BT 88.76 524.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 113.67 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.30 524.10 Td (F) Tj ET Q q 0 0 0 rg BT 133.12 524.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 154.99 524.10 Td (issued) Tj ET Q q 0 0 0 rg BT 181.94 524.10 Td (ASUNo. ) Tj ET Q q 0 0 0 rg BT 221.58 524.10 Td (2020-04,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 259.91 524.10 Td (Facilitation ) Tj ET Q q 0 0 0 rg BT 309.54 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.73 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.37 524.10 Td (Effects ) Tj ET Q q 0 0 0 rg BT 363.99 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.19 524.10 Td (Refer) Tj ET Q q 0 0 0 rg BT 395.47 524.10 Td (ence ) Tj ET Q q 0 0 0 rg BT 416.20 524.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 436.94 524.10 Td (Reform ) Tj ET Q q 0 0 0 rg BT 468.79 524.10 Td (on ) Tj ET Q q 0 0 0 rg BT 481.21 524.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 522.50 524.10 Td (Reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 79.62 512.10 Td (2020-04\). ) Tj ET Q q 0 0 0 rg BT 125.04 512.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 147.39 512.10 Td (2020-04 ) Tj ET Q q 0 0 0 rg BT 183.06 512.10 Td (is ) Tj ET Q q 0 0 0 rg BT 192.07 512.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 228.85 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 238.97 512.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 271.86 512.10 Td (temporary ) Tj ET Q q 0 0 0 rg BT 315.30 512.10 Td (optional ) Tj ET Q q 0 0 0 rg BT 350.41 512.10 Td (expedients ) Tj ET Q q 0 0 0 rg BT 395.52 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.30 512.10 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 457.41 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 467.53 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.09 512.10 Td (US ) Tj ET Q q 0 0 0 rg BT 497.21 512.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 524.07 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 526.41 512.10 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.14 500.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 96.98 500.10 Td (modifications ) Tj ET Q q 0 0 0 rg BT 154.61 500.10 Td (and ) Tj ET Q q 0 0 0 rg BT 171.69 500.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 198.20 500.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 244.71 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 255.13 500.10 Td (ease ) Tj ET Q q 0 0 0 rg BT 274.98 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.83 500.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 327.45 500.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 366.75 500.10 Td (burdens ) Tj ET Q q 0 0 0 rg BT 401.05 500.10 Td (related ) Tj ET Q q 0 0 0 rg BT 430.89 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.31 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 456.16 500.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 494.33 500.10 Td (market ) Tj ET Q q 0 0 0 rg BT 524.74 500.10 Td (transition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.50 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 86.27 488.10 Td (London ) Tj ET Q q 0 0 0 rg BT 119.94 488.10 Td (Interbank ) Tj ET Q q 0 0 0 rg BT 160.81 488.10 Td (Of) Tj ET Q q 0 0 0 rg BT 171.18 488.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 194.28 488.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 215.16 488.10 Td (\(LIBOR\) ) Tj ET Q q 0 0 0 rg BT 254.38 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 271.38 488.10 Td (other ) Tj ET Q q 0 0 0 rg BT 294.49 488.10 Td (interbank ) Tj ET Q q 0 0 0 rg BT 334.81 488.10 Td (of) Tj ET Q q 0 0 0 rg BT 342.96 488.10 Td (fered ) Tj ET Q q 0 0 0 rg BT 366.05 488.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 387.49 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 397.83 488.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 442.58 488.10 Td (reference ) Tj ET Q q 0 0 0 rg BT 482.32 488.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 506.07 488.10 Td (This ) Tj ET Q q 0 0 0 rg BT 526.41 488.10 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.54 476.10 Td (ef) Tj ET Q q 0 0 0 rg BT 76.13 476.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 106.81 476.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 150.30 476.10 Td (March ) Tj ET Q q 0 0 0 rg BT 179.88 476.10 Td (12, ) Tj ET Q q 0 0 0 rg BT 195.87 476.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 219.35 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.28 476.10 Td (can ) Tj ET Q q 0 0 0 rg BT 254.64 476.10 Td (be ) Tj ET Q q 0 0 0 rg BT 267.57 476.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 300.49 476.10 Td (prospectively ) Tj ET Q q 0 0 0 rg BT 357.84 476.10 Td (through ) Tj ET Q q 0 0 0 rg BT 392.44 476.10 Td (December ) Tj ET Q q 0 0 0 rg BT 437.01 476.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 453.00 476.10 Td (2022. ) Tj ET Q q 0 0 0 rg BT 478.73 476.10 Td (The ) Tj ET Q q 0 0 0 rg BT 497.76 476.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 536.25 476.10 Td (of ) Tj ET Q q 0 0 0 rg BT 548.06 476.10 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 88.09 464.10 Td (did ) Tj ET Q q 0 0 0 rg BT 103.37 464.10 Td (not ) Tj ET Q q 0 0 0 rg BT 118.65 464.10 Td (have ) Tj ET Q q 0 0 0 rg BT 140.03 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 146.97 464.10 Td (material ) Tj ET Q q 0 0 0 rg BT 182.22 464.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 211.94 464.10 Td (on ) Tj ET Q q 0 0 0 rg BT 224.44 464.10 Td (our ) Tj ET Q q 0 0 0 rg BT 240.27 464.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 293.31 464.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 330.79 464.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 375.50 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 392.44 464.10 Td (disclosures.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (Impact ) Tj ET Q q 0 0 0 rg BT 80.89 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.72 442.10 Td (New ) Tj ET Q q 0 0 0 rg BT 112.18 442.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 162.46 442.10 Td (Standards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.73 420.10 Td (March ) Tj ET Q q 0 0 0 rg BT 87.72 420.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 112.12 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.23 420.10 Td (F) Tj ET Q q 0 0 0 rg BT 131.05 420.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 152.40 420.10 Td (issued) Tj ET Q q 0 0 0 rg BT 179.35 420.10 Td (ASUNo. ) Tj ET Q q 0 0 0 rg BT 218.47 420.10 Td (2020-03, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 256.20 420.10 Td (Codification ) Tj ET Q q 0 0 0 rg BT 308.10 420.10 Td (Impr) Tj ET Q q 0 0 0 rg BT 327.17 420.10 Td (ovements ) Tj ET Q q 0 0 0 rg BT 366.27 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 375.95 420.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 416.73 420.10 Td (Instruments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.95 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.85 420.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 495.52 420.10 Td (2020-03\). ) Tj ET Q q 0 0 0 rg BT 541.01 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 542.49 420.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (2020-03 ) Tj ET Q q 0 0 0 rg BT 84.95 408.10 Td (improves ) Tj ET Q q 0 0 0 rg BT 124.28 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.84 408.10 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 175.15 408.10 Td (various ) Tj ET Q q 0 0 0 rg BT 206.71 408.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 243.81 408.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 292.59 408.10 Td (topics, ) Tj ET Q q 0 0 0 rg BT 321.09 408.10 Td (including ) Tj ET Q q 0 0 0 rg BT 360.98 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.32 408.10 Td (current ) Tj ET Q q 0 0 0 rg BT 405.75 408.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 443.40 408.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 468.28 408.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 494.29 408.10 Td (\(CECL\) ) Tj ET Q q 0 0 0 rg BT 528.62 408.10 Td (standard ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 77.42 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 88.12 396.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 111.04 396.10 Td (\(described ) Tj ET Q q 0 0 0 rg BT 155.61 396.10 Td (above\). ) Tj ET Q q 0 0 0 rg BT 187.59 396.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 210.52 396.10 Td (2020-03 ) Tj ET Q q 0 0 0 rg BT 246.77 396.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 283.02 396.10 Td (seven ) Tj ET Q q 0 0 0 rg BT 308.71 396.10 Td (dif) Tj ET Q q 0 0 0 rg BT 319.63 396.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 345.87 396.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 372.68 396.10 Td (that ) Tj ET Q q 0 0 0 rg BT 390.60 396.10 Td (describe ) Tj ET Q q 0 0 0 rg BT 426.84 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.98 396.10 Td (areas ) Tj ET Q q 0 0 0 rg BT 465.43 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.69 396.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 532.93 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 396.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (related ) Tj ET Q q 0 0 0 rg BT 78.47 384.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 130.78 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 140.33 384.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 167.19 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.96 384.10 Td (that ) Tj ET Q q 0 0 0 rg BT 185.72 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 199.70 384.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 235.90 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.45 384.10 Td (make ) Tj ET Q q 0 0 0 rg BT 268.88 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.86 384.10 Td (standards ) Tj ET Q q 0 0 0 rg BT 322.40 384.10 Td (easier ) Tj ET Q q 0 0 0 rg BT 347.49 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.04 384.10 Td (understand ) Tj ET Q q 0 0 0 rg BT 402.68 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.89 384.10 Td (apply ) Tj ET Q q 0 0 0 rg BT 442.88 384.10 Td (by ) Tj ET Q q 0 0 0 rg BT 454.65 384.10 Td (eliminating ) Tj ET Q q 0 0 0 rg BT 501.97 384.10 Td (inconsistencies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.89 372.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 108.73 372.10 Td (clarifications. ) Tj ET Q q 0 0 0 rg BT 166.16 372.10 Td (The ) Tj ET Q q 0 0 0 rg BT 184.66 372.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 238.16 372.10 Td (have ) Tj ET Q q 0 0 0 rg BT 259.98 372.10 Td (dif) Tj ET Q q 0 0 0 rg BT 270.91 372.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 297.18 372.10 Td (ef) Tj ET Q q 0 0 0 rg BT 304.77 372.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 334.92 372.10 Td (dates. ) Tj ET Q q 0 0 0 rg BT 360.71 372.10 Td (W) Tj ET Q q 0 0 0 rg BT 369.34 372.10 Td (e ) Tj ET Q q 0 0 0 rg BT 376.73 372.10 Td (are ) Tj ET Q q 0 0 0 rg BT 391.89 372.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 430.94 372.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 475.54 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 490.71 372.10 Td (ef) Tj ET Q q 0 0 0 rg BT 498.30 372.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 516.23 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.52 372.10 Td (adopting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (this ) Tj ET Q q 0 0 0 rg BT 66.89 360.10 Td (new ) Tj ET Q q 0 0 0 rg BT 86.49 360.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 133.30 360.10 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 174.83 360.10 Td (but ) Tj ET Q q 0 0 0 rg BT 190.54 360.10 Td (do ) Tj ET Q q 0 0 0 rg BT 203.48 360.10 Td (not ) Tj ET Q q 0 0 0 rg BT 219.20 360.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 248.23 360.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 286.17 360.10 Td (will ) Tj ET Q q 0 0 0 rg BT 304.66 360.10 Td (have ) Tj ET Q q 0 0 0 rg BT 326.48 360.10 Td (a ) Tj ET Q q 0 0 0 rg BT 333.85 360.10 Td (material ) Tj ET Q q 0 0 0 rg BT 369.55 360.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 399.70 360.10 Td (on ) Tj ET Q q 0 0 0 rg BT 412.64 360.10 Td (our ) Tj ET Q q 0 0 0 rg BT 428.91 360.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 482.39 360.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.31 360.10 Td (statements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 348.10 Td (disclosures.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (Significant ) Tj ET Q q 0 0 0 rg BT 97.20 324.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 147.48 324.10 Td (Policies) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 300.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.02 300.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.34 300.10 Td (that ) Tj ET Q q 0 0 0 rg BT 113.79 300.10 Td (there ) Tj ET Q q 0 0 0 rg BT 136.22 300.10 Td (have ) Tj ET Q q 0 0 0 rg BT 157.54 300.10 Td (been ) Tj ET Q q 0 0 0 rg BT 178.87 300.10 Td (no ) Tj ET Q q 0 0 0 rg BT 191.32 300.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 235.98 300.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 270.63 300.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.86 300.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.64 300.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 341.29 300.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 387.61 300.10 Td (policies ) Tj ET Q q 0 0 0 rg BT 421.17 300.10 Td (during ) Tj ET Q q 0 0 0 rg BT 449.72 300.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.39 300.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 495.15 300.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 521.47 300.10 Td (March ) Tj ET Q q 0 0 0 rg BT 550.02 300.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 288.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 288.10 Td (as ) Tj ET Q q 0 0 0 rg BT 82.83 288.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 124.75 288.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.03 288.10 Td (those ) Tj ET Q q 0 0 0 rg BT 158.64 288.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 198.36 288.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.64 288.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.47 288.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.47 288.10 Td ( ) Tj ET Q q 0 0 0 rg BT 246.97 288.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 271.14 288.10 Td (10-K.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (NOTE 2. Inventory and Capitalized Inter) Tj ET Q q 0 0 0 rg BT 226.55 266.10 Td (est) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 91.23 222.10 Td (is ) Tj ET Q q 0 0 0 rg BT 100.75 222.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 138.58 222.10 Td (at ) Tj ET Q q 0 0 0 rg BT 148.66 222.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 170.12 222.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 197.97 222.10 Td (events ) Tj ET Q q 0 0 0 rg BT 226.37 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.67 222.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 303.16 222.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 337.66 222.10 Td (that ) Tj ET Q q 0 0 0 rg BT 355.51 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.58 222.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 406.75 222.10 Td (value ) Tj ET Q q 0 0 0 rg BT 431.26 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.45 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.52 222.10 Td (land ) Tj ET Q q 0 0 0 rg BT 477.59 222.10 Td (is ) Tj ET Q q 0 0 0 rg BT 487.11 222.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 528.01 222.10 Td (at ) Tj ET Q q 0 0 0 rg BT 538.08 222.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (point ) Tj ET Q q 0 0 0 rg BT 73.54 210.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.24 210.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 131.05 210.10 Td (is ) Tj ET Q q 0 0 0 rg BT 141.20 210.10 Td (written ) Tj ET Q q 0 0 0 rg BT 173.01 210.10 Td (down ) Tj ET Q q 0 0 0 rg BT 198.71 210.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.97 210.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 227.33 210.10 Td (value ) Tj ET Q q 0 0 0 rg BT 252.47 210.10 Td (\(see ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 272.0537109375 208.76699218750002 m 299.97509765625 208.76699218750002 l s q 0 0 1 rg BT 272.05 210.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 294.98 210.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 299.98 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 303.46 210.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.72 210.10 Td (our ) Tj ET Q q 0 0 0 rg BT 331.53 210.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 370.00 210.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 415.69 210.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.83 210.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 474.31 210.10 Td (details ) Tj ET Q q 0 0 0 rg BT 503.89 210.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 537.92 210.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.18 210.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 95.42 198.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.12 198.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 152.82 198.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.20 198.10 Td (inventories ) Tj ET Q q 0 0 0 rg BT 214.68 198.10 Td (for ) Tj ET Q q 0 0 0 rg BT 228.39 198.10 Td (impairment\). ) Tj ET Q q 0 0 0 rg BT 282.37 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 284.42 198.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 325.34 198.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 360.72 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.98 198.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 397.03 198.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.41 198.10 Td (land ) Tj ET Q q 0 0 0 rg BT 426.67 198.10 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 475.10 198.10 Td (land ) Tj ET Q q 0 0 0 rg BT 494.37 198.10 Td (development ) Tj ET Q q 0 0 0 rg BT 548.07 198.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (home ) Tj ET Q q 0 0 0 rg BT 73.30 186.10 Td (construction, ) Tj ET Q q 0 0 0 rg BT 126.82 186.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 171.71 186.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 205.22 186.10 Td (real ) Tj ET Q q 0 0 0 rg BT 221.79 186.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 246.14 186.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 270.77 186.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 295.12 186.10 Td (overhead ) Tj ET Q q 0 0 0 rg BT 333.35 186.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 354.93 186.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 389.83 186.10 Td (during ) Tj ET Q q 0 0 0 rg BT 417.52 186.10 Td (development ) Tj ET Q q 0 0 0 rg BT 470.75 186.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.78 186.10 Td (home ) Tj ET Q q 0 0 0 rg BT 510.58 186.10 Td (construction, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 174.10 Td (common ) Tj ET Q q 0 0 0 rg BT 103.93 174.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 126.43 174.10 Td (that ) Tj ET Q q 0 0 0 rg BT 143.93 174.10 Td (benefit ) Tj ET Q q 0 0 0 rg BT 174.19 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 188.91 174.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 214.17 174.10 Td (community) Tj ET Q q 0 0 0 rg BT 259.08 174.10 Td (, ) Tj ET Q q 0 0 0 rg BT 264.08 174.10 Td (less ) Tj ET Q q 0 0 0 rg BT 281.58 174.10 Td (impairments, ) Tj ET Q q 0 0 0 rg BT 336.57 174.10 Td (if ) Tj ET Q q 0 0 0 rg BT 345.17 174.10 Td (any) Tj ET Q q 0 0 0 rg BT 358.96 174.10 Td (.) Tj ET Q endstream endobj 21 0 obj <> endobj 22 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.67 740.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 98.39 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.22 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.93 740.10 Td (Company) Tj ET Q q 0 0 0 rg BT 165.60 740.10 Td (s ) Tj ET Q q 0 0 0 rg BT 171.99 740.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 212.82 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 223.65 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.48 740.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 278.07 740.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.07 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 300.57 740.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.51 740.10 Td (December ) Tj ET Q q 0 0 0 rg BT 361.10 740.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.10 740.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.10 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.60 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 407.77 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 418.60 740.10 Td (follows: ) Tj ET Q q 0 0 0 rg BT 453.88 740.10 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 716.6 m 406 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 716.6 m 479 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 716.6 m 489 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 716.6 m 562 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 716.6 m 406 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 716.6 m 479 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 716.6 m 489 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 716.6 m 562 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 624.6 m 406 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 624.6 m 479 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 624.6 m 489 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 624.6 m 562 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 624.6 m 406 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 612.6 m 406 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 624.6 m 479 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 612.6 m 479 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 624.6 m 489 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 612.6 m 489 612.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 624.6 m 562 624.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 612.6 m 562 612.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 720.85 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 720.85 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.50 720.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 430.46 720.83 Td (ch 31, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.55 720.85 Td (December 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 708.55 Td (Single-family lots, land and land development costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 708.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 708.68 Td (837,686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 708.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 708.55 Td (858,065) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 696.55 Td (Land held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.80 696.68 Td (1,164) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 696.55 Td (5,670) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 684.55 Td (Homes under construction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 684.68 Td (829,230) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 684.55 Td (756,998) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 672.55 Td (Model homes and furnishings - at cost \(less accumulated depreciation: March 31, 2020 - $13,265;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 664.55 Td ( December 31, 2019 - $12,723\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 664.83 Td (95,548) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 664.85 Td (98,777) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 652.55 Td (Community development district infrastructure) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 652.68 Td (12,914) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 652.55 Td (13,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 640.55 Td (Land purchase deposits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 640.68 Td (31,705) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 640.55 Td (28,532) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 628.55 Td (Consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 628.68 Td (14,284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 628.55 Td (7,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 616.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 616.55 Td (otal inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 616.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 616.68 Td (1,822,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 616.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.80 616.55 Td (1,769,507) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 589.10 Td (Single-family ) Tj ET Q q 0 0 0 rg BT 106.96 589.10 Td (lots, ) Tj ET Q q 0 0 0 rg BT 126.38 589.10 Td (land ) Tj ET Q q 0 0 0 rg BT 146.07 589.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.99 589.10 Td (land ) Tj ET Q q 0 0 0 rg BT 182.68 589.10 Td (development ) Tj ET Q q 0 0 0 rg BT 236.80 589.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 259.27 589.10 Td (include ) Tj ET Q q 0 0 0 rg BT 291.18 589.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 308.64 589.10 Td (land ) Tj ET Q q 0 0 0 rg BT 328.33 589.10 Td (that ) Tj ET Q q 0 0 0 rg BT 345.80 589.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.49 589.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 401.85 589.10 Td (has ) Tj ET Q q 0 0 0 rg BT 417.65 589.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 460.66 589.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.92 589.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 505.04 589.10 Td (into ) Tj ET Q q 0 0 0 rg BT 523.07 589.10 Td (lots, ) Tj ET Q q 0 0 0 rg BT 542.50 589.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 577.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 85.18 577.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.33 577.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 129.35 577.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.93 577.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 161.28 577.10 Td (land ) Tj ET Q q 0 0 0 rg BT 180.87 577.10 Td (into ) Tj ET Q q 0 0 0 rg BT 198.79 577.10 Td (lots, ) Tj ET Q q 0 0 0 rg BT 218.10 577.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.91 577.10 Td (lots ) Tj ET Q q 0 0 0 rg BT 251.72 577.10 Td (for ) Tj ET Q q 0 0 0 rg BT 265.75 577.10 Td (which ) Tj ET Q q 0 0 0 rg BT 292.55 577.10 Td (development ) Tj ET Q q 0 0 0 rg BT 346.57 577.10 Td (has ) Tj ET Q q 0 0 0 rg BT 362.26 577.10 Td (been ) Tj ET Q q 0 0 0 rg BT 383.51 577.10 Td (completed, ) Tj ET Q q 0 0 0 rg BT 430.02 577.10 Td (but ) Tj ET Q q 0 0 0 rg BT 445.17 577.10 Td (which ) Tj ET Q q 0 0 0 rg BT 471.97 577.10 Td (have ) Tj ET Q q 0 0 0 rg BT 493.21 577.10 Td (not ) Tj ET Q q 0 0 0 rg BT 508.36 577.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 522.94 577.10 Td (been ) Tj ET Q q 0 0 0 rg BT 544.18 577.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 565.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 565.10 Td (start ) Tj ET Q q 0 0 0 rg BT 79.50 565.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 131.43 565.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.26 565.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.20 565.10 Td (home.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 543.10 Td (Homes ) Tj ET Q q 0 0 0 rg BT 79.69 543.10 Td (under ) Tj ET Q q 0 0 0 rg BT 104.31 543.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 155.61 543.10 Td (include ) Tj ET Q q 0 0 0 rg BT 186.90 543.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 214.86 543.10 Td (that ) Tj ET Q q 0 0 0 rg BT 231.72 543.10 Td (are ) Tj ET Q q 0 0 0 rg BT 245.78 543.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.42 543.10 Td (various ) Tj ET Q q 0 0 0 rg BT 286.71 543.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 313.01 543.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.20 543.10 Td (construction. ) Tj ET Q q 0 0 0 rg BT 376.99 543.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.44 543.10 Td (As ) Tj ET Q q 0 0 0 rg BT 391.41 543.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.60 543.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 444.55 543.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.55 543.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.41 543.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.71 543.10 Td (December ) Tj ET Q q 0 0 0 rg BT 525.65 543.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.01 543.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 543.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 531.10 Td (we ) Tj ET Q q 0 0 0 rg BT 64.94 531.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.16 531.10 Td (1,322) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.66 531.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.44 531.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 139.33 531.10 Td (\(with ) Tj ET Q q 0 0 0 rg BT 164.22 531.10 Td (a ) Tj ET Q q 0 0 0 rg BT 172.44 531.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 209.53 531.10 Td (value ) Tj ET Q q 0 0 0 rg BT 234.97 531.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.08 531.10 Td ($255.1 ) Tj ET Q q 0 0 0 rg BT 278.36 531.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.25 531.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 314.36 531.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.58 531.10 Td (1,459) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.08 531.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.86 531.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 388.75 531.10 Td (\(with ) Tj ET Q q 0 0 0 rg BT 413.64 531.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.85 531.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 458.95 531.10 Td (value ) Tj ET Q q 0 0 0 rg BT 484.39 531.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.50 531.10 Td ($304.0 ) Tj ET Q q 0 0 0 rg BT 527.78 531.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 556.67 531.10 Td (\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 519.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 519.10 Td (, ) Tj ET Q q 0 0 0 rg BT 102.16 519.10 Td (included ) Tj ET Q q 0 0 0 rg BT 139.09 519.10 Td (in ) Tj ET Q q 0 0 0 rg BT 149.37 519.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 177.98 519.10 Td (under ) Tj ET Q q 0 0 0 rg BT 203.25 519.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 255.18 519.10 Td (that ) Tj ET Q q 0 0 0 rg BT 272.68 519.10 Td (were ) Tj ET Q q 0 0 0 rg BT 294.61 519.10 Td (not ) Tj ET Q q 0 0 0 rg BT 309.89 519.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 340.71 519.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.99 519.10 Td (a ) Tj ET Q q 0 0 0 rg BT 357.93 519.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 379.87 519.10 Td (contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 497.10 Td (Model ) Tj ET Q q 0 0 0 rg BT 78.96 497.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 108.42 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.22 497.10 Td (furnishings ) Tj ET Q q 0 0 0 rg BT 174.57 497.10 Td (include ) Tj ET Q q 0 0 0 rg BT 207.36 497.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 236.82 497.10 Td (that ) Tj ET Q q 0 0 0 rg BT 255.17 497.10 Td (are ) Tj ET Q q 0 0 0 rg BT 270.73 497.10 Td (under ) Tj ET Q q 0 0 0 rg BT 296.85 497.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 349.64 497.10 Td (or ) Tj ET Q q 0 0 0 rg BT 361.32 497.10 Td (have ) Tj ET Q q 0 0 0 rg BT 383.55 497.10 Td (been ) Tj ET Q q 0 0 0 rg BT 405.78 497.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 450.79 497.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.58 497.10 Td (are ) Tj ET Q q 0 0 0 rg BT 484.14 497.10 Td (being ) Tj ET Q q 0 0 0 rg BT 509.71 497.10 Td (used ) Tj ET Q q 0 0 0 rg BT 531.39 497.10 Td (as ) Tj ET Q q 0 0 0 rg BT 543.08 497.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 485.10 Td (models. ) Tj ET Q q 0 0 0 rg BT 83.24 485.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.42 485.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.32 485.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 135.67 485.10 Td (also ) Tj ET Q q 0 0 0 rg BT 154.13 485.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 189.81 485.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.38 485.10 Td (net ) Tj ET Q q 0 0 0 rg BT 218.95 485.10 Td (book ) Tj ET Q q 0 0 0 rg BT 241.30 485.10 Td (value ) Tj ET Q q 0 0 0 rg BT 265.31 485.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.99 485.10 Td (furnishings ) Tj ET Q q 0 0 0 rg BT 323.34 485.10 Td (included ) Tj ET Q q 0 0 0 rg BT 360.13 485.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.26 485.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.94 485.10 Td (model ) Tj ET Q q 0 0 0 rg BT 413.29 485.10 Td (homes. ) Tj ET Q q 0 0 0 rg BT 444.25 485.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.60 485.10 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 500.60 485.10 Td (on ) Tj ET Q q 0 0 0 rg BT 512.95 485.10 Td (model ) Tj ET Q q 0 0 0 rg BT 540.30 485.10 Td (home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 473.10 Td (furnishings ) Tj ET Q q 0 0 0 rg BT 97.00 473.10 Td (is ) Tj ET Q q 0 0 0 rg BT 106.17 473.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 143.65 473.10 Td (using ) Tj ET Q q 0 0 0 rg BT 167.82 473.10 Td (an ) Tj ET Q q 0 0 0 rg BT 179.75 473.10 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 227.21 473.10 Td (method ) Tj ET Q q 0 0 0 rg BT 259.71 473.10 Td (over ) Tj ET Q q 0 0 0 rg BT 279.97 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.69 473.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 335.51 473.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 362.45 473.10 Td (life ) Tj ET Q q 0 0 0 rg BT 378.27 473.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.10 473.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.82 473.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 432.15 473.10 Td (which ) Tj ET Q q 0 0 0 rg BT 459.09 473.10 Td (is ) Tj ET Q q 0 0 0 rg BT 468.26 473.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 505.75 473.10 Td (three ) Tj ET Q q 0 0 0 rg BT 528.24 473.10 Td (years.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 451.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 451.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.04 451.10 Td (own ) Tj ET Q q 0 0 0 rg BT 84.73 451.10 Td (lots ) Tj ET Q q 0 0 0 rg BT 101.64 451.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.89 451.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 141.56 451.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 195.68 451.10 Td (in ) Tj ET Q q 0 0 0 rg BT 205.93 451.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 237.28 451.10 Td (that ) Tj ET Q q 0 0 0 rg BT 254.74 451.10 Td (have ) Tj ET Q q 0 0 0 rg BT 276.08 451.10 Td (Community ) Tj ET Q q 0 0 0 rg BT 326.33 451.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 382.67 451.10 Td (Districts ) Tj ET Q q 0 0 0 rg BT 419.02 451.10 Td (\(CDDs\). ) Tj ET Q q 0 0 0 rg BT 464.53 451.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.82 451.10 Td (The ) Tj ET Q q 0 0 0 rg BT 484.83 451.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.18 451.10 Td (records ) Tj ET Q q 0 0 0 rg BT 558.08 451.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 439.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 84.13 439.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.31 439.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.05 439.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 156.89 439.10 Td (developer ) Tj ET Q q 0 0 0 rg BT 199.83 439.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 247.80 439.10 Td (that ) Tj ET Q q 0 0 0 rg BT 266.31 439.10 Td (are ) Tj ET Q q 0 0 0 rg BT 282.04 439.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 320.54 439.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.50 439.10 Td (estimable ) Tj ET Q q 0 0 0 rg BT 380.34 439.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.30 439.10 Td (user ) Tj ET Q q 0 0 0 rg BT 418.48 439.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 438.10 439.10 Td (that ) Tj ET Q q 0 0 0 rg BT 456.62 439.10 Td (are ) Tj ET Q q 0 0 0 rg BT 472.35 439.10 Td (required ) Tj ET Q q 0 0 0 rg BT 509.18 439.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.48 439.10 Td (be ) Tj ET Q q 0 0 0 rg BT 533.44 439.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 554.18 439.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 427.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 95.39 427.10 Td (at ) Tj ET Q q 0 0 0 rg BT 105.18 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.98 427.10 Td (time ) Tj ET Q q 0 0 0 rg BT 140.33 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.13 427.10 Td (parcel ) Tj ET Q q 0 0 0 rg BT 182.14 427.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.05 427.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 211.18 427.10 Td (is ) Tj ET Q q 0 0 0 rg BT 220.44 427.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 239.69 427.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.04 427.10 Td (an ) Tj ET Q q 0 0 0 rg BT 262.06 427.10 Td (end ) Tj ET Q q 0 0 0 rg BT 279.08 427.10 Td (user) Tj ET Q q 0 0 0 rg BT 295.19 427.10 Td (.) Tj ET Q q 0 0 0 rg BT 302.51 427.10 Td (The ) Tj ET Q q 0 0 0 rg BT 320.64 427.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 362.10 427.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 395.22 427.10 Td (this ) Tj ET Q q 0 0 0 rg BT 412.25 427.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 445.94 427.10 Td (at ) Tj ET Q q 0 0 0 rg BT 455.74 427.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.54 427.10 Td (time ) Tj ET Q q 0 0 0 rg BT 490.89 427.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.80 427.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 533.27 427.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 427.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 415.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 82.11 415.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.51 415.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.79 415.10 Td (property) Tj ET Q q 0 0 0 rg BT 140.02 415.10 Td (.) Tj ET Q q 0 0 0 rg BT 147.34 415.10 Td (The ) Tj ET Q q 0 0 0 rg BT 164.96 415.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 205.91 415.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 242.96 415.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.46 415.10 Td ($12.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.36 415.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.42 415.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.93 415.10 Td ($13.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.82 415.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.89 415.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 411.07 415.10 Td (related ) Tj ET Q q 0 0 0 rg BT 440.34 415.10 Td (to ) Tj ET Q q 0 0 0 rg BT 450.19 415.10 Td (these ) Tj ET Q q 0 0 0 rg BT 472.81 415.10 Td (CDD ) Tj ET Q q 0 0 0 rg BT 495.99 415.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 518.06 415.10 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 403.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 403.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.16 403.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 114.76 403.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.76 403.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.26 403.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.20 403.10 Td (December ) Tj ET Q q 0 0 0 rg BT 197.78 403.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 212.78 403.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.78 403.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.78 403.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 285.44 403.10 Td (, ) Tj ET Q q 0 0 0 rg BT 290.44 403.10 Td (along ) Tj ET Q q 0 0 0 rg BT 315.16 403.10 Td (with ) Tj ET Q q 0 0 0 rg BT 335.44 403.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.15 403.10 Td (related ) Tj ET Q q 0 0 0 rg BT 379.86 403.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 420.68 403.10 Td (infrastructure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.10 Td (Land ) Tj ET Q q 0 0 0 rg BT 72.29 379.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 110.07 379.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 145.09 379.10 Td (include ) Tj ET Q q 0 0 0 rg BT 176.77 379.10 Td (both ) Tj ET Q q 0 0 0 rg BT 196.79 379.10 Td (refundable ) Tj ET Q q 0 0 0 rg BT 241.79 379.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.47 379.10 Td (non-refundable ) Tj ET Q q 0 0 0 rg BT 321.80 379.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 357.93 379.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 377.39 379.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.41 379.10 Td (third ) Tj ET Q q 0 0 0 rg BT 408.54 379.10 Td (party ) Tj ET Q q 0 0 0 rg BT 431.33 379.10 Td (sellers ) Tj ET Q q 0 0 0 rg BT 459.12 379.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 491.91 379.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.93 379.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.39 379.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 554.17 379.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.10 Td (land. ) Tj ET Q q 0 0 0 rg BT 71.17 367.10 Td ( ) Tj ET Q q 0 0 0 rg BT 73.11 367.10 Td (On ) Tj ET Q q 0 0 0 rg BT 87.28 367.10 Td (an ) Tj ET Q q 0 0 0 rg BT 98.67 367.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 133.40 367.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 157.84 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.01 367.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 212.84 367.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 252.00 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.16 367.10 Td (land ) Tj ET Q q 0 0 0 rg BT 285.33 367.10 Td (option ) Tj ET Q q 0 0 0 rg BT 312.83 367.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 360.31 367.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 392.80 367.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.53 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.69 367.10 Td (land ) Tj ET Q q 0 0 0 rg BT 435.86 367.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 473.34 367.10 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 510.57 367.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.52 367.10 Td (In ) Tj ET Q q 0 0 0 rg BT 522.80 367.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.96 367.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.28 355.10 Td (which ) Tj ET Q q 0 0 0 rg BT 103.39 355.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.28 355.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 157.84 355.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 185.06 355.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.95 355.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 233.95 355.10 Td (not ) Tj ET Q q 0 0 0 rg BT 248.40 355.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.85 355.10 Td (proceed ) Tj ET Q q 0 0 0 rg BT 291.17 355.10 Td (with ) Tj ET Q q 0 0 0 rg BT 310.62 355.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.50 355.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 361.71 355.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.72 355.10 Td (land ) Tj ET Q q 0 0 0 rg BT 390.61 355.10 Td (under ) Tj ET Q q 0 0 0 rg BT 415.05 355.10 Td (an ) Tj ET Q q 0 0 0 rg BT 426.16 355.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 471.97 355.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.86 355.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.42 355.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.44 343.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 101.72 343.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.66 343.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 171.68 343.10 Td (pre-acquisition ) Tj ET Q q 0 0 0 rg BT 234.16 343.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 256.66 343.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 289.71 343.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.98 343.10 Td (such ) Tj ET Q q 0 0 0 rg BT 320.81 343.10 Td (agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 321.10 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 98.11 321.10 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.10 299.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.04 299.10 Td (capitalizes ) Tj ET Q q 0 0 0 rg BT 155.30 299.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 187.79 299.10 Td (during ) Tj ET Q q 0 0 0 rg BT 216.95 299.10 Td (land ) Tj ET Q q 0 0 0 rg BT 237.22 299.10 Td (development ) Tj ET Q q 0 0 0 rg BT 291.93 299.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.42 299.10 Td (home ) Tj ET Q q 0 0 0 rg BT 334.70 299.10 Td (construction.Capitalized ) Tj ET Q q 0 0 0 rg BT 440.22 299.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 472.71 299.10 Td (is ) Tj ET Q q 0 0 0 rg BT 482.44 299.10 Td (char) Tj ET Q q 0 0 0 rg BT 499.46 299.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 516.96 299.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.79 299.10 Td (land ) Tj ET Q q 0 0 0 rg BT 548.06 299.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 287.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 83.36 287.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 105.54 287.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.17 287.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 161.56 287.10 Td (as ) Tj ET Q q 0 0 0 rg BT 172.08 287.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.48 287.10 Td (related ) Tj ET Q q 0 0 0 rg BT 215.87 287.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 256.38 287.10 Td (is ) Tj ET Q q 0 0 0 rg BT 265.24 287.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 304.63 287.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.59 287.10 Td (a ) Tj ET Q q 0 0 0 rg BT 321.22 287.10 Td (third ) Tj ET Q q 0 0 0 rg BT 342.29 287.10 Td (party) Tj ET Q q 0 0 0 rg BT 362.19 287.10 Td (.) Tj ET Q q 0 0 0 rg BT 369.51 287.10 Td (The ) Tj ET Q q 0 0 0 rg BT 387.24 287.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 426.64 287.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.16 287.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 482.65 287.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.27 287.10 Td (for ) Tj ET Q q 0 0 0 rg BT 528.12 287.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 287.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.90 Td (months ) Tj ET Q q 0 0 0 rg BT 81.45 273.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 107.83 273.90 Td (March ) Tj ET Q q 0 0 0 rg BT 136.42 273.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 151.42 273.90 Td (2020 ) Tj ET Q q 0 0 0 rg BT 173.92 273.90 Td (and ) Tj ET Q q 0 0 0 rg BT 190.86 273.90 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.86 273.90 Td ( ) Tj ET Q q 0 0 0 rg BT 213.36 273.90 Td (is ) Tj ET Q q 0 0 0 rg BT 222.53 273.90 Td (as ) Tj ET Q q 0 0 0 rg BT 233.36 273.90 Td (follows) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 263.36 273.90 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 250.39999999999998 m 497 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 250.39999999999998 m 504 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 250.39999999999998 m 561 250.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 237.39999999999998 m 440 237.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 237.39999999999998 m 497 237.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 237.39999999999998 m 504 237.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 237.39999999999998 m 561 237.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 237.39999999999998 m 440 237.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 237.39999999999998 m 497 237.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 237.39999999999998 m 504 237.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 237.39999999999998 m 561 237.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 198.39999999999998 m 440 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 198.39999999999998 m 497 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 198.39999999999998 m 504 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 198.39999999999998 m 561 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 198.39999999999998 m 561 198.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 168.39999999999998 m 440 168.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440 168.39999999999998 m 497 168.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 168.39999999999998 m 504 168.39999999999998 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 168.39999999999998 m 561 168.39999999999998 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.10 254.63 Td (Thr) Tj ET Q q 0 0 0 rg BT 458.36 254.63 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 534.88 254.63 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 241.65 Td (\(In ) Tj ET Q q 0 0 0 rg BT 63.83 241.65 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.00 241.63 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.00 241.65 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 228.65 Td (Capitalized interest, beginning of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.50 228.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 228.63 Td (21,607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 228.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.80 228.65 Td (20,765) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 215.65 Td (Interest ) Tj ET Q q 0 0 0 rg BT 78.49 215.65 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 115.13 215.65 Td (to ) Tj ET Q q 0 0 0 rg BT 123.36 215.65 Td (inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 215.63 Td (7,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.80 215.65 Td (6,134) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 202.65 Td (Capitalized interest char) Tj ET Q q 0 0 0 rg BT 130.17 202.65 Td (ged to land and housing costs and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.10 202.63 Td (\(6,570) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 202.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.10 202.65 Td (\(5,393) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 557.80 202.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 189.65 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 90.93 189.65 Td (interest, ) Tj ET Q q 0 0 0 rg BT 118.48 189.65 Td (end ) Tj ET Q q 0 0 0 rg BT 132.03 189.65 Td (of ) Tj ET Q q 0 0 0 rg BT 140.69 189.65 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.50 189.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 189.63 Td (22,199) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 189.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.80 189.65 Td (21,506) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 172.65 Td (Interest incurred) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.50 172.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 172.63 Td (1) Tj ET Q q 0 0 0 rg BT 475.80 172.63 Td (1,862) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 172.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 535.80 172.65 Td (12,926) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 23 0 obj <>] /Rotate 0 /Contents 24 0 R>> endobj 24 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (10) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (NOTE 3. Investment in Joint ) Tj ET Q q 0 0 0 rg BT 175.44 740.25 Td (V) Tj ET Q q 0 0 0 rg BT 181.75 740.25 Td (entur) Tj ET Q q 0 0 0 rg BT 204.90 740.25 Td (e ) Tj ET Q q 0 0 0 rg BT 211.28 740.25 Td (Arrangements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.56 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 108.40 718.25 Td (Joint ) Tj ET Q q 0 0 0 rg BT 132.01 718.25 Td (V) Tj ET Q q 0 0 0 rg BT 137.58 718.25 Td (enture ) Tj ET Q q 0 0 0 rg BT 166.38 718.25 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.08 696.25 Td (order ) Tj ET Q q 0 0 0 rg BT 83.44 696.25 Td (to ) Tj ET Q q 0 0 0 rg BT 93.47 696.25 Td (minimize ) Tj ET Q q 0 0 0 rg BT 133.49 696.25 Td (our ) Tj ET Q q 0 0 0 rg BT 149.07 696.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.21 696.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.90 696.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 229.15 696.25 Td (of ) Tj ET Q q 0 0 0 rg BT 239.74 696.25 Td (land ) Tj ET Q q 0 0 0 rg BT 259.21 696.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 297.56 696.25 Td (in ) Tj ET Q q 0 0 0 rg BT 307.59 696.25 Td (a ) Tj ET Q q 0 0 0 rg BT 314.28 696.25 Td (single ) Tj ET Q q 0 0 0 rg BT 340.42 696.25 Td (location, ) Tj ET Q q 0 0 0 rg BT 377.39 696.25 Td (we ) Tj ET Q q 0 0 0 rg BT 391.30 696.25 Td (have ) Tj ET Q q 0 0 0 rg BT 412.43 696.25 Td (periodically ) Tj ET Q q 0 0 0 rg BT 462.44 696.25 Td (partnered ) Tj ET Q q 0 0 0 rg BT 502.45 696.25 Td (with ) Tj ET Q q 0 0 0 rg BT 522.48 696.25 Td (other ) Tj ET Q q 0 0 0 rg BT 545.28 696.25 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (developers ) Tj ET Q q 0 0 0 rg BT 94.32 684.25 Td (or ) Tj ET Q q 0 0 0 rg BT 104.15 684.25 Td (homebuilders ) Tj ET Q q 0 0 0 rg BT 160.08 684.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.36 684.25 Td (share ) Tj ET Q q 0 0 0 rg BT 191.96 684.25 Td (in ) Tj ET Q q 0 0 0 rg BT 201.24 684.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.96 684.25 Td (land ) Tj ET Q q 0 0 0 rg BT 233.68 684.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 279.06 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.00 684.25 Td (development ) Tj ET Q q 0 0 0 rg BT 348.15 684.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.99 684.25 Td (a ) Tj ET Q q 0 0 0 rg BT 363.93 684.25 Td (property ) Tj ET Q q 0 0 0 rg BT 399.30 684.25 Td (through ) Tj ET Q q 0 0 0 rg BT 431.91 684.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 451.75 684.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 494.91 684.25 Td (and ) Tj ET Q q 0 0 0 rg BT 510.85 684.25 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 99.49 672.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 119.78 672.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 158.12 672.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.51 672.25 Td (other ) Tj ET Q q 0 0 0 rg BT 197.01 672.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 226.75 672.25 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 285.06 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 286.59 672.25 Td (As ) Tj ET Q q 0 0 0 rg BT 299.66 672.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.95 672.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 353.00 672.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.00 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 374.96 672.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.35 672.25 Td (December ) Tj ET Q q 0 0 0 rg BT 434.40 672.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 448.85 672.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.85 672.25 Td (, ) Tj ET Q q 0 0 0 rg BT 473.31 672.25 Td (our ) Tj ET Q q 0 0 0 rg BT 488.60 672.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 534.44 672.25 Td (in ) Tj ET Q q 0 0 0 rg BT 544.17 672.25 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 70.13 660.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 102.42 660.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 158.58 660.25 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.09 660.25 Td ($40.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.99 660.25 Td ( ) Tj ET Q q 0 0 0 rg BT 244.29 660.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.02 660.25 Td ($37.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.92 660.25 Td (, ) Tj ET Q q 0 0 0 rg BT 319.71 660.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 367.38 660.25 Td (, ) Tj ET Q q 0 0 0 rg BT 372.18 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.91 660.25 Td (was ) Tj ET Q q 0 0 0 rg BT 406.77 660.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 442.38 660.25 Td (as ) Tj ET Q q 0 0 0 rg BT 453.01 660.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 499.74 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 509.82 660.25 Td (Joint ) Tj ET Q q 0 0 0 rg BT 531.40 660.25 Td (V) Tj ET Q q 0 0 0 rg BT 537.52 660.25 Td (enture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (Arrangements ) Tj ET Q q 0 0 0 rg BT 107.71 648.25 Td (on ) Tj ET Q q 0 0 0 rg BT 119.28 648.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.18 648.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 177.41 648.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 223.41 648.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 277.76 648.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 311.53 648.25 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 341.70 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 343.16 648.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.27 648.25 Td ($2.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.17 648.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.74 648.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.49 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 445.06 648.25 Td (during ) Tj ET Q q 0 0 0 rg BT 472.74 648.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.52 648.25 Td (three-month ) Tj ET Q q 0 0 0 rg BT 536.96 648.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 76.13 636.25 Td (March ) Tj ET Q q 0 0 0 rg BT 104.98 636.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 120.23 636.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.23 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 142.99 636.25 Td (was ) Tj ET Q q 0 0 0 rg BT 161.29 636.25 Td (driven ) Tj ET Q q 0 0 0 rg BT 189.59 636.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 229.56 636.25 Td (by ) Tj ET Q q 0 0 0 rg BT 242.31 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 258.39 636.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 278.91 636.25 Td (contributions ) Tj ET Q q 0 0 0 rg BT 334.44 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.97 636.25 Td (our ) Tj ET Q q 0 0 0 rg BT 361.05 636.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 382.14 636.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 414.88 636.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 471.50 636.25 Td (during ) Tj ET Q q 0 0 0 rg BT 500.36 636.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.33 636.25 Td (first ) Tj ET Q q 0 0 0 rg BT 534.19 636.25 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 624.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.33 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.83 624.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.66 624.25 Td ($6.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.55 624.25 Td (, ) Tj ET Q q 0 0 0 rg BT 147.55 624.25 Td (of) Tj ET Q q 0 0 0 rg BT 155.70 624.25 Td (fset, ) Tj ET Q q 0 0 0 rg BT 175.14 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 185.42 624.25 Td (part, ) Tj ET Q q 0 0 0 rg BT 205.96 624.25 Td (by ) Tj ET Q q 0 0 0 rg BT 218.46 624.25 Td (lot ) Tj ET Q q 0 0 0 rg BT 231.52 624.25 Td (distributions ) Tj ET Q q 0 0 0 rg BT 284.03 624.25 Td (from ) Tj ET Q q 0 0 0 rg BT 305.96 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 321.79 624.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 342.63 624.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 375.12 624.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 431.48 624.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.31 624.25 Td ($3.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.20 624.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.45 602.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 103.73 602.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.46 602.25 Td (our ) Tj ET Q q 0 0 0 rg BT 130.19 602.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 176.48 602.25 Td (in ) Tj ET Q q 0 0 0 rg BT 186.66 602.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 207.39 602.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 239.78 602.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 296.04 602.25 Td (for ) Tj ET Q q 0 0 0 rg BT 310.11 602.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.29 602.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 373.79 602.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.79 602.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.19 602.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.03 602.25 Td (December ) Tj ET Q q 0 0 0 rg BT 456.51 602.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 471.41 602.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.41 602.25 Td ( ) Tj ET Q q 0 0 0 rg BT 493.81 602.25 Td (consisted ) Tj ET Q q 0 0 0 rg BT 533.43 602.25 Td (of ) Tj ET Q q 0 0 0 rg BT 544.16 602.25 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 93.62 590.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.52 590.25 Td (development ) Tj ET Q q 0 0 0 rg BT 164.62 590.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 212.62 590.25 Td (for ) Tj ET Q q 0 0 0 rg BT 226.73 590.25 Td (which ) Tj ET Q q 0 0 0 rg BT 253.63 590.25 Td (a ) Tj ET Q q 0 0 0 rg BT 260.53 590.25 Td (special ) Tj ET Q q 0 0 0 rg BT 290.75 590.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 324.87 590.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 350.10 590.25 Td (was ) Tj ET Q q 0 0 0 rg BT 368.11 590.25 Td (not ) Tj ET Q q 0 0 0 rg BT 383.35 590.25 Td (established ) Tj ET Q q 0 0 0 rg BT 430.24 590.25 Td (\(JODAs\). ) Tj ET Q q 0 0 0 rg BT 480.18 590.25 Td ( ) Tj ET Q q 0 0 0 rg BT 482.64 590.25 Td (In ) Tj ET Q q 0 0 0 rg BT 493.43 590.25 Td (these ) Tj ET Q q 0 0 0 rg BT 516.44 590.25 Td (JODAs, ) Tj ET Q q 0 0 0 rg BT 550.84 590.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (own ) Tj ET Q q 0 0 0 rg BT 69.10 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 83.70 578.25 Td (property ) Tj ET Q q 0 0 0 rg BT 119.96 578.25 Td (jointly ) Tj ET Q q 0 0 0 rg BT 148.46 578.25 Td (with ) Tj ET Q q 0 0 0 rg BT 168.62 578.25 Td (partners ) Tj ET Q q 0 0 0 rg BT 203.21 578.25 Td (which ) Tj ET Q q 0 0 0 rg BT 230.03 578.25 Td (are ) Tj ET Q q 0 0 0 rg BT 244.61 578.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 281.99 578.25 Td (other ) Tj ET Q q 0 0 0 rg BT 304.92 578.25 Td (builders, ) Tj ET Q q 0 0 0 rg BT 342.01 578.25 Td (and ) Tj ET Q q 0 0 0 rg BT 358.83 578.25 Td (land ) Tj ET Q q 0 0 0 rg BT 378.43 578.25 Td (development ) Tj ET Q q 0 0 0 rg BT 432.46 578.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 470.95 578.25 Td (are ) Tj ET Q q 0 0 0 rg BT 485.53 578.25 Td (funded ) Tj ET Q q 0 0 0 rg BT 515.68 578.25 Td (jointly ) Tj ET Q q 0 0 0 rg BT 544.18 578.25 Td (until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.89 566.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 107.16 566.25 Td (lots ) Tj ET Q q 0 0 0 rg BT 123.78 566.25 Td (are ) Tj ET Q q 0 0 0 rg BT 138.16 566.25 Td (subdivided ) Tj ET Q q 0 0 0 rg BT 184.22 566.25 Td (for ) Tj ET Q q 0 0 0 rg BT 198.05 566.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 232.98 566.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 276.81 566.25 Td (by ) Tj ET Q q 0 0 0 rg BT 288.98 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.37 566.25 Td (partners ) Tj ET Q q 0 0 0 rg BT 337.75 566.25 Td (in ) Tj ET Q q 0 0 0 rg BT 347.70 566.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 394.84 566.25 Td (with ) Tj ET Q q 0 0 0 rg BT 414.79 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.18 566.25 Td (JODA) Tj ET Q q 0 0 0 rg BT 454.18 566.25 Td ( ) Tj ET Q q 0 0 0 rg BT 456.36 566.25 Td (and ) Tj ET Q q 0 0 0 rg BT 472.97 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.36 566.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 526.74 566.25 Td (site ) Tj ET Q q 0 0 0 rg BT 542.80 566.25 Td (plan. ) Tj ET Q q 0 0 0 rg BT 565.01 566.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (As ) Tj ET Q q 0 0 0 rg BT 62.38 554.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.47 554.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 115.33 554.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.33 554.25 Td ( ) Tj ET Q q 0 0 0 rg BT 137.09 554.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.29 554.25 Td (December ) Tj ET Q q 0 0 0 rg BT 196.13 554.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 210.40 554.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.40 554.25 Td (, ) Tj ET Q q 0 0 0 rg BT 234.66 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.64 554.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 289.29 554.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.49 554.25 Td ($38.1 ) Tj ET Q q 0 0 0 rg BT 329.75 554.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.64 554.25 Td ( ) Tj ET Q q 0 0 0 rg BT 360.40 554.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.60 554.25 Td ($35.5 ) Tj ET Q q 0 0 0 rg BT 400.86 554.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.75 554.25 Td (, ) Tj ET Q q 0 0 0 rg BT 434.02 554.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 481.68 554.25 Td (, ) Tj ET Q q 0 0 0 rg BT 485.94 554.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 521.03 554.25 Td (in ) Tj ET Q q 0 0 0 rg BT 530.57 554.25 Td (JODAs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 534.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.40 534.25 Td (remainder ) Tj ET Q q 0 0 0 rg BT 112.29 534.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.98 534.25 Td (our ) Tj ET Q q 0 0 0 rg BT 140.67 534.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 187.91 534.25 Td (in ) Tj ET Q q 0 0 0 rg BT 199.04 534.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 220.73 534.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 254.08 534.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 311.29 534.25 Td (was ) Tj ET Q q 0 0 0 rg BT 330.20 534.25 Td (comprised ) Tj ET Q q 0 0 0 rg BT 375.22 534.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.90 534.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 408.59 534.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 441.94 534.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 499.16 534.25 Td (where ) Tj ET Q q 0 0 0 rg BT 526.94 534.25 Td (a ) Tj ET Q q 0 0 0 rg BT 534.74 534.25 Td (special ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 522.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 84.11 522.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 109.83 522.25 Td (was ) Tj ET Q q 0 0 0 rg BT 128.33 522.25 Td (established ) Tj ET Q q 0 0 0 rg BT 175.71 522.25 Td (to ) Tj ET Q q 0 0 0 rg BT 186.44 522.25 Td (own ) Tj ET Q q 0 0 0 rg BT 206.61 522.25 Td (and ) Tj ET Q q 0 0 0 rg BT 224.00 522.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 258.60 522.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.76 522.25 Td (property) Tj ET Q q 0 0 0 rg BT 306.99 522.25 Td (. ) Tj ET Q q 0 0 0 rg BT 312.44 522.25 Td ( ) Tj ET Q q 0 0 0 rg BT 315.39 522.25 Td (For ) Tj ET Q q 0 0 0 rg BT 332.23 522.25 Td (these ) Tj ET Q q 0 0 0 rg BT 355.72 522.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 377.01 522.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 409.94 522.25 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 469.25 522.25 Td (we ) Tj ET Q q 0 0 0 rg BT 483.86 522.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 524.01 522.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 546.94 522.25 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 510.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 81.51 510.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 116.30 510.25 Td (company ) Tj ET Q q 0 0 0 rg BT 156.64 510.25 Td (or ) Tj ET Q q 0 0 0 rg BT 168.65 510.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 200.11 510.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 257.65 510.25 Td (\(LLCs\) ) Tj ET Q q 0 0 0 rg BT 299.65 510.25 Td (with ) Tj ET Q q 0 0 0 rg BT 321.11 510.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.00 510.25 Td (other ) Tj ET Q q 0 0 0 rg BT 361.23 510.25 Td (partners. ) Tj ET Q q 0 0 0 rg BT 399.62 510.25 Td ( ) Tj ET Q q 0 0 0 rg BT 403.04 510.25 Td (These ) Tj ET Q q 0 0 0 rg BT 430.60 510.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 463.16 510.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 501.83 510.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 533.83 510.25 Td (in ) Tj ET Q q 0 0 0 rg BT 545.29 510.25 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.25 Td (development ) Tj ET Q q 0 0 0 rg BT 103.40 498.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 141.74 498.25 Td (for ) Tj ET Q q 0 0 0 rg BT 155.65 498.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.12 498.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 204.02 498.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.60 498.25 Td (distributing ) Tj ET Q q 0 0 0 rg BT 262.96 498.25 Td (or ) Tj ET Q q 0 0 0 rg BT 273.54 498.25 Td (selling ) Tj ET Q q 0 0 0 rg BT 302.45 498.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 345.79 498.25 Td (lots ) Tj ET Q q 0 0 0 rg BT 362.49 498.25 Td (to ) Tj ET Q q 0 0 0 rg BT 372.52 498.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.98 498.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 428.11 498.25 Td (and ) Tj ET Q q 0 0 0 rg BT 444.80 498.25 Td (its ) Tj ET Q q 0 0 0 rg BT 456.50 498.25 Td (partners ) Tj ET Q q 0 0 0 rg BT 490.95 498.25 Td (in ) Tj ET Q q 0 0 0 rg BT 500.98 498.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.44 498.25 Td (LLC. ) Tj ET Q q 0 0 0 rg BT 539.08 498.25 Td ( ) Tj ET Q q 0 0 0 rg BT 540.83 498.25 Td (As ) Tj ET Q q 0 0 0 rg BT 554.19 498.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 92.51 486.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.51 486.25 Td ( ) Tj ET Q q 0 0 0 rg BT 114.42 486.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.76 486.25 Td (December ) Tj ET Q q 0 0 0 rg BT 173.75 486.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 188.16 486.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.16 486.25 Td (, ) Tj ET Q q 0 0 0 rg BT 212.57 486.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.70 486.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 267.49 486.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.84 486.25 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 303.25 486.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.14 486.25 Td ( ) Tj ET Q q 0 0 0 rg BT 334.04 486.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.39 486.25 Td ($2.4 ) Tj ET Q q 0 0 0 rg BT 369.80 486.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.69 486.25 Td (, ) Tj ET Q q 0 0 0 rg BT 403.10 486.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 450.76 486.25 Td (, ) Tj ET Q q 0 0 0 rg BT 455.17 486.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.41 486.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 492.31 486.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 527.54 486.25 Td (in ) Tj ET Q q 0 0 0 rg BT 537.23 486.25 Td (LLCs. ) Tj ET Q q 0 0 0 rg BT 565.01 486.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.61 474.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.27 474.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.72 474.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 161.58 474.25 Td (of ) Tj ET Q q 0 0 0 rg BT 172.47 474.25 Td (ownership ) Tj ET Q q 0 0 0 rg BT 216.69 474.25 Td (in ) Tj ET Q q 0 0 0 rg BT 227.03 474.25 Td (these ) Tj ET Q q 0 0 0 rg BT 250.14 474.25 Td (LLCs ) Tj ET Q q 0 0 0 rg BT 275.48 474.25 Td (as ) Tj ET Q q 0 0 0 rg BT 286.37 474.25 Td (of ) Tj ET Q q 0 0 0 rg BT 297.26 474.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.60 474.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 361.26 474.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.26 474.25 Td ( ) Tj ET Q q 0 0 0 rg BT 383.82 474.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.81 474.25 Td (December ) Tj ET Q q 0 0 0 rg BT 444.46 474.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 459.52 474.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.52 474.25 Td ( ) Tj ET Q q 0 0 0 rg BT 482.08 474.25 Td (ranged ) Tj ET Q q 0 0 0 rg BT 511.85 474.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.84 474.25 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.17 474.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 474.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (74%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.83 462.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 440.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.36 440.25 Td (use ) Tj ET Q q 0 0 0 rg BT 81.47 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.46 440.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 124.24 440.25 Td (method ) Tj ET Q q 0 0 0 rg BT 157.01 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.12 440.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 214.77 440.25 Td (for ) Tj ET Q q 0 0 0 rg BT 229.21 440.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 279.77 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 290.33 440.25 Td (LLCs ) Tj ET Q q 0 0 0 rg BT 315.88 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 333.10 440.25 Td (other ) Tj ET Q q 0 0 0 rg BT 356.43 440.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 377.54 440.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 410.31 440.25 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 469.45 440.25 Td (including ) Tj ET Q q 0 0 0 rg BT 510.00 440.25 Td (JODAs, ) Tj ET Q q 0 0 0 rg BT 544.73 440.25 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (which ) Tj ET Q q 0 0 0 rg BT 76.56 428.25 Td (we ) Tj ET Q q 0 0 0 rg BT 90.84 428.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 126.21 428.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 171.04 428.25 Td (influence ) Tj ET Q q 0 0 0 rg BT 210.86 428.25 Td (but ) Tj ET Q q 0 0 0 rg BT 226.26 428.25 Td (do ) Tj ET Q q 0 0 0 rg BT 238.88 428.25 Td (not ) Tj ET Q q 0 0 0 rg BT 254.28 428.25 Td (have ) Tj ET Q q 0 0 0 rg BT 275.78 428.25 Td (a ) Tj ET Q q 0 0 0 rg BT 282.83 428.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 329.34 428.25 Td (interest. ) Tj ET Q q 0 0 0 rg BT 363.89 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 366.51 428.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 394.12 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.96 428.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 436.57 428.25 Td (method, ) Tj ET Q q 0 0 0 rg BT 471.69 428.25 Td (our ) Tj ET Q q 0 0 0 rg BT 487.63 428.25 Td (share ) Tj ET Q q 0 0 0 rg BT 511.35 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.30 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.14 428.25 Td (LLCs) Tj ET Q q 0 0 0 rg BT 562.51 428.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 86.06 416.25 Td (or ) Tj ET Q q 0 0 0 rg BT 97.06 416.25 Td (loss, ) Tj ET Q q 0 0 0 rg BT 117.80 416.25 Td (if ) Tj ET Q q 0 0 0 rg BT 126.59 416.25 Td (any) Tj ET Q q 0 0 0 rg BT 140.38 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 145.56 416.25 Td (is ) Tj ET Q q 0 0 0 rg BT 154.91 416.25 Td (included ) Tj ET Q q 0 0 0 rg BT 192.02 416.25 Td (in ) Tj ET Q q 0 0 0 rg BT 202.47 416.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.48 416.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 262.82 416.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 309.93 416.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 365.38 416.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 411.94 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.95 416.25 Td (Income. ) Tj ET Q q 0 0 0 rg BT 458.12 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 460.60 416.25 Td (The ) Tj ET Q q 0 0 0 rg BT 478.83 416.25 Td (Company) Tj ET Q q 0 0 0 rg BT 520.49 416.25 Td (s ) Tj ET Q q 0 0 0 rg BT 527.06 416.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 554.73 416.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.40 404.25 Td (income ) Tj ET Q q 0 0 0 rg BT 96.51 404.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 129.73 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 140.19 404.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 176.75 404.25 Td (from ) Tj ET Q q 0 0 0 rg BT 198.86 404.25 Td (its ) Tj ET Q q 0 0 0 rg BT 210.99 404.25 Td (LLCs ) Tj ET Q q 0 0 0 rg BT 236.45 404.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.68 404.25 Td (less ) Tj ET Q q 0 0 0 rg BT 272.36 404.25 Td (than ) Tj ET Q q 0 0 0 rg BT 292.26 404.25 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 312.44 404.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.33 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 344.01 404.25 Td (for ) Tj ET Q q 0 0 0 rg BT 358.35 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 373.25 404.25 Td (period ) Tj ET Q q 0 0 0 rg BT 401.47 404.25 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.37 404.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 475.15 404.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.15 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 497.83 404.25 Td (and ) Tj ET Q q 0 0 0 rg BT 514.94 404.25 Td (its ) Tj ET Q q 0 0 0 rg BT 527.07 404.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 554.75 404.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 67.39 392.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.26 392.25 Td ($0.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.16 392.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.48 392.25 Td (for ) Tj ET Q q 0 0 0 rg BT 150.47 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.01 392.25 Td (period ) Tj ET Q q 0 0 0 rg BT 192.88 392.25 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.43 392.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 265.85 392.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.85 392.25 Td (. ) Tj ET Q q 0 0 0 rg BT 290.68 392.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 308.55 392.25 Td (share ) Tj ET Q q 0 0 0 rg BT 331.98 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.63 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.18 392.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 381.72 392.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 414.59 392.25 Td (to ) Tj ET Q q 0 0 0 rg BT 424.69 392.25 Td (lots ) Tj ET Q q 0 0 0 rg BT 441.46 392.25 Td (we ) Tj ET Q q 0 0 0 rg BT 455.45 392.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 493.31 392.25 Td (from ) Tj ET Q q 0 0 0 rg BT 515.08 392.25 Td (our ) Tj ET Q q 0 0 0 rg BT 530.73 392.25 Td (LLCs ) Tj ET Q q 0 0 0 rg BT 555.84 392.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 85.31 380.25 Td (until ) Tj ET Q q 0 0 0 rg BT 106.14 380.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 134.75 380.25 Td (are ) Tj ET Q q 0 0 0 rg BT 149.46 380.25 Td (delivered ) Tj ET Q q 0 0 0 rg BT 189.16 380.25 Td (by ) Tj ET Q q 0 0 0 rg BT 201.66 380.25 Td (us ) Tj ET Q q 0 0 0 rg BT 213.05 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.99 380.25 Td (title ) Tj ET Q q 0 0 0 rg BT 248.04 380.25 Td (passes ) Tj ET Q q 0 0 0 rg BT 276.09 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 286.37 380.25 Td (a ) Tj ET Q q 0 0 0 rg BT 293.31 380.25 Td (homebuyer) Tj ET Q q 0 0 0 rg BT 337.74 380.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 356.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 356.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.46 356.25 Td (that ) Tj ET Q q 0 0 0 rg BT 113.96 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 128.68 356.25 Td (Company) Tj ET Q q 0 0 0 rg BT 170.34 356.25 Td (s ) Tj ET Q q 0 0 0 rg BT 176.74 356.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 219.79 356.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 258.39 356.25 Td (related ) Tj ET Q q 0 0 0 rg BT 288.10 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 298.38 356.25 Td (its ) Tj ET Q q 0 0 0 rg BT 310.33 356.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 356.72 356.25 Td (in ) Tj ET Q q 0 0 0 rg BT 367.00 356.25 Td (these ) Tj ET Q q 0 0 0 rg BT 390.05 356.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 410.89 356.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 443.38 356.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 499.75 356.25 Td (as ) Tj ET Q q 0 0 0 rg BT 510.58 356.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.42 356.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 344.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.76 344.25 Td (was ) Tj ET Q q 0 0 0 rg BT 89.58 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.06 344.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 136.31 344.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 171.90 344.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.49 344.25 Td ($40.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.38 344.25 Td (, ) Tj ET Q q 0 0 0 rg BT 241.15 344.25 Td (which ) Tj ET Q q 0 0 0 rg BT 267.85 344.25 Td (is ) Tj ET Q q 0 0 0 rg BT 276.78 344.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 312.36 344.25 Td (as ) Tj ET Q q 0 0 0 rg BT 322.95 344.25 Td (Investment ) Tj ET Q q 0 0 0 rg BT 369.64 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 379.69 344.25 Td (Joint ) Tj ET Q q 0 0 0 rg BT 401.23 344.25 Td (V) Tj ET Q q 0 0 0 rg BT 407.35 344.25 Td (enture ) Tj ET Q q 0 0 0 rg BT 434.09 344.25 Td (Arrangements ) Tj ET Q q 0 0 0 rg BT 493.00 344.25 Td (on ) Tj ET Q q 0 0 0 rg BT 505.26 344.25 Td (our ) Tj ET Q q 0 0 0 rg BT 520.86 344.25 Td (Unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 95.86 332.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 150.56 332.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 184.69 332.25 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 215.22 332.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.00 332.25 Td (W) Tj ET Q q 0 0 0 rg BT 225.64 332.25 Td (e ) Tj ET Q q 0 0 0 rg BT 232.00 332.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 260.02 332.25 Td (to ) Tj ET Q q 0 0 0 rg BT 269.72 332.25 Td (invest ) Tj ET Q q 0 0 0 rg BT 295.53 332.25 Td (further ) Tj ET Q q 0 0 0 rg BT 324.66 332.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 360.47 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 370.18 332.25 Td (these ) Tj ET Q q 0 0 0 rg BT 392.65 332.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 412.91 332.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 444.81 332.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 500.60 332.25 Td (as ) Tj ET Q q 0 0 0 rg BT 510.85 332.25 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 320.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 117.53 320.25 Td (progresses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.16 298.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.16 298.25 Td (assesses ) Tj ET Q q 0 0 0 rg BT 143.05 298.25 Td (its ) Tj ET Q q 0 0 0 rg BT 154.61 298.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 204.50 298.25 Td (in ) Tj ET Q q 0 0 0 rg BT 214.39 298.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 277.05 298.25 Td (LLCs ) Tj ET Q q 0 0 0 rg BT 301.94 298.25 Td (for ) Tj ET Q q 0 0 0 rg BT 315.72 298.25 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 373.36 298.25 Td (on ) Tj ET Q q 0 0 0 rg BT 385.47 298.25 Td (a ) Tj ET Q q 0 0 0 rg BT 392.02 298.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 430.23 298.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 454.85 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 456.96 298.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 473.513671875 296.9169921875 m 500.06640625 296.9169921875 l s q 0 0 1 rg BT 473.51 298.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 495.07 298.25 Td (4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 500.07 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.18 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 512.07 298.25 Td (our ) Tj ET Q q 0 0 0 rg BT 527.52 298.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 286.25 Td (for ) Tj ET Q q 0 0 0 rg BT 108.37 286.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 150.86 286.25 Td (details ) Tj ET Q q 0 0 0 rg BT 179.47 286.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 212.51 286.25 Td (to ) Tj ET Q q 0 0 0 rg BT 222.79 286.25 Td (our ) Tj ET Q q 0 0 0 rg BT 238.62 286.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 284.98 286.25 Td (for ) Tj ET Q q 0 0 0 rg BT 299.14 286.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 343.29 286.25 Td (our ) Tj ET Q q 0 0 0 rg BT 359.12 286.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 409.40 286.25 Td (for ) Tj ET Q q 0 0 0 rg BT 423.56 286.25 Td (impairment.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.06 262.25 Td (ariable ) Tj ET Q q 0 0 0 rg BT 86.45 262.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 120.62 262.25 Td (Entities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 240.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 72.45 240.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 104.12 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.25 240.25 Td (our ) Tj ET Q q 0 0 0 rg BT 131.93 240.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 183.06 240.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.19 240.25 Td (these ) Tj ET Q q 0 0 0 rg BT 218.09 240.25 Td (LLCs, ) Tj ET Q q 0 0 0 rg BT 246.72 240.25 Td (we ) Tj ET Q q 0 0 0 rg BT 261.74 240.25 Td (are ) Tj ET Q q 0 0 0 rg BT 277.30 240.25 Td (required, ) Tj ET Q q 0 0 0 rg BT 316.47 240.25 Td (under ) Tj ET Q q 0 0 0 rg BT 341.85 240.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 364.66 240.25 Td (810-10, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 398.84 240.25 Td (Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.51 240.25 Td ( ) Tj ET Q q 0 0 0 rg BT 458.87 240.25 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 489.44 240.25 Td (810\), ) Tj ET Q q 0 0 0 rg BT 518.06 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.20 240.25 Td (evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 83.06 228.25 Td (or ) Tj ET Q q 0 0 0 rg BT 92.74 228.25 Td (not ) Tj ET Q q 0 0 0 rg BT 106.87 228.25 Td (such ) Tj ET Q q 0 0 0 rg BT 126.55 228.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 156.79 228.25 Td (should ) Tj ET Q q 0 0 0 rg BT 184.81 228.25 Td (be ) Tj ET Q q 0 0 0 rg BT 195.60 228.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 247.49 228.25 Td (into ) Tj ET Q q 0 0 0 rg BT 264.40 228.25 Td (our ) Tj ET Q q 0 0 0 rg BT 279.08 228.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 330.97 228.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 367.31 228.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 413.37 228.25 Td ( ) Tj ET Q q 0 0 0 rg BT 414.62 228.25 Td (W) Tj ET Q q 0 0 0 rg BT 423.26 228.25 Td (e ) Tj ET Q q 0 0 0 rg BT 429.05 228.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 461.51 228.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 495.07 228.25 Td (these ) Tj ET Q q 0 0 0 rg BT 516.97 228.25 Td (evaluations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (when ) Tj ET Q q 0 0 0 rg BT 72.82 216.25 Td (each ) Tj ET Q q 0 0 0 rg BT 92.80 216.25 Td (new ) Tj ET Q q 0 0 0 rg BT 111.13 216.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 135.57 216.25 Td (is ) Tj ET Q q 0 0 0 rg BT 143.90 216.25 Td (created ) Tj ET Q q 0 0 0 rg BT 174.43 216.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.53 216.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 212.19 216.25 Td (any ) Tj ET Q q 0 0 0 rg BT 228.29 216.25 Td (events ) Tj ET Q q 0 0 0 rg BT 255.51 216.25 Td (that ) Tj ET Q q 0 0 0 rg BT 272.17 216.25 Td (require ) Tj ET Q q 0 0 0 rg BT 302.14 216.25 Td (reconsideration ) Tj ET Q q 0 0 0 rg BT 365.45 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.44 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.32 216.25 Td (entity) Tj ET Q q 0 0 0 rg BT 411.45 216.25 Td (. ) Tj ET Q q 0 0 0 rg BT 415.61 216.25 Td ( ) Tj ET Q q 0 0 0 rg BT 417.28 216.25 Td (See ) Tj ET Q q 0 0 0 rg BT 433.38 216.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 454.48 216.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 463.65 216.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 508.63 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.63 216.25 Td (Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 99.67 204.25 Td (Policies ) Tj ET Q q 0 0 0 rg BT 134.84 204.25 Td (- ) Tj ET Q q 0 0 0 rg BT 141.43 204.25 Td (V) Tj ET Q q 0 0 0 rg BT 147.54 204.25 Td (ariable ) Tj ET Q q 0 0 0 rg BT 178.25 204.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 211.75 204.25 Td (Entities ) Tj ET Q q 0 0 0 rg BT 250.25 204.25 Td (in ) Tj ET Q q 0 0 0 rg BT 261.53 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.26 204.25 Td (Company) Tj ET Q q 0 0 0 rg BT 318.93 204.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.33 204.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.33 204.25 Td ( ) Tj ET Q q 0 0 0 rg BT 349.84 204.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 375.02 204.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 399.08 204.25 Td (for ) Tj ET Q q 0 0 0 rg BT 414.25 204.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 457.75 204.25 Td (information ) Tj ET Q q 0 0 0 rg BT 508.47 204.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 550.29 204.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 192.25 Td (s ) Tj ET Q q 0 0 0 rg BT 97.56 192.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 152.83 192.25 Td (for ) Tj ET Q q 0 0 0 rg BT 166.99 192.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 211.14 192.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 242.52 192.25 Td (for ) Tj ET Q q 0 0 0 rg BT 256.68 192.25 Td (consolidation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 170.25 Td (Land ) Tj ET Q q 0 0 0 rg BT 73.67 170.25 Td (Option ) Tj ET Q q 0 0 0 rg BT 104.14 170.25 Td (Agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.20 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.78 148.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 111.02 148.25 Td (course ) Tj ET Q q 0 0 0 rg BT 139.49 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.18 148.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 188.94 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 203.52 148.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 244.77 148.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 271.02 148.25 Td (into ) Tj ET Q q 0 0 0 rg BT 288.94 148.25 Td (land ) Tj ET Q q 0 0 0 rg BT 308.52 148.25 Td (option ) Tj ET Q q 0 0 0 rg BT 336.44 148.25 Td (or ) Tj ET Q q 0 0 0 rg BT 347.14 148.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 385.04 148.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 432.94 148.25 Td (for ) Tj ET Q q 0 0 0 rg BT 446.97 148.25 Td (which ) Tj ET Q q 0 0 0 rg BT 473.77 148.25 Td (we ) Tj ET Q q 0 0 0 rg BT 487.80 148.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 527.36 148.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 544.17 148.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (refundable ) Tj ET Q q 0 0 0 rg BT 94.70 136.25 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 132.42 136.25 Td ( ) Tj ET Q q 0 0 0 rg BT 134.87 136.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 172.31 136.25 Td (to ) Tj ET Q q 0 0 0 rg BT 182.54 136.25 Td (these ) Tj ET Q q 0 0 0 rg BT 205.53 136.25 Td (land ) Tj ET Q q 0 0 0 rg BT 225.19 136.25 Td (option ) Tj ET Q q 0 0 0 rg BT 253.19 136.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 303.67 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.33 136.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 359.67 136.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 396.55 136.25 Td (a ) Tj ET Q q 0 0 0 rg BT 403.43 136.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 434.76 136.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.99 136.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.65 136.25 Td (seller ) Tj ET Q q 0 0 0 rg BT 483.75 136.25 Td (as ) Tj ET Q q 0 0 0 rg BT 494.53 136.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 550.84 136.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.59 124.25 Td (right ) Tj ET Q q 0 0 0 rg BT 84.35 124.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.00 124.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 131.42 124.25 Td (land ) Tj ET Q q 0 0 0 rg BT 150.51 124.25 Td (at ) Tj ET Q q 0 0 0 rg BT 159.60 124.25 Td (dif) Tj ET Q q 0 0 0 rg BT 170.52 124.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 195.71 124.25 Td (times ) Tj ET Q q 0 0 0 rg BT 219.25 124.25 Td (in ) Tj ET Q q 0 0 0 rg BT 228.91 124.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.00 124.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 271.25 124.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 302.01 124.25 Td (at ) Tj ET Q q 0 0 0 rg BT 311.10 124.25 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 370.72 124.25 Td (prices. ) Tj ET Q q 0 0 0 rg BT 401.47 124.25 Td (In ) Tj ET Q q 0 0 0 rg BT 411.68 124.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 458.51 124.25 Td (with ) Tj ET Q q 0 0 0 rg BT 477.75 124.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 499.08 124.25 Td (810, ) Tj ET Q q 0 0 0 rg BT 518.45 124.25 Td (we ) Tj ET Q q 0 0 0 rg BT 531.99 124.25 Td (analyze ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.98 112.25 Td (land ) Tj ET Q q 0 0 0 rg BT 84.35 112.25 Td (option ) Tj ET Q q 0 0 0 rg BT 112.05 112.25 Td (or ) Tj ET Q q 0 0 0 rg BT 122.53 112.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 160.22 112.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 207.90 112.25 Td (to ) Tj ET Q q 0 0 0 rg BT 217.83 112.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 259.96 112.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 294.32 112.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.68 112.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 368.04 112.25 Td (land ) Tj ET Q q 0 0 0 rg BT 387.41 112.25 Td (sellers ) Tj ET Q q 0 0 0 rg BT 415.10 112.25 Td (are ) Tj ET Q q 0 0 0 rg BT 429.46 112.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 463.81 112.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 495.40 112.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 526.43 112.25 Td (\(VIEs\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 69.07 100.25 Td (if ) Tj ET Q q 0 0 0 rg BT 77.81 100.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 91.83 100.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 126.66 100.25 Td (we ) Tj ET Q q 0 0 0 rg BT 140.95 100.25 Td (are ) Tj ET Q q 0 0 0 rg BT 155.79 100.25 Td (the ) Tj ET Q q 0 0 0 rg BT 170.64 100.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 204.92 100.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 249.24 100.25 Td (, ) Tj ET Q q 0 0 0 rg BT 254.37 100.25 Td (as ) Tj ET Q q 0 0 0 rg BT 265.33 100.25 Td (further ) Tj ET Q q 0 0 0 rg BT 295.17 100.25 Td (described ) Tj ET Q q 0 0 0 rg BT 336.11 100.25 Td (in ) Tj ET Q q 0 0 0 rg BT 346.52 100.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 368.59 100.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 378.72 100.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 424.67 100.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.63 100.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 481.56 100.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 530.85 100.25 Td (Policies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.25 Td (- ) Tj ET Q q 0 0 0 rg BT 55.44 88.25 Td (Land ) Tj ET Q q 0 0 0 rg BT 78.60 88.25 Td (Option ) Tj ET Q q 0 0 0 rg BT 108.41 88.25 Td (Agreements ) Tj ET Q q 0 0 0 rg BT 163.78 88.25 Td (in ) Tj ET Q q 0 0 0 rg BT 174.17 88.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.00 88.25 Td (Company) Tj ET Q q 0 0 0 rg BT 230.66 88.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.16 88.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.16 88.25 Td ( ) Tj ET Q q 0 0 0 rg BT 259.77 88.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 284.06 88.25 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 309.72 88.25 Td ( ) Tj ET Q q 0 0 0 rg BT 312.33 88.25 Td (If ) Tj ET Q q 0 0 0 rg BT 321.60 88.25 Td (we ) Tj ET Q q 0 0 0 rg BT 335.87 88.25 Td (are ) Tj ET Q q 0 0 0 rg BT 350.69 88.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 384.40 88.25 Td (to ) Tj ET Q q 0 0 0 rg BT 394.79 88.25 Td (be ) Tj ET Q q 0 0 0 rg BT 406.84 88.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.66 88.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 455.93 88.25 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 503.51 88.25 Td (of ) Tj ET Q q 0 0 0 rg BT 514.45 88.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.09 88.25 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 550.87 88.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.25 Td (will ) Tj ET Q q 0 0 0 rg BT 66.63 76.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 113.74 76.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.41 76.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 145.64 76.25 Td (in ) Tj ET Q q 0 0 0 rg BT 154.99 76.25 Td (our ) Tj ET Q q 0 0 0 rg BT 169.89 76.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 222.00 76.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 258.55 76.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 302.33 76.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.34 76.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 345.44 76.25 Td (such ) Tj ET Q q 0 0 0 rg BT 365.34 76.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 390.24 76.25 Td (and ) Tj ET Q q 0 0 0 rg BT 406.25 76.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 445.04 76.25 Td (in ) Tj ET Q q 0 0 0 rg BT 454.39 76.25 Td (our ) Tj ET Q q 0 0 0 rg BT 469.29 76.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 523.63 76.25 Td (Inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.25 Td (not ) Tj ET Q q 0 0 0 rg BT 65.63 64.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 97.85 64.25 Td (in ) Tj ET Q q 0 0 0 rg BT 108.98 64.25 Td (our ) Tj ET Q q 0 0 0 rg BT 125.66 64.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 170.66 64.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 218.45 64.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 274.57 64.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 310.12 64.25 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 342.07 64.25 Td ( ) Tj ET Q q 0 0 0 rg BT 344.68 64.25 Td (At ) Tj ET Q q 0 0 0 rg BT 358.03 64.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.15 64.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 423.60 64.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.60 64.25 Td ( ) Tj ET Q q 0 0 0 rg BT 446.94 64.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.73 64.25 Td (December ) Tj ET Q q 0 0 0 rg BT 509.16 64.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 525.01 64.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.01 64.25 Td (, ) Tj ET Q q 0 0 0 rg BT 550.86 64.25 Td (we ) Tj ET Q endstream endobj 25 0 obj <> endobj 26 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.15 33.60 Td (1) Tj ET Q q 0 0 0 rg BT 305.78 33.60 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 93.60 740.10 Td (that ) Tj ET Q q 0 0 0 rg BT 111.60 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 126.26 740.10 Td (were ) Tj ET Q q 0 0 0 rg BT 148.70 740.10 Td (not ) Tj ET Q q 0 0 0 rg BT 164.48 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.70 740.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 214.36 740.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 262.33 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.67 740.10 Td (any ) Tj ET Q q 0 0 0 rg BT 290.89 740.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 314.45 740.10 Td (from ) Tj ET Q q 0 0 0 rg BT 336.89 740.10 Td (which ) Tj ET Q q 0 0 0 rg BT 364.34 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 379.00 740.10 Td (are ) Tj ET Q q 0 0 0 rg BT 394.21 740.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 441.09 740.10 Td (land ) Tj ET Q q 0 0 0 rg BT 461.31 740.10 Td (under ) Tj ET Q q 0 0 0 rg BT 487.09 740.10 Td (option ) Tj ET Q q 0 0 0 rg BT 515.65 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.98 740.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 706.10 Td (4. ) Tj ET Q q 0 0 0 rg BT 90.34 706.10 Td (Fair) Tj ET Q q 0 0 0 rg BT 108.48 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.80 706.10 Td (V) Tj ET Q q 0 0 0 rg BT 117.11 706.10 Td (alue ) Tj ET Q q 0 0 0 rg BT 137.39 706.10 Td (Measur) Tj ET Q q 0 0 0 rg BT 169.97 706.10 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.10 Td (There ) Tj ET Q q 0 0 0 rg BT 75.82 684.10 Td (are ) Tj ET Q q 0 0 0 rg BT 91.04 684.10 Td (three ) Tj ET Q q 0 0 0 rg BT 114.03 684.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 170.35 684.10 Td (input ) Tj ET Q q 0 0 0 rg BT 193.91 684.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 220.25 684.10 Td (for ) Tj ET Q q 0 0 0 rg BT 234.92 684.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 286.24 684.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 303.13 684.10 Td (value: ) Tj ET Q q 0 0 0 rg BT 330.57 684.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 356.34 684.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 366.85 684.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 392.62 684.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 403.13 684.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.57 684.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 446.35 684.10 Td (3. ) Tj ET Q q 0 0 0 rg BT 456.85 684.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 475.97 684.10 Td (values ) Tj ET Q q 0 0 0 rg BT 504.52 684.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 552.51 684.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 74.81 672.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 82.35 672.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 109.34 672.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 136.88 672.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 166.64 672.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 193.06 672.10 Td (in ) Tj ET Q q 0 0 0 rg BT 203.38 672.10 Td (active ) Tj ET Q q 0 0 0 rg BT 229.80 672.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 264.00 672.10 Td (for ) Tj ET Q q 0 0 0 rg BT 278.20 672.10 Td (identical ) Tj ET Q q 0 0 0 rg BT 315.17 672.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 341.05 672.10 Td (or ) Tj ET Q q 0 0 0 rg BT 351.92 672.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 391.68 672.10 Td (that ) Tj ET Q q 0 0 0 rg BT 409.22 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.98 672.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 465.41 672.10 Td (has ) Tj ET Q q 0 0 0 rg BT 481.29 672.10 Td (the ) Tj ET Q q 0 0 0 rg BT 496.05 672.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 524.14 672.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.47 672.10 Td (access. ) Tj ET Q q 0 0 0 rg BT 565.00 672.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 68.54 660.10 Td (values ) Tj ET Q q 0 0 0 rg BT 97.01 660.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 144.92 660.10 Td (by ) Tj ET Q q 0 0 0 rg BT 157.85 660.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 183.54 660.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 191.47 660.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 218.85 660.10 Td (utilize ) Tj ET Q q 0 0 0 rg BT 246.77 660.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 274.14 660.10 Td (other ) Tj ET Q q 0 0 0 rg BT 297.62 660.10 Td (than ) Tj ET Q q 0 0 0 rg BT 317.77 660.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 347.91 660.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 374.72 660.10 Td (included ) Tj ET Q q 0 0 0 rg BT 412.08 660.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.79 660.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 448.48 660.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 456.41 660.10 Td (that ) Tj ET Q q 0 0 0 rg BT 474.33 660.10 Td (are ) Tj ET Q q 0 0 0 rg BT 489.47 660.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 535.71 660.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.30 660.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 70.72 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 80.84 648.10 Td (liability) Tj ET Q q 0 0 0 rg BT 111.30 648.10 Td (, ) Tj ET Q q 0 0 0 rg BT 115.59 648.10 Td (either ) Tj ET Q q 0 0 0 rg BT 140.14 648.10 Td (directly ) Tj ET Q q 0 0 0 rg BT 172.46 648.10 Td (or ) Tj ET Q q 0 0 0 rg BT 182.58 648.10 Td (indirectly) Tj ET Q q 0 0 0 rg BT 220.25 648.10 Td (. ) Tj ET Q q 0 0 0 rg BT 224.54 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.32 648.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 250.87 648.10 Td (2 ) Tj ET Q q 0 0 0 rg BT 257.66 648.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 283.89 648.10 Td (include ) Tj ET Q q 0 0 0 rg BT 315.11 648.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 344.12 648.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 369.78 648.10 Td (for ) Tj ET Q q 0 0 0 rg BT 383.23 648.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 412.79 648.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 437.90 648.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.13 648.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 493.13 648.10 Td (in ) Tj ET Q q 0 0 0 rg BT 502.69 648.10 Td (active ) Tj ET Q q 0 0 0 rg BT 528.35 648.10 Td (markets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.00 636.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 94.52 636.10 Td (other ) Tj ET Q q 0 0 0 rg BT 118.13 636.10 Td (than ) Tj ET Q q 0 0 0 rg BT 138.41 636.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 168.69 636.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 195.64 636.10 Td (that ) Tj ET Q q 0 0 0 rg BT 213.70 636.10 Td (are ) Tj ET Q q 0 0 0 rg BT 228.97 636.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 275.35 636.10 Td (for ) Tj ET Q q 0 0 0 rg BT 290.08 636.10 Td (the ) Tj ET Q q 0 0 0 rg BT 305.36 636.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 327.86 636.10 Td (or ) Tj ET Q q 0 0 0 rg BT 339.26 636.10 Td (liability) Tj ET Q q 0 0 0 rg BT 369.72 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 375.28 636.10 Td (such ) Tj ET Q q 0 0 0 rg BT 396.68 636.10 Td (as ) Tj ET Q q 0 0 0 rg BT 408.07 636.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.57 636.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 462.51 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 480.02 636.10 Td (yield ) Tj ET Q q 0 0 0 rg BT 503.08 636.10 Td (curves ) Tj ET Q q 0 0 0 rg BT 532.24 636.10 Td (that ) Tj ET Q q 0 0 0 rg BT 550.30 636.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (observable ) Tj ET Q q 0 0 0 rg BT 95.27 624.10 Td (at ) Tj ET Q q 0 0 0 rg BT 104.93 624.10 Td (commonly ) Tj ET Q q 0 0 0 rg BT 150.16 624.10 Td (quoted ) Tj ET Q q 0 0 0 rg BT 179.82 624.10 Td (intervals. ) Tj ET Q q 0 0 0 rg BT 219.21 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.66 624.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 246.87 624.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 254.32 624.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 281.22 624.10 Td (are ) Tj ET Q q 0 0 0 rg BT 295.88 624.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 351.64 624.10 Td (inputs ) Tj ET Q q 0 0 0 rg BT 378.54 624.10 Td (for ) Tj ET Q q 0 0 0 rg BT 392.65 624.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.32 624.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 429.21 624.10 Td (or ) Tj ET Q q 0 0 0 rg BT 439.99 624.10 Td (liability) Tj ET Q q 0 0 0 rg BT 470.45 624.10 Td (, ) Tj ET Q q 0 0 0 rg BT 475.40 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.29 624.10 Td (include ) Tj ET Q q 0 0 0 rg BT 524.17 624.10 Td (situations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (where ) Tj ET Q q 0 0 0 rg BT 76.43 612.10 Td (there ) Tj ET Q q 0 0 0 rg BT 98.91 612.10 Td (is ) Tj ET Q q 0 0 0 rg BT 108.08 612.10 Td (little, ) Tj ET Q q 0 0 0 rg BT 131.41 612.10 Td (if ) Tj ET Q q 0 0 0 rg BT 140.02 612.10 Td (any) Tj ET Q q 0 0 0 rg BT 153.81 612.10 Td (, ) Tj ET Q q 0 0 0 rg BT 158.81 612.10 Td (market ) Tj ET Q q 0 0 0 rg BT 189.08 612.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 221.57 612.10 Td (for ) Tj ET Q q 0 0 0 rg BT 235.73 612.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.44 612.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 272.38 612.10 Td (or ) Tj ET Q q 0 0 0 rg BT 283.21 612.10 Td (liability) Tj ET Q q 0 0 0 rg BT 313.67 612.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 590.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 77.56 590.10 Td (Measured ) Tj ET Q q 0 0 0 rg BT 121.17 590.10 Td (on ) Tj ET Q q 0 0 0 rg BT 134.24 590.10 Td (a ) Tj ET Q q 0 0 0 rg BT 141.74 590.10 Td (Recurring ) Tj ET Q q 0 0 0 rg BT 186.47 590.10 Td (Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.27 568.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.39 568.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 147.82 568.10 Td (both ) Tj ET Q q 0 0 0 rg BT 167.83 568.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 207.82 568.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 231.16 568.10 Td (held ) Tj ET Q q 0 0 0 rg BT 250.60 568.10 Td (for ) Tj ET Q q 0 0 0 rg BT 264.49 568.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 282.27 568.10 Td (and ) Tj ET Q q 0 0 0 rg BT 298.93 568.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 330.60 568.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 347.81 568.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 367.25 568.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 423.92 568.10 Td (\(IRLCs\) ) Tj ET Q q 0 0 0 rg BT 468.35 568.10 Td (at ) Tj ET Q q 0 0 0 rg BT 477.80 568.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 493.90 568.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 520.29 568.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.52 568.10 Td (Fair ) Tj ET Q q 0 0 0 rg BT 540.85 568.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 106.25 556.10 Td (results ) Tj ET Q q 0 0 0 rg BT 135.79 556.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.01 556.10 Td (a ) Tj ET Q q 0 0 0 rg BT 154.88 556.10 Td (better ) Tj ET Q q 0 0 0 rg BT 181.08 556.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 233.39 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.16 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.81 556.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 296.45 556.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.67 556.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.98 556.10 Td (values ) Tj ET Q q 0 0 0 rg BT 353.97 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.73 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.39 556.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 405.93 556.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.81 556.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.46 556.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 482.88 556.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 532.98 556.10 Td (used ) Tj ET Q q 0 0 0 rg BT 554.74 556.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (economically ) Tj ET Q q 0 0 0 rg BT 105.87 544.10 Td (hedge ) Tj ET Q q 0 0 0 rg BT 132.24 544.10 Td (them.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 522.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.58 522.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 522.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 106.63 522.10 Td (course ) Tj ET Q q 0 0 0 rg BT 135.48 522.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.57 522.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 185.71 522.10 Td (our ) Tj ET Q q 0 0 0 rg BT 201.79 522.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 239.53 522.10 Td (services ) Tj ET Q q 0 0 0 rg BT 274.49 522.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 310.56 522.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 337.19 522.10 Td (into ) Tj ET Q q 0 0 0 rg BT 355.50 522.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 402.68 522.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 459.87 522.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.40 522.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 499.81 522.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 525.32 522.10 Td (to ) Tj ET Q q 0 0 0 rg BT 535.85 522.10 Td (buyers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 510.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.86 510.10 Td (single-family ) Tj ET Q q 0 0 0 rg BT 115.22 510.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 143.36 510.10 Td (with ) Tj ET Q q 0 0 0 rg BT 163.17 510.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 185.75 510.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 228.32 510.10 Td (dates.) Tj ET Q q 0 0 0 rg BT 256.19 510.10 Td (The ) Tj ET Q q 0 0 0 rg BT 273.77 510.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 330.24 510.10 Td (become ) Tj ET Q q 0 0 0 rg BT 363.37 510.10 Td (ef) Tj ET Q q 0 0 0 rg BT 370.95 510.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 400.19 510.10 Td (when ) Tj ET Q q 0 0 0 rg BT 423.88 510.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.13 510.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 480.71 510.10 Td (lock-in ) Tj ET Q q 0 0 0 rg BT 519.94 510.10 Td (a ) Tj ET Q q 0 0 0 rg BT 526.41 510.10 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.35 498.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 98.75 498.10 Td (within ) Tj ET Q q 0 0 0 rg BT 126.72 498.10 Td (established ) Tj ET Q q 0 0 0 rg BT 173.57 498.10 Td (time ) Tj ET Q q 0 0 0 rg BT 193.76 498.10 Td (frames.Market ) Tj ET Q q 0 0 0 rg BT 259.75 498.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 277.17 498.10 Td (arises ) Tj ET Q q 0 0 0 rg BT 302.35 498.10 Td (if ) Tj ET Q q 0 0 0 rg BT 310.87 498.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 342.72 498.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 364.01 498.10 Td (move ) Tj ET Q q 0 0 0 rg BT 388.65 498.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 429.38 498.10 Td (between ) Tj ET Q q 0 0 0 rg BT 465.11 498.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.74 498.10 Td (time ) Tj ET Q q 0 0 0 rg BT 499.92 498.10 Td (of ) Tj ET Q q 0 0 0 rg BT 510.67 498.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.30 498.10 Td (lock-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.98 486.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 83.01 486.10 Td (by ) Tj ET Q q 0 0 0 rg BT 96.16 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.53 486.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 151.33 486.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.92 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.29 486.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 202.99 486.10 Td (date ) Tj ET Q q 0 0 0 rg BT 222.80 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.28 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 249.65 486.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 270.02 486.10 Td (to ) Tj ET Q q 0 0 0 rg BT 280.95 486.10 Td (an ) Tj ET Q q 0 0 0 rg BT 293.54 486.10 Td (investor) Tj ET Q q 0 0 0 rg BT 325.20 486.10 Td (.) Tj ET Q q 0 0 0 rg BT 332.52 486.10 Td (T) Tj ET Q q 0 0 0 rg BT 337.93 486.10 Td (o ) Tj ET Q q 0 0 0 rg BT 346.08 486.10 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 382.00 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.37 486.10 Td (ef) Tj ET Q q 0 0 0 rg BT 404.96 486.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 423.10 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.58 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.95 486.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 482.53 486.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 500.67 486.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 518.82 486.10 Td (inherent ) Tj ET Q q 0 0 0 rg BT 554.74 486.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.10 Td (providing ) Tj ET Q q 0 0 0 rg BT 90.65 474.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 107.89 474.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 127.37 474.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 184.07 474.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.10 474.10 Td (borrowers, ) Tj ET Q q 0 0 0 rg BT 239.41 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.88 474.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 295.03 474.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 321.17 474.10 Td (into ) Tj ET Q q 0 0 0 rg BT 338.98 474.10 Td (optional ) Tj ET Q q 0 0 0 rg BT 374.02 474.10 Td (or ) Tj ET Q q 0 0 0 rg BT 384.61 474.10 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 429.63 474.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 464.65 474.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 498.56 474.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 516.37 474.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 554.72 474.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 66.18 462.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 93.42 462.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 117.33 462.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.56 462.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 206.77 462.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 247.33 462.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.91 462.10 Td (broker/dealers.) Tj ET Q q 0 0 0 rg BT 322.42 462.10 Td (The ) Tj ET Q q 0 0 0 rg BT 340.76 462.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 375.21 462.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 393.56 462.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 432.45 462.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 452.46 462.10 Td (in ) Tj ET Q q 0 0 0 rg BT 463.04 462.10 Td (an ) Tj ET Q q 0 0 0 rg BT 475.28 462.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 507.51 462.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 525.29 462.10 Td (and ) Tj ET Q q 0 0 0 rg BT 542.53 462.10 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.10 Td (for ) Tj ET Q q 0 0 0 rg BT 64.74 450.10 Td (the ) Tj ET Q q 0 0 0 rg BT 80.54 450.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 99.67 450.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.58 450.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 136.27 450.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 167.63 450.10 Td (to ) Tj ET Q q 0 0 0 rg BT 178.98 450.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.78 450.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 229.46 450.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.03 450.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 268.82 450.10 Td (commitments.) Tj ET Q q 0 0 0 rg BT 330.58 450.10 Td (The ) Tj ET Q q 0 0 0 rg BT 349.71 450.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 392.18 450.10 Td (does ) Tj ET Q q 0 0 0 rg BT 414.09 450.10 Td (not ) Tj ET Q q 0 0 0 rg BT 430.45 450.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 462.35 450.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.71 450.10 Td (speculative ) Tj ET Q q 0 0 0 rg BT 522.27 450.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 554.18 450.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 92.20 438.10 Td (activities.Both ) Tj ET Q q 0 0 0 rg BT 157.96 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.89 438.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 190.59 438.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 210.52 438.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 267.67 438.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.17 438.10 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 321.42 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.58 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.51 438.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 387.87 438.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 406.14 438.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 444.94 438.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.44 438.10 Td (broker/dealers ) Tj ET Q q 0 0 0 rg BT 515.34 438.10 Td (or ) Tj ET Q q 0 0 0 rg BT 526.39 438.10 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.10 Td (are ) Tj ET Q q 0 0 0 rg BT 63.77 426.10 Td (undesignated ) Tj ET Q q 0 0 0 rg BT 118.60 426.10 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 167.04 426.10 Td (and ) Tj ET Q q 0 0 0 rg BT 183.54 426.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 230.09 426.10 Td (, ) Tj ET Q q 0 0 0 rg BT 234.66 426.10 Td (are ) Tj ET Q q 0 0 0 rg BT 248.93 426.10 Td (marked ) Tj ET Q q 0 0 0 rg BT 280.98 426.10 Td (to ) Tj ET Q q 0 0 0 rg BT 290.82 426.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 306.76 426.10 Td (value ) Tj ET Q q 0 0 0 rg BT 330.48 426.10 Td (through ) Tj ET Q q 0 0 0 rg BT 363.65 426.10 Td (earnings.Changes ) Tj ET Q q 0 0 0 rg BT 441.53 426.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.38 426.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 467.32 426.10 Td (value ) Tj ET Q q 0 0 0 rg BT 491.04 426.10 Td (measurements ) Tj ET Q q 0 0 0 rg BT 550.30 426.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.10 Td (included ) Tj ET Q q 0 0 0 rg BT 86.43 414.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 414.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 133.09 414.10 Td (in ) Tj ET Q q 0 0 0 rg BT 143.37 414.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.08 414.10 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 218.89 414.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.61 414.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.44 414.10 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.03 392.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.89 392.10 Td (value ) Tj ET Q q 0 0 0 rg BT 109.53 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 120.85 392.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 161.60 392.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 185.69 392.10 Td (held ) Tj ET Q q 0 0 0 rg BT 205.89 392.10 Td (for ) Tj ET Q q 0 0 0 rg BT 220.54 392.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 239.07 392.10 Td (is ) Tj ET Q q 0 0 0 rg BT 248.72 392.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 290.03 392.10 Td (based ) Tj ET Q q 0 0 0 rg BT 315.78 392.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 355.98 392.10 Td (on ) Tj ET Q q 0 0 0 rg BT 368.96 392.10 Td (published ) Tj ET Q q 0 0 0 rg BT 410.84 392.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 437.70 392.10 Td (for ) Tj ET Q q 0 0 0 rg BT 452.34 392.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 524.74 392.10 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (with ) Tj ET Q q 0 0 0 rg BT 71.35 380.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 103.20 380.10 Td (characteristics.) Tj ET Q q 0 0 0 rg BT 167.70 380.10 Td (T) Tj ET Q q 0 0 0 rg BT 173.11 380.10 Td (o ) Tj ET Q q 0 0 0 rg BT 182.19 380.10 Td (calculate ) Tj ET Q q 0 0 0 rg BT 221.79 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.07 380.10 Td (ef) Tj ET Q q 0 0 0 rg BT 245.66 380.10 Td (fects ) Tj ET Q q 0 0 0 rg BT 268.61 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.01 380.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 314.52 380.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 333.58 380.10 Td (movements, ) Tj ET Q q 0 0 0 rg BT 386.25 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.54 380.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 445.50 380.10 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 478.46 380.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 523.62 380.10 Td (published ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 121.32 368.10 Td (security ) Tj ET Q q 0 0 0 rg BT 155.38 368.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 184.16 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.00 368.10 Td (multiplies ) Tj ET Q q 0 0 0 rg BT 243.41 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.03 368.10 Td (price ) Tj ET Q q 0 0 0 rg BT 280.43 368.10 Td (movement ) Tj ET Q q 0 0 0 rg BT 325.04 368.10 Td (between ) Tj ET Q q 0 0 0 rg BT 360.77 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.39 368.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 392.78 368.10 Td (lock ) Tj ET Q q 0 0 0 rg BT 412.40 368.10 Td (date ) Tj ET Q q 0 0 0 rg BT 431.46 368.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.31 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.93 368.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 495.87 368.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 518.82 368.10 Td (date ) Tj ET Q q 0 0 0 rg BT 537.89 368.10 Td (by ) Tj ET Q q 0 0 0 rg BT 550.29 368.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 85.65 356.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 106.25 356.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 160.17 356.10 Td (amount.) Tj ET Q q 0 0 0 rg BT 197.49 356.10 Td (The ) Tj ET Q q 0 0 0 rg BT 216.41 356.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 258.68 356.10 Td (applies ) Tj ET Q q 0 0 0 rg BT 290.38 356.10 Td (a ) Tj ET Q q 0 0 0 rg BT 298.20 356.10 Td (fallout ) Tj ET Q q 0 0 0 rg BT 327.68 356.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 346.05 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.21 356.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 387.25 356.10 Td (when ) Tj ET Q q 0 0 0 rg BT 412.29 356.10 Td (measuring ) Tj ET Q q 0 0 0 rg BT 457.33 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.92 356.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 490.18 356.10 Td (value ) Tj ET Q q 0 0 0 rg BT 515.21 356.10 Td (of ) Tj ET Q q 0 0 0 rg BT 526.92 356.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 545.29 356.10 Td (lock ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (commitments.Fallout ) Tj ET Q q 0 0 0 rg BT 141.74 344.10 Td (is ) Tj ET Q q 0 0 0 rg BT 150.37 344.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 182.31 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 192.61 344.10 Td (locked ) Tj ET Q q 0 0 0 rg BT 221.22 344.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 240.40 344.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 296.80 344.10 Td (for ) Tj ET Q q 0 0 0 rg BT 310.42 344.10 Td (which ) Tj ET Q q 0 0 0 rg BT 336.83 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.00 344.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 391.85 344.10 Td (does ) Tj ET Q q 0 0 0 rg BT 412.14 344.10 Td (not ) Tj ET Q q 0 0 0 rg BT 426.88 344.10 Td (close ) Tj ET Q q 0 0 0 rg BT 449.39 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 455.79 344.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 495.52 344.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 514.70 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 531.10 344.10 Td (is ) Tj ET Q q 0 0 0 rg BT 539.73 344.10 Td (based ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 332.10 Td (management) Tj ET Q q 0 0 0 rg BT 115.87 332.10 Td (s ) Tj ET Q q 0 0 0 rg BT 122.26 332.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 162.53 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.47 332.10 Td (company ) Tj ET Q q 0 0 0 rg BT 218.63 332.10 Td (experience.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.14 310.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.12 310.10 Td (sells ) Tj ET Q q 0 0 0 rg BT 127.99 310.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 151.19 310.10 Td (on ) Tj ET Q q 0 0 0 rg BT 163.28 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 169.81 310.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 208.56 310.10 Td (released ) Tj ET Q q 0 0 0 rg BT 243.41 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 253.83 310.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 292.58 310.10 Td (retained ) Tj ET Q q 0 0 0 rg BT 326.87 310.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 348.96 310.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.49 310.10 Td (receives ) Tj ET Q q 0 0 0 rg BT 400.34 310.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 439.09 310.10 Td (compensation.) Tj ET Q q 0 0 0 rg BT 501.95 310.10 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 526.54 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.85 310.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.35 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.08 298.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 114.26 298.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 139.55 298.10 Td (included ) Tj ET Q q 0 0 0 rg BT 176.51 298.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.80 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.54 298.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 217.93 298.10 Td (value ) Tj ET Q q 0 0 0 rg BT 242.11 298.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 297.94 298.10 Td (is ) Tj ET Q q 0 0 0 rg BT 307.13 298.10 Td (based ) Tj ET Q q 0 0 0 rg BT 332.41 298.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 354.93 298.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 401.87 298.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 426.60 298.10 Td (with ) Tj ET Q q 0 0 0 rg BT 446.90 298.10 Td (investors ) Tj ET Q q 0 0 0 rg BT 485.53 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 502.49 298.10 Td (depends ) Tj ET Q q 0 0 0 rg BT 537.77 298.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.29 298.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 69.50 286.10 Td (type. ) Tj ET Q q 0 0 0 rg BT 92.00 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.78 286.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 136.44 286.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 175.88 286.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 201.44 286.10 Td (\(Level ) Tj ET Q q 0 0 0 rg BT 230.32 286.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 238.10 286.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 275.87 286.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 325.32 286.10 Td (as ) Tj ET Q q 0 0 0 rg BT 336.43 286.10 Td (they ) Tj ET Q q 0 0 0 rg BT 356.43 286.10 Td (are ) Tj ET Q q 0 0 0 rg BT 371.42 286.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 412.52 286.10 Td (using ) Tj ET Q q 0 0 0 rg BT 436.97 286.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 481.97 286.10 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 538.06 286.10 Td (inputs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.05 274.10 Td (as ) Tj ET Q q 0 0 0 rg BT 80.61 274.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 120.60 274.10 Td (prepayment ) Tj ET Q q 0 0 0 rg BT 170.02 274.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 193.62 274.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 229.73 274.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 250.84 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 267.50 274.10 Td (delinquency ) Tj ET Q q 0 0 0 rg BT 318.59 274.10 Td (rates\) ) Tj ET Q q 0 0 0 rg BT 343.03 274.10 Td (are ) Tj ET Q q 0 0 0 rg BT 357.46 274.10 Td (periodically ) Tj ET Q q 0 0 0 rg BT 407.44 274.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 447.97 274.10 Td (for ) Tj ET Q q 0 0 0 rg BT 461.86 274.10 Td (impairment. ) Tj ET Q q 0 0 0 rg BT 512.68 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 514.74 274.10 Td (The ) Tj ET Q q 0 0 0 rg BT 532.52 274.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.89 262.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 110.05 262.10 Td (is ) Tj ET Q q 0 0 0 rg BT 119.79 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.07 262.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 168.13 262.10 Td (by ) Tj ET Q q 0 0 0 rg BT 181.19 262.10 Td (which ) Tj ET Q q 0 0 0 rg BT 208.69 262.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.97 262.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 264.80 262.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 304.51 262.10 Td (rights, ) Tj ET Q q 0 0 0 rg BT 332.86 262.10 Td (net ) Tj ET Q q 0 0 0 rg BT 348.14 262.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.53 262.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 413.12 262.10 Td (amortization, ) Tj ET Q q 0 0 0 rg BT 469.22 262.10 Td (exceed ) Tj ET Q q 0 0 0 rg BT 500.04 262.10 Td (their ) Tj ET Q q 0 0 0 rg BT 521.42 262.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.36 262.10 Td (value. ) Tj ET Q q 0 0 0 rg BT 565.02 262.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (Impairment, ) Tj ET Q q 0 0 0 rg BT 101.02 250.10 Td (if ) Tj ET Q q 0 0 0 rg BT 109.51 250.10 Td (any) Tj ET Q q 0 0 0 rg BT 123.30 250.10 Td (, ) Tj ET Q q 0 0 0 rg BT 128.17 250.10 Td (is ) Tj ET Q q 0 0 0 rg BT 137.22 250.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 183.45 250.10 Td (through ) Tj ET Q q 0 0 0 rg BT 216.94 250.10 Td (a ) Tj ET Q q 0 0 0 rg BT 223.75 250.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 263.33 250.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 306.24 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 323.05 250.10 Td (a ) Tj ET Q q 0 0 0 rg BT 329.87 250.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 370.01 250.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.71 250.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 417.23 250.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.43 250.10 Td (The ) Tj ET Q q 0 0 0 rg BT 437.35 250.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 473.04 250.10 Td (value ) Tj ET Q q 0 0 0 rg BT 497.07 250.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.89 250.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 530.14 250.10 Td (value ) Tj ET Q q 0 0 0 rg BT 554.17 250.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 89.42 238.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 128.24 238.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 153.18 238.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.89 238.10 Td ($10.4 ) Tj ET Q q 0 0 0 rg BT 195.55 238.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.44 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.60 238.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.20 238.10 Td ($9.4 ) Tj ET Q q 0 0 0 rg BT 262.86 238.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.76 238.10 Td (, ) Tj ET Q q 0 0 0 rg BT 296.42 238.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 344.08 238.10 Td (, ) Tj ET Q q 0 0 0 rg BT 348.74 238.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.12 238.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 401.38 238.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.38 238.10 Td (. ) Tj ET Q q 0 0 0 rg BT 426.04 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.04 238.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 472.11 238.10 Td (the ) Tj ET Q q 0 0 0 rg BT 486.49 238.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 527.54 238.10 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.88 226.10 Td (valuation ) Tj ET Q q 0 0 0 rg BT 97.03 226.10 Td (allowance ) Tj ET Q q 0 0 0 rg BT 140.50 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.88 226.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 206.91 226.10 Td (related ) Tj ET Q q 0 0 0 rg BT 237.05 226.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.77 226.10 Td (our ) Tj ET Q q 0 0 0 rg BT 264.04 226.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 304.74 226.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 344.33 226.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 370.05 226.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.32 226.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 401.76 226.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.65 226.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.59 226.10 Td (for ) Tj ET Q q 0 0 0 rg BT 448.19 226.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.34 226.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 494.60 226.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.41 226.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 214.10 Td (. ) Tj ET Q q 0 0 0 rg BT 74.69 214.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.18 214.10 Td (This ) Tj ET Q q 0 0 0 rg BT 97.65 214.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 134.76 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 145.22 214.10 Td (value ) Tj ET Q q 0 0 0 rg BT 169.57 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.59 214.10 Td (our ) Tj ET Q q 0 0 0 rg BT 196.61 214.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 237.06 214.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 276.40 214.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 301.87 214.10 Td (was ) Tj ET Q q 0 0 0 rg BT 320.11 214.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 350.01 214.10 Td (by ) Tj ET Q q 0 0 0 rg BT 362.70 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.61 214.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 420.85 214.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.32 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.23 214.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 486.68 214.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 522.15 214.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.17 214.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.29 214.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.20 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.78 202.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 122.14 202.10 Td (pandemic. ) Tj ET Q q 0 0 0 rg BT 165.35 202.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.72 202.10 Td (December ) Tj ET Q q 0 0 0 rg BT 221.17 202.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 236.04 202.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.04 202.10 Td (, ) Tj ET Q q 0 0 0 rg BT 260.90 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.48 202.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 311.17 202.10 Td (value ) Tj ET Q q 0 0 0 rg BT 335.19 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.99 202.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 368.23 202.10 Td (value ) Tj ET Q q 0 0 0 rg BT 392.25 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.95 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 418.65 202.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 458.78 202.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 497.80 202.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 522.94 202.10 Td (were ) Tj ET Q q 0 0 0 rg BT 544.73 202.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td ($9.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 190.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.09 168.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 83.00 168.10 Td (value ) Tj ET Q q 0 0 0 rg BT 106.69 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.06 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.32 168.10 Td (Company) Tj ET Q q 0 0 0 rg BT 172.98 168.10 Td (s ) Tj ET Q q 0 0 0 rg BT 178.91 168.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 212.60 168.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 234.08 168.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 272.21 168.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.03 168.10 Td (broker/dealers ) Tj ET Q q 0 0 0 rg BT 341.26 168.10 Td (solely ) Tj ET Q q 0 0 0 rg BT 367.19 168.10 Td (considers ) Tj ET Q q 0 0 0 rg BT 406.99 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.25 168.10 Td (market ) Tj ET Q q 0 0 0 rg BT 451.05 168.10 Td (price ) Tj ET Q q 0 0 0 rg BT 473.07 168.10 Td (movement ) Tj ET Q q 0 0 0 rg BT 517.32 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 527.69 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.95 168.10 Td (same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (type ) Tj ET Q q 0 0 0 rg BT 68.62 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.86 156.10 Td (security ) Tj ET Q q 0 0 0 rg BT 112.42 156.10 Td (between ) Tj ET Q q 0 0 0 rg BT 147.64 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 161.76 156.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 183.65 156.10 Td (date ) Tj ET Q q 0 0 0 rg BT 202.22 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.56 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.68 156.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 265.12 156.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 287.57 156.10 Td (date.) Tj ET Q q 0 0 0 rg BT 311.55 156.10 Td (The ) Tj ET Q q 0 0 0 rg BT 329.00 156.10 Td (market ) Tj ET Q q 0 0 0 rg BT 358.67 156.10 Td (price ) Tj ET Q q 0 0 0 rg BT 380.56 156.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 414.67 156.10 Td (are ) Tj ET Q q 0 0 0 rg BT 428.79 156.10 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 471.80 156.10 Td (by ) Tj ET Q q 0 0 0 rg BT 483.71 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.83 156.10 Td (notional ) Tj ET Q q 0 0 0 rg BT 532.51 156.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 144.10 Td (forward ) Tj ET Q q 0 0 0 rg BT 109.20 144.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 131.14 144.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 169.73 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 180.01 144.10 Td (measure ) Tj ET Q q 0 0 0 rg BT 215.82 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 230.54 144.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 246.92 144.10 Td (value.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 83.49 122.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 104.69 122.10 Td (Lock ) Tj ET Q q 0 0 0 rg BT 127.56 122.10 Td (Commitments. ) Tj ET Q q 0 0 0 rg BT 189.61 122.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.93 122.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 220.92 122.10 Td (are ) Tj ET Q q 0 0 0 rg BT 235.44 122.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 273.85 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.95 122.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 313.47 122.10 Td (home-buying ) Tj ET Q q 0 0 0 rg BT 369.11 122.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 411.98 122.10 Td (who ) Tj ET Q q 0 0 0 rg BT 431.52 122.10 Td (have ) Tj ET Q q 0 0 0 rg BT 452.71 122.10 Td (applied ) Tj ET Q q 0 0 0 rg BT 484.47 122.10 Td (for ) Tj ET Q q 0 0 0 rg BT 498.44 122.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.20 122.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 545.28 122.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.13 110.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 87.75 110.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 117.13 110.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 149.31 110.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 174.26 110.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.88 110.10 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 244.72 110.10 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 277.72 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.75 110.10 Td (T) Tj ET Q q 0 0 0 rg BT 285.16 110.10 Td (ypically) Tj ET Q q 0 0 0 rg BT 316.72 110.10 Td (, ) Tj ET Q q 0 0 0 rg BT 321.41 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.81 110.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 364.67 110.10 Td (will ) Tj ET Q q 0 0 0 rg BT 382.41 110.10 Td (have ) Tj ET Q q 0 0 0 rg BT 403.47 110.10 Td (a ) Tj ET Q q 0 0 0 rg BT 410.10 110.10 Td (term ) Tj ET Q q 0 0 0 rg BT 430.61 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.13 110.10 Td (less ) Tj ET Q q 0 0 0 rg BT 458.31 110.10 Td (than ) Tj ET Q q 0 0 0 rg BT 477.72 110.10 Td (six ) Tj ET Q q 0 0 0 rg BT 491.57 110.10 Td (months; ) Tj ET Q q 0 0 0 rg BT 525.99 110.10 Td (however) Tj ET Q q 0 0 0 rg BT 560.01 110.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 98.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 89.48 98.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 126.14 98.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.85 98.10 Td (term ) Tj ET Q q 0 0 0 rg BT 161.68 98.10 Td (could ) Tj ET Q q 0 0 0 rg BT 186.39 98.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 215.55 98.10 Td (to ) Tj ET Q q 0 0 0 rg BT 225.83 98.10 Td (nine ) Tj ET Q q 0 0 0 rg BT 245.54 98.10 Td (months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (Some ) Tj ET Q q 0 0 0 rg BT 74.89 76.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 104.17 76.10 Td (are ) Tj ET Q q 0 0 0 rg BT 118.99 76.10 Td (committed ) Tj ET Q q 0 0 0 rg BT 164.37 76.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.76 76.10 Td (a ) Tj ET Q q 0 0 0 rg BT 181.81 76.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 215.52 76.10 Td (third-party ) Tj ET Q q 0 0 0 rg BT 260.90 76.10 Td (investor ) Tj ET Q q 0 0 0 rg BT 295.73 76.10 Td (through ) Tj ET Q q 0 0 0 rg BT 329.45 76.10 Td (the ) Tj ET Q q 0 0 0 rg BT 344.28 76.10 Td (use ) Tj ET Q q 0 0 0 rg BT 360.22 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.16 76.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 398.21 76.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 418.04 76.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 453.42 76.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 510.47 76.10 Td (matching ) Tj ET Q q 0 0 0 rg BT 550.29 76.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.10 Td (exact ) Tj ET Q q 0 0 0 rg BT 73.48 64.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 98.58 64.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.80 64.10 Td (the ) Tj ET Q q 0 0 0 rg BT 124.90 64.10 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 150.56 64.10 Td (loan. ) Tj ET Q q 0 0 0 rg BT 173.17 64.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.05 64.10 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 233.93 64.10 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 263.48 64.10 Td (are ) Tj ET Q q 0 0 0 rg BT 278.58 64.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 324.78 64.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 367.64 64.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 417.20 64.10 Td (and ) Tj ET Q q 0 0 0 rg BT 434.52 64.10 Td (are ) Tj ET Q q 0 0 0 rg BT 449.61 64.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 466.38 64.10 Td (value ) Tj ET Q q 0 0 0 rg BT 490.92 64.10 Td (adjusted, ) Tj ET Q q 0 0 0 rg BT 529.63 64.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 64.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 87.00 52.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 106.71 52.10 Td (or ) Tj ET Q q 0 0 0 rg BT 117.54 52.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 135.60 52.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 173.08 52.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.36 52.10 Td (current ) Tj ET Q q 0 0 0 rg BT 214.17 52.10 Td (earnings. ) Tj ET Q endstream endobj 27 0 obj <> endobj 28 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Forward ) Tj ET Q q 0 0 0 rg BT 88.88 740.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 113.82 740.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.41 740.25 Td (Mortgage-Backed ) Tj ET Q q 0 0 0 rg BT 202.55 740.25 Td (Securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.87 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.13 740.25 Td (Forward ) Tj ET Q q 0 0 0 rg BT 289.27 740.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 311.97 740.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.56 740.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 396.23 740.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 437.26 740.25 Td (\(FMBSs\) ) Tj ET Q q 0 0 0 rg BT 486.63 740.25 Td (are ) Tj ET Q q 0 0 0 rg BT 502.10 740.25 Td (used ) Tj ET Q q 0 0 0 rg BT 523.69 740.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.73 740.25 Td (protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 104.65 728.25 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 129.82 728.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 153.31 728.25 Td (against ) Tj ET Q q 0 0 0 rg BT 184.02 728.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.62 728.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 216.01 728.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.72 728.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 261.32 728.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.48 728.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 303.30 728.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 324.56 728.25 Td (between ) Tj ET Q q 0 0 0 rg BT 360.26 728.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.86 728.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 394.47 728.25 Td (date ) Tj ET Q q 0 0 0 rg BT 413.51 728.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.33 728.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.93 728.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 478.43 728.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 499.97 728.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.35 728.25 Td (FMBSs ) Tj ET Q q 0 0 0 rg BT 535.31 728.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.00 716.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 115.49 716.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 144.88 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 159.81 716.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 200.29 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.45 716.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 260.71 716.25 Td (for ) Tj ET Q q 0 0 0 rg BT 275.09 716.25 Td (as ) Tj ET Q q 0 0 0 rg BT 286.14 716.25 Td (non-designated ) Tj ET Q q 0 0 0 rg BT 349.95 716.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 392.66 716.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 442.04 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.20 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 474.13 716.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 511.83 716.25 Td (at ) Tj ET Q q 0 0 0 rg BT 521.76 716.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.36 716.25 Td (value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 704.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 93.39 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.33 704.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 136.72 704.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 174.19 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.47 704.25 Td (current ) Tj ET Q q 0 0 0 rg BT 215.29 704.25 Td (earnings. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 92.05 682.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 120.17 682.25 Td (Held ) Tj ET Q q 0 0 0 rg BT 142.71 682.25 Td (for ) Tj ET Q q 0 0 0 rg BT 157.49 682.25 Td (Sale.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.77 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.32 682.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.87 682.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 224.30 682.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 247.96 682.25 Td (held ) Tj ET Q q 0 0 0 rg BT 267.73 682.25 Td (for ) Tj ET Q q 0 0 0 rg BT 281.95 682.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 300.05 682.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 334.27 682.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 374.03 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.92 682.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 440.79 682.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 484.99 682.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 508.65 682.25 Td (collateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (by ) Tj ET Q q 0 0 0 rg BT 61.26 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.24 670.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 120.32 670.25 Td (property) Tj ET Q q 0 0 0 rg BT 153.55 670.25 Td (.Generally) Tj ET Q q 0 0 0 rg BT 199.82 670.25 Td (, ) Tj ET Q q 0 0 0 rg BT 204.08 670.25 Td (all ) Tj ET Q q 0 0 0 rg BT 215.84 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.92 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.90 670.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 279.42 670.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 302.29 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.49 670.25 Td (related ) Tj ET Q q 0 0 0 rg BT 347.45 670.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 385.87 670.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 410.40 670.25 Td (are ) Tj ET Q q 0 0 0 rg BT 424.37 670.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 442.80 670.25 Td (to ) Tj ET Q q 0 0 0 rg BT 452.34 670.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 496.86 670.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 534.73 670.25 Td (shortly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (after ) Tj ET Q q 0 0 0 rg BT 69.67 658.25 Td (origination. ) Tj ET Q q 0 0 0 rg BT 120.40 658.25 Td (During ) Tj ET Q q 0 0 0 rg BT 150.58 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.64 658.25 Td (period ) Tj ET Q q 0 0 0 rg BT 192.04 658.25 Td (between ) Tj ET Q q 0 0 0 rg BT 227.20 658.25 Td (when ) Tj ET Q q 0 0 0 rg BT 250.71 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 257.00 658.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 276.07 658.25 Td (is ) Tj ET Q q 0 0 0 rg BT 284.59 658.25 Td (closed ) Tj ET Q q 0 0 0 rg BT 311.98 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.27 658.25 Td (when ) Tj ET Q q 0 0 0 rg BT 351.78 658.25 Td (it ) Tj ET Q q 0 0 0 rg BT 359.19 658.25 Td (is ) Tj ET Q q 0 0 0 rg BT 367.71 658.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 386.23 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 395.86 658.25 Td (an ) Tj ET Q q 0 0 0 rg BT 407.14 658.25 Td (investor) Tj ET Q q 0 0 0 rg BT 438.96 658.25 Td (, ) Tj ET Q q 0 0 0 rg BT 443.31 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.38 658.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 488.66 658.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 505.49 658.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 522.34 658.25 Td (is ) Tj ET Q q 0 0 0 rg BT 530.86 658.25 Td (covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (through ) Tj ET Q q 0 0 0 rg BT 83.11 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.83 646.25 Td (use ) Tj ET Q q 0 0 0 rg BT 113.66 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 124.49 646.25 Td (a ) Tj ET Q q 0 0 0 rg BT 131.42 646.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 158.36 646.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 178.08 646.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 212.78 646.25 Td (or ) Tj ET Q q 0 0 0 rg BT 223.61 646.25 Td (by ) Tj ET Q q 0 0 0 rg BT 236.11 646.25 Td (FMBSs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 624.25 Td (table ) Tj ET Q q 0 0 0 rg BT 89.48 624.25 Td (below ) Tj ET Q q 0 0 0 rg BT 116.42 624.25 Td (shows ) Tj ET Q q 0 0 0 rg BT 143.92 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.64 624.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 193.91 624.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 230.30 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.13 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 256.96 624.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.44 624.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 343.61 624.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.32 624.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 396.92 624.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.92 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 419.42 624.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.36 624.25 Td (December ) Tj ET Q q 0 0 0 rg BT 479.94 624.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.94 624.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.94 624.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 600.75 m 406 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 600.75 m 479 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 600.75 m 489 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 600.75 m 562 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 600.75 m 406 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 522.75 m 406 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 522.75 m 479 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 522.75 m 489 522.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 522.75 m 562 522.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 605.00 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.50 604.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 430.46 604.98 Td (ch 31, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.55 605.00 Td (December 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 592.00 Td (Whole loan contracts and related committed IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 591.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.80 591.98 Td (980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 592.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 592.00 Td (1,445) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 579.00 Td (Uncommitted IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 578.98 Td (158,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 579.00 Td (87,340) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 566.00 Td (FMBSs related to uncommitted IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 565.98 Td (137,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 566.00 Td (88,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 553.00 Td (Whole loan contracts and related mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.80 552.98 Td (4,085) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 553.00 Td (6,125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 540.00 Td (FMBSs related to mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 539.98 Td (145,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 540.00 Td (144,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 527.00 Td (Mortgage loans held for sale covered by FMBSs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 526.98 Td (145,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 527.00 Td (144,41) Tj ET Q q 0 0 0 rg BT 554.80 527.00 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 501.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.26 501.25 Td (table ) Tj ET Q q 0 0 0 rg BT 129.86 501.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 147.03 501.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 168.63 501.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.01 501.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 215.17 501.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.66 501.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 250.05 501.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 269.43 501.25 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 317.96 501.25 Td (within ) Tj ET Q q 0 0 0 rg BT 345.68 501.25 Td (our ) Tj ET Q q 0 0 0 rg BT 361.17 501.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 394.98 501.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.93 501.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.31 501.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 463.13 501.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 509.73 501.25 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 489.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 95.33 489.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.61 489.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 140.04 489.25 Td (on ) Tj ET Q q 0 0 0 rg BT 151.99 489.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.27 489.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.66 489.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 232.82 489.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 273.08 489.25 Td (on ) Tj ET Q q 0 0 0 rg BT 285.03 489.25 Td (a ) Tj ET Q q 0 0 0 rg BT 291.42 489.25 Td (recurring ) Tj ET Q q 0 0 0 rg BT 330.01 489.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 351.96 489.25 Td (for ) Tj ET Q q 0 0 0 rg BT 365.57 489.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.73 489.25 Td (three ) Tj ET Q q 0 0 0 rg BT 401.67 489.25 Td (months ) Tj ET Q q 0 0 0 rg BT 433.06 489.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 458.89 489.25 Td (March ) Tj ET Q q 0 0 0 rg BT 486.94 489.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 501.38 489.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 523.33 489.25 Td (and ) Tj ET Q q 0 0 0 rg BT 539.72 489.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.72 489.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 465.75 m 498 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 465.75 m 505 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 465.75 m 562 465.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 452.75 m 441 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 452.75 m 498 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 452.75 m 505 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 452.75 m 562 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 452.75 m 498 452.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 404.75 m 441 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 404.75 m 498 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 404.75 m 505 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 404.75 m 562 404.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 392.75 m 441 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 392.75 m 498 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 392.75 m 505 392.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 392.75 m 562 392.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.10 469.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 459.36 469.98 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 535.88 469.98 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 457.00 Td (Description \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.00 456.98 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.00 457.00 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 444.70 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.50 444.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 444.83 Td (3,739) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 444.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 444.70 Td (\(1,363) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 444.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 432.70 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.10 432.83 Td (\(6,580) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 432.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 432.70 Td (1,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 420.70 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 420.83 Td (2,383) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.10 420.70 Td (\(42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 420.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 408.70 Td (Whole loan contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 408.83 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 408.70 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 396.70 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 396.70 Td (otal \(loss\) gain recognized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.50 396.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.10 396.83 Td (\(404) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 396.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 396.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 396.70 Td (543) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.37 369.25 Td (following ) Tj ET Q q 0 0 0 rg BT 110.58 369.25 Td (tables ) Tj ET Q q 0 0 0 rg BT 137.22 369.25 Td (set ) Tj ET Q q 0 0 0 rg BT 151.65 369.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 174.41 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.95 369.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 207.15 369.25 Td (value ) Tj ET Q q 0 0 0 rg BT 232.13 369.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.78 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.32 369.25 Td (Company) Tj ET Q q 0 0 0 rg BT 300.98 369.25 Td (s ) Tj ET Q q 0 0 0 rg BT 308.20 369.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 351.50 369.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 401.49 369.25 Td (and ) Tj ET Q q 0 0 0 rg BT 419.25 369.25 Td (their ) Tj ET Q q 0 0 0 rg BT 440.89 369.25 Td (location ) Tj ET Q q 0 0 0 rg BT 476.43 369.25 Td (within ) Tj ET Q q 0 0 0 rg BT 505.31 369.25 Td (the ) Tj ET Q q 0 0 0 rg BT 520.84 369.25 Td (Unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 96.21 357.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 151.26 357.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 185.74 357.25 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 214.12 357.25 Td (for ) Tj ET Q q 0 0 0 rg BT 228.05 357.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.55 357.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 274.26 357.25 Td (indicated ) Tj ET Q q 0 0 0 rg BT 313.18 357.25 Td (\(except ) Tj ET Q q 0 0 0 rg BT 344.88 357.25 Td (for ) Tj ET Q q 0 0 0 rg BT 358.82 357.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 398.85 357.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 422.24 357.25 Td (held ) Tj ET Q q 0 0 0 rg BT 441.73 357.25 Td (for ) Tj ET Q q 0 0 0 rg BT 455.66 357.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 473.48 357.25 Td (which ) Tj ET Q q 0 0 0 rg BT 500.20 357.25 Td (are ) Tj ET Q q 0 0 0 rg BT 514.68 357.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 554.17 357.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 345.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 91.69 345.25 Td (line ) Tj ET Q q 0 0 0 rg BT 109.19 345.25 Td (item\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 310.75 m 313 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 310.75 m 327 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 310.75 m 396 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 310.75 m 482 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 310.75 m 496 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 310.75 m 562 310.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 290.75 m 227 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 290.75 m 238 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 290.75 m 313 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 290.75 m 327 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 290.75 m 396 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 290.75 m 407 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 290.75 m 482 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 290.75 m 496 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 290.75 m 562 290.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 254.75 m 227 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 254.75 m 238 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 254.75 m 313 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 254.75 m 327 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 254.75 m 396 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 254.75 m 407 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 254.75 m 482 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 254.75 m 496 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 254.75 m 562 254.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 242.75 m 227 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 242.75 m 238 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 242.75 m 313 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 242.75 m 327 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 242.75 m 396 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 242.75 m 407 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 242.75 m 482 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 242.75 m 496 242.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 242.75 m 562 242.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.05 326.83 Td (Asset Derivatives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 326.83 Td (Liability Derivatives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.00 314.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 305.03 314.83 Td (ch 31, 2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 314.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 472.53 314.83 Td (ch 31, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 295.00 Td (Description of Derivatives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.10 302.83 Td (Balance Sheet ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.85 294.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.15 302.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 357.67 302.83 Td ( ) Tj ET Q q 0 0 0 rg BT 359.52 302.83 Td (V) Tj ET Q q 0 0 0 rg BT 364.56 302.83 Td (alue ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.65 294.83 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 302.83 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.85 294.83 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.65 302.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 525.17 302.83 Td ( ) Tj ET Q q 0 0 0 rg BT 527.02 302.83 Td (V) Tj ET Q q 0 0 0 rg BT 532.06 302.83 Td (alue ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.15 294.83 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 282.70 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.05 282.83 Td (Other) Tj ET Q q 0 0 0 rg BT 274.42 282.83 Td ( assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.50 282.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 282.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.25 282.83 Td (Other) Tj ET Q q 0 0 0 rg BT 437.62 282.83 Td ( liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.50 282.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 282.83 Td (6,916) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 270.70 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.05 270.83 Td (Other) Tj ET Q q 0 0 0 rg BT 274.42 270.83 Td ( assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.80 270.83 Td (3,095) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.25 270.83 Td (Other) Tj ET Q q 0 0 0 rg BT 437.62 270.83 Td ( liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 270.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 258.70 Td (Whole loan contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.05 258.83 Td (Other) Tj ET Q q 0 0 0 rg BT 274.42 258.83 Td ( assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 258.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.25 258.83 Td (Other) Tj ET Q q 0 0 0 rg BT 437.54 258.83 Td ( liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 258.83 Td (20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 246.70 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 246.70 Td (otal fair value measurements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.50 246.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.80 246.83 Td (3,095) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.50 246.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 246.83 Td (6,936) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 208.75 m 313 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 208.75 m 327 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 208.75 m 396 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 208.75 m 482 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 208.75 m 496 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 208.75 m 562 208.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 188.75 m 227 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 188.75 m 238 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 188.75 m 313 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 188.75 m 327 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 188.75 m 396 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 188.75 m 407 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 188.75 m 482 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 188.75 m 496 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 188.75 m 562 188.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 152.75 m 227 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 152.75 m 238 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 152.75 m 313 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 152.75 m 327 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 152.75 m 396 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 152.75 m 407 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 152.75 m 482 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 152.75 m 496 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 152.75 m 562 152.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 140.75 m 227 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 140.75 m 238 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 140.75 m 313 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 140.75 m 327 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 140.75 m 396 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 140.75 m 407 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 140.75 m 482 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 140.75 m 496 140.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 140.75 m 562 140.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.15 224.70 Td (Asset Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.75 224.70 Td (Liability Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.05 212.70 Td (December 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.55 212.70 Td (December 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 193.00 Td (Description of Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.20 200.70 Td (Balance Sheet ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.75 192.70 Td (Location) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 200.70 Td (Fair ) Tj ET Q q 0 0 0 rg BT 359.24 200.70 Td (V) Tj ET Q q 0 0 0 rg BT 364.13 200.70 Td (alue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.20 192.70 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.20 200.70 Td (Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.75 192.70 Td (Location) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.00 200.70 Td (Fair ) Tj ET Q q 0 0 0 rg BT 526.74 200.70 Td (V) Tj ET Q q 0 0 0 rg BT 531.63 200.70 Td (alue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.70 192.70 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 180.70 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.55 180.70 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.50 180.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 180.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.00 180.70 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 180.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 180.70 Td (336) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 168.70 Td (Interest rate lock commitments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.55 168.70 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 168.70 Td (654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.00 168.70 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 168.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 156.70 Td (Whole loan contracts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.55 156.70 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 156.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.00 156.70 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 156.70 Td (16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 144.70 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 144.70 Td (otal fair value measurements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.50 144.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 144.70 Td (654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 144.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 144.70 Td (352) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 119.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 77.56 119.25 Td (Measured ) Tj ET Q q 0 0 0 rg BT 121.17 119.25 Td (on ) Tj ET Q q 0 0 0 rg BT 134.24 119.25 Td (a ) Tj ET Q q 0 0 0 rg BT 141.74 119.25 Td (Non-Recurring ) Tj ET Q q 0 0 0 rg BT 207.58 119.25 Td (Basis) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 97.25 Td (Inventory) Tj ET Q q 0 0 0 rg BT 89.13 97.25 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 94.12 97.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.61 97.25 Td (The ) Tj ET Q q 0 0 0 rg BT 114.65 97.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 156.03 97.25 Td (assesses ) Tj ET Q q 0 0 0 rg BT 191.29 97.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 232.11 97.25 Td (for ) Tj ET Q q 0 0 0 rg BT 246.26 97.25 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 304.28 97.25 Td (on ) Tj ET Q q 0 0 0 rg BT 316.77 97.25 Td (a ) Tj ET Q q 0 0 0 rg BT 323.70 97.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 362.29 97.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 384.78 97.25 Td (based ) Tj ET Q q 0 0 0 rg BT 410.04 97.25 Td (on ) Tj ET Q q 0 0 0 rg BT 422.53 97.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.24 97.25 Td (dif) Tj ET Q q 0 0 0 rg BT 448.17 97.25 Td (ference ) Tj ET Q q 0 0 0 rg BT 480.08 97.25 Td (in ) Tj ET Q q 0 0 0 rg BT 490.35 97.25 Td (the ) Tj ET Q q 0 0 0 rg BT 505.05 97.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 540.86 97.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.44 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.26 85.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 116.19 85.25 Td (and ) Tj ET Q q 0 0 0 rg BT 133.23 85.25 Td (its ) Tj ET Q q 0 0 0 rg BT 145.28 85.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.77 85.25 Td (value ) Tj ET Q q 0 0 0 rg BT 186.03 85.25 Td (at ) Tj ET Q q 0 0 0 rg BT 195.85 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.67 85.25 Td (time ) Tj ET Q q 0 0 0 rg BT 231.05 85.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.98 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.80 85.25 Td (evaluation. ) Tj ET Q q 0 0 0 rg BT 303.56 85.25 Td ( ) Tj ET Q q 0 0 0 rg BT 306.17 85.25 Td (Determining ) Tj ET Q q 0 0 0 rg BT 359.31 85.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.13 85.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 390.62 85.25 Td (value ) Tj ET Q q 0 0 0 rg BT 414.88 85.25 Td (of ) Tj ET Q q 0 0 0 rg BT 425.81 85.25 Td (a ) Tj ET Q q 0 0 0 rg BT 432.85 85.25 Td (community) Tj ET Q q 0 0 0 rg BT 481.18 85.25 Td (s ) Tj ET Q q 0 0 0 rg BT 487.68 85.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 528.61 85.25 Td (involves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.62 73.25 Td (number ) Tj ET Q q 0 0 0 rg BT 89.85 73.25 Td (of ) Tj ET Q q 0 0 0 rg BT 100.86 73.25 Td (variables, ) Tj ET Q q 0 0 0 rg BT 142.13 73.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 182.02 73.25 Td (and ) Tj ET Q q 0 0 0 rg BT 199.14 73.25 Td (projections, ) Tj ET Q q 0 0 0 rg BT 248.76 73.25 Td (which ) Tj ET Q q 0 0 0 rg BT 275.88 73.25 Td (are ) Tj ET Q q 0 0 0 rg BT 290.76 73.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 316.21 73.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 323.89 73.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 379.88 73.25 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 409.51 73.25 Td ( ) Tj ET Q q 0 0 0 rg BT 412.19 73.25 Td (See ) Tj ET Q q 0 0 0 rg BT 429.31 73.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 451.43 73.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 461.61 73.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 507.62 73.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.63 73.25 Td (Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 100.51 61.25 Td (Policies ) Tj ET Q q 0 0 0 rg BT 136.53 61.25 Td (- ) Tj ET Q q 0 0 0 rg BT 144.21 61.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 191.88 61.25 Td (in ) Tj ET Q q 0 0 0 rg BT 204.01 61.25 Td (the ) Tj ET Q q 0 0 0 rg BT 220.58 61.25 Td (Company) Tj ET Q q 0 0 0 rg BT 262.25 61.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 61.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 61.25 Td ( ) Tj ET Q q 0 0 0 rg BT 294.85 61.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 320.87 61.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 345.78 61.25 Td (for ) Tj ET Q q 0 0 0 rg BT 361.79 61.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 406.14 61.25 Td (information ) Tj ET Q q 0 0 0 rg BT 457.70 61.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 500.37 61.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.94 61.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.61 61.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 49.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 104.77 49.25 Td (for ) Tj ET Q q 0 0 0 rg BT 118.93 49.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 169.75 49.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 186.13 49.25 Td (value.) Tj ET Q endstream endobj 29 0 obj <> endobj 30 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 740.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.37 740.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 127.81 740.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 172.23 740.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 223.90 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.89 740.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 269.42 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.86 740.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 341.60 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.15 740.10 Td (its ) Tj ET Q q 0 0 0 rg BT 363.81 740.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 401.49 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 406.20 740.10 Td (such ) Tj ET Q q 0 0 0 rg BT 426.75 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 437.30 740.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 477.83 740.10 Td (average ) Tj ET Q q 0 0 0 rg BT 511.14 740.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 540.02 740.10 Td (price, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 103.72 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.94 728.10 Td (development ) Tj ET Q q 0 0 0 rg BT 179.38 728.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 206.66 728.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 253.66 728.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 273.43 728.10 Td (\(reflecting ) Tj ET Q q 0 0 0 rg BT 319.85 728.10 Td (any ) Tj ET Q q 0 0 0 rg BT 339.08 728.10 Td (product ) Tj ET Q q 0 0 0 rg BT 374.41 728.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 394.75 728.10 Td (change ) Tj ET Q q 0 0 0 rg BT 427.85 728.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 470.40 728.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 527.39 728.10 Td (or ) Tj ET Q q 0 0 0 rg BT 540.50 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 553.06 728.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (implemented\), ) Tj ET Q q 0 0 0 rg BT 110.53 716.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 140.20 716.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 183.46 716.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 228.65 716.10 Td (land ) Tj ET Q q 0 0 0 rg BT 248.87 716.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 269.08 716.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 313.18 716.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 360.08 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.41 716.10 Td (all ) Tj ET Q q 0 0 0 rg BT 384.40 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.72 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.16 716.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 435.04 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.37 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.58 716.10 Td (land ) Tj ET Q q 0 0 0 rg BT 481.80 716.10 Td (owned\), ) Tj ET Q q 0 0 0 rg BT 517.29 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 528.61 716.10 Td (discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 73.02 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.16 704.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 111.75 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.67 704.10 Td (these ) Tj ET Q q 0 0 0 rg BT 144.36 704.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 195.95 704.10 Td (could ) Tj ET Q q 0 0 0 rg BT 220.31 704.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 262.99 704.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 292.35 704.10 Td (future ) Tj ET Q q 0 0 0 rg BT 318.37 704.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 338.28 704.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 358.75 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.33 704.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 391.36 704.10 Td (value ) Tj ET Q q 0 0 0 rg BT 415.15 704.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 454.51 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.09 704.10 Td (may ) Tj ET Q q 0 0 0 rg BT 490.45 704.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 509.25 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 704.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.47 692.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 84.21 692.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 127.40 692.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 176.69 692.10 Td (char) Tj ET Q q 0 0 0 rg BT 193.72 692.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 210.24 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.22 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.63 692.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 266.20 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.40 692.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 288.14 692.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 323.55 692.10 Td (is ) Tj ET Q q 0 0 0 rg BT 333.42 692.10 Td (conducted ) Tj ET Q q 0 0 0 rg BT 377.71 692.10 Td (only ) Tj ET Q q 0 0 0 rg BT 398.68 692.10 Td (if ) Tj ET Q q 0 0 0 rg BT 407.98 692.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 450.61 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.14 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.77 692.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 501.84 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 512.81 692.10 Td (value ) Tj ET Q q 0 0 0 rg BT 537.66 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 692.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 89.84 680.10 Td (exist, ) Tj ET Q q 0 0 0 rg BT 113.24 680.10 Td (which ) Tj ET Q q 0 0 0 rg BT 139.69 680.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 173.64 680.10 Td (among ) Tj ET Q q 0 0 0 rg BT 202.87 680.10 Td (other ) Tj ET Q q 0 0 0 rg BT 225.43 680.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 254.39 680.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 289.17 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.96 680.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 322.08 680.10 Td (mar) Tj ET Q q 0 0 0 rg BT 337.45 680.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 352.24 680.10 Td (on ) Tj ET Q q 0 0 0 rg BT 364.25 680.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 385.71 680.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 423.81 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.60 680.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 467.27 680.10 Td (or ) Tj ET Q q 0 0 0 rg BT 477.62 680.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 505.74 680.10 Td (that ) Tj ET Q q 0 0 0 rg BT 522.75 680.10 Td (have ) Tj ET Q q 0 0 0 rg BT 543.64 680.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 92.54 668.10 Td (slower ) Tj ET Q q 0 0 0 rg BT 122.54 668.10 Td (than ) Tj ET Q q 0 0 0 rg BT 143.09 668.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 190.29 668.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 235.85 668.10 Td (pace, ) Tj ET Q q 0 0 0 rg BT 260.00 668.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 296.10 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.21 668.10 Td (average ) Tj ET Q q 0 0 0 rg BT 341.63 668.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 364.41 668.10 Td (price ) Tj ET Q q 0 0 0 rg BT 387.73 668.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.40 668.10 Td (high ) Tj ET Q q 0 0 0 rg BT 420.51 668.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 460.50 668.10 Td (of) Tj ET Q q 0 0 0 rg BT 468.65 668.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 486.97 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 500.31 668.10 Td (management ) Tj ET Q q 0 0 0 rg BT 554.73 668.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 85.30 656.10 Td (absorptions, ) Tj ET Q q 0 0 0 rg BT 136.38 656.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 171.62 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.87 656.10 Td (mar) Tj ET Q q 0 0 0 rg BT 197.24 656.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 216.38 656.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 257.17 656.10 Td (future ) Tj ET Q q 0 0 0 rg BT 283.53 656.10 Td (land ) Tj ET Q q 0 0 0 rg BT 303.22 656.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 327.63 656.10 Td (or ) Tj ET Q q 0 0 0 rg BT 338.44 656.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 373.67 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.93 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.62 656.10 Td (value ) Tj ET Q q 0 0 0 rg BT 422.75 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.55 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.24 656.10 Td (land ) Tj ET Q q 0 0 0 rg BT 467.94 656.10 Td (itself ) Tj ET Q q 0 0 0 rg BT 490.41 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 501.21 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 508.12 656.10 Td (result ) Tj ET Q q 0 0 0 rg BT 532.81 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.62 656.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (party ) Tj ET Q q 0 0 0 rg BT 72.23 644.10 Td (appraisals. ) Tj ET Q q 0 0 0 rg BT 116.90 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.09 644.10 Td (If ) Tj ET Q q 0 0 0 rg BT 127.93 644.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 181.78 644.10 Td (are ) Tj ET Q q 0 0 0 rg BT 196.17 644.10 Td (not ) Tj ET Q q 0 0 0 rg BT 211.13 644.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 259.95 644.10 Td (based ) Tj ET Q q 0 0 0 rg BT 284.90 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 297.09 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.49 644.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 352.00 644.10 Td (future ) Tj ET Q q 0 0 0 rg BT 378.06 644.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 433.57 644.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 453.52 644.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 480.43 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.83 644.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 543.11 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 553.08 644.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 96.01 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 105.33 632.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 146.30 632.10 Td (as ) Tj ET Q q 0 0 0 rg BT 157.28 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.15 632.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 204.80 632.10 Td (by ) Tj ET Q q 0 0 0 rg BT 217.45 632.10 Td (which ) Tj ET Q q 0 0 0 rg BT 244.54 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.41 632.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 295.37 632.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 328.02 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.00 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.87 632.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 379.85 632.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 414.15 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.02 632.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 469.99 632.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 486.52 632.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.82 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.80 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.67 632.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 565.00 632.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.33 620.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.05 620.10 Td (three ) Tj ET Q q 0 0 0 rg BT 117.53 620.10 Td (months ) Tj ET Q q 0 0 0 rg BT 149.48 620.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 175.86 620.10 Td (March ) Tj ET Q q 0 0 0 rg BT 204.46 620.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 219.46 620.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 241.96 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.89 620.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.89 620.10 Td (, ) Tj ET Q q 0 0 0 rg BT 283.89 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.61 620.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 340.00 620.10 Td (did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.28 620.10 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.28 620.10 Td (t ) Tj ET Q q 0 0 0 rg BT 370.55 620.10 Td (record ) Tj ET Q q 0 0 0 rg BT 398.59 620.10 Td (any ) Tj ET Q q 0 0 0 rg BT 415.53 620.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 464.13 620.10 Td (char) Tj ET Q q 0 0 0 rg BT 481.16 620.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 496.99 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.49 620.10 Td (its ) Tj ET Q q 0 0 0 rg BT 521.43 620.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 559.11 620.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 595.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.47 595.70 Td (in ) Tj ET Q q 0 0 0 rg BT 108.22 595.70 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 175.07 595.70 Td (Joint ) Tj ET Q q 0 0 0 rg BT 198.60 595.70 Td (V) Tj ET Q q 0 0 0 rg BT 204.16 595.70 Td (entures. ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 239.63 595.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.63 595.70 Td (W) Tj ET Q q 0 0 0 rg BT 251.27 595.70 Td (e ) Tj ET Q q 0 0 0 rg BT 258.12 595.70 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 293.84 595.70 Td (our ) Tj ET Q q 0 0 0 rg BT 309.58 595.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 359.76 595.70 Td (in ) Tj ET Q q 0 0 0 rg BT 369.95 595.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 432.90 595.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 453.65 595.70 Td (ventures ) Tj ET Q q 0 0 0 rg BT 489.93 595.70 Td (for ) Tj ET Q q 0 0 0 rg BT 504.00 595.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 552.51 595.70 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.50 583.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 95.15 583.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 117.71 583.70 Td (based ) Tj ET Q q 0 0 0 rg BT 143.04 583.70 Td (on ) Tj ET Q q 0 0 0 rg BT 155.60 583.70 Td (the ) Tj ET Q q 0 0 0 rg BT 170.38 583.70 Td (dif) Tj ET Q q 0 0 0 rg BT 181.31 583.70 Td (ference ) Tj ET Q q 0 0 0 rg BT 213.28 583.70 Td (in ) Tj ET Q q 0 0 0 rg BT 223.62 583.70 Td (the ) Tj ET Q q 0 0 0 rg BT 238.40 583.70 Td (investment) Tj ET Q q 0 0 0 rg BT 285.06 583.70 Td (s ) Tj ET Q q 0 0 0 rg BT 291.51 583.70 Td (carrying ) Tj ET Q q 0 0 0 rg BT 327.38 583.70 Td (value ) Tj ET Q q 0 0 0 rg BT 351.60 583.70 Td (and ) Tj ET Q q 0 0 0 rg BT 368.60 583.70 Td (its ) Tj ET Q q 0 0 0 rg BT 380.60 583.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.04 583.70 Td (value ) Tj ET Q q 0 0 0 rg BT 421.26 583.70 Td (at ) Tj ET Q q 0 0 0 rg BT 431.03 583.70 Td (the ) Tj ET Q q 0 0 0 rg BT 445.81 583.70 Td (time ) Tj ET Q q 0 0 0 rg BT 466.14 583.70 Td (of ) Tj ET Q q 0 0 0 rg BT 477.03 583.70 Td (the ) Tj ET Q q 0 0 0 rg BT 491.81 583.70 Td (evaluation. ) Tj ET Q q 0 0 0 rg BT 538.52 583.70 Td ( ) Tj ET Q q 0 0 0 rg BT 541.08 583.70 Td (If ) Tj ET Q q 0 0 0 rg BT 550.30 583.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 571.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.87 571.70 Td (has ) Tj ET Q q 0 0 0 rg BT 108.68 571.70 Td (determined ) Tj ET Q q 0 0 0 rg BT 157.14 571.70 Td (that ) Tj ET Q q 0 0 0 rg BT 175.62 571.70 Td (the ) Tj ET Q q 0 0 0 rg BT 191.32 571.70 Td (decline ) Tj ET Q q 0 0 0 rg BT 223.67 571.70 Td (in ) Tj ET Q q 0 0 0 rg BT 234.93 571.70 Td (value ) Tj ET Q q 0 0 0 rg BT 260.07 571.70 Td (is ) Tj ET Q q 0 0 0 rg BT 270.22 571.70 Td (other ) Tj ET Q q 0 0 0 rg BT 294.25 571.70 Td (than ) Tj ET Q q 0 0 0 rg BT 314.94 571.70 Td (temporary) Tj ET Q q 0 0 0 rg BT 355.39 571.70 Td (, ) Tj ET Q q 0 0 0 rg BT 361.37 571.70 Td (the ) Tj ET Q q 0 0 0 rg BT 377.07 571.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 419.44 571.70 Td (would ) Tj ET Q q 0 0 0 rg BT 447.92 571.70 Td (write ) Tj ET Q q 0 0 0 rg BT 471.95 571.70 Td (down ) Tj ET Q q 0 0 0 rg BT 497.65 571.70 Td (the ) Tj ET Q q 0 0 0 rg BT 513.35 571.70 Td (value ) Tj ET Q q 0 0 0 rg BT 538.48 571.70 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 571.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.05 559.70 Td (to ) Tj ET Q q 0 0 0 rg BT 104.50 559.70 Td (its ) Tj ET Q q 0 0 0 rg BT 115.62 559.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 155.61 559.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 171.16 559.70 Td (value. ) Tj ET Q q 0 0 0 rg BT 196.99 559.70 Td ( ) Tj ET Q q 0 0 0 rg BT 198.66 559.70 Td (Determining ) Tj ET Q q 0 0 0 rg BT 250.87 559.70 Td (the ) Tj ET Q q 0 0 0 rg BT 264.76 559.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 280.31 559.70 Td (value ) Tj ET Q q 0 0 0 rg BT 303.64 559.70 Td (of ) Tj ET Q q 0 0 0 rg BT 313.64 559.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 363.08 559.70 Td (in ) Tj ET Q q 0 0 0 rg BT 372.53 559.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 434.75 559.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 454.75 559.70 Td (ventures ) Tj ET Q q 0 0 0 rg BT 490.30 559.70 Td (involves ) Tj ET Q q 0 0 0 rg BT 525.86 559.70 Td (a ) Tj ET Q q 0 0 0 rg BT 531.97 559.70 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.70 Td (of ) Tj ET Q q 0 0 0 rg BT 59.76 547.70 Td (variables, ) Tj ET Q q 0 0 0 rg BT 100.28 547.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 139.41 547.70 Td (and ) Tj ET Q q 0 0 0 rg BT 155.78 547.70 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 209.65 547.70 Td (which ) Tj ET Q q 0 0 0 rg BT 236.02 547.70 Td (are ) Tj ET Q q 0 0 0 rg BT 250.15 547.70 Td (Level ) Tj ET Q q 0 0 0 rg BT 274.84 547.70 Td (3 ) Tj ET Q q 0 0 0 rg BT 281.77 547.70 Td (measurement ) Tj ET Q q 0 0 0 rg BT 337.00 547.70 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 365.88 547.70 Td ( ) Tj ET Q q 0 0 0 rg BT 367.81 547.70 Td (See ) Tj ET Q q 0 0 0 rg BT 384.17 547.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 405.54 547.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 414.96 547.70 Td (Summary ) Tj ET Q q 0 0 0 rg BT 460.21 547.70 Td (of ) Tj ET Q q 0 0 0 rg BT 470.47 547.70 Td (Significant ) Tj ET Q q 0 0 0 rg BT 515.85 547.70 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.70 Td (Policies ) Tj ET Q q 0 0 0 rg BT 83.47 535.70 Td (- ) Tj ET Q q 0 0 0 rg BT 89.10 535.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 135.84 535.70 Td (in ) Tj ET Q q 0 0 0 rg BT 145.93 535.70 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 210.99 535.70 Td (Joint ) Tj ET Q q 0 0 0 rg BT 232.58 535.70 Td (V) Tj ET Q q 0 0 0 rg BT 238.69 535.70 Td (entures, ) Tj ET Q q 0 0 0 rg BT 276.81 535.70 Td (in ) Tj ET Q q 0 0 0 rg BT 286.90 535.70 Td (the ) Tj ET Q q 0 0 0 rg BT 301.42 535.70 Td (Company) Tj ET Q q 0 0 0 rg BT 343.08 535.70 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.28 535.70 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.28 535.70 Td ( ) Tj ET Q q 0 0 0 rg BT 371.58 535.70 Td (Form ) Tj ET Q q 0 0 0 rg BT 395.56 535.70 Td (10-K ) Tj ET Q q 0 0 0 rg BT 418.42 535.70 Td (for ) Tj ET Q q 0 0 0 rg BT 432.38 535.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 474.68 535.70 Td (information ) Tj ET Q q 0 0 0 rg BT 524.19 535.70 Td (regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 523.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.62 523.70 Td (Company) Tj ET Q q 0 0 0 rg BT 106.29 523.70 Td (s ) Tj ET Q q 0 0 0 rg BT 113.08 523.70 Td (methodology ) Tj ET Q q 0 0 0 rg BT 168.76 523.70 Td (for ) Tj ET Q q 0 0 0 rg BT 183.33 523.70 Td (determining ) Tj ET Q q 0 0 0 rg BT 234.55 523.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 251.34 523.70 Td (value. ) Tj ET Q q 0 0 0 rg BT 278.40 523.70 Td ( ) Tj ET Q q 0 0 0 rg BT 281.30 523.70 Td (Because ) Tj ET Q q 0 0 0 rg BT 317.52 523.70 Td (of ) Tj ET Q q 0 0 0 rg BT 328.76 523.70 Td (the ) Tj ET Q q 0 0 0 rg BT 343.88 523.70 Td (high ) Tj ET Q q 0 0 0 rg BT 364.56 523.70 Td (degree ) Tj ET Q q 0 0 0 rg BT 394.11 523.70 Td (of ) Tj ET Q q 0 0 0 rg BT 405.35 523.70 Td (judgment ) Tj ET Q q 0 0 0 rg BT 446.03 523.70 Td (involved ) Tj ET Q q 0 0 0 rg BT 483.93 523.70 Td (in ) Tj ET Q q 0 0 0 rg BT 494.61 523.70 Td (developing ) Tj ET Q q 0 0 0 rg BT 541.95 523.70 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 511.70 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 103.85 511.70 Td (it ) Tj ET Q q 0 0 0 rg BT 111.81 511.70 Td (is ) Tj ET Q q 0 0 0 rg BT 120.88 511.70 Td (possible ) Tj ET Q q 0 0 0 rg BT 156.06 511.70 Td (that ) Tj ET Q q 0 0 0 rg BT 173.46 511.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 208.06 511.70 Td (in ) Tj ET Q q 0 0 0 rg BT 218.24 511.70 Td (these ) Tj ET Q q 0 0 0 rg BT 241.19 511.70 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 293.04 511.70 Td (could ) Tj ET Q q 0 0 0 rg BT 317.66 511.70 Td (materially ) Tj ET Q q 0 0 0 rg BT 360.60 511.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 390.21 511.70 Td (future ) Tj ET Q q 0 0 0 rg BT 416.49 511.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 436.66 511.70 Td (flow ) Tj ET Q q 0 0 0 rg BT 457.39 511.70 Td (and ) Tj ET Q q 0 0 0 rg BT 474.23 511.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 490.51 511.70 Td (value ) Tj ET Q q 0 0 0 rg BT 514.57 511.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 554.18 511.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 499.70 Td (the ) Tj ET Q q 0 0 0 rg BT 63.65 499.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 113.35 499.70 Td (which ) Tj ET Q q 0 0 0 rg BT 139.72 499.70 Td (may ) Tj ET Q q 0 0 0 rg BT 158.87 499.70 Td (lead ) Tj ET Q q 0 0 0 rg BT 177.45 499.70 Td (the ) Tj ET Q q 0 0 0 rg BT 191.60 499.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 232.42 499.70 Td (to ) Tj ET Q q 0 0 0 rg BT 242.12 499.70 Td (incur ) Tj ET Q q 0 0 0 rg BT 264.60 499.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 306.52 499.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 354.55 499.70 Td (char) Tj ET Q q 0 0 0 rg BT 371.58 499.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 386.84 499.70 Td (in ) Tj ET Q q 0 0 0 rg BT 396.55 499.70 Td (the ) Tj ET Q q 0 0 0 rg BT 410.69 499.70 Td (future. ) Tj ET Q q 0 0 0 rg BT 439.00 499.70 Td ( ) Tj ET Q q 0 0 0 rg BT 440.93 499.70 Td (During ) Tj ET Q q 0 0 0 rg BT 471.19 499.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.34 499.70 Td (three ) Tj ET Q q 0 0 0 rg BT 507.25 499.70 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 499.70 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 487.70 Td (March ) Tj ET Q q 0 0 0 rg BT 77.39 487.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 91.69 487.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 113.49 487.70 Td (and ) Tj ET Q q 0 0 0 rg BT 129.72 487.70 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.72 487.70 Td (, ) Tj ET Q q 0 0 0 rg BT 154.02 487.70 Td (the ) Tj ET Q q 0 0 0 rg BT 168.03 487.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 208.71 487.70 Td (did ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.29 487.70 Td (no) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.29 487.70 Td (t ) Tj ET Q q 0 0 0 rg BT 237.86 487.70 Td (record ) Tj ET Q q 0 0 0 rg BT 265.19 487.70 Td (any ) Tj ET Q q 0 0 0 rg BT 281.43 487.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 329.32 487.70 Td (char) Tj ET Q q 0 0 0 rg BT 346.35 487.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 361.47 487.70 Td (on ) Tj ET Q q 0 0 0 rg BT 373.27 487.70 Td (its ) Tj ET Q q 0 0 0 rg BT 384.51 487.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 434.08 487.70 Td (in ) Tj ET Q q 0 0 0 rg BT 443.66 487.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 506.00 487.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 526.13 487.70 Td (ventures.) Tj ET Q BT /F3 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 464.13505859375 m 142.5908203125 464.13505859375 l s q 0 0 0 rg BT 49.50 465.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.57 465.70 Td (Instruments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 443.70 Td (Counterparty ) Tj ET Q q 0 0 0 rg BT 106.92 443.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 134.88 443.70 Td (Risk. ) Tj ET Q q 0 0 0 rg BT 158.13 443.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.54 443.70 Td (T) Tj ET Q q 0 0 0 rg BT 165.95 443.70 Td (o ) Tj ET Q q 0 0 0 rg BT 173.36 443.70 Td (reduce ) Tj ET Q q 0 0 0 rg BT 202.41 443.70 Td (the ) Tj ET Q q 0 0 0 rg BT 217.04 443.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 234.45 443.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 277.95 443.70 Td (with ) Tj ET Q q 0 0 0 rg BT 298.14 443.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 324.44 443.70 Td (that ) Tj ET Q q 0 0 0 rg BT 341.84 443.70 Td (would ) Tj ET Q q 0 0 0 rg BT 369.25 443.70 Td (be ) Tj ET Q q 0 0 0 rg BT 381.10 443.70 Td (recognized ) Tj ET Q q 0 0 0 rg BT 427.37 443.70 Td (if ) Tj ET Q q 0 0 0 rg BT 435.89 443.70 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 494.94 443.70 Td (failed ) Tj ET Q q 0 0 0 rg BT 520.11 443.70 Td (to ) Tj ET Q q 0 0 0 rg BT 530.29 443.70 Td (perform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.70 Td (as ) Tj ET Q q 0 0 0 rg BT 60.20 431.70 Td (contracted, ) Tj ET Q q 0 0 0 rg BT 106.70 431.70 Td (the ) Tj ET Q q 0 0 0 rg BT 121.28 431.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 162.54 431.70 Td (limits ) Tj ET Q q 0 0 0 rg BT 187.69 431.70 Td (the ) Tj ET Q q 0 0 0 rg BT 202.27 431.70 Td (entities ) Tj ET Q q 0 0 0 rg BT 233.52 431.70 Td (with ) Tj ET Q q 0 0 0 rg BT 253.66 431.70 Td (whom ) Tj ET Q q 0 0 0 rg BT 281.03 431.70 Td (management ) Tj ET Q q 0 0 0 rg BT 334.48 431.70 Td (can ) Tj ET Q q 0 0 0 rg BT 350.72 431.70 Td (enter ) Tj ET Q q 0 0 0 rg BT 373.07 431.70 Td (into ) Tj ET Q q 0 0 0 rg BT 391.00 431.70 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 450.30 431.70 Td ( ) Tj ET Q q 0 0 0 rg BT 452.50 431.70 Td (This ) Tj ET Q q 0 0 0 rg BT 472.64 431.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 490.01 431.70 Td (of ) Tj ET Q q 0 0 0 rg BT 500.70 431.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 546.94 431.70 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.70 Td (is ) Tj ET Q q 0 0 0 rg BT 58.71 419.70 Td (the ) Tj ET Q q 0 0 0 rg BT 73.47 419.70 Td (dif) Tj ET Q q 0 0 0 rg BT 84.40 419.70 Td (ference ) Tj ET Q q 0 0 0 rg BT 116.36 419.70 Td (between ) Tj ET Q q 0 0 0 rg BT 152.22 419.70 Td (the ) Tj ET Q q 0 0 0 rg BT 166.98 419.70 Td (market ) Tj ET Q q 0 0 0 rg BT 197.28 419.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 214.81 419.70 Td (at ) Tj ET Q q 0 0 0 rg BT 224.57 419.70 Td (the ) Tj ET Q q 0 0 0 rg BT 239.33 419.70 Td (time ) Tj ET Q q 0 0 0 rg BT 259.65 419.70 Td (of ) Tj ET Q q 0 0 0 rg BT 270.52 419.70 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 341.92 419.70 Td (by ) Tj ET Q q 0 0 0 rg BT 354.46 419.70 Td (the ) Tj ET Q q 0 0 0 rg BT 369.22 419.70 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 422.29 419.70 Td (and ) Tj ET Q q 0 0 0 rg BT 439.27 419.70 Td (the ) Tj ET Q q 0 0 0 rg BT 454.03 419.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 471.56 419.70 Td (to ) Tj ET Q q 0 0 0 rg BT 481.88 419.70 Td (which ) Tj ET Q q 0 0 0 rg BT 508.87 419.70 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 419.70 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.70 Td (committed. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.41 385.70 Td (following ) Tj ET Q q 0 0 0 rg BT 108.67 385.70 Td (table ) Tj ET Q q 0 0 0 rg BT 130.46 385.70 Td (presents ) Tj ET Q q 0 0 0 rg BT 165.60 385.70 Td (the ) Tj ET Q q 0 0 0 rg BT 180.18 385.70 Td (carrying ) Tj ET Q q 0 0 0 rg BT 215.86 385.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 252.11 385.70 Td (and ) Tj ET Q q 0 0 0 rg BT 268.92 385.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 285.16 385.70 Td (values ) Tj ET Q q 0 0 0 rg BT 313.07 385.70 Td (of ) Tj ET Q q 0 0 0 rg BT 323.77 385.70 Td (the ) Tj ET Q q 0 0 0 rg BT 338.35 385.70 Td (Company) Tj ET Q q 0 0 0 rg BT 380.02 385.70 Td (s ) Tj ET Q q 0 0 0 rg BT 386.27 385.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 423.62 385.70 Td (instruments ) Tj ET Q q 0 0 0 rg BT 472.65 385.70 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.23 385.70 Td (March31, ) Tj ET Q q 0 0 0 rg BT 525.70 385.70 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.70 385.70 Td ( ) Tj ET Q q 0 0 0 rg BT 548.06 385.70 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.70 Td (December ) Tj ET Q q 0 0 0 rg BT 93.31 373.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.54 373.70 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.54 373.70 Td (. ) Tj ET Q q 0 0 0 rg BT 133.77 373.70 Td ( ) Tj ET Q q 0 0 0 rg BT 136.30 373.70 Td (The ) Tj ET Q q 0 0 0 rg BT 154.58 373.70 Td (objective ) Tj ET Q q 0 0 0 rg BT 193.96 373.70 Td (of ) Tj ET Q q 0 0 0 rg BT 205.02 373.70 Td (the ) Tj ET Q q 0 0 0 rg BT 219.97 373.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 236.57 373.70 Td (value ) Tj ET Q q 0 0 0 rg BT 260.96 373.70 Td (measurement ) Tj ET Q q 0 0 0 rg BT 317.00 373.70 Td (is ) Tj ET Q q 0 0 0 rg BT 326.40 373.70 Td (to ) Tj ET Q q 0 0 0 rg BT 336.91 373.70 Td (estimate ) Tj ET Q q 0 0 0 rg BT 372.96 373.70 Td (the ) Tj ET Q q 0 0 0 rg BT 387.90 373.70 Td (price ) Tj ET Q q 0 0 0 rg BT 410.62 373.70 Td (at ) Tj ET Q q 0 0 0 rg BT 420.56 373.70 Td (which ) Tj ET Q q 0 0 0 rg BT 447.73 373.70 Td (an ) Tj ET Q q 0 0 0 rg BT 459.90 373.70 Td (orderly ) Tj ET Q q 0 0 0 rg BT 491.50 373.70 Td (transaction ) Tj ET Q q 0 0 0 rg BT 538.11 373.70 Td (to ) Tj ET Q q 0 0 0 rg BT 548.61 373.70 Td (sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.70 Td (the ) Tj ET Q q 0 0 0 rg BT 65.07 361.70 Td (asset ) Tj ET Q q 0 0 0 rg BT 87.87 361.70 Td (or ) Tj ET Q q 0 0 0 rg BT 99.56 361.70 Td (transfer ) Tj ET Q q 0 0 0 rg BT 133.45 361.70 Td (the ) Tj ET Q q 0 0 0 rg BT 149.02 361.70 Td (liability ) Tj ET Q q 0 0 0 rg BT 183.49 361.70 Td (would ) Tj ET Q q 0 0 0 rg BT 211.85 361.70 Td (take ) Tj ET Q q 0 0 0 rg BT 231.86 361.70 Td (place ) Tj ET Q q 0 0 0 rg BT 256.31 361.70 Td (between ) Tj ET Q q 0 0 0 rg BT 292.98 361.70 Td (market ) Tj ET Q q 0 0 0 rg BT 324.10 361.70 Td (participants ) Tj ET Q q 0 0 0 rg BT 374.11 361.70 Td (at ) Tj ET Q q 0 0 0 rg BT 384.68 361.70 Td (the ) Tj ET Q q 0 0 0 rg BT 400.26 361.70 Td (measurement ) Tj ET Q q 0 0 0 rg BT 456.92 361.70 Td (date ) Tj ET Q q 0 0 0 rg BT 476.94 361.70 Td (under ) Tj ET Q q 0 0 0 rg BT 503.06 361.70 Td (current ) Tj ET Q q 0 0 0 rg BT 534.73 361.70 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.70 Td (conditions. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 327.20000000000005 m 388 327.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 327.20000000000005 m 395 327.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 327.20000000000005 m 445 327.20000000000005 l s 0 0 0 RG 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BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.45 310.43 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.65 310.43 Td (Fair) Tj ET Q q 0 0 0 rg BT 416.17 310.43 Td ( ) Tj ET Q q 0 0 0 rg BT 418.02 310.43 Td (V) Tj ET Q q 0 0 0 rg BT 423.06 310.43 Td (alue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.25 318.45 Td (Carrying) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.35 310.45 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 520.00 310.45 Td (Fair ) Tj ET Q q 0 0 0 rg BT 534.81 310.45 Td (V) Tj ET Q q 0 0 0 rg BT 540.08 310.45 Td (alue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 298.15 Td (Assets:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 286.15 Td (Cash, cash equivalents and restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.35 286.15 Td (Level 1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.50 286.28 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 286.28 Td (21,184) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.50 286.28 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.75 286.28 Td (21,184) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 286.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 286.15 Td (6,083) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.50 286.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 286.15 Td (6,083) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 274.15 Td (Mortgage loans held for sale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.35 274.15 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.75 274.28 Td (156,208) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.75 274.28 Td (156,208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 274.15 Td (155,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 274.15 Td (155,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 262.15 Td (Interest rate lock commitments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.35 262.15 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.75 262.28 Td (3,095) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.75 262.28 Td (3,095) Tj ET Q BT 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8.00 Tf ET q 0 0 0 rg BT 532.75 226.15 Td (136,904) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 214.15 Td (Notes payable - other) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.35 214.15 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.75 214.28 Td (7,546) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.75 214.28 Td (7,008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 214.15 Td (5,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 214.15 Td (5,286) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 202.15 Td (Senior notes due 2021 ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 136.82 205.78 Td (\(a\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.35 202.15 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.80 202.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 202.28 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 202.15 Td (300,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 202.15 Td (299,250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 190.15 Td 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contracts for committed IRLCs and mortgage loans) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 157.45 Td (held for sale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.35 157.45 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.80 157.43 Td (20) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 157.43 Td (20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 157.45 Td (16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 157.45 Td (16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 145.15 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.35 145.15 Td (Level 2) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.75 145.28 Td (6,916) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.75 145.28 Td (6,916) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 489.80 145.15 Td (336) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 145.15 Td (336) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 126.10 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491.43 126.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 520.60 126.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 538.68 126.10 Td (that ) Tj ET Q q 0 0 0 rg BT 552.75 126.10 Td (are ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 116.50 Td (amortized ) Tj ET Q q 0 0 0 rg BT 101.48 116.50 Td (to ) Tj ET Q q 0 0 0 rg BT 109.71 116.50 Td (interest ) Tj ET Q q 0 0 0 rg BT 135.25 116.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 150.14 116.50 Td (over ) Tj ET Q q 0 0 0 rg BT 166.36 116.50 Td (the ) Tj ET Q q 0 0 0 rg BT 178.13 116.50 Td (respective ) Tj ET Q q 0 0 0 rg BT 212.55 116.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 232.33 116.50 Td (of ) Tj ET Q q 0 0 0 rg BT 240.99 116.50 Td (the ) Tj ET Q q 0 0 0 rg BT 252.77 116.50 Td (notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.50 Td (The ) Tj ET Q q 0 0 0 rg BT 66.89 94.50 Td (following ) Tj ET Q q 0 0 0 rg BT 107.61 94.50 Td (methods ) Tj ET Q q 0 0 0 rg BT 143.34 94.50 Td (and ) Tj ET Q q 0 0 0 rg BT 159.62 94.50 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 210.91 94.50 Td (were ) Tj ET Q q 0 0 0 rg BT 232.17 94.50 Td (used ) Tj ET Q q 0 0 0 rg BT 252.34 94.50 Td (by ) Tj ET Q q 0 0 0 rg BT 264.18 94.50 Td (the ) Tj ET Q q 0 0 0 rg BT 278.24 94.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 318.97 94.50 Td (in ) Tj ET Q q 0 0 0 rg BT 328.59 94.50 Td (estimating ) Tj ET Q q 0 0 0 rg BT 372.09 94.50 Td (its ) Tj ET Q q 0 0 0 rg BT 383.37 94.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 399.09 94.50 Td (value ) Tj ET Q q 0 0 0 rg BT 422.59 94.50 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 468.86 94.50 Td (of ) Tj ET Q q 0 0 0 rg BT 479.03 94.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.85 94.50 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.50 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.22 82.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 102.82 82.50 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.82 82.50 Td ( ) Tj ET Q q 0 0 0 rg BT 125.32 82.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.25 82.50 Td (December ) Tj ET Q q 0 0 0 rg BT 185.84 82.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 200.84 82.50 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.84 82.50 Td (:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 60.50 Td (Cash, ) Tj ET Q q 0 0 0 rg BT 75.02 60.50 Td (Cash ) Tj ET Q q 0 0 0 rg BT 98.04 60.50 Td (Equivalents ) Tj ET Q q 0 0 0 rg BT 148.83 60.50 Td (and ) Tj ET Q q 0 0 0 rg BT 166.29 60.50 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 209.29 60.50 Td (Cash.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.91 60.50 Td ( ) Tj ET Q q 0 0 0 rg BT 234.81 60.50 Td ( ) Tj ET Q q 0 0 0 rg BT 236.57 60.50 Td (The ) Tj ET Q q 0 0 0 rg BT 254.01 60.50 Td (carrying ) Tj ET Q q 0 0 0 rg BT 289.22 60.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 325.00 60.50 Td (of ) Tj ET Q q 0 0 0 rg BT 335.23 60.50 Td (these ) Tj ET Q q 0 0 0 rg BT 357.67 60.50 Td (items ) Tj ET Q q 0 0 0 rg BT 381.23 60.50 Td (approximate ) Tj ET Q q 0 0 0 rg BT 433.11 60.50 Td (fair ) Tj ET Q q 0 0 0 rg BT 448.88 60.50 Td (value ) Tj ET Q q 0 0 0 rg BT 472.43 60.50 Td (because ) Tj ET Q q 0 0 0 rg BT 505.97 60.50 Td (they ) Tj ET Q q 0 0 0 rg BT 525.09 60.50 Td (are ) Tj ET Q q 0 0 0 rg BT 539.19 60.50 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.50 Td (term ) Tj ET Q q 0 0 0 rg BT 70.33 48.50 Td (by ) Tj ET Q q 0 0 0 rg BT 82.83 48.50 Td (nature. ) Tj ET Q endstream endobj 31 0 obj <><>] /Rotate 0 /Contents 32 0 R>> endobj 32 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (14) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 92.50 740.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 121.05 740.25 Td (Held ) Tj ET Q q 0 0 0 rg BT 144.04 740.25 Td (for ) Tj ET Q q 0 0 0 rg BT 159.26 740.25 Td (Sale, ) Tj ET Q q 0 0 0 rg BT 182.53 740.25 Td (Forward ) Tj ET Q q 0 0 0 rg BT 221.65 740.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 246.32 740.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.64 740.25 Td (Mortgage-Backed ) Tj ET Q q 0 0 0 rg BT 334.52 740.25 Td (Securities, ) Tj ET Q q 0 0 0 rg BT 380.57 740.25 Td (Commitments ) Tj ET Q q 0 0 0 rg BT 440.80 740.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.57 740.25 Td (Extend ) Tj ET Q q 0 0 0 rg BT 484.01 740.25 Td (Real ) Tj ET Q q 0 0 0 rg BT 505.90 740.25 Td (Estate ) Tj ET Q q 0 0 0 rg BT 534.45 740.25 Td (Loans, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (Whole ) Tj ET Q q 0 0 0 rg BT 78.08 728.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 98.33 728.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 140.25 728.25 Td (for ) Tj ET Q q 0 0 0 rg BT 154.38 728.25 Td (Committed ) Tj ET Q q 0 0 0 rg BT 201.29 728.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 230.44 728.25 Td (and ) Tj ET Q q 0 0 0 rg BT 247.91 728.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 289.82 728.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 317.29 728.25 Td (Held ) Tj ET Q q 0 0 0 rg BT 339.20 728.25 Td (for ) Tj ET Q q 0 0 0 rg BT 353.33 728.25 Td (Sale, ) Tj ET Q q 0 0 0 rg BT 375.52 728.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 404.66 728.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 429.90 728.25 Td (due ) Tj ET Q q 0 0 0 rg BT 446.81 728.25 Td (2021, ) Tj ET Q q 0 0 0 rg BT 471.22 728.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 500.36 728.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 525.61 728.25 Td (due ) Tj ET Q q 0 0 0 rg BT 542.52 728.25 Td (2025 ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.06 716.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 98.79 716.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 124.11 716.25 Td (due ) Tj ET Q q 0 0 0 rg BT 141.11 716.25 Td (2028. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.61 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 167.46 716.25 Td (The ) Tj ET Q q 0 0 0 rg BT 185.00 716.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 200.88 716.25 Td (value ) Tj ET Q q 0 0 0 rg BT 224.53 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 234.86 716.25 Td (these ) Tj ET Q q 0 0 0 rg BT 257.40 716.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.38 716.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 343.04 716.25 Td (was ) Tj ET Q q 0 0 0 rg BT 360.59 716.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 407.57 716.25 Td (based ) Tj ET Q q 0 0 0 rg BT 432.33 716.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 454.33 716.25 Td (market ) Tj ET Q q 0 0 0 rg BT 484.09 716.25 Td (quotes ) Tj ET Q q 0 0 0 rg BT 512.20 716.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.41 716.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.88 704.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.70 704.25 Td (December ) Tj ET Q q 0 0 0 rg BT 132.16 704.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 147.04 704.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.04 704.25 Td (. ) Tj ET Q q 0 0 0 rg BT 171.92 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 174.13 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 192.06 704.25 Td (market ) Tj ET Q q 0 0 0 rg BT 222.20 704.25 Td (quotes ) Tj ET Q q 0 0 0 rg BT 250.69 704.25 Td (used ) Tj ET Q q 0 0 0 rg BT 271.40 704.25 Td (were ) Tj ET Q q 0 0 0 rg BT 293.21 704.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 322.81 704.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 349.07 704.25 Td (for ) Tj ET Q q 0 0 0 rg BT 363.11 704.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 393.26 704.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 418.97 704.25 Td (or ) Tj ET Q q 0 0 0 rg BT 429.68 704.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 469.28 704.25 Td (along ) Tj ET Q q 0 0 0 rg BT 493.88 704.25 Td (with ) Tj ET Q q 0 0 0 rg BT 514.04 704.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 540.86 704.25 Td (taken ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.44 692.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 117.25 692.25 Td (market ) Tj ET Q q 0 0 0 rg BT 147.52 692.25 Td (data ) Tj ET Q q 0 0 0 rg BT 166.67 692.25 Td (by ) Tj ET Q q 0 0 0 rg BT 179.17 692.25 Td (correlation. ) Tj ET Q q 0 0 0 rg BT 227.48 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.80 692.25 Td (The ) Tj ET Q q 0 0 0 rg BT 247.85 692.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 274.80 692.25 Td (were ) Tj ET Q q 0 0 0 rg BT 296.73 692.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 332.55 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 342.83 692.25 Td (account ) Tj ET Q q 0 0 0 rg BT 376.42 692.25 Td (for ) Tj ET Q q 0 0 0 rg BT 390.58 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.30 692.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 445.57 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 456.40 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.12 692.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 493.06 692.25 Td (or ) Tj ET Q q 0 0 0 rg BT 503.89 692.25 Td (liability) Tj ET Q q 0 0 0 rg BT 534.35 692.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.03 670.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.00 670.25 Td (- ) Tj ET Q q 0 0 0 rg BT 115.54 670.25 Td (Homebuilding ) Tj ET Q q 0 0 0 rg BT 177.20 670.25 Td (Operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.26 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 227.46 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.51 670.25 Td (The ) Tj ET Q q 0 0 0 rg BT 247.26 670.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 278.90 670.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 296.09 670.25 Td (available ) Tj ET Q q 0 0 0 rg BT 334.38 670.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.36 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.78 670.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 399.88 670.25 Td (during ) Tj ET Q q 0 0 0 rg BT 428.19 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.61 670.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 473.13 670.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.21 670.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 542.51 670.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (under ) Tj ET Q q 0 0 0 rg BT 75.13 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 90.20 658.25 Td (Company) Tj ET Q q 0 0 0 rg BT 131.87 658.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.62 658.25 Td ($500 ) Tj ET Q q 0 0 0 rg BT 161.47 658.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.37 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.22 658.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 236.62 658.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 277.80 658.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 303.42 658.25 Td (facility) Tj ET Q q 0 0 0 rg BT 331.09 658.25 Td (, ) Tj ET Q q 0 0 0 rg BT 336.45 658.25 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.96 658.25 Td (July18, ) Tj ET Q q 0 0 0 rg BT 395.49 658.25 Td (2013) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.49 658.25 Td (, ) Tj ET Q q 0 0 0 rg BT 420.85 658.25 Td (as ) Tj ET Q q 0 0 0 rg BT 432.04 658.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 470.99 658.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 489.40 658.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 521.69 658.25 Td (Facility\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (fluctuated ) Tj ET Q q 0 0 0 rg BT 92.48 646.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 115.48 646.25 Td (with ) Tj ET Q q 0 0 0 rg BT 136.26 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 151.48 646.25 Td (one-month ) Tj ET Q q 0 0 0 rg BT 197.81 646.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 230.81 646.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.79 646.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 268.47 646.25 Td (a ) Tj ET Q q 0 0 0 rg BT 275.91 646.25 Td (mar) Tj ET Q q 0 0 0 rg BT 291.27 646.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 307.05 646.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.39 646.25 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.39 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 336.39 646.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 359.39 646.25 Td (points, ) Tj ET Q q 0 0 0 rg BT 389.34 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 406.78 646.25 Td (thus ) Tj ET Q q 0 0 0 rg BT 426.45 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.67 646.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 477.99 646.25 Td (value ) Tj ET Q q 0 0 0 rg BT 502.65 646.25 Td (is ) Tj ET Q q 0 0 0 rg BT 512.32 646.25 Td (a ) Tj ET Q q 0 0 0 rg BT 519.76 646.25 Td (reasonable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 85.32 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.15 634.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 112.53 634.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 139.18 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 141.68 634.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 158.62109375 632.9169921875 m 185.5595703125 632.9169921875 l s q 0 0 1 rg BT 158.62 634.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 180.56 634.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 185.56 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 188.06 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 198.34 634.25 Td (our ) Tj ET Q q 0 0 0 rg BT 214.17 634.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 251.65 634.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 296.36 634.25 Td (for ) Tj ET Q q 0 0 0 rg BT 310.52 634.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 353.01 634.25 Td (information ) Tj ET Q q 0 0 0 rg BT 402.72 634.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 443.54 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.25 634.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 485.75 634.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 515.65 634.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.24 612.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.41 612.25 Td (- ) Tj ET Q q 0 0 0 rg BT 116.14 612.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 159.12 612.25 Td (Services ) Tj ET Q q 0 0 0 rg BT 195.40 612.25 Td (Operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.46 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 245.87 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.27 612.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 265.68 612.25 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 307.80 612.25 Td (LLC ) Tj ET Q q 0 0 0 rg BT 329.09 612.25 Td (\(M/I ) Tj ET Q q 0 0 0 rg BT 354.26 612.25 Td (Financial\) ) Tj ET Q q 0 0 0 rg BT 401.65 612.25 Td (is ) Tj ET Q q 0 0 0 rg BT 410.73 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 417.57 612.25 Td (party ) Tj ET Q q 0 0 0 rg BT 440.53 612.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.71 612.25 Td (two ) Tj ET Q q 0 0 0 rg BT 468.12 612.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 493.29 612.25 Td (agreements: ) Tj ET Q q 0 0 0 rg BT 544.00 612.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 558.07 612.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.89 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.53 600.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 138.70 600.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 180.10 600.25 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 234.83 600.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 282.61 600.25 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.90 600.25 Td (June24, ) Tj ET Q q 0 0 0 rg BT 344.86 600.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.86 600.25 Td (, ) Tj ET Q q 0 0 0 rg BT 371.00 600.25 Td (as ) Tj ET Q q 0 0 0 rg BT 382.96 600.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 422.69 600.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 441.88 600.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 467.73 600.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 509.98 600.25 Td (W) Tj ET Q q 0 0 0 rg BT 518.62 600.25 Td (arehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (Agreement\); ) Tj ET Q q 0 0 0 rg BT 107.34 588.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.65 588.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 139.19 588.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.50 588.25 Td ($65 ) Tj ET Q q 0 0 0 rg BT 164.37 588.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.26 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 196.13 588.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 236.77 588.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 282.95 588.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 329.96 588.25 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.49 588.25 Td (October30, ) Tj ET Q q 0 0 0 rg BT 404.57 588.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.57 588.25 Td (, ) Tj ET Q q 0 0 0 rg BT 429.94 588.25 Td (as ) Tj ET Q q 0 0 0 rg BT 441.15 588.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 480.11 588.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 498.53 588.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.63 588.25 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 98.40 576.25 Td (Facility\). ) Tj ET Q q 0 0 0 rg BT 141.48 576.25 Td ( ) Tj ET Q q 0 0 0 rg BT 143.73 576.25 Td (For ) Tj ET Q q 0 0 0 rg BT 159.88 576.25 Td (each ) Tj ET Q q 0 0 0 rg BT 180.45 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.03 576.25 Td (these ) Tj ET Q q 0 0 0 rg BT 213.83 576.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 238.85 576.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 278.04 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.51 576.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 324.20 576.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 341.44 576.25 Td (is ) Tj ET Q q 0 0 0 rg BT 350.36 576.25 Td (based ) Tj ET Q q 0 0 0 rg BT 375.38 576.25 Td (on ) Tj ET Q q 0 0 0 rg BT 387.64 576.25 Td (a ) Tj ET Q q 0 0 0 rg BT 394.33 576.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 428.79 576.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 446.03 576.25 Td (index, ) Tj ET Q q 0 0 0 rg BT 473.00 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.70 576.25 Td (thus ) Tj ET Q q 0 0 0 rg BT 508.62 576.25 Td (their ) Tj ET Q q 0 0 0 rg BT 529.20 576.25 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (value ) Tj ET Q q 0 0 0 rg BT 73.47 564.25 Td (is ) Tj ET Q q 0 0 0 rg BT 82.45 564.25 Td (a ) Tj ET Q q 0 0 0 rg BT 89.20 564.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 134.27 564.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 169.90 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 180.54 564.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 196.73 564.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 223.20 564.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.34 564.25 Td (The ) Tj ET Q q 0 0 0 rg BT 243.20 564.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 274.95 564.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 292.24 564.25 Td (available ) Tj ET Q q 0 0 0 rg BT 330.64 564.25 Td (to ) Tj ET Q q 0 0 0 rg BT 340.73 564.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 358.05 564.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 397.57 564.25 Td (during ) Tj ET Q q 0 0 0 rg BT 425.99 564.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.52 564.25 Td (first ) Tj ET Q q 0 0 0 rg BT 458.94 564.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 489.57 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 500.21 564.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.21 564.25 Td ( ) Tj ET Q q 0 0 0 rg BT 522.52 564.25 Td (fluctuated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (with ) Tj ET Q q 0 0 0 rg BT 68.55 552.25 Td (LIBOR. ) Tj ET Q q 0 0 0 rg BT 102.33 552.25 Td ( ) Tj ET Q q 0 0 0 rg BT 103.60 552.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 119.314453125 550.9169921875 m 145.02734375 550.9169921875 l s q 0 0 1 rg BT 119.31 552.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 140.03 552.25 Td (8) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 145.03 552.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.30 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 155.35 552.25 Td (our ) Tj ET Q q 0 0 0 rg BT 169.96 552.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 206.21 552.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 249.70 552.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.63 552.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 303.90 552.25 Td (information ) Tj ET Q q 0 0 0 rg BT 352.39 552.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 391.98 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 405.47 552.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 424.52 552.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 464.58 552.25 Td (W) Tj ET Q q 0 0 0 rg BT 473.22 552.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 518.09 552.25 Td (Agreement ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.16 540.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 101.44 540.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 142.82 540.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 191.96 540.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 221.86 540.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 518.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.46 518.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.86 518.25 Td (- ) Tj ET Q q 0 0 0 rg BT 116.82 518.25 Td (Other) Tj ET Q q 0 0 0 rg BT 140.16 518.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.66 518.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.30 518.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.74 518.25 Td (The ) Tj ET Q q 0 0 0 rg BT 165.92 518.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 206.87 518.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.38 518.25 Td (value ) Tj ET Q q 0 0 0 rg BT 247.67 518.25 Td (was ) Tj ET Q q 0 0 0 rg BT 265.86 518.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 313.47 518.25 Td (by ) Tj ET Q q 0 0 0 rg BT 326.10 518.25 Td (calculating ) Tj ET Q q 0 0 0 rg BT 372.60 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.46 518.25 Td (present ) Tj ET Q q 0 0 0 rg BT 418.97 518.25 Td (value ) Tj ET Q q 0 0 0 rg BT 443.25 518.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.22 518.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.07 518.25 Td (future ) Tj ET Q q 0 0 0 rg BT 495.58 518.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 515.98 518.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 540.83 518.25 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 506.25 Td (Company) Tj ET Q q 0 0 0 rg BT 105.88 506.25 Td (s ) Tj ET Q q 0 0 0 rg BT 112.27 506.25 Td (current ) Tj ET Q q 0 0 0 rg BT 143.09 506.25 Td (incremental ) Tj ET Q q 0 0 0 rg BT 192.79 506.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 236.95 506.25 Td (rate.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 484.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 484.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 90.34 484.25 Td (Guarantees ) Tj ET Q q 0 0 0 rg BT 142.28 484.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.90 484.25 Td (Indemnifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (In ) Tj ET Q q 0 0 0 rg BT 59.50 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 73.39 462.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 108.94 462.25 Td (course ) Tj ET Q q 0 0 0 rg BT 136.71 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.71 462.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 184.77 462.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 201.44 462.25 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 242.83 462.25 Td (a ) Tj ET Q q 0 0 0 rg BT 248.94 462.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 303.93 462.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 346.71 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 356.71 462.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 373.38 462.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 405.88 462.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 425.32 462.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 450.87 462.25 Td (into ) Tj ET Q q 0 0 0 rg BT 468.10 462.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 515.30 462.25 Td (that ) Tj ET Q q 0 0 0 rg BT 531.97 462.25 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.53 450.25 Td (limited-life ) Tj ET Q q 0 0 0 rg BT 104.11 450.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 145.57 450.25 Td (on ) Tj ET Q q 0 0 0 rg BT 158.16 450.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 181.87 450.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 201.13 450.25 Td (to ) Tj ET Q q 0 0 0 rg BT 211.50 450.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 241.30 450.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 286.66 450.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 332.01 450.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.93 450.25 Td (its ) Tj ET Q q 0 0 0 rg BT 354.98 450.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 395.33 450.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 419.04 450.25 Td (that ) Tj ET Q q 0 0 0 rg BT 436.63 450.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 454.22 450.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 494.03 450.25 Td (will ) Tj ET Q q 0 0 0 rg BT 512.18 450.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 558.08 450.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 68.94 438.25 Td (if ) Tj ET Q q 0 0 0 rg BT 77.26 438.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 106.69 438.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 150.57 438.25 Td (occur) Tj ET Q q 0 0 0 rg BT 172.38 438.25 Td (, ) Tj ET Q q 0 0 0 rg BT 177.10 438.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 216.53 438.25 Td (if ) Tj ET Q q 0 0 0 rg BT 224.85 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.29 438.25 Td (mortgagor ) Tj ET Q q 0 0 0 rg BT 283.16 438.25 Td (does ) Tj ET Q q 0 0 0 rg BT 303.71 438.25 Td (not ) Tj ET Q q 0 0 0 rg BT 318.71 438.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 340.36 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.80 438.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 379.24 438.25 Td (of ) Tj ET Q q 0 0 0 rg BT 389.79 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.22 438.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 423.66 438.25 Td (within ) Tj ET Q q 0 0 0 rg BT 451.43 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.87 438.25 Td (first ) Tj ET Q q 0 0 0 rg BT 484.20 438.25 Td (six ) Tj ET Q q 0 0 0 rg BT 498.09 438.25 Td (months ) Tj ET Q q 0 0 0 rg BT 529.75 438.25 Td (after ) Tj ET Q q 0 0 0 rg BT 550.29 438.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 66.56 426.25 Td (of ) Tj ET Q q 0 0 0 rg BT 76.41 426.25 Td (the ) Tj ET Q q 0 0 0 rg BT 90.15 426.25 Td (loan. ) Tj ET Q q 0 0 0 rg BT 111.38 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 112.90 426.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 138.85 426.25 Td (totaling ) Tj ET Q q 0 0 0 rg BT 170.92 426.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.20 426.25 Td ($44.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.09 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 285.61 426.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.57 426.25 Td ($48.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.46 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 356.97 426.25 Td (were ) Tj ET Q q 0 0 0 rg BT 377.92 426.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 411.08 426.25 Td (under ) Tj ET Q q 0 0 0 rg BT 435.37 426.25 Td (these ) Tj ET Q q 0 0 0 rg BT 457.43 426.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 501.71 426.25 Td (as ) Tj ET Q q 0 0 0 rg BT 511.55 426.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.40 426.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 414.25 Td ( ) Tj ET Q q 0 0 0 rg BT 71.49 414.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.92 414.25 Td (December ) Tj ET Q q 0 0 0 rg BT 131.00 414.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 145.49 414.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.49 414.25 Td (, ) Tj ET Q q 0 0 0 rg BT 169.98 414.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 217.64 414.25 Td (. ) Tj ET Q q 0 0 0 rg BT 224.49 414.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.02 414.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.44 414.25 Td ( ) Tj ET Q q 0 0 0 rg BT 278.43 414.25 Td (in ) Tj ET Q q 0 0 0 rg BT 288.20 414.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 311.30 414.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 344.94 414.25 Td (by ) Tj ET Q q 0 0 0 rg BT 356.93 414.25 Td (these ) Tj ET Q q 0 0 0 rg BT 379.47 414.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 424.21 414.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.64 414.25 Td (December ) Tj ET Q q 0 0 0 rg BT 488.72 414.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 503.21 414.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 523.21 414.25 Td ( ) Tj ET Q q 0 0 0 rg BT 525.20 414.25 Td (is ) Tj ET Q q 0 0 0 rg BT 533.86 414.25 Td (a ) Tj ET Q q 0 0 0 rg BT 540.29 414.25 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 402.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.19 402.25 Td (a ) Tj ET Q q 0 0 0 rg BT 66.99 402.25 Td (change ) Tj ET Q q 0 0 0 rg BT 97.66 402.25 Td (in ) Tj ET Q q 0 0 0 rg BT 107.80 402.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.38 402.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 140.29 402.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.98 402.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 189.45 402.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.25 402.25 Td (their ) Tj ET Q q 0 0 0 rg BT 226.94 402.25 Td (related ) Tj ET Q q 0 0 0 rg BT 256.50 402.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 294.40 402.25 Td (terms. ) Tj ET Q q 0 0 0 rg BT 321.47 402.25 Td () Tj ET Q q 0 0 0 rg BT 323.42 402.25 Td (A) Tj ET Q q 0 0 0 rg BT 330.09 402.25 Td ( ) Tj ET Q q 0 0 0 rg BT 332.45 402.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 363.70 402.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.39 402.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.96 402.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 422.97 402.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 442.55 402.25 Td (to ) Tj ET Q q 0 0 0 rg BT 452.68 402.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 470.04 402.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 509.62 402.25 Td (for ) Tj ET Q q 0 0 0 rg BT 523.64 402.25 Td (providing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.94 390.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 108.93 390.25 Td (on ) Tj ET Q q 0 0 0 rg BT 121.15 390.25 Td (these ) Tj ET Q q 0 0 0 rg BT 143.93 390.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 167.27 390.25 Td (was ) Tj ET Q q 0 0 0 rg BT 185.05 390.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 220.58 390.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.02 390.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 273.35 390.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.35 390.25 Td (, ) Tj ET Q q 0 0 0 rg BT 298.08 390.25 Td (and ) Tj ET Q q 0 0 0 rg BT 314.75 390.25 Td (will ) Tj ET Q q 0 0 0 rg BT 332.53 390.25 Td (be ) Tj ET Q q 0 0 0 rg BT 344.20 390.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 390.29 390.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.29 390.25 Td (income ) Tj ET Q q 0 0 0 rg BT 431.96 390.25 Td (as ) Tj ET Q q 0 0 0 rg BT 442.51 390.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 459.74 390.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 499.18 390.25 Td (is ) Tj ET Q q 0 0 0 rg BT 508.08 390.25 Td (released ) Tj ET Q q 0 0 0 rg BT 543.06 390.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (its ) Tj ET Q q 0 0 0 rg BT 61.42 378.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 104.44 378.25 Td (under ) Tj ET Q q 0 0 0 rg BT 129.68 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.36 378.25 Td (guarantees. ) Tj ET Q q 0 0 0 rg BT 192.09 378.25 Td ( ) Tj ET Q q 0 0 0 rg BT 194.38 378.25 Td (The ) Tj ET Q q 0 0 0 rg BT 212.40 378.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 229.87 378.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 273.43 378.25 Td (with ) Tj ET Q q 0 0 0 rg BT 293.68 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.36 378.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 353.59 378.25 Td (above ) Tj ET Q q 0 0 0 rg BT 379.93 378.25 Td (is ) Tj ET Q q 0 0 0 rg BT 389.07 378.25 Td (of) Tj ET Q q 0 0 0 rg BT 397.22 378.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 414.13 378.25 Td (by ) Tj ET Q q 0 0 0 rg BT 426.60 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.29 378.25 Td (value ) Tj ET Q q 0 0 0 rg BT 465.41 378.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.21 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 490.90 378.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 536.69 378.25 Td (assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 66.68 356.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 106.07 356.25 Td (has ) Tj ET Q q 0 0 0 rg BT 121.57 356.25 Td (received ) Tj ET Q q 0 0 0 rg BT 157.61 356.25 Td (inquiries ) Tj ET Q q 0 0 0 rg BT 194.78 356.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 241.38 356.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 295.22 356.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 326.83 356.25 Td (from ) Tj ET Q q 0 0 0 rg BT 348.44 356.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 393.38 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.88 356.25 Td (its ) Tj ET Q q 0 0 0 rg BT 415.51 356.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 438.79 356.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 479.29 356.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 508.67 356.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 531.95 356.25 Td (totaling ) Tj ET Q q 0 0 0 rg BT 565.00 356.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 344.25 Td ($0.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.65 344.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.15 344.25 Td (at ) Tj ET Q q 0 0 0 rg BT 170.87 344.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.15 344.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 234.74 344.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.74 344.25 Td ( ) Tj ET Q q 0 0 0 rg BT 257.24 344.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.18 344.25 Td (December ) Tj ET Q q 0 0 0 rg BT 317.77 344.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 332.77 344.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.77 344.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 66.48 322.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 105.67 322.25 Td (has ) Tj ET Q q 0 0 0 rg BT 120.98 322.25 Td (also ) Tj ET Q q 0 0 0 rg BT 139.07 322.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 184.91 322.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.10 322.25 Td (collectability ) Tj ET Q q 0 0 0 rg BT 253.28 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.59 322.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 292.77 322.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 315.86 322.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.62 322.25 Td (third ) Tj ET Q q 0 0 0 rg BT 346.49 322.25 Td (party ) Tj ET Q q 0 0 0 rg BT 369.01 322.25 Td (insurers ) Tj ET Q q 0 0 0 rg BT 402.65 322.25 Td (\(U.S. ) Tj ET Q q 0 0 0 rg BT 425.74 322.25 Td (Department ) Tj ET Q q 0 0 0 rg BT 474.92 322.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.23 322.25 Td (Housing ) Tj ET Q q 0 0 0 rg BT 521.10 322.25 Td (and ) Tj ET Q q 0 0 0 rg BT 537.52 322.25 Td (Urban ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 310.25 Td (Development ) Tj ET Q q 0 0 0 rg BT 105.43 310.25 Td (and ) Tj ET Q q 0 0 0 rg BT 121.92 310.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 141.61 310.25 Td (V) Tj ET Q q 0 0 0 rg BT 147.73 310.25 Td (eterans ) Tj ET Q q 0 0 0 rg BT 177.64 310.25 Td (Administration\) ) Tj ET Q q 0 0 0 rg BT 243.58 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.97 310.25 Td (those ) Tj ET Q q 0 0 0 rg BT 277.13 310.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 300.29 310.25 Td (for ) Tj ET Q q 0 0 0 rg BT 314.01 310.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 345.50 310.25 Td (ranging ) Tj ET Q q 0 0 0 rg BT 378.11 310.25 Td (from ) Tj ET Q q 0 0 0 rg BT 399.60 310.25 Td (five ) Tj ET Q q 0 0 0 rg BT 417.20 310.25 Td (to ) Tj ET Q q 0 0 0 rg BT 427.04 310.25 Td (thirty ) Tj ET Q q 0 0 0 rg BT 450.76 310.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 476.41 310.25 Td ( ) Tj ET Q q 0 0 0 rg BT 478.01 310.25 Td (As ) Tj ET Q q 0 0 0 rg BT 491.18 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.57 310.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.40 310.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 298.25 Td ( ) Tj ET Q q 0 0 0 rg BT 73.02 298.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.97 298.25 Td (December ) Tj ET Q q 0 0 0 rg BT 135.58 298.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 151.59 298.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.59 298.25 Td (, ) Tj ET Q q 0 0 0 rg BT 177.61 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.35 298.25 Td (total ) Tj ET Q q 0 0 0 rg BT 214.64 298.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.49 298.25 Td (all ) Tj ET Q q 0 0 0 rg BT 240.00 298.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 264.63 298.25 Td (indemnified ) Tj ET Q q 0 0 0 rg BT 316.47 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.76 298.25 Td (third ) Tj ET Q q 0 0 0 rg BT 350.17 298.25 Td (party ) Tj ET Q q 0 0 0 rg BT 374.23 298.25 Td (insurers ) Tj ET Q q 0 0 0 rg BT 409.41 298.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 443.47 298.25 Td (to ) Tj ET Q q 0 0 0 rg BT 454.77 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.50 298.25 Td (above ) Tj ET Q q 0 0 0 rg BT 497.90 298.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 546.95 298.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.25 Td ($1.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 286.25 Td (. ) Tj ET Q q 0 0 0 rg BT 104.24 286.25 Td ( ) Tj ET Q q 0 0 0 rg BT 107.35 286.25 Td (The ) Tj ET Q q 0 0 0 rg BT 126.24 286.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 170.14 286.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 208.48 286.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 241.83 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.50 286.25 Td (future ) Tj ET Q q 0 0 0 rg BT 280.73 286.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 322.40 286.25 Td (is ) Tj ET Q q 0 0 0 rg BT 332.42 286.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 357.43 286.25 Td (to ) Tj ET Q q 0 0 0 rg BT 368.55 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.12 286.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 434.13 286.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 454.70 286.25 Td (value ) Tj ET Q q 0 0 0 rg BT 479.70 286.25 Td (less ) Tj ET Q q 0 0 0 rg BT 498.05 286.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.62 286.25 Td (value ) Tj ET Q q 0 0 0 rg BT 538.62 286.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 286.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 95.33 274.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 117.26 274.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 136.43 274.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 196.14 274.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 218.64 274.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 254.46 274.25 Td (related ) Tj ET Q q 0 0 0 rg BT 284.16 274.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.44 274.25 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 341.91 274.25 Td (on ) Tj ET Q q 0 0 0 rg BT 354.41 274.25 Td (the ) Tj ET Q q 0 0 0 rg BT 369.13 274.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 395.24 274.25 Td (should ) Tj ET Q q 0 0 0 rg BT 424.41 274.25 Td (this ) Tj ET Q q 0 0 0 rg BT 441.36 274.25 Td (event ) Tj ET Q q 0 0 0 rg BT 465.51 274.25 Td (occur) Tj ET Q q 0 0 0 rg BT 487.17 274.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.14 252.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.12 252.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 148.19 252.25 Td (a ) Tj ET Q q 0 0 0 rg BT 155.72 252.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 189.92 252.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 223.56 252.25 Td (to ) Tj ET Q q 0 0 0 rg BT 234.43 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.74 252.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 295.59 252.25 Td (described ) Tj ET Q q 0 0 0 rg BT 337.00 252.25 Td (above ) Tj ET Q q 0 0 0 rg BT 363.97 252.25 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.61 252.25 Td ($0.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.50 252.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.60 252.25 Td (at ) Tj ET Q q 0 0 0 rg BT 459.91 252.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.78 252.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 524.97 252.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.97 252.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.06 252.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (December ) Tj ET Q q 0 0 0 rg BT 93.08 240.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.08 240.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 240.25 Td (, ) Tj ET Q q 0 0 0 rg BT 133.08 240.25 Td (which ) Tj ET Q q 0 0 0 rg BT 160.02 240.25 Td (is ) Tj ET Q q 0 0 0 rg BT 169.19 240.25 Td (management) Tj ET Q q 0 0 0 rg BT 223.06 240.25 Td (s ) Tj ET Q q 0 0 0 rg BT 229.45 240.25 Td (best ) Tj ET Q q 0 0 0 rg BT 248.06 240.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 283.88 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.71 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.43 240.25 Td (Company) Tj ET Q q 0 0 0 rg BT 351.09 240.25 Td (s ) Tj ET Q q 0 0 0 rg BT 357.48 240.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 391.09 240.25 Td (with ) Tj ET Q q 0 0 0 rg BT 411.37 240.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 442.19 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 452.46 240.25 Td (such ) Tj ET Q q 0 0 0 rg BT 473.29 240.25 Td (guarantees.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 218.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 218.25 Td (6. ) Tj ET Q q 0 0 0 rg BT 90.34 218.25 Td (Commitments ) Tj ET Q q 0 0 0 rg BT 153.38 218.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.00 218.25 Td (Contingencies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 196.25 Td (arranty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 174.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.22 174.25 Td (use ) Tj ET Q q 0 0 0 rg BT 81.20 174.25 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 142.16 174.25 Td (for ) Tj ET Q q 0 0 0 rg BT 156.47 174.25 Td (nearly ) Tj ET Q q 0 0 0 rg BT 184.10 174.25 Td (all ) Tj ET Q q 0 0 0 rg BT 196.74 174.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 228.26 174.25 Td (of ) Tj ET Q q 0 0 0 rg BT 239.24 174.25 Td (home ) Tj ET Q q 0 0 0 rg BT 264.10 174.25 Td (construction. ) Tj ET Q q 0 0 0 rg BT 318.68 174.25 Td ( ) Tj ET Q q 0 0 0 rg BT 320.75 174.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 361.17 174.25 Td (our ) Tj ET Q q 0 0 0 rg BT 377.15 174.25 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 438.11 174.25 Td (are ) Tj ET Q q 0 0 0 rg BT 452.96 174.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 492.81 174.25 Td (required ) Tj ET Q q 0 0 0 rg BT 528.77 174.25 Td (to ) Tj ET Q q 0 0 0 rg BT 539.20 174.25 Td (repair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.11 162.25 Td (replace ) Tj ET Q q 0 0 0 rg BT 97.14 162.25 Td (any ) Tj ET Q q 0 0 0 rg BT 113.74 162.25 Td (product ) Tj ET Q q 0 0 0 rg BT 146.46 162.25 Td (or ) Tj ET Q q 0 0 0 rg BT 156.96 162.25 Td (labor ) Tj ET Q q 0 0 0 rg BT 179.67 162.25 Td (defects, ) Tj ET Q q 0 0 0 rg BT 212.65 162.25 Td (we ) Tj ET Q q 0 0 0 rg BT 226.48 162.25 Td (are, ) Tj ET Q q 0 0 0 rg BT 243.36 162.25 Td (during ) Tj ET Q q 0 0 0 rg BT 271.63 162.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 314.89 162.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 352.60 162.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 386.70 162.25 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 429.42 162.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 477.13 162.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.08 162.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.46 162.25 Td (homeowner ) Tj ET Q q 0 0 0 rg BT 550.84 162.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.25 Td (making ) Tj ET Q q 0 0 0 rg BT 81.63 150.25 Td (such ) Tj ET Q q 0 0 0 rg BT 102.10 150.25 Td (repairs. ) Tj ET Q q 0 0 0 rg BT 133.94 150.25 Td ( ) Tj ET Q q 0 0 0 rg BT 135.61 150.25 Td (As ) Tj ET Q q 0 0 0 rg BT 148.85 150.25 Td (such, ) Tj ET Q q 0 0 0 rg BT 171.82 150.25 Td (we ) Tj ET Q q 0 0 0 rg BT 185.62 150.25 Td (record ) Tj ET Q q 0 0 0 rg BT 213.29 150.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 250.96 150.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 285.86 150.25 Td (to ) Tj ET Q q 0 0 0 rg BT 295.77 150.25 Td (cover ) Tj ET Q q 0 0 0 rg BT 320.12 150.25 Td (our ) Tj ET Q q 0 0 0 rg BT 335.58 150.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 373.82 150.25 Td (to ) Tj ET Q q 0 0 0 rg BT 383.73 150.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.09 150.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 420.22 150.25 Td (for ) Tj ET Q q 0 0 0 rg BT 434.02 150.25 Td (materials ) Tj ET Q q 0 0 0 rg BT 472.81 150.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.38 150.25 Td (labor ) Tj ET Q q 0 0 0 rg BT 512.06 150.25 Td (not ) Tj ET Q q 0 0 0 rg BT 526.98 150.25 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.04 138.25 Td (be ) Tj ET Q q 0 0 0 rg BT 70.23 138.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 103.64 138.25 Td (by ) Tj ET Q q 0 0 0 rg BT 115.39 138.25 Td (our ) Tj ET Q q 0 0 0 rg BT 130.48 138.25 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 190.55 138.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.09 138.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.07 138.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 240.26 138.25 Td (they ) Tj ET Q q 0 0 0 rg BT 259.23 138.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 283.19 138.25 Td (to ) Tj ET Q q 0 0 0 rg BT 292.73 138.25 Td (warranty-type ) Tj ET Q q 0 0 0 rg BT 350.57 138.25 Td (claims. ) Tj ET Q q 0 0 0 rg BT 380.93 138.25 Td ( ) Tj ET Q q 0 0 0 rg BT 382.56 138.25 Td (W) Tj ET Q q 0 0 0 rg BT 391.20 138.25 Td (arranty ) Tj ET Q q 0 0 0 rg BT 421.27 138.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 455.79 138.25 Td (are ) Tj ET Q q 0 0 0 rg BT 469.75 138.25 Td (established ) Tj ET Q q 0 0 0 rg BT 515.95 138.25 Td (by ) Tj ET Q q 0 0 0 rg BT 527.70 138.25 Td (char) Tj ET Q q 0 0 0 rg BT 544.73 138.25 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 67.93 126.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.57 126.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 100.33 126.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.08 126.25 Td (crediting ) Tj ET Q q 0 0 0 rg BT 154.94 126.25 Td (a ) Tj ET Q q 0 0 0 rg BT 161.70 126.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 199.55 126.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 230.74 126.25 Td (for ) Tj ET Q q 0 0 0 rg BT 244.71 126.25 Td (each ) Tj ET Q q 0 0 0 rg BT 265.34 126.25 Td (home ) Tj ET Q q 0 0 0 rg BT 289.88 126.25 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 334.23 126.25 Td (The ) Tj ET Q q 0 0 0 rg BT 352.09 126.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 388.30 126.25 Td (char) Tj ET Q q 0 0 0 rg BT 405.32 126.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 422.08 126.25 Td (are ) Tj ET Q q 0 0 0 rg BT 436.60 126.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 477.24 126.25 Td (by ) Tj ET Q q 0 0 0 rg BT 489.56 126.25 Td (management ) Tj ET Q q 0 0 0 rg BT 542.96 126.25 Td (to ) Tj ET Q q 0 0 0 rg BT 553.06 126.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.25 Td (adequate ) Tj ET Q q 0 0 0 rg BT 87.61 114.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.96 114.25 Td (cover ) Tj ET Q q 0 0 0 rg BT 122.74 114.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 160.84 114.25 Td (warranty-related ) Tj ET Q q 0 0 0 rg BT 229.49 114.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 252.06 114.25 Td (under ) Tj ET Q q 0 0 0 rg BT 277.40 114.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.19 114.25 Td (Company) Tj ET Q q 0 0 0 rg BT 333.86 114.25 Td (s ) Tj ET Q q 0 0 0 rg BT 340.32 114.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 378.43 114.25 Td (programs. ) Tj ET Q q 0 0 0 rg BT 421.27 114.25 Td ( ) Tj ET Q q 0 0 0 rg BT 423.66 114.25 Td (W) Tj ET Q q 0 0 0 rg BT 432.30 114.25 Td (arranty ) Tj ET Q q 0 0 0 rg BT 463.19 114.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 498.52 114.25 Td (are ) Tj ET Q q 0 0 0 rg BT 513.30 114.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 550.85 114.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 93.93 102.25 Td (under ) Tj ET Q q 0 0 0 rg BT 119.49 102.25 Td (our ) Tj ET Q q 0 0 0 rg BT 135.60 102.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 162.83 102.25 Td (Builder) Tj ET Q q 0 0 0 rg BT 193.19 102.25 Td () Tj ET Q q 0 0 0 rg BT 195.97 102.25 Td (s ) Tj ET Q q 0 0 0 rg BT 202.65 102.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 236.89 102.25 Td (W) Tj ET Q q 0 0 0 rg BT 245.53 102.25 Td (arranty ) Tj ET Q q 0 0 0 rg BT 276.63 102.25 Td (\(HBL) Tj ET Q q 0 0 0 rg BT 303.66 102.25 Td (W\) ) Tj ET Q q 0 0 0 rg BT 323.65 102.25 Td (and ) Tj ET Q q 0 0 0 rg BT 340.87 102.25 Td (our ) Tj ET Q q 0 0 0 rg BT 356.99 102.25 Td (transferable ) Tj ET Q q 0 0 0 rg BT 406.97 102.25 Td (structural ) Tj ET Q q 0 0 0 rg BT 447.52 102.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 485.84 102.25 Td (in ) Tj ET Q q 0 0 0 rg BT 496.40 102.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 521.96 102.25 Td (Liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 90.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.72 90.25 Td (Company) Tj ET Q q 0 0 0 rg BT 118.38 90.25 Td (s ) Tj ET Q q 0 0 0 rg BT 124.77 90.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 168.93 90.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 215.87 90.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 271.14 90.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 305.84 90.25 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 336.95 90.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.70 68.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 103.89 68.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 138.30 68.25 Td (for ) Tj ET Q q 0 0 0 rg BT 151.61 68.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.48 68.25 Td (HBL) Tj ET Q q 0 0 0 rg BT 184.74 68.25 Td (W) Tj ET Q q 0 0 0 rg BT 194.00 68.25 Td ( ) Tj ET Q q 0 0 0 rg BT 195.65 68.25 Td (are ) Tj ET Q q 0 0 0 rg BT 209.51 68.25 Td (established ) Tj ET Q q 0 0 0 rg BT 255.60 68.25 Td (as ) Tj ET Q q 0 0 0 rg BT 265.58 68.25 Td (a ) Tj ET Q q 0 0 0 rg BT 271.67 68.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 316.63 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.61 68.25 Td (average ) Tj ET Q q 0 0 0 rg BT 359.35 68.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 380.44 68.25 Td (price ) Tj ET Q q 0 0 0 rg BT 402.08 68.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.17 68.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 453.15 68.25 Td (based ) Tj ET Q q 0 0 0 rg BT 477.57 68.25 Td (on ) Tj ET Q q 0 0 0 rg BT 489.22 68.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 528.08 68.25 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (patterns ) Tj ET Q q 0 0 0 rg BT 84.50 56.25 Td (determined, ) Tj ET Q q 0 0 0 rg BT 135.33 56.25 Td (generally) Tj ET Q q 0 0 0 rg BT 171.88 56.25 Td (, ) Tj ET Q q 0 0 0 rg BT 177.73 56.25 Td (by ) Tj ET Q q 0 0 0 rg BT 191.08 56.25 Td (geographic ) Tj ET Q q 0 0 0 rg BT 238.85 56.25 Td (area ) Tj ET Q q 0 0 0 rg BT 258.84 56.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.63 56.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 304.40 56.25 Td (trends. ) Tj ET Q q 0 0 0 rg BT 334.68 56.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.03 56.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 370.82 56.25 Td (that ) Tj ET Q q 0 0 0 rg BT 389.16 56.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.71 56.25 Td (given ) Tj ET Q q 0 0 0 rg BT 430.28 56.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 487.50 56.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.62 56.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 550.29 56.25 Td (the ) Tj ET Q endstream endobj 33 0 obj <> endobj 34 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (15) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (HBL) Tj ET Q q 0 0 0 rg BT 68.76 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 78.02 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 80.50 740.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 115.75 740.10 Td (include: ) Tj ET Q q 0 0 0 rg BT 150.44 740.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 164.59 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 179.29 740.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 218.99 740.10 Td (range ) Tj ET Q q 0 0 0 rg BT 243.68 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.50 740.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 290.87 740.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 310.57 740.10 Td (per ) Tj ET Q q 0 0 0 rg BT 325.82 740.10 Td (average ) Tj ET Q q 0 0 0 rg BT 359.39 740.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 381.32 740.10 Td (price ) Tj ET Q q 0 0 0 rg BT 403.79 740.10 Td (on ) Tj ET Q q 0 0 0 rg BT 416.27 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 423.20 740.10 Td (home; ) Tj ET Q q 0 0 0 rg BT 450.68 740.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 464.82 740.10 Td (type ) Tj ET Q q 0 0 0 rg BT 484.52 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.45 740.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 519.49 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.31 740.10 Td (amenity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (packages ) Tj ET Q q 0 0 0 rg BT 88.89 728.10 Td (added ) Tj ET Q q 0 0 0 rg BT 115.50 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.02 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.98 728.10 Td (home; ) Tj ET Q q 0 0 0 rg BT 168.72 728.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 183.12 728.10 Td (any ) Tj ET Q q 0 0 0 rg BT 200.30 728.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 238.57 728.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 292.41 728.10 Td (not ) Tj ET Q q 0 0 0 rg BT 307.93 728.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 353.98 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 364.50 728.10 Td (be ) Tj ET Q q 0 0 0 rg BT 376.68 728.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 407.75 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.93 728.10 Td (recurring; ) Tj ET Q q 0 0 0 rg BT 467.09 728.10 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 481.49 728.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 510.35 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.42 728.10 Td (payments; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 63.77 716.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 123.60 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 133.99 716.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 164.38 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 175.33 716.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 227.38 716.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 265.52 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.92 716.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 305.74 716.10 Td (future ) Tj ET Q q 0 0 0 rg BT 332.23 716.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 370.39 716.10 Td (expenditures; ) Tj ET Q q 0 0 0 rg BT 426.87 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.93 716.10 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 458.20 716.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 502.48 716.10 Td (that ) Tj ET Q q 0 0 0 rg BT 520.09 716.10 Td (may ) Tj ET Q q 0 0 0 rg BT 539.92 716.10 Td (af) Tj ET Q q 0 0 0 rg BT 547.51 716.10 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.94 704.10 Td (projects ) Tj ET Q q 0 0 0 rg BT 114.83 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.50 704.10 Td (require ) Tj ET Q q 0 0 0 rg BT 164.05 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.72 704.10 Td (dif) Tj ET Q q 0 0 0 rg BT 182.65 704.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 209.20 704.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 255.74 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 267.30 704.10 Td (average ) Tj ET Q q 0 0 0 rg BT 301.62 704.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 324.29 704.10 Td (price ) Tj ET Q q 0 0 0 rg BT 347.52 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 362.41 704.10 Td (those ) Tj ET Q q 0 0 0 rg BT 386.75 704.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 421.08 704.10 Td (projects. ) Tj ET Q q 0 0 0 rg BT 458.47 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.71 704.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 499.38 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.39 704.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 550.84 704.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 95.49 692.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 122.04 692.10 Td (due ) Tj ET Q q 0 0 0 rg BT 140.82 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 152.95 692.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 189.50 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.62 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.18 692.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 259.74 692.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 298.52 692.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 346.16 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 364.94 692.10 Td (dif) Tj ET Q q 0 0 0 rg BT 375.87 692.10 Td (ferences ) Tj ET Q q 0 0 0 rg BT 413.52 692.10 Td (between ) Tj ET Q q 0 0 0 rg BT 451.18 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.74 692.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 495.96 692.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 534.74 692.10 Td (pattern ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 100.02 680.10 Td (during ) Tj ET Q q 0 0 0 rg BT 128.34 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.78 680.10 Td (period ) Tj ET Q q 0 0 0 rg BT 170.54 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.20 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.63 680.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 241.06 680.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 277.71 680.10 Td (pattern ) Tj ET Q q 0 0 0 rg BT 307.69 680.10 Td (used ) Tj ET Q q 0 0 0 rg BT 328.24 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.23 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 353.78 680.10 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 397.64 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.19 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.63 680.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 460.38 680.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 491.46 680.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 524.21 680.10 Td (at ) Tj ET Q q 0 0 0 rg BT 533.65 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.08 680.10 Td (end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 668.10 Td (each ) Tj ET Q q 0 0 0 rg BT 81.15 668.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 108.91 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 113.91 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.86 668.10 Td (Actual ) Tj ET Q q 0 0 0 rg BT 145.01 668.10 Td (future ) Tj ET Q q 0 0 0 rg BT 171.39 668.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 209.43 668.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 231.93 668.10 Td (could ) Tj ET Q q 0 0 0 rg BT 256.64 668.10 Td (dif) Tj ET Q q 0 0 0 rg BT 267.57 668.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 281.17 668.10 Td (from ) Tj ET Q q 0 0 0 rg BT 303.11 668.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.94 668.10 Td (current ) Tj ET Q q 0 0 0 rg BT 349.75 668.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 390.57 668.10 Td (amount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.64 646.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 105.77 646.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 141.12 646.10 Td (for ) Tj ET Q q 0 0 0 rg BT 155.38 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.30 646.10 Td (transferable ) Tj ET Q q 0 0 0 rg BT 221.08 646.10 Td (structural ) Tj ET Q q 0 0 0 rg BT 261.44 646.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 299.57 646.10 Td (programs ) Tj ET Q q 0 0 0 rg BT 339.93 646.10 Td (are ) Tj ET Q q 0 0 0 rg BT 354.72 646.10 Td (established ) Tj ET Q q 0 0 0 rg BT 401.75 646.10 Td (on ) Tj ET Q q 0 0 0 rg BT 414.34 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 421.37 646.10 Td (per) Tj ET Q q 0 0 0 rg BT 433.94 646.10 Td (-unit ) Tj ET Q q 0 0 0 rg BT 455.42 646.10 Td (basis. ) Tj ET Q q 0 0 0 rg BT 480.51 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.92 646.10 Td (While ) Tj ET Q q 0 0 0 rg BT 509.94 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.75 646.10 Td (structural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 87.26 634.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 118.35 634.10 Td (is ) Tj ET Q q 0 0 0 rg BT 127.24 634.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 164.44 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 174.99 634.10 Td (each ) Tj ET Q q 0 0 0 rg BT 195.53 634.10 Td (house ) Tj ET Q q 0 0 0 rg BT 221.08 634.10 Td (is ) Tj ET Q q 0 0 0 rg BT 229.97 634.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 271.89 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.33 634.10 Td (suf) Tj ET Q q 0 0 0 rg BT 298.37 634.10 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 332.80 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.35 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.79 634.10 Td (structural ) Tj ET Q q 0 0 0 rg BT 397.77 634.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 435.53 634.10 Td (per ) Tj ET Q q 0 0 0 rg BT 450.52 634.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 468.30 634.10 Td (char) Tj ET Q q 0 0 0 rg BT 485.33 634.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 496.99 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 513.65 634.10 Td (total ) Tj ET Q q 0 0 0 rg BT 533.64 634.10 Td (reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (is ) Tj ET Q q 0 0 0 rg BT 59.66 622.10 Td (re-evaluated ) Tj ET Q q 0 0 0 rg BT 112.56 622.10 Td (on ) Tj ET Q q 0 0 0 rg BT 126.05 622.10 Td (an ) Tj ET Q q 0 0 0 rg BT 138.97 622.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 169.12 622.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 195.11 622.10 Td (with ) Tj ET Q q 0 0 0 rg BT 216.37 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.08 622.10 Td (assistance ) Tj ET Q q 0 0 0 rg BT 275.55 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.37 622.10 Td (an ) Tj ET Q q 0 0 0 rg BT 300.30 622.10 Td (actuary) Tj ET Q q 0 0 0 rg BT 329.07 622.10 Td (, ) Tj ET Q q 0 0 0 rg BT 335.06 622.10 Td (using ) Tj ET Q q 0 0 0 rg BT 360.22 622.10 Td (our ) Tj ET Q q 0 0 0 rg BT 377.04 622.10 Td (own ) Tj ET Q q 0 0 0 rg BT 397.75 622.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 438.45 622.10 Td (data ) Tj ET Q q 0 0 0 rg BT 458.59 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.52 622.10 Td (trends, ) Tj ET Q q 0 0 0 rg BT 506.95 622.10 Td (industry-wide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 88.63 610.10 Td (data ) Tj ET Q q 0 0 0 rg BT 107.21 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.56 610.10 Td (trends, ) Tj ET Q q 0 0 0 rg BT 152.42 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.78 610.10 Td (other ) Tj ET Q q 0 0 0 rg BT 191.24 610.10 Td (project ) Tj ET Q q 0 0 0 rg BT 220.93 610.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 253.94 610.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 285.56 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.34 610.10 Td (The ) Tj ET Q q 0 0 0 rg BT 304.81 610.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 339.49 610.10 Td (are ) Tj ET Q q 0 0 0 rg BT 353.61 610.10 Td (also ) Tj ET Q q 0 0 0 rg BT 371.64 610.10 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 411.87 610.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 449.88 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.24 610.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 501.49 610.10 Td (if ) Tj ET Q q 0 0 0 rg BT 509.51 610.10 Td (we ) Tj ET Q q 0 0 0 rg BT 523.09 610.10 Td (encounter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 81.64 598.10 Td (that ) Tj ET Q q 0 0 0 rg BT 98.79 598.10 Td (is ) Tj ET Q q 0 0 0 rg BT 107.61 598.10 Td (inconsistent ) Tj ET Q q 0 0 0 rg BT 157.54 598.10 Td (with ) Tj ET Q q 0 0 0 rg BT 177.47 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.84 598.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 231.20 598.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 276.66 598.10 Td (used ) Tj ET Q q 0 0 0 rg BT 297.14 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.07 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.44 598.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 350.25 598.10 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 387.11 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.11 598.10 Td (These ) Tj ET Q q 0 0 0 rg BT 415.14 598.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 450.05 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 464.41 598.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 494.89 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 504.82 598.10 Td (variability ) Tj ET Q q 0 0 0 rg BT 548.07 598.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.67 586.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 113.14 586.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 153.85 586.10 Td (structural ) Tj ET Q q 0 0 0 rg BT 194.00 586.10 Td (defect ) Tj ET Q q 0 0 0 rg BT 220.81 586.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 249.30 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 263.35 586.10 Td (products ) Tj ET Q q 0 0 0 rg BT 300.17 586.10 Td (we ) Tj ET Q q 0 0 0 rg BT 314.22 586.10 Td (build, ) Tj ET Q q 0 0 0 rg BT 339.67 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.27 586.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 388.31 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.48 586.10 Td (which ) Tj ET Q q 0 0 0 rg BT 425.31 586.10 Td (we ) Tj ET Q q 0 0 0 rg BT 439.35 586.10 Td (build, ) Tj ET Q q 0 0 0 rg BT 464.80 586.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 489.40 586.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 532.88 586.10 Td (history) Tj ET Q q 0 0 0 rg BT 560.01 586.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 90.32 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.25 574.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 129.19 574.10 Td (interpretations, ) Tj ET Q q 0 0 0 rg BT 191.95 574.10 Td (among ) Tj ET Q q 0 0 0 rg BT 221.66 574.10 Td (other ) Tj ET Q q 0 0 0 rg BT 244.71 574.10 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.35 552.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 105.19 552.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 136.36 552.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 172.55 552.10 Td (are ) Tj ET Q q 0 0 0 rg BT 187.06 552.10 Td (based ) Tj ET Q q 0 0 0 rg BT 212.13 552.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 234.43 552.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 273.95 552.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 319.55 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 336.29 552.10 Td (geographic ) Tj ET Q q 0 0 0 rg BT 383.02 552.10 Td (location. ) Tj ET Q q 0 0 0 rg BT 420.03 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.17 552.10 Td (While ) Tj ET Q q 0 0 0 rg BT 448.90 552.10 Td (we ) Tj ET Q q 0 0 0 rg BT 462.87 552.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 494.04 552.10 Td (that ) Tj ET Q q 0 0 0 rg BT 511.34 552.10 Td (our ) Tj ET Q q 0 0 0 rg BT 526.97 552.10 Td (warranty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 84.22 540.10 Td (are ) Tj ET Q q 0 0 0 rg BT 98.39 540.10 Td (suf) Tj ET Q q 0 0 0 rg BT 110.43 540.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 137.93 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 147.67 540.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 171.84 540.10 Td (our ) Tj ET Q q 0 0 0 rg BT 187.14 540.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 226.30 540.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 250.76 540.10 Td (there ) Tj ET Q q 0 0 0 rg BT 272.71 540.10 Td (can ) Tj ET Q q 0 0 0 rg BT 288.55 540.10 Td (be ) Tj ET Q q 0 0 0 rg BT 299.95 540.10 Td (no ) Tj ET Q q 0 0 0 rg BT 311.91 540.10 Td (assurances ) Tj ET Q q 0 0 0 rg BT 356.63 540.10 Td (that ) Tj ET Q q 0 0 0 rg BT 373.59 540.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 412.76 540.10 Td (data ) Tj ET Q q 0 0 0 rg BT 431.38 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 447.78 540.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 474.18 540.10 Td (will ) Tj ET Q q 0 0 0 rg BT 491.70 540.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 534.74 540.10 Td (predict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 528.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 91.70 528.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 129.74 528.10 Td (costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.67 506.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 98.39 506.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.22 506.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 147.25 506.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 179.74 506.10 Td (for ) Tj ET Q q 0 0 0 rg BT 193.90 506.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.62 506.10 Td (three ) Tj ET Q q 0 0 0 rg BT 231.11 506.10 Td (months ) Tj ET Q q 0 0 0 rg BT 263.05 506.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 289.43 506.10 Td (March ) Tj ET Q q 0 0 0 rg BT 318.03 506.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 333.03 506.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 355.53 506.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.47 506.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.47 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.97 506.10 Td (is ) Tj ET Q q 0 0 0 rg BT 404.14 506.10 Td (as ) Tj ET Q q 0 0 0 rg BT 414.97 506.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 482.6 m 498 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 482.6 m 506 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 482.6 m 562 482.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 470.6 m 442 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 470.6 m 498 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 470.6 m 506 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 470.6 m 562 470.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 422.6 m 442 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 410.6 m 442 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 422.6 m 498 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 410.6 m 498 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 422.6 m 506 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 410.6 m 506 410.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 422.6 m 562 422.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 410.6 m 562 410.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.60 486.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 459.86 486.83 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 536.38 486.83 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 474.55 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 474.55 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.50 474.68 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.50 474.55 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 462.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.73 462.55 Td (arranty ) Tj ET Q q 0 0 0 rg BT 83.06 462.55 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 113.27 462.55 Td (beginning ) Tj ET Q q 0 0 0 rg BT 147.27 462.55 Td (of ) Tj ET Q q 0 0 0 rg BT 155.93 462.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 462.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.80 462.68 Td (26,420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 462.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 462.55 Td (26,459) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 450.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.73 450.55 Td (arranty ) Tj ET Q q 0 0 0 rg BT 83.06 450.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 110.83 450.55 Td (on ) Tj ET Q q 0 0 0 rg BT 120.83 450.55 Td (homes ) Tj ET Q q 0 0 0 rg BT 143.71 450.55 Td (delivered ) Tj ET Q q 0 0 0 rg BT 175.48 450.55 Td (during ) Tj ET Q q 0 0 0 rg BT 198.36 450.55 Td (the ) Tj ET Q q 0 0 0 rg BT 210.14 450.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 450.68 Td (3,421) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 450.55 Td (2,840) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 438.55 Td (Changes ) Tj ET Q q 0 0 0 rg BT 81.05 438.55 Td (in ) Tj ET Q q 0 0 0 rg BT 89.27 438.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 121.04 438.55 Td (for ) Tj ET Q q 0 0 0 rg BT 132.37 438.55 Td (pre-existing ) Tj ET Q q 0 0 0 rg BT 172.58 438.55 Td (warranties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.10 438.68 Td (\(21) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 438.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 438.55 Td (178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 426.55 Td (Settlements ) Tj ET Q q 0 0 0 rg BT 90.83 426.55 Td (made ) Tj ET Q q 0 0 0 rg BT 110.15 426.55 Td (during ) Tj ET Q q 0 0 0 rg BT 133.04 426.55 Td (the ) Tj ET Q q 0 0 0 rg BT 144.81 426.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.10 426.68 Td (\(3,780) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 426.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 426.55 Td (\(4,257) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 426.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 414.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.41 414.55 Td (arranty ) Tj ET Q q 0 0 0 rg BT 83.06 414.55 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 113.27 414.55 Td (end ) Tj ET Q q 0 0 0 rg BT 126.82 414.55 Td (of ) Tj ET Q q 0 0 0 rg BT 135.48 414.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 414.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.80 414.68 Td (26,040) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 414.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 414.55 Td (25,220) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 389.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.66 389.10 Td (have ) Tj ET Q q 0 0 0 rg BT 85.62 389.10 Td (received ) Tj ET Q q 0 0 0 rg BT 121.56 389.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 149.75 389.10 Td (related ) Tj ET Q q 0 0 0 rg BT 179.03 389.10 Td (to ) Tj ET Q q 0 0 0 rg BT 188.89 389.10 Td (stucco ) Tj ET Q q 0 0 0 rg BT 216.52 389.10 Td (installation ) Tj ET Q q 0 0 0 rg BT 263.04 389.10 Td (from ) Tj ET Q q 0 0 0 rg BT 284.56 389.10 Td (homeowners ) Tj ET Q q 0 0 0 rg BT 337.74 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.60 389.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 376.88 389.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.29 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 402.70 389.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 456.45 389.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.31 389.10 Td (our ) Tj ET Q q 0 0 0 rg BT 481.57 389.10 Td (T) Tj ET Q q 0 0 0 rg BT 486.98 389.10 Td (ampa ) Tj ET Q q 0 0 0 rg BT 510.71 389.10 Td (and ) Tj ET Q q 0 0 0 rg BT 527.23 389.10 Td (Orlando, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 80.68 377.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 114.63 377.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.36 377.10 Td (have ) Tj ET Q q 0 0 0 rg BT 152.53 377.10 Td (been ) Tj ET Q q 0 0 0 rg BT 173.70 377.10 Td (named ) Tj ET Q q 0 0 0 rg BT 202.64 377.10 Td (as ) Tj ET Q q 0 0 0 rg BT 213.27 377.10 Td (a ) Tj ET Q q 0 0 0 rg BT 220.00 377.10 Td (defendant ) Tj ET Q q 0 0 0 rg BT 261.71 377.10 Td (in ) Tj ET Q q 0 0 0 rg BT 271.79 377.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 293.51 377.10 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 344.12 377.10 Td (initiated ) Tj ET Q q 0 0 0 rg BT 379.18 377.10 Td (by ) Tj ET Q q 0 0 0 rg BT 391.47 377.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.97 377.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.59 377.10 Td (such ) Tj ET Q q 0 0 0 rg BT 452.21 377.10 Td (homeowners. ) Tj ET Q q 0 0 0 rg BT 508.10 377.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.23 377.10 Td (These ) Tj ET Q q 0 0 0 rg BT 536.40 377.10 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.21 365.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 113.91 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 124.19 365.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 152.80 365.10 Td (built ) Tj ET Q q 0 0 0 rg BT 173.64 365.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 195.57 365.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.85 365.10 Td (2014 ) Tj ET Q q 0 0 0 rg BT 228.35 365.10 Td (which ) Tj ET Q q 0 0 0 rg BT 255.29 365.10 Td (have ) Tj ET Q q 0 0 0 rg BT 276.67 365.10 Td (second ) Tj ET Q q 0 0 0 rg BT 306.94 365.10 Td (story ) Tj ET Q q 0 0 0 rg BT 329.44 365.10 Td (elevations ) Tj ET Q q 0 0 0 rg BT 372.48 365.10 Td (with ) Tj ET Q q 0 0 0 rg BT 392.76 365.10 Td (frame ) Tj ET Q q 0 0 0 rg BT 418.57 365.10 Td (construction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (During ) Tj ET Q q 0 0 0 rg BT 79.89 341.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.17 341.10 Td (three ) Tj ET Q q 0 0 0 rg BT 116.22 341.10 Td (month ) Tj ET Q q 0 0 0 rg BT 143.84 341.10 Td (period ) Tj ET Q q 0 0 0 rg BT 171.45 341.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.39 341.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 240.55 341.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.55 341.10 Td (, ) Tj ET Q q 0 0 0 rg BT 265.12 341.10 Td (we ) Tj ET Q q 0 0 0 rg BT 278.84 341.10 Td (did ) Tj ET Q q 0 0 0 rg BT 293.68 341.10 Td (not ) Tj ET Q q 0 0 0 rg BT 308.52 341.10 Td (record ) Tj ET Q q 0 0 0 rg BT 336.12 341.10 Td (any ) Tj ET Q q 0 0 0 rg BT 352.62 341.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 394.68 341.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 432.28 341.10 Td (char) Tj ET Q q 0 0 0 rg BT 449.30 341.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 464.70 341.10 Td (or ) Tj ET Q q 0 0 0 rg BT 475.09 341.10 Td (receive ) Tj ET Q q 0 0 0 rg BT 506.01 341.10 Td (any ) Tj ET Q q 0 0 0 rg BT 522.52 341.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 329.10 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 93.51 329.10 Td (for ) Tj ET Q q 0 0 0 rg BT 108.10 329.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 167.11 329.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 193.35 329.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 218.78 329.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.06 329.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.99 329.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 278.02 329.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.02 329.10 Td (, ) Tj ET Q q 0 0 0 rg BT 303.45 329.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.59 329.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 362.07 329.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 393.86 329.10 Td (for ) Tj ET Q q 0 0 0 rg BT 408.45 329.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 423.04 329.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 452.08 329.10 Td (in ) Tj ET Q q 0 0 0 rg BT 462.78 329.10 Td (our ) Tj ET Q q 0 0 0 rg BT 479.04 329.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 510.86 329.10 Td (communities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.47 317.10 Td (we ) Tj ET Q q 0 0 0 rg BT 82.10 317.10 Td (have ) Tj ET Q q 0 0 0 rg BT 103.95 317.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 145.25 317.10 Td (as ) Tj ET Q q 0 0 0 rg BT 156.55 317.10 Td (needing ) Tj ET Q q 0 0 0 rg BT 191.18 317.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 217.47 317.10 Td (but ) Tj ET Q q 0 0 0 rg BT 233.22 317.10 Td (have ) Tj ET Q q 0 0 0 rg BT 255.07 317.10 Td (not ) Tj ET Q q 0 0 0 rg BT 270.82 317.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 286.01 317.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 330.64 317.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.83 317.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 372.12 317.10 Td (and ) Tj ET Q q 0 0 0 rg BT 389.53 317.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 404.16 317.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 445.46 317.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 471.75 317.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 494.72 317.10 Td (for ) Tj ET Q q 0 0 0 rg BT 509.35 317.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 538.44 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.19 317.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 80.60 305.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 134.48 305.10 Td (that ) Tj ET Q q 0 0 0 rg BT 151.69 305.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.56 305.10 Td (have ) Tj ET Q q 0 0 0 rg BT 186.65 305.10 Td (not ) Tj ET Q q 0 0 0 rg BT 201.64 305.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 216.07 305.10 Td (identified ) Tj ET Q q 0 0 0 rg BT 256.61 305.10 Td (as ) Tj ET Q q 0 0 0 rg BT 267.15 305.10 Td (needing ) Tj ET Q q 0 0 0 rg BT 301.02 305.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 326.55 305.10 Td (but ) Tj ET Q q 0 0 0 rg BT 341.55 305.10 Td (that ) Tj ET Q q 0 0 0 rg BT 358.76 305.10 Td (may ) Tj ET Q q 0 0 0 rg BT 378.19 305.10 Td (require ) Tj ET Q q 0 0 0 rg BT 408.72 305.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 434.25 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.24 305.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.67 305.10 Td (future ) Tj ET Q q 0 0 0 rg BT 484.76 305.10 Td (included ) Tj ET Q q 0 0 0 rg BT 521.41 305.10 Td (within ) Tj ET Q q 0 0 0 rg BT 549.18 305.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 87.10 293.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 118.03 293.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.64 293.10 Td ($4.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.53 293.10 Td (. ) Tj ET Q q 0 0 0 rg BT 189.10 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.01 293.10 Td (W) Tj ET Q q 0 0 0 rg BT 199.65 293.10 Td (e ) Tj ET Q q 0 0 0 rg BT 206.15 293.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 237.08 293.10 Td (that ) Tj ET Q q 0 0 0 rg BT 254.14 293.10 Td (this ) Tj ET Q q 0 0 0 rg BT 270.65 293.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 302.71 293.10 Td (is ) Tj ET Q q 0 0 0 rg BT 311.44 293.10 Td (suf) Tj ET Q q 0 0 0 rg BT 323.48 293.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 351.08 293.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.92 293.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 385.19 293.10 Td (both ) Tj ET Q q 0 0 0 rg BT 405.03 293.10 Td (known ) Tj ET Q q 0 0 0 rg BT 434.32 293.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.82 293.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 491.20 293.10 Td (future ) Tj ET Q q 0 0 0 rg BT 517.14 293.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 542.51 293.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.26 281.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.02 281.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 114.55 281.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.55 281.10 Td (. ) Tj ET Q q 0 0 0 rg BT 139.49 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.92 281.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 159.90 281.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 202.87 281.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 261.38 281.10 Td (reserve ) Tj ET Q q 0 0 0 rg BT 292.68 281.10 Td (is ) Tj ET Q q 0 0 0 rg BT 301.79 281.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 325.33 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.09 281.10 Td (any ) Tj ET Q q 0 0 0 rg BT 352.96 281.10 Td (recoveries. ) Tj ET Q q 0 0 0 rg BT 398.98 281.10 Td (Stucco-related ) Tj ET Q q 0 0 0 rg BT 459.16 281.10 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 502.67 281.10 Td (are ) Tj ET Q q 0 0 0 rg BT 517.31 281.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 554.72 281.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 269.10 Td (period ) Tj ET Q q 0 0 0 rg BT 92.26 269.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.98 269.10 Td (reimbursement ) Tj ET Q q 0 0 0 rg BT 169.46 269.10 Td (is ) Tj ET Q q 0 0 0 rg BT 178.63 269.10 Td (received. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 249.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.24 249.10 Td (review ) Tj ET Q q 0 0 0 rg BT 98.64 249.10 Td (of ) Tj ET Q q 0 0 0 rg BT 110.16 249.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.57 249.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 184.84 249.10 Td (issues ) Tj ET Q q 0 0 0 rg BT 211.92 249.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.89 249.10 Td (our ) Tj ET Q q 0 0 0 rg BT 239.41 249.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 271.49 249.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 326.34 249.10 Td (is ) Tj ET Q q 0 0 0 rg BT 336.20 249.10 Td (ongoing. ) Tj ET Q q 0 0 0 rg BT 374.67 249.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.86 249.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 396.60 249.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 433.12 249.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.64 249.10 Td (future ) Tj ET Q q 0 0 0 rg BT 471.70 249.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 494.90 249.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.42 249.10 Td (stucco-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 237.10 Td (repairs ) Tj ET Q q 0 0 0 rg BT 79.90 237.10 Td (is ) Tj ET Q q 0 0 0 rg BT 89.76 237.10 Td (based ) Tj ET Q q 0 0 0 rg BT 115.72 237.10 Td (on ) Tj ET Q q 0 0 0 rg BT 128.92 237.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.44 237.10 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 188.90 237.10 Td (various ) Tj ET Q q 0 0 0 rg BT 221.53 237.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 274.17 237.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.81 237.10 Td (internal ) Tj ET Q q 0 0 0 rg BT 325.54 237.10 Td (data. ) Tj ET Q q 0 0 0 rg BT 347.89 237.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.08 237.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 370.93 237.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.90 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 397.31 237.10 Td (degree ) Tj ET Q q 0 0 0 rg BT 427.15 237.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.67 237.10 Td (judgment ) Tj ET Q q 0 0 0 rg BT 479.64 237.10 Td (and ) Tj ET Q q 0 0 0 rg BT 497.27 237.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.68 237.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 550.86 237.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 225.10 Td (variability ) Tj ET Q q 0 0 0 rg BT 92.95 225.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.08 225.10 Td (our ) Tj ET Q q 0 0 0 rg BT 118.76 225.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 164.43 225.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 216.23 225.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.02 225.10 Td (data, ) Tj ET Q q 0 0 0 rg BT 254.52 225.10 Td (as ) Tj ET Q q 0 0 0 rg BT 265.21 225.10 Td (we ) Tj ET Q q 0 0 0 rg BT 279.22 225.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 306.56 225.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 348.90 225.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 400.96 225.10 Td (we ) Tj ET Q q 0 0 0 rg BT 414.97 225.10 Td (may ) Tj ET Q q 0 0 0 rg BT 434.54 225.10 Td (revise ) Tj ET Q q 0 0 0 rg BT 460.77 225.10 Td (our ) Tj ET Q q 0 0 0 rg BT 476.45 225.10 Td (estimate, ) Tj ET Q q 0 0 0 rg BT 514.62 225.10 Td (including ) Tj ET Q q 0 0 0 rg BT 554.74 225.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 213.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 77.53 213.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 120.02 213.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 160.84 213.10 Td (future ) Tj ET Q q 0 0 0 rg BT 187.22 213.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 245.80 213.10 Td (repairs ) Tj ET Q q 0 0 0 rg BT 275.51 213.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 300.51 213.10 Td (which ) Tj ET Q q 0 0 0 rg BT 327.44 213.10 Td (revision ) Tj ET Q q 0 0 0 rg BT 362.16 213.10 Td (could ) Tj ET Q q 0 0 0 rg BT 386.88 213.10 Td (be ) Tj ET Q q 0 0 0 rg BT 398.82 213.10 Td (material.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 193.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.59 193.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 101.03 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.82 193.10 Td (investigate ) Tj ET Q q 0 0 0 rg BT 156.15 193.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.37 193.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 196.81 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.60 193.10 Td (which ) Tj ET Q q 0 0 0 rg BT 233.05 193.10 Td (we ) Tj ET Q q 0 0 0 rg BT 246.72 193.10 Td (may ) Tj ET Q q 0 0 0 rg BT 265.95 193.10 Td (be ) Tj ET Q q 0 0 0 rg BT 277.39 193.10 Td (able ) Tj ET Q q 0 0 0 rg BT 296.06 193.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.85 193.10 Td (further ) Tj ET Q q 0 0 0 rg BT 335.06 193.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 367.05 193.10 Td (a ) Tj ET Q q 0 0 0 rg BT 373.49 193.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 404.39 193.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.73 193.10 Td (our ) Tj ET Q q 0 0 0 rg BT 430.07 193.10 Td (stucco ) Tj ET Q q 0 0 0 rg BT 457.63 193.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 482.95 193.10 Td (and ) Tj ET Q q 0 0 0 rg BT 499.40 193.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 527.51 193.10 Td (handling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 72.17 181.10 Td (from ) Tj ET Q q 0 0 0 rg BT 94.29 181.10 Td (other ) Tj ET Q q 0 0 0 rg BT 117.51 181.10 Td (sources, ) Tj ET Q q 0 0 0 rg BT 152.67 181.10 Td (including ) Tj ET Q q 0 0 0 rg BT 193.12 181.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.12 181.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 234.56 181.10 Td (insurers, ) Tj ET Q q 0 0 0 rg BT 271.39 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 286.28 181.10 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 347.27 181.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 384.94 181.10 Td (with ) Tj ET Q q 0 0 0 rg BT 405.39 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.28 181.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 472.39 181.10 Td (of ) Tj ET Q q 0 0 0 rg BT 483.39 181.10 Td (the ) Tj ET Q q 0 0 0 rg BT 498.28 181.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 527.06 181.10 Td (and ) Tj ET Q q 0 0 0 rg BT 544.17 181.10 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.10 Td (insurers. ) Tj ET Q q 0 0 0 rg BT 86.54 169.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.78 169.10 Td (As ) Tj ET Q q 0 0 0 rg BT 102.78 169.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.99 169.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 157.97 169.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.97 169.10 Td (, ) Tj ET Q q 0 0 0 rg BT 183.35 169.10 Td (we ) Tj ET Q q 0 0 0 rg BT 197.89 169.10 Td (are ) Tj ET Q q 0 0 0 rg BT 212.97 169.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 242.51 169.10 Td (to ) Tj ET Q q 0 0 0 rg BT 253.17 169.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 289.37 169.10 Td (any ) Tj ET Q q 0 0 0 rg BT 306.68 169.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 349.55 169.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 382.43 169.10 Td (that ) Tj ET Q q 0 0 0 rg BT 400.30 169.10 Td (we ) Tj ET Q q 0 0 0 rg BT 414.84 169.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 446.60 169.10 Td (is ) Tj ET Q q 0 0 0 rg BT 456.15 169.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 494.01 169.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.22 169.10 Td (recovery ) Tj ET Q q 0 0 0 rg BT 543.08 169.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.10 Td (these ) Tj ET Q q 0 0 0 rg BT 71.90 157.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 103.75 157.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 122.55 157.10 Td (as ) Tj ET Q q 0 0 0 rg BT 132.73 157.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 156.81 157.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 185.04 157.10 Td (we ) Tj ET Q q 0 0 0 rg BT 198.56 157.10 Td (have ) Tj ET Q q 0 0 0 rg BT 219.29 157.10 Td (not ) Tj ET Q q 0 0 0 rg BT 233.93 157.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 270.76 157.10 Td (a ) Tj ET Q q 0 0 0 rg BT 277.06 157.10 Td (receivable ) Tj ET Q q 0 0 0 rg BT 319.99 157.10 Td (for ) Tj ET Q q 0 0 0 rg BT 333.51 157.10 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 376.45 157.10 Td (nor ) Tj ET Q q 0 0 0 rg BT 391.64 157.10 Td (included ) Tj ET Q q 0 0 0 rg BT 427.93 157.10 Td (an ) Tj ET Q q 0 0 0 rg BT 439.22 157.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 479.40 157.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 511.25 157.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.44 157.10 Td (recoveries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 145.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 110.60 145.10 Td (our ) Tj ET Q q 0 0 0 rg BT 126.43 145.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 185.01 145.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 223.04 145.10 Td (reserve.) Tj ET Q endstream endobj 35 0 obj <> endobj 36 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (16) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Performance Bonds and Letters of Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.40 716.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 104.40 716.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.40 716.25 Td (, ) Tj ET Q q 0 0 0 rg BT 128.79 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.91 716.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 183.69 716.25 Td (had ) Tj ET Q q 0 0 0 rg BT 200.03 716.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 248.59 716.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.25 716.25 Td ($237.8 ) Tj ET Q q 0 0 0 rg BT 337.65 716.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.54 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 368.44 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.67 716.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 425.56 716.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 451.35 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.68 716.25 Td (standby ) Tj ET Q q 0 0 0 rg BT 500.69 716.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 527.02 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 537.25 716.25 Td (credit, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (some ) Tj ET Q q 0 0 0 rg BT 72.98 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 83.68 704.25 Td (which ) Tj ET Q q 0 0 0 rg BT 110.50 704.25 Td (were ) Tj ET Q q 0 0 0 rg BT 132.30 704.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 159.67 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 169.82 704.25 Td (various ) Tj ET Q q 0 0 0 rg BT 201.63 704.25 Td (local ) Tj ET Q q 0 0 0 rg BT 223.44 704.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 280.79 704.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 312.05 704.25 Td (that ) Tj ET Q q 0 0 0 rg BT 329.42 704.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 356.78 704.25 Td (at ) Tj ET Q q 0 0 0 rg BT 366.37 704.25 Td (various ) Tj ET Q q 0 0 0 rg BT 398.18 704.25 Td (times ) Tj ET Q q 0 0 0 rg BT 422.21 704.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.70 704.25 Td (November ) Tj ET Q q 0 0 0 rg BT 500.28 704.25 Td (2027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.28 704.25 Td (. ) Tj ET Q q 0 0 0 rg BT 525.15 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 527.52 704.25 Td (Included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.63 692.25 Td (this ) Tj ET Q q 0 0 0 rg BT 76.43 692.25 Td (total ) Tj ET Q q 0 0 0 rg BT 96.56 692.25 Td (are: ) Tj ET Q q 0 0 0 rg BT 113.90 692.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.91 692.25 Td ($165.8 ) Tj ET Q q 0 0 0 rg BT 157.76 692.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.65 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 199.69 692.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 252.56 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.35 692.25 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 322.23 692.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 348.48 692.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.27 692.25 Td ($52.2 ) Tj ET Q q 0 0 0 rg BT 390.12 692.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.01 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 421.37 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.05 692.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 484.92 692.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 511.71 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.39 692.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 547.51 692.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (serve ) Tj ET Q q 0 0 0 rg BT 74.39 680.25 Td (as ) Tj ET Q q 0 0 0 rg BT 86.51 680.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 135.29 680.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 162.97 680.25 Td (for ) Tj ET Q q 0 0 0 rg BT 178.42 680.25 Td (land ) Tj ET Q q 0 0 0 rg BT 199.43 680.25 Td (development ) Tj ET Q q 0 0 0 rg BT 254.87 680.25 Td (work ) Tj ET Q q 0 0 0 rg BT 279.21 680.25 Td (in ) Tj ET Q q 0 0 0 rg BT 290.78 680.25 Td (progress; ) Tj ET Q q 0 0 0 rg BT 331.23 680.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.68 680.25 Td ($13.7 ) Tj ET Q q 0 0 0 rg BT 372.97 680.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.86 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 405.65 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 417.77 680.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 456.54 680.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 484.76 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 496.88 680.25 Td (credit, ) Tj ET Q q 0 0 0 rg BT 525.94 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.06 680.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td ($13.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.89 668.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 145.04 668.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 180.32 668.25 Td (on ) Tj ET Q q 0 0 0 rg BT 192.82 668.25 Td (land ) Tj ET Q q 0 0 0 rg BT 212.53 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.47 668.25 Td (lot ) Tj ET Q q 0 0 0 rg BT 242.53 668.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 280.56 668.25 Td (agreements; ) Tj ET Q q 0 0 0 rg BT 331.38 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.31 668.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.47 668.25 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 382.47 668.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.37 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 413.87 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.70 668.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 462.18 668.25 Td (bonds.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (Land Option Contracts and Other Similar Contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.19 620.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.98 620.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.98 620.25 Td (, ) Tj ET Q q 0 0 0 rg BT 131.17 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.07 620.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 187.65 620.25 Td (also ) Tj ET Q q 0 0 0 rg BT 206.45 620.25 Td (had ) Tj ET Q q 0 0 0 rg BT 223.58 620.25 Td (options ) Tj ET Q q 0 0 0 rg BT 255.71 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 272.84 620.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 317.74 620.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 355.97 620.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 404.19 620.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.66 620.25 Td (acquire ) Tj ET Q q 0 0 0 rg BT 446.77 620.25 Td (land ) Tj ET Q q 0 0 0 rg BT 466.68 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 483.81 620.25 Td (developed ) Tj ET Q q 0 0 0 rg BT 527.59 620.25 Td (lots ) Tj ET Q q 0 0 0 rg BT 544.73 620.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (an ) Tj ET Q q 0 0 0 rg BT 61.41 608.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 102.75 608.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 140.75 608.25 Td (price ) Tj ET Q q 0 0 0 rg BT 163.21 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.01 608.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.25 608.25 Td ($720.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.14 608.25 Td (. ) Tj ET Q q 0 0 0 rg BT 298.11 608.25 Td ( ) Tj ET Q q 0 0 0 rg BT 300.58 608.25 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 339.15 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 349.95 608.25 Td (properties ) Tj ET Q q 0 0 0 rg BT 392.41 608.25 Td (under ) Tj ET Q q 0 0 0 rg BT 417.65 608.25 Td (these ) Tj ET Q q 0 0 0 rg BT 440.67 608.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 488.68 608.25 Td (is ) Tj ET Q q 0 0 0 rg BT 497.82 608.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 542.50 608.25 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 97.54 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.37 596.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 138.07 596.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 192.78 596.25 Td (by ) Tj ET Q q 0 0 0 rg BT 205.28 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.99 596.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 261.38 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.32 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.04 596.25 Td (sellers.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (Legal ) Tj ET Q q 0 0 0 rg BT 75.33 574.25 Td (Matters) Tj ET Q /GS0 gs q 2.50 0 0 9.93 107.00 572.09 cm /I15 Do Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.20 550.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 95.34 550.25 Td (to ) Tj ET Q q 0 0 0 rg BT 105.48 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.07 550.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 141.87 550.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 192.55 550.25 Td (related ) Tj ET Q q 0 0 0 rg BT 222.12 550.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.27 550.25 Td (stucco, ) Tj ET Q q 0 0 0 rg BT 262.68 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.26 550.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 318.52 550.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.32 550.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 364.89 550.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.59 550.25 Td (its ) Tj ET Q q 0 0 0 rg BT 387.41 550.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 436.99 550.25 Td (have ) Tj ET Q q 0 0 0 rg BT 458.23 550.25 Td (been ) Tj ET Q q 0 0 0 rg BT 479.48 550.25 Td (named ) Tj ET Q q 0 0 0 rg BT 508.50 550.25 Td (as ) Tj ET Q q 0 0 0 rg BT 519.20 550.25 Td (defendants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.17 538.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.26 538.25 Td (other ) Tj ET Q q 0 0 0 rg BT 113.70 538.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 136.02 538.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 187.22 538.25 Td (which ) Tj ET Q q 0 0 0 rg BT 214.55 538.25 Td (are ) Tj ET Q q 0 0 0 rg BT 229.65 538.25 Td (incidental ) Tj ET Q q 0 0 0 rg BT 271.97 538.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.64 538.25 Td (our ) Tj ET Q q 0 0 0 rg BT 298.86 538.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 338.14 538.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.82 538.25 Td (While ) Tj ET Q q 0 0 0 rg BT 368.14 538.25 Td (management ) Tj ET Q q 0 0 0 rg BT 422.12 538.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 461.10 538.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 496.76 538.25 Td (that ) Tj ET Q q 0 0 0 rg BT 514.64 538.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.75 538.25 Td (ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 92.36 526.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.56 526.25 Td (these ) Tj ET Q q 0 0 0 rg BT 126.97 526.25 Td (other ) Tj ET Q q 0 0 0 rg BT 150.38 526.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 172.68 526.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 226.37 526.25 Td (individually ) Tj ET Q q 0 0 0 rg BT 277.56 526.25 Td (and ) Tj ET Q q 0 0 0 rg BT 294.87 526.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.51 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.59 526.25 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 364.82 526.25 Td (will ) Tj ET Q q 0 0 0 rg BT 383.25 526.25 Td (not ) Tj ET Q q 0 0 0 rg BT 398.89 526.25 Td (have ) Tj ET Q q 0 0 0 rg BT 420.63 526.25 Td (a ) Tj ET Q q 0 0 0 rg BT 427.94 526.25 Td (material ) Tj ET Q q 0 0 0 rg BT 463.56 526.25 Td (ef) Tj ET Q q 0 0 0 rg BT 471.15 526.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 489.00 526.25 Td (on ) Tj ET Q q 0 0 0 rg BT 501.87 526.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.95 526.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.62 526.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.41 514.25 Td (position, ) Tj ET Q q 0 0 0 rg BT 123.06 514.25 Td (results ) Tj ET Q q 0 0 0 rg BT 151.09 514.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.35 514.25 Td (operationsand ) Tj ET Q q 0 0 0 rg BT 221.87 514.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 241.57 514.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 268.21 514.25 Td (such ) Tj ET Q q 0 0 0 rg BT 288.47 514.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 309.83 514.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 360.07 514.25 Td (are ) Tj ET Q q 0 0 0 rg BT 374.20 514.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 404.46 514.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.16 514.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 448.85 514.25 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 504.37 514.25 Td ( ) Tj ET Q q 0 0 0 rg BT 506.15 514.25 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 514.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.25 Td (has ) Tj ET Q q 0 0 0 rg BT 65.48 502.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 103.11 502.25 Td (a ) Tj ET Q q 0 0 0 rg BT 110.20 502.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 143.96 502.25 Td (to ) Tj ET Q q 0 0 0 rg BT 154.39 502.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 187.59 502.25 Td (for ) Tj ET Q q 0 0 0 rg BT 201.90 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.77 502.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 263.28 502.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 288.44 502.25 Td (including ) Tj ET Q q 0 0 0 rg BT 328.86 502.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 350.95 502.25 Td (defense ) Tj ET Q q 0 0 0 rg BT 384.13 502.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 409.29 502.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 453.03 502.25 Td (with ) Tj ET Q q 0 0 0 rg BT 473.46 502.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.33 502.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 530.97 502.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.96 502.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.25 Td (other ) Tj ET Q q 0 0 0 rg BT 73.14 490.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 95.66 490.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 149.57 490.25 Td ( ) Tj ET Q q 0 0 0 rg BT 152.66 490.25 Td (However) Tj ET Q q 0 0 0 rg BT 188.91 490.25 Td (, ) Tj ET Q q 0 0 0 rg BT 194.50 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.81 490.25 Td (possibility ) Tj ET Q q 0 0 0 rg BT 254.57 490.25 Td (exists ) Tj ET Q q 0 0 0 rg BT 280.44 490.25 Td (that ) Tj ET Q q 0 0 0 rg BT 298.53 490.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.84 490.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 336.93 490.25 Td (to ) Tj ET Q q 0 0 0 rg BT 347.80 490.25 Td (resolve ) Tj ET Q q 0 0 0 rg BT 379.76 490.25 Td (these ) Tj ET Q q 0 0 0 rg BT 403.40 490.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 425.93 490.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 477.33 490.25 Td (could ) Tj ET Q q 0 0 0 rg BT 502.64 490.25 Td (dif) Tj ET Q q 0 0 0 rg BT 513.57 490.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 527.76 490.25 Td (from ) Tj ET Q q 0 0 0 rg BT 550.29 490.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 86.76 478.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 126.26 478.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 145.48 478.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 186.35 478.25 Td (have ) Tj ET Q q 0 0 0 rg BT 207.51 478.25 Td (a ) Tj ET Q q 0 0 0 rg BT 214.23 478.25 Td (material ) Tj ET Q q 0 0 0 rg BT 249.27 478.25 Td (ef) Tj ET Q q 0 0 0 rg BT 256.86 478.25 Td (fecton ) Tj ET Q q 0 0 0 rg BT 286.63 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.13 478.25 Td (Company) Tj ET Q q 0 0 0 rg BT 342.80 478.25 Td (s ) Tj ET Q q 0 0 0 rg BT 348.97 478.25 Td (net ) Tj ET Q q 0 0 0 rg BT 363.47 478.25 Td (income ) Tj ET Q q 0 0 0 rg BT 395.19 478.25 Td (for ) Tj ET Q q 0 0 0 rg BT 409.14 478.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.64 478.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 455.36 478.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.42 478.25 Td (which ) Tj ET Q q 0 0 0 rg BT 492.14 478.25 Td (they ) Tj ET Q q 0 0 0 rg BT 511.65 478.25 Td (are ) Tj ET Q q 0 0 0 rg BT 526.14 478.25 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 565.01 478.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.00 466.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.60 466.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.60 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 128.10 466.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.04 466.25 Td (December ) Tj ET Q q 0 0 0 rg BT 188.62 466.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 203.62 466.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.62 466.25 Td (, ) Tj ET Q q 0 0 0 rg BT 228.62 466.25 Td (we ) Tj ET Q q 0 0 0 rg BT 242.78 466.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.72 466.25 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 279.72 466.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.61 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 311.11 466.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.05 466.25 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 348.05 466.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.94 466.25 Td ( ) Tj ET Q q 0 0 0 rg BT 379.44 466.25 Td (reserved ) Tj ET Q q 0 0 0 rg BT 415.81 466.25 Td (for ) Tj ET Q q 0 0 0 rg BT 429.97 466.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 451.90 466.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 493.00 466.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 540.66 466.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 444.25 Td (7. ) Tj ET Q q 0 0 0 rg BT 90.34 444.25 Td (Goodwill) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.25 Td (Goodwill ) Tj ET Q q 0 0 0 rg BT 89.81 422.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 132.88 422.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.63 422.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 176.26 422.25 Td (of ) Tj ET Q q 0 0 0 rg BT 187.13 422.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.88 422.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 239.95 422.25 Td (price ) Tj ET Q q 0 0 0 rg BT 262.47 422.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 282.22 422.25 Td (over ) Tj ET Q q 0 0 0 rg BT 302.52 422.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.27 422.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 333.68 422.25 Td (value ) Tj ET Q q 0 0 0 rg BT 357.87 422.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.73 422.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.48 422.25 Td (net ) Tj ET Q q 0 0 0 rg BT 398.23 422.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 424.09 422.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 461.05 422.25 Td (and ) Tj ET Q q 0 0 0 rg BT 478.02 422.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 517.77 422.25 Td (assumed ) Tj ET Q q 0 0 0 rg BT 554.74 422.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.25 Td (business ) Tj ET Q q 0 0 0 rg BT 86.69 410.25 Td (combinations. ) Tj ET Q q 0 0 0 rg BT 146.38 410.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.68 410.25 Td (In ) Tj ET Q q 0 0 0 rg BT 161.31 410.25 Td (connection ) Tj ET Q q 0 0 0 rg BT 208.48 410.25 Td (with ) Tj ET Q q 0 0 0 rg BT 229.56 410.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.08 410.25 Td (Company) Tj ET Q q 0 0 0 rg BT 286.74 410.25 Td (s ) Tj ET Q q 0 0 0 rg BT 293.93 410.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 341.12 410.25 Td (of ) Tj ET Q q 0 0 0 rg BT 352.75 410.25 Td (the ) Tj ET Q q 0 0 0 rg BT 368.26 410.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 427.12 410.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 453.75 410.25 Td (and ) Tj ET Q q 0 0 0 rg BT 471.49 410.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 516.44 410.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.07 410.25 Td (Pinnacle ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td (Homes ) Tj ET Q q 0 0 0 rg BT 80.33 398.25 Td (in ) Tj ET Q q 0 0 0 rg BT 90.61 398.25 Td (Detroit, ) Tj ET Q q 0 0 0 rg BT 123.94 398.25 Td (Michigan ) Tj ET Q q 0 0 0 rg BT 164.76 398.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.04 398.25 Td (March ) Tj ET Q q 0 0 0 rg BT 203.64 398.25 Td (of ) Tj ET Q q 0 0 0 rg BT 214.48 398.25 Td (2018, ) Tj ET Q q 0 0 0 rg BT 239.48 398.25 Td (the ) Tj ET Q q 0 0 0 rg BT 254.20 398.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 295.58 398.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 333.06 398.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 371.12 398.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.95 398.25 Td ($16.4 ) Tj ET Q q 0 0 0 rg BT 406.95 398.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.84 398.25 Td (, ) Tj ET Q q 0 0 0 rg BT 440.85 398.25 Td (which ) Tj ET Q q 0 0 0 rg BT 467.79 398.25 Td (is ) Tj ET Q q 0 0 0 rg BT 476.96 398.25 Td (included ) Tj ET Q q 0 0 0 rg BT 513.89 398.25 Td (as ) Tj ET Q q 0 0 0 rg BT 524.72 398.25 Td (Goodwill ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.91 386.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.87 386.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 131.28 386.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 166.11 386.25 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 197.35 386.25 Td ( ) Tj ET Q q 0 0 0 rg BT 199.79 386.25 Td (This ) Tj ET Q q 0 0 0 rg BT 220.20 386.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 252.83 386.25 Td (was ) Tj ET Q q 0 0 0 rg BT 271.01 386.25 Td (based ) Tj ET Q q 0 0 0 rg BT 296.41 386.25 Td (on ) Tj ET Q q 0 0 0 rg BT 309.05 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.89 386.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 364.85 386.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 381.36 386.25 Td (values ) Tj ET Q q 0 0 0 rg BT 409.53 386.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.50 386.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.34 386.25 Td (acquired ) Tj ET Q q 0 0 0 rg BT 472.40 386.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 498.36 386.25 Td (and ) Tj ET Q q 0 0 0 rg BT 515.43 386.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 555.28 386.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 374.25 Td (date ) Tj ET Q q 0 0 0 rg BT 83.37 374.25 Td (of ) Tj ET Q q 0 0 0 rg BT 94.20 374.25 Td (the ) Tj ET Q q 0 0 0 rg BT 108.92 374.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 155.30 374.25 Td (in ) Tj ET Q q 0 0 0 rg BT 165.58 374.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 213.04 374.25 Td (with ) Tj ET Q q 0 0 0 rg BT 232.77 374.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 254.72 374.25 Td (350.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.53 350.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 108.19 350.25 Td (with ) Tj ET Q q 0 0 0 rg BT 128.08 350.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 150.23 350.25 Td (350, ) Tj ET Q q 0 0 0 rg BT 170.43 350.25 Td (the ) Tj ET Q q 0 0 0 rg BT 185.35 350.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 226.94 350.25 Td (analyzes ) Tj ET Q q 0 0 0 rg BT 264.07 350.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 302.32 350.25 Td (for ) Tj ET Q q 0 0 0 rg BT 316.69 350.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 365.49 350.25 Td (on ) Tj ET Q q 0 0 0 rg BT 378.19 350.25 Td (an ) Tj ET Q q 0 0 0 rg BT 390.33 350.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 419.69 350.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 442.39 350.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 456.75 350.25 Td (more ) Tj ET Q q 0 0 0 rg BT 480.00 350.25 Td (often ) Tj ET Q q 0 0 0 rg BT 503.25 350.25 Td (if ) Tj ET Q q 0 0 0 rg BT 512.06 350.25 Td (indicators ) Tj ET Q q 0 0 0 rg BT 554.19 350.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 97.51 338.25 Td (exist\). ) Tj ET Q q 0 0 0 rg BT 124.14 338.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.91 338.25 Td (The ) Tj ET Q q 0 0 0 rg BT 143.37 338.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 184.16 338.25 Td (performs ) Tj ET Q q 0 0 0 rg BT 222.17 338.25 Td (a ) Tj ET Q q 0 0 0 rg BT 228.52 338.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 272.64 338.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 318.99 338.25 Td (to ) Tj ET Q q 0 0 0 rg BT 328.68 338.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 370.57 338.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 404.69 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.81 338.25 Td (existence ) Tj ET Q q 0 0 0 rg BT 457.93 338.25 Td (of ) Tj ET Q q 0 0 0 rg BT 468.17 338.25 Td (events ) Tj ET Q q 0 0 0 rg BT 495.63 338.25 Td (or ) Tj ET Q q 0 0 0 rg BT 505.87 338.25 Td (circumstances ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.25 Td (leads ) Tj ET Q q 0 0 0 rg BT 72.27 326.25 Td (to ) Tj ET Q q 0 0 0 rg BT 82.28 326.25 Td (a ) Tj ET Q q 0 0 0 rg BT 88.94 326.25 Td (determination ) Tj ET Q q 0 0 0 rg BT 146.71 326.25 Td (that ) Tj ET Q q 0 0 0 rg BT 163.93 326.25 Td (it ) Tj ET Q q 0 0 0 rg BT 171.71 326.25 Td (is ) Tj ET Q q 0 0 0 rg BT 180.61 326.25 Td (more-likely-than-not ) Tj ET Q q 0 0 0 rg BT 266.14 326.25 Td (that ) Tj ET Q q 0 0 0 rg BT 283.36 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.81 326.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 313.91 326.25 Td (value ) Tj ET Q q 0 0 0 rg BT 337.79 326.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.35 326.25 Td (a ) Tj ET Q q 0 0 0 rg BT 355.01 326.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 393.89 326.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 411.68 326.25 Td (is ) Tj ET Q q 0 0 0 rg BT 420.57 326.25 Td (less ) Tj ET Q q 0 0 0 rg BT 437.80 326.25 Td (than ) Tj ET Q q 0 0 0 rg BT 457.24 326.25 Td (its ) Tj ET Q q 0 0 0 rg BT 468.92 326.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 504.46 326.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 539.18 326.25 Td ( ) Tj ET Q q 0 0 0 rg BT 541.41 326.25 Td (If ) Tj ET Q q 0 0 0 rg BT 550.30 326.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.25 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 95.03 314.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 142.79 314.25 Td (indicates ) Tj ET Q q 0 0 0 rg BT 181.66 314.25 Td (that ) Tj ET Q q 0 0 0 rg BT 199.97 314.25 Td (it ) Tj ET Q q 0 0 0 rg BT 208.85 314.25 Td (is ) Tj ET Q q 0 0 0 rg BT 218.85 314.25 Td (more-likely-than-not ) Tj ET Q q 0 0 0 rg BT 305.47 314.25 Td (that ) Tj ET Q q 0 0 0 rg BT 323.79 314.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.33 314.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 356.53 314.25 Td (value ) Tj ET Q q 0 0 0 rg BT 381.51 314.25 Td (of ) Tj ET Q q 0 0 0 rg BT 393.16 314.25 Td (the ) Tj ET Q q 0 0 0 rg BT 408.70 314.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 448.68 314.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 467.56 314.25 Td (is ) Tj ET Q q 0 0 0 rg BT 477.55 314.25 Td (less ) Tj ET Q q 0 0 0 rg BT 495.87 314.25 Td (than ) Tj ET Q q 0 0 0 rg BT 516.41 314.25 Td (its ) Tj ET Q q 0 0 0 rg BT 529.19 314.25 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 84.68 302.25 Td (then ) Tj ET Q q 0 0 0 rg BT 104.57 302.25 Td (a ) Tj ET Q q 0 0 0 rg BT 111.69 302.25 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 161.58 302.25 Td (assessment ) Tj ET Q q 0 0 0 rg BT 208.70 302.25 Td (is ) Tj ET Q q 0 0 0 rg BT 218.05 302.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 262.38 302.25 Td (to ) Tj ET Q q 0 0 0 rg BT 272.83 302.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 315.50 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 330.39 302.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 369.73 302.25 Td (unit) Tj ET Q q 0 0 0 rg BT 388.06 302.25 Td (s ) Tj ET Q q 0 0 0 rg BT 394.64 302.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 411.19 302.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 438.03 302.25 Td ( ) Tj ET Q q 0 0 0 rg BT 440.71 302.25 Td (If ) Tj ET Q q 0 0 0 rg BT 450.05 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.95 302.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 504.29 302.25 Td (unit) Tj ET Q q 0 0 0 rg BT 522.62 302.25 Td (s ) Tj ET Q q 0 0 0 rg BT 529.19 302.25 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.25 Td (value ) Tj ET Q q 0 0 0 rg BT 73.84 290.25 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 108.17 290.25 Td (its ) Tj ET Q q 0 0 0 rg BT 120.30 290.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 136.86 290.25 Td (value, ) Tj ET Q q 0 0 0 rg BT 163.70 290.25 Td (then ) Tj ET Q q 0 0 0 rg BT 183.60 290.25 Td (an ) Tj ET Q q 0 0 0 rg BT 195.72 290.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 244.50 290.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 262.74 290.25 Td (is ) Tj ET Q q 0 0 0 rg BT 272.10 290.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 318.64 290.25 Td (for ) Tj ET Q q 0 0 0 rg BT 332.99 290.25 Td (the ) Tj ET Q q 0 0 0 rg BT 347.89 290.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 380.56 290.25 Td (of ) Tj ET Q q 0 0 0 rg BT 391.58 290.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.48 290.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 435.26 290.25 Td (of ) Tj ET Q q 0 0 0 rg BT 446.27 290.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.17 290.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 497.17 290.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 529.85 290.25 Td (over ) Tj ET Q q 0 0 0 rg BT 550.30 290.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 88.84 278.25 Td (unit) Tj ET Q q 0 0 0 rg BT 107.17 278.25 Td (s ) Tj ET Q q 0 0 0 rg BT 113.75 278.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 130.31 278.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 157.15 278.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.64 278.25 Td (The ) Tj ET Q q 0 0 0 rg BT 177.87 278.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 219.45 278.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 263.78 278.25 Td (its ) Tj ET Q q 0 0 0 rg BT 275.91 278.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 305.25 278.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 343.49 278.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 392.27 278.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 427.17 278.25 Td (during ) Tj ET Q q 0 0 0 rg BT 455.97 278.25 Td (the ) Tj ET Q q 0 0 0 rg BT 470.87 278.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 497.99 278.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 528.99 278.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.01 278.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 278.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.00 266.25 Td (as ) Tj ET Q q 0 0 0 rg BT 76.40 266.25 Td (no ) Tj ET Q q 0 0 0 rg BT 88.46 266.25 Td (indicators ) Tj ET Q q 0 0 0 rg BT 129.96 266.25 Td (for ) Tj ET Q q 0 0 0 rg BT 143.68 266.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 191.85 266.25 Td (existed ) Tj ET Q q 0 0 0 rg BT 222.24 266.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.52 266.25 Td (December ) Tj ET Q q 0 0 0 rg BT 274.67 266.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 289.23 266.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.23 266.25 Td (, ) Tj ET Q q 0 0 0 rg BT 313.80 266.25 Td (no ) Tj ET Q q 0 0 0 rg BT 325.86 266.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 374.02 266.25 Td (was ) Tj ET Q q 0 0 0 rg BT 391.64 266.25 Td (recorded. ) Tj ET Q q 0 0 0 rg BT 430.72 266.25 Td (As ) Tj ET Q q 0 0 0 rg BT 443.90 266.25 Td (a ) Tj ET Q q 0 0 0 rg BT 450.40 266.25 Td (result ) Tj ET Q q 0 0 0 rg BT 474.69 266.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.08 266.25 Td (the ) Tj ET Q q 0 0 0 rg BT 499.36 266.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 542.52 266.25 Td (shut-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.25 Td (down ) Tj ET Q q 0 0 0 rg BT 75.16 254.25 Td (of ) Tj ET Q q 0 0 0 rg BT 86.93 254.25 Td (our ) Tj ET Q q 0 0 0 rg BT 103.70 254.25 Td (Detroit ) Tj ET Q q 0 0 0 rg BT 135.46 254.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 180.56 254.25 Td (due ) Tj ET Q q 0 0 0 rg BT 198.43 254.25 Td (to ) Tj ET Q q 0 0 0 rg BT 209.65 254.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 258.09 254.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 273.19 254.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.84 254.25 Td (state ) Tj ET Q q 0 0 0 rg BT 310.60 254.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.37 254.25 Td (Michigan ) Tj ET Q q 0 0 0 rg BT 364.14 254.25 Td (does ) Tj ET Q q 0 0 0 rg BT 385.91 254.25 Td (not ) Tj ET Q q 0 0 0 rg BT 402.12 254.25 Td (deem ) Tj ET Q q 0 0 0 rg BT 427.22 254.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 462.33 254.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 515.20 254.25 Td (an ) Tj ET Q q 0 0 0 rg BT 528.08 254.25 Td (essential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.25 Td (business\), ) Tj ET Q q 0 0 0 rg BT 92.07 242.25 Td (we ) Tj ET Q q 0 0 0 rg BT 106.58 242.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 151.07 242.25 Td (a ) Tj ET Q q 0 0 0 rg BT 158.36 242.25 Td (goodwill ) Tj ET Q q 0 0 0 rg BT 196.76 242.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 245.71 242.25 Td (analysis ) Tj ET Q q 0 0 0 rg BT 280.77 242.25 Td (of ) Tj ET Q q 0 0 0 rg BT 291.95 242.25 Td (our ) Tj ET Q q 0 0 0 rg BT 308.13 242.25 Td (Detroit ) Tj ET Q q 0 0 0 rg BT 339.30 242.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 378.81 242.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 397.21 242.25 Td (and ) Tj ET Q q 0 0 0 rg BT 414.50 242.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 462.33 242.25 Td (no ) Tj ET Q q 0 0 0 rg BT 475.18 242.25 Td (impairment ) Tj ET Q q 0 0 0 rg BT 524.12 242.25 Td (existed ) Tj ET Q q 0 0 0 rg BT 555.30 242.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 92.92 230.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.92 230.25 Td (. ) Tj ET Q q 0 0 0 rg BT 117.75 230.25 Td ( ) Tj ET Q q 0 0 0 rg BT 120.07 230.25 Td (However) Tj ET Q q 0 0 0 rg BT 156.32 230.25 Td (, ) Tj ET Q q 0 0 0 rg BT 161.15 230.25 Td (we ) Tj ET Q q 0 0 0 rg BT 175.13 230.25 Td (will ) Tj ET Q q 0 0 0 rg BT 193.01 230.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 229.77 230.25 Td (to ) Tj ET Q q 0 0 0 rg BT 239.87 230.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 273.86 230.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.40 230.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 304.60 230.25 Td (value ) Tj ET Q q 0 0 0 rg BT 328.58 230.25 Td (of ) Tj ET Q q 0 0 0 rg BT 339.24 230.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.78 230.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 392.76 230.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 410.64 230.25 Td (in ) Tj ET Q q 0 0 0 rg BT 420.74 230.25 Td (future ) Tj ET Q q 0 0 0 rg BT 446.94 230.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 478.70 230.25 Td (if ) Tj ET Q q 0 0 0 rg BT 487.14 230.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 531.13 230.25 Td (worsen, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.66 218.25 Td (are ) Tj ET Q q 0 0 0 rg BT 108.36 218.25 Td (not ) Tj ET Q q 0 0 0 rg BT 123.64 218.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 164.46 218.25 Td (to ) Tj ET Q q 0 0 0 rg BT 174.74 218.25 Td (re-open, ) Tj ET Q q 0 0 0 rg BT 210.28 218.25 Td (or ) Tj ET Q q 0 0 0 rg BT 221.11 218.25 Td (other ) Tj ET Q q 0 0 0 rg BT 244.15 218.25 Td (events ) Tj ET Q q 0 0 0 rg BT 272.20 218.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 296.91 218.25 Td (that ) Tj ET Q q 0 0 0 rg BT 314.40 218.25 Td (could ) Tj ET Q q 0 0 0 rg BT 339.12 218.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 368.83 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.55 218.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 399.92 218.25 Td (value ) Tj ET Q q 0 0 0 rg BT 424.08 218.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.91 218.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.63 218.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 488.78 218.25 Td (unit.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 196.25 Td (8. ) Tj ET Q q 0 0 0 rg BT 90.34 196.25 Td (Debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 174.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 174.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.59 174.25 Td (- ) Tj ET Q q 0 0 0 rg BT 116.42 174.25 Td (Homebuilding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 152.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 95.36 152.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 128.57 152.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 165.66 152.25 Td (an ) Tj ET Q q 0 0 0 rg BT 177.76 152.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 219.28 152.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 272.48 152.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 305.14 152.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.12 152.25 Td ($500 ) Tj ET Q q 0 0 0 rg BT 338.78 152.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.67 152.25 Td (, 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ET Q q 0 0 0 rg BT 275.36 140.25 Td ( ) Tj ET Q q 0 0 0 rg BT 278.20 140.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 311.02 140.25 Td (on ) Tj ET Q q 0 0 0 rg BT 323.85 140.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 360.57 140.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 401.72 140.25 Td (under ) Tj ET Q q 0 0 0 rg BT 427.33 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.38 140.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 470.21 140.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 503.59 140.25 Td (is ) Tj ET Q q 0 0 0 rg BT 513.09 140.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 547.02 140.25 Td (at ) Tj ET Q q 0 0 0 rg BT 557.07 140.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 66.94 128.25 Td (which ) Tj ET Q q 0 0 0 rg BT 93.82 128.25 Td (is ) Tj ET Q q 0 0 0 rg BT 102.94 128.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 138.72 128.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 161.17 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.05 128.25 Td (is ) Tj ET Q q 0 0 0 rg BT 187.17 128.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 211.28 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.51 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 236.17 128.25 Td (sum ) Tj ET Q q 0 0 0 rg BT 255.29 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 266.08 128.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.74 128.25 Td (one-month ) Tj ET Q q 0 0 0 rg BT 326.52 128.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 358.97 128.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 376.40 128.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 395.52 128.25 Td (a ) Tj ET Q q 0 0 0 rg BT 402.41 128.25 Td (mar) Tj ET Q q 0 0 0 rg BT 417.78 128.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 433.01 128.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.79 128.25 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.79 128.25 Td ( ) Tj ET Q q 0 0 0 rg BT 461.24 128.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 483.69 128.25 Td (points. ) Tj ET Q q 0 0 0 rg BT 513.09 128.25 Td ( ) Tj ET Q q 0 0 0 rg BT 515.36 128.25 Td (The ) Tj ET Q q 0 0 0 rg BT 533.36 128.25 Td (mar) Tj ET Q q 0 0 0 rg BT 548.72 128.25 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.38 116.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 88.92 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.91 116.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 145.00 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 154.99 116.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 201.64 116.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 239.94 116.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 271.59 116.25 Td (based ) Tj ET Q q 0 0 0 rg BT 296.57 116.25 Td (on ) Tj ET Q q 0 0 0 rg BT 308.78 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.21 116.25 Td (Company) Tj ET Q q 0 0 0 rg BT 364.88 116.25 Td (s ) Tj ET Q q 0 0 0 rg BT 370.98 116.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 407.05 116.25 Td (ratio. ) Tj ET Q q 0 0 0 rg BT 430.09 116.25 Td ( ) Tj ET Q q 0 0 0 rg BT 432.14 116.25 Td (The ) Tj ET Q q 0 0 0 rg BT 449.90 116.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 477.10 116.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 509.86 116.25 Td (also ) Tj ET Q q 0 0 0 rg BT 528.18 116.25 Td (contains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 78.43 104.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 115.15 104.25 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 159.37 104.25 Td ( ) Tj ET Q q 0 0 0 rg BT 160.72 104.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.45 104.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 215.28 104.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.28 104.25 Td (, ) Tj ET Q q 0 0 0 rg BT 239.51 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.46 104.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 294.08 104.25 Td (was ) Tj ET Q q 0 0 0 rg BT 311.36 104.25 Td (in ) Tj ET Q q 0 0 0 rg BT 320.87 104.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 368.70 104.25 Td (with ) Tj ET Q q 0 0 0 rg BT 388.21 104.25 Td (all ) Tj ET Q q 0 0 0 rg BT 399.93 104.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 436.65 104.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 478.36 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.43 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 502.38 104.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 529.10 104.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 559.01 104.25 Td (.) Tj ET Q endstream endobj 37 0 obj <>] /Rotate 0 /Contents 38 0 R>> endobj 38 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.16 740.10 Td (available ) Tj ET Q q 0 0 0 rg BT 105.37 740.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.48 740.10 Td (under ) Tj ET Q q 0 0 0 rg BT 162.37 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.70 740.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 203.81 740.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 236.48 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 245.27 740.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 286.82 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.71 740.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 343.79 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 363.68 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.24 740.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 414.02 740.10 Td (base, ) Tj ET Q q 0 0 0 rg BT 436.40 740.10 Td (which ) Tj ET Q q 0 0 0 rg BT 462.96 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 471.74 740.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 514.39 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 526.50 740.10 Td (applying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (various ) Tj ET Q q 0 0 0 rg BT 81.39 728.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 116.59 728.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 137.91 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 152.02 728.10 Td (dif) Tj ET Q q 0 0 0 rg BT 162.95 728.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 188.71 728.10 Td (categories ) Tj ET Q q 0 0 0 rg BT 231.69 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.47 728.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 280.15 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 285.09 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 301.98 728.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.64 728.10 Td ($626.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.53 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.98 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.76 728.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 451.19 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 465.30 728.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 507.73 728.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 534.62 728.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 554.29 728.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 92.99 716.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.99 716.10 Td (. ) Tj ET Q q 0 0 0 rg BT 117.89 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.75 716.10 Td (As ) Tj ET Q q 0 0 0 rg BT 133.26 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.10 716.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 167.21 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.82 716.10 Td (full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.10 716.10 Td ($500 ) Tj ET Q q 0 0 0 rg BT 220.50 716.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.39 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.78 716.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 304.73 716.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 337.12 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.84 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.45 716.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 389.84 716.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 422.79 716.10 Td (was ) Tj ET Q q 0 0 0 rg BT 440.74 716.10 Td (available, ) Tj ET Q q 0 0 0 rg BT 481.72 716.10 Td (less ) Tj ET Q q 0 0 0 rg BT 499.12 716.10 Td (any ) Tj ET Q q 0 0 0 rg BT 515.95 716.10 Td (borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.14 704.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 94.78 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.32 704.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 132.28 704.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 184.65 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.15 704.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.36 704.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 244.66 704.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.66 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 270.36 704.10 Td (there ) Tj ET Q q 0 0 0 rg BT 293.55 704.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.19 704.10 Td ($6.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.08 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 368.28 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.82 704.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 428.57 704.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 478.44 704.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.09 704.10 Td ($65.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.98 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 553.18 704.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 76.43 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.26 692.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 112.53 692.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 164.19 692.10 Td (leaving ) Tj ET Q q 0 0 0 rg BT 196.13 692.10 Td (net ) Tj ET Q q 0 0 0 rg BT 210.84 692.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 253.88 692.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 298.04 692.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 345.53 692.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.36 692.10 Td ($427.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.25 692.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 670.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.37 670.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.92 670.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 163.02 670.10 Td (under ) Tj ET Q q 0 0 0 rg BT 188.45 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.32 670.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 230.97 670.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 264.18 670.10 Td (are ) Tj ET Q q 0 0 0 rg BT 279.05 670.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 325.57 670.10 Td (by ) Tj ET Q q 0 0 0 rg BT 338.23 670.10 Td (all ) Tj ET Q q 0 0 0 rg BT 350.88 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.87 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.74 670.10 Td (Company) Tj ET Q q 0 0 0 rg BT 418.41 670.10 Td (s ) Tj ET Q q 0 0 0 rg BT 424.96 670.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 477.33 670.10 Td (with ) Tj ET Q q 0 0 0 rg BT 497.77 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.64 670.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 554.17 670.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 98.49 658.10 Td (that ) Tj ET Q q 0 0 0 rg BT 115.25 658.10 Td (are ) Tj ET Q q 0 0 0 rg BT 129.23 658.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 168.21 658.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 203.30 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.84 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.83 658.10 Td (business ) Tj ET Q q 0 0 0 rg BT 262.49 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.59 658.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 312.13 658.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 354.16 658.10 Td (title ) Tj ET Q q 0 0 0 rg BT 371.48 658.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 411.57 658.10 Td (or ) Tj ET Q q 0 0 0 rg BT 421.67 658.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.21 658.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.96 658.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 531.95 658.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.22 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.37 646.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 130.86 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.24 646.10 Td (home ) Tj ET Q q 0 0 0 rg BT 171.39 646.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 192.77 646.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 231.09 646.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 260.23 646.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 309.39 646.10 Td (that ) Tj ET Q q 0 0 0 rg BT 326.32 646.10 Td (are ) Tj ET Q q 0 0 0 rg BT 340.47 646.10 Td (not ) Tj ET Q q 0 0 0 rg BT 355.18 646.10 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 410.44 646.10 Td (by ) Tj ET Q q 0 0 0 rg BT 422.38 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.53 646.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 477.36 646.10 Td (or ) Tj ET Q q 0 0 0 rg BT 487.62 646.10 Td (another ) Tj ET Q q 0 0 0 rg BT 519.55 646.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 560.00 646.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.01 634.10 Td (other ) Tj ET Q q 0 0 0 rg BT 88.63 634.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 137.92 634.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 182.76 634.10 Td (by ) Tj ET Q q 0 0 0 rg BT 194.83 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.12 634.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.08 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 260.48 634.10 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 311.98 634.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 362.94 634.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 376.67 634.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 408.73 634.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 418.57958984375 632.7669921875 m 450.0908203125 632.7669921875 l s q 0 0 1 rg BT 418.58 634.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 440.09 634.10 Td (12) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.09 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.16 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.01 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 477.42 634.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 514.47 634.10 Td (statements\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 79.66 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.27 622.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 133.88 622.10 Td (on ) Tj ET Q q 0 0 0 rg BT 145.71 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 159.76 622.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 200.46 622.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 232.28 622.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 267.44 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 277.05 622.10 Td (such ) Tj ET Q q 0 0 0 rg BT 297.21 622.10 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 348.47 622.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 399.19 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.80 622.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 455.59 622.10 Td (with ) Tj ET Q q 0 0 0 rg BT 475.21 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.25 622.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 513.30 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 523.47 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 537.52 622.10 Td (Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 82.85 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.08 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.10 610.10 Td (indentures ) Tj ET Q q 0 0 0 rg BT 159.55 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 174.01 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.02 610.10 Td (Company) Tj ET Q q 0 0 0 rg BT 230.69 610.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.37 610.10 Td ($400.0 ) Tj ET Q q 0 0 0 rg BT 267.67 610.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.56 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.36 610.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 341.02 610.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 379.36 610.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 412.15 610.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.28 610.10 Td (4.95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.11 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 451.90 610.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 480.81 610.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 506.94 610.10 Td (due ) Tj ET Q q 0 0 0 rg BT 524.17 610.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 546.97 610.10 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 75.87 598.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 103.91 598.10 Td (Notes\) ) Tj ET Q q 0 0 0 rg BT 136.94 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.31 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.46 598.10 Td (Company) Tj ET Q q 0 0 0 rg BT 209.12 598.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.94 598.10 Td ($250.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.84 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.77 598.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 316.56 598.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 354.03 598.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 385.96 598.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.22 598.10 Td (5.625%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.05 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.98 598.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 457.02 598.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 482.28 598.10 Td (due ) Tj ET Q q 0 0 0 rg BT 498.65 598.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 520.58 598.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 538.06 598.10 Td (2025 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.01 586.10 Td (Notes\). ) Tj ET Q q 0 0 0 rg BT 113.84 586.10 Td (The ) Tj ET Q q 0 0 0 rg BT 131.79 586.10 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 176.40 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 190.47 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.09 586.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 232.49 586.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 265.44 586.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 283.39 586.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 330.77 586.10 Td (Subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 389.83 586.10 Td (are ) Tj ET Q q 0 0 0 rg BT 404.44 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.06 586.10 Td (same ) Tj ET Q q 0 0 0 rg BT 442.01 586.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 491.63 586.10 Td (that ) Tj ET Q q 0 0 0 rg BT 509.03 586.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 550.30 586.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 72.00 574.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 100.61 574.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 126.44 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.38 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.09 574.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 180.59 574.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 209.20 574.10 Td (Notes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 552.10 Td (Company) Tj ET Q q 0 0 0 rg BT 108.87 552.10 Td (s ) Tj ET Q q 0 0 0 rg BT 114.93 552.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 161.53 552.10 Td (under ) Tj ET Q q 0 0 0 rg BT 186.46 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.84 552.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 228.00 552.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 260.71 552.10 Td (are ) Tj ET Q q 0 0 0 rg BT 275.08 552.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 309.17 552.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 351.87 552.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 378.47 552.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 425.07 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.57 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.95 552.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 490.99 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.59 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 552.10 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 100.40 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.86 540.10 Td (rank ) Tj ET Q q 0 0 0 rg BT 136.64 540.10 Td (equally ) Tj ET Q q 0 0 0 rg BT 168.09 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.89 540.10 Td (right ) Tj ET Q q 0 0 0 rg BT 198.79 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.14 540.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 245.59 540.10 Td (with ) Tj ET Q q 0 0 0 rg BT 265.38 540.10 Td (all ) Tj ET Q q 0 0 0 rg BT 277.40 540.10 Td (our ) Tj ET Q q 0 0 0 rg BT 292.74 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.20 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.43 540.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 365.98 540.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 417.46 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.48 540.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 453.16 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.61 540.10 Td (future ) Tj ET Q q 0 0 0 rg BT 495.51 540.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 538.06 540.10 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 105.45 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.24 528.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 124.58 528.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 170.81 528.10 Td (under ) Tj ET Q q 0 0 0 rg BT 195.37 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.38 528.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 236.17 528.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 268.51 528.10 Td (are ) Tj ET Q q 0 0 0 rg BT 282.51 528.10 Td (ef) Tj ET Q q 0 0 0 rg BT 290.10 528.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 326.87 528.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 380.31 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.88 528.10 Td (our ) Tj ET Q q 0 0 0 rg BT 405.00 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 421.23 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 435.24 528.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 477.57 528.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 529.04 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 530.84 528.10 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 516.10 Td (future ) Tj ET Q q 0 0 0 rg BT 92.82 516.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 125.85 516.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 180.01 516.10 Td (with ) Tj ET Q q 0 0 0 rg BT 200.29 516.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 231.10 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.38 516.10 Td (any ) Tj ET Q q 0 0 0 rg BT 258.32 516.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.15 516.10 Td (comprising ) Tj ET Q q 0 0 0 rg BT 331.64 516.10 Td (security ) Tj ET Q q 0 0 0 rg BT 365.80 516.10 Td (or ) Tj ET Q q 0 0 0 rg BT 376.63 516.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 416.33 516.10 Td (for ) Tj ET Q q 0 0 0 rg BT 430.49 516.10 Td (such ) Tj ET Q q 0 0 0 rg BT 451.32 516.10 Td (indebtedness.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 494.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.59 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.09 494.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 166.16 494.10 Td (Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.97 472.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 88.67 472.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 130.26 472.10 Td (W) Tj ET Q q 0 0 0 rg BT 138.90 472.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 185.05 472.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 232.40 472.10 Td (is ) Tj ET Q q 0 0 0 rg BT 241.99 472.10 Td (used ) Tj ET Q q 0 0 0 rg BT 263.24 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 273.94 472.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 306.28 472.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 339.20 472.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 383.77 472.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 424.45 472.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 448.48 472.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 491.95 472.10 Td (by ) Tj ET Q q 0 0 0 rg BT 504.87 472.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 522.79 472.10 Td (Financial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.35 460.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 87.44 460.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 128.46 460.10 Td (W) Tj ET Q q 0 0 0 rg BT 137.10 460.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 182.77 460.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 229.51 460.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 266.25 460.10 Td (for ) Tj ET Q q 0 0 0 rg BT 280.22 460.10 Td (a ) Tj ET Q q 0 0 0 rg BT 286.96 460.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 329.82 460.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 373.79 460.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 421.08 460.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.72 460.10 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.11 460.10 Td (, ) Tj ET Q q 0 0 0 rg BT 487.92 460.10 Td (which ) Tj ET Q q 0 0 0 rg BT 514.66 460.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 554.73 460.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.10 Td ($160million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.89 448.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.67 448.10 Td (from ) Tj ET Q q 0 0 0 rg BT 123.89 448.10 Td (September ) Tj ET Q q 0 0 0 rg BT 168.44 448.10 Td (25, ) Tj ET Q q 0 0 0 rg BT 182.72 448.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 204.50 448.10 Td (to ) Tj ET Q q 0 0 0 rg BT 214.06 448.10 Td (October ) Tj ET Q q 0 0 0 rg BT 248.05 448.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 262.33 448.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 284.11 448.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.33 448.10 Td (from ) Tj ET Q q 0 0 0 rg BT 321.55 448.10 Td (November ) Tj ET Q q 0 0 0 rg BT 365.54 448.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 379.82 448.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 401.60 448.10 Td (to ) Tj ET Q q 0 0 0 rg BT 411.16 448.10 Td (February ) Tj ET Q q 0 0 0 rg BT 449.04 448.10 Td (4, ) Tj ET Q q 0 0 0 rg BT 458.32 448.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 480.10 448.10 Td (\(periods ) Tj ET Q q 0 0 0 rg BT 514.65 448.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.76 448.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 82.24 436.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.31 436.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 133.81 436.10 Td (originations\). ) Tj ET Q q 0 0 0 rg BT 190.16 436.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.70 436.10 Td (The ) Tj ET Q q 0 0 0 rg BT 210.99 436.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 231.51 436.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 272.93 436.10 Td (W) Tj ET Q q 0 0 0 rg BT 281.57 436.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 327.58 436.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 374.74 436.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 406.36 436.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.10 436.10 Td (June19, ) Tj ET Q q 0 0 0 rg BT 455.17 436.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.17 436.10 Td (. ) Tj ET Q q 0 0 0 rg BT 480.41 436.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.15 436.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 515.88 436.10 Td (on ) Tj ET Q q 0 0 0 rg BT 528.62 436.10 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 90.22 424.10 Td (under ) Tj ET Q q 0 0 0 rg BT 115.39 424.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.01 424.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 150.19 424.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 191.29 424.10 Td (W) Tj ET Q q 0 0 0 rg BT 199.93 424.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 245.68 424.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 292.50 424.10 Td (is ) Tj ET Q q 0 0 0 rg BT 301.57 424.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 335.06 424.10 Td (at ) Tj ET Q q 0 0 0 rg BT 344.68 424.10 Td (a ) Tj ET Q q 0 0 0 rg BT 351.52 424.10 Td (per ) Tj ET Q q 0 0 0 rg BT 366.69 424.10 Td (annum ) Tj ET Q q 0 0 0 rg BT 396.30 424.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 413.69 424.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 437.74 424.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.92 424.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.54 424.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 496.04 424.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 528.44 424.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 545.83 424.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.10 Td (a ) Tj ET Q q 0 0 0 rg BT 55.99 412.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 84.15 412.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.53 412.10 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.53 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.59 412.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 133.65 412.10 Td (points. ) Tj ET Q q 0 0 0 rg BT 162.65 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.56 412.10 Td (The ) Tj ET Q q 0 0 0 rg BT 182.16 412.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 202.00 412.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 242.78 412.10 Td (W) Tj ET Q q 0 0 0 rg BT 251.42 412.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 296.90 412.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 343.38 412.10 Td (also ) Tj ET Q q 0 0 0 rg BT 361.54 412.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 396.92 412.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 426.18 412.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 463.22 412.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 507.76 412.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.36 412.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.42 412.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 400.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 400.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 92.00 400.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 131.71 400.10 Td (was ) Tj ET Q q 0 0 0 rg BT 149.76 400.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.04 400.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 208.63 400.10 Td (with ) Tj ET Q q 0 0 0 rg BT 228.91 400.10 Td (all ) Tj ET Q q 0 0 0 rg BT 241.40 400.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 278.88 400.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 321.37 400.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.20 400.10 Td (the ) Tj ET Q q 0 0 0 rg BT 346.92 400.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 367.20 400.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 408.40 400.10 Td (W) Tj ET Q q 0 0 0 rg BT 417.03 400.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 462.86 400.10 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.84 378.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 88.42 378.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 130.09 378.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 179.53 378.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 212.88 378.10 Td (is ) Tj ET Q q 0 0 0 rg BT 222.34 378.10 Td (used ) Tj ET Q q 0 0 0 rg BT 243.47 378.10 Td (to ) Tj ET Q q 0 0 0 rg BT 254.04 378.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 286.26 378.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 319.04 378.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 363.49 378.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 404.04 378.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 427.95 378.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 471.28 378.10 Td (by ) Tj ET Q q 0 0 0 rg BT 484.08 378.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 501.87 378.10 Td (Financial. ) Tj ET Q q 0 0 0 rg BT 544.38 378.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.97 378.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 69.55 366.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 118.47 366.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 151.29 366.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 188.00 366.10 Td (for ) Tj ET Q q 0 0 0 rg BT 201.93 366.10 Td (a ) Tj ET Q q 0 0 0 rg BT 208.63 366.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 248.67 366.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 294.24 366.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 324.83 366.10 Td (with ) Tj ET Q q 0 0 0 rg BT 344.88 366.10 Td (a ) Tj ET Q q 0 0 0 rg BT 351.59 366.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 394.41 366.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 438.34 366.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 485.59 366.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.19 366.10 Td ($65 ) Tj ET Q q 0 0 0 rg BT 513.46 366.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.36 366.10 Td (. ) Tj ET Q q 0 0 0 rg BT 546.96 366.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 70.62 354.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 112.84 354.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 162.82 354.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 196.71 354.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 228.93 354.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.27 354.10 Td (October26, ) Tj ET Q q 0 0 0 rg BT 292.81 354.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.81 354.10 Td (. ) Tj ET Q q 0 0 0 rg BT 318.65 354.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 336.99 354.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 377.54 354.10 Td (pays ) Tj ET Q q 0 0 0 rg BT 399.21 354.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 431.98 354.10 Td (on ) Tj ET Q q 0 0 0 rg BT 445.32 354.10 Td (each ) Tj ET Q q 0 0 0 rg BT 466.98 354.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 503.07 354.10 Td (under ) Tj ET Q q 0 0 0 rg BT 529.18 354.10 Td (the ) Tj ET Q q 0 0 0 rg BT 544.73 354.10 Td (MIF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 90.62 342.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 139.50 342.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 172.29 342.10 Td (at ) Tj ET Q q 0 0 0 rg BT 181.75 342.10 Td (a ) Tj ET Q q 0 0 0 rg BT 188.42 342.10 Td (per ) Tj ET Q q 0 0 0 rg BT 203.43 342.10 Td (annum ) Tj ET Q q 0 0 0 rg BT 232.89 342.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 250.11 342.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 274.00 342.10 Td (to ) Tj ET Q q 0 0 0 rg BT 284.02 342.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.48 342.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 331.82 342.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 364.06 342.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 381.28 342.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.19 342.10 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.19 342.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.43 342.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.00 342.10 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.00 342.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.24 342.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 467.48 342.10 Td (points ) Tj ET Q q 0 0 0 rg BT 494.16 342.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 538.06 342.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.30 342.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 69.36 330.10 Td (type. ) Tj ET Q q 0 0 0 rg BT 91.71 330.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.16 330.10 Td (The ) Tj ET Q q 0 0 0 rg BT 112.35 330.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 132.78 330.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 174.29 330.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 223.58 330.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 256.77 330.10 Td (also ) Tj ET Q q 0 0 0 rg BT 275.52 330.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 311.49 330.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 341.33 330.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 378.95 330.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 424.08 330.10 Td ( ) Tj ET Q q 0 0 0 rg BT 426.13 330.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.77 330.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 482.51 330.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.51 330.10 Td (, ) Tj ET Q q 0 0 0 rg BT 507.65 330.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 525.30 330.10 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (was ) Tj ET Q q 0 0 0 rg BT 67.55 318.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.83 318.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 126.42 318.10 Td (with ) Tj ET Q q 0 0 0 rg BT 146.70 318.10 Td (all ) Tj ET Q q 0 0 0 rg BT 159.19 318.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 196.67 318.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 239.16 318.10 Td (of ) Tj ET Q q 0 0 0 rg BT 249.99 318.10 Td (the ) Tj ET Q q 0 0 0 rg BT 264.71 318.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 284.99 318.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 326.37 318.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 375.51 318.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 405.41 318.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.58 296.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 104.76 296.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.76 296.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.84 296.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.35 296.10 Td (December ) Tj ET Q q 0 0 0 rg BT 186.52 296.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 201.10 296.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.10 296.10 Td (, ) Tj ET Q q 0 0 0 rg BT 225.67 296.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 242.75 296.10 Td (Financial) Tj ET Q q 0 0 0 rg BT 282.74 296.10 Td (s ) Tj ET Q q 0 0 0 rg BT 288.71 296.10 Td (total ) Tj ET Q q 0 0 0 rg BT 308.57 296.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 350.08 296.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 392.71 296.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 436.45 296.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 483.51 296.10 Td (under ) Tj ET Q q 0 0 0 rg BT 508.36 296.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.66 296.10 Td (two ) Tj ET Q q 0 0 0 rg BT 539.74 296.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 87.09 284.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.80 284.10 Td ($190.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.69 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 167.85 284.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.45 284.10 Td ($225.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.34 284.10 Td (, ) Tj ET Q q 0 0 0 rg BT 250.01 284.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 297.67 284.10 Td (. ) Tj ET Q q 0 0 0 rg BT 303.33 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.79 284.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.95 284.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 363.21 284.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.21 284.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.37 284.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.97 284.10 Td (December ) Tj ET Q q 0 0 0 rg BT 448.21 284.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 463.88 284.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.88 284.10 Td (, ) Tj ET Q q 0 0 0 rg BT 489.54 284.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 507.70 284.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 548.07 284.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td ($145.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.89 272.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.83 272.10 Td ($136.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.72 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.22 272.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 238.39 272.10 Td (on ) Tj ET Q q 0 0 0 rg BT 250.89 272.10 Td (a ) Tj ET Q q 0 0 0 rg BT 257.83 272.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 299.76 272.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 322.26 272.10 Td (under ) Tj ET Q q 0 0 0 rg BT 347.53 272.10 Td (its ) Tj ET Q q 0 0 0 rg BT 359.48 272.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 384.74 272.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 424.17 272.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 471.83 272.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 79.23 250.10 Td (Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.56 250.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.02 228.10 Td (January22, ) Tj ET Q q 0 0 0 rg BT 112.41 228.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.41 228.10 Td (, ) Tj ET Q q 0 0 0 rg BT 137.21 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 151.72 228.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 192.90 228.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.19 228.10 Td ($400.0 ) Tj ET Q q 0 0 0 rg BT 249.99 228.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.88 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.17 228.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 322.33 228.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 360.17 228.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 392.46 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.08 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.60 228.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 439.89 228.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 468.29 228.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 496.25 228.10 Td (The ) Tj ET Q q 0 0 0 rg BT 514.09 228.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 536.39 228.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 74.26 216.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 92.89 216.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 123.75 216.10 Td (at ) Tj ET Q q 0 0 0 rg BT 132.40 216.10 Td (a ) Tj ET Q q 0 0 0 rg BT 138.26 216.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 154.67 216.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.43 216.10 Td (4.95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.26 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 191.69 216.10 Td (per ) Tj ET Q q 0 0 0 rg BT 205.89 216.10 Td (year) Tj ET Q q 0 0 0 rg BT 222.69 216.10 Td (, ) Tj ET Q q 0 0 0 rg BT 226.62 216.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 259.14 216.10 Td (semiannually ) Tj ET Q q 0 0 0 rg BT 313.89 216.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.09 216.10 Td (arrears ) Tj ET Q q 0 0 0 rg BT 351.72 216.10 Td (on ) Tj ET Q q 0 0 0 rg BT 363.15 216.10 Td (February ) Tj ET Q q 0 0 0 rg BT 400.67 216.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 407.10 216.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.65 216.10 Td (August ) Tj ET Q q 0 0 0 rg BT 452.97 216.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 459.39 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 469.15 216.10 Td (each ) Tj ET Q q 0 0 0 rg BT 488.89 216.10 Td (year ) Tj ET Q q 0 0 0 rg BT 507.53 216.10 Td (\(commencing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.97 204.10 Td (August ) Tj ET Q q 0 0 0 rg BT 94.03 204.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 104.70 204.10 Td (2020\), ) Tj ET Q q 0 0 0 rg BT 133.70 204.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.31 204.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 182.25 204.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.42 204.10 Td (February1, ) Tj ET Q q 0 0 0 rg BT 244.69 204.10 Td (2028) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.69 204.10 Td (. ) Tj ET Q q 0 0 0 rg BT 270.13 204.10 Td (W) Tj ET Q q 0 0 0 rg BT 278.76 204.10 Td (e ) Tj ET Q q 0 0 0 rg BT 286.37 204.10 Td (may ) Tj ET Q q 0 0 0 rg BT 306.76 204.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 339.35 204.10 Td (all ) Tj ET Q q 0 0 0 rg BT 352.52 204.10 Td (or ) Tj ET Q q 0 0 0 rg BT 364.02 204.10 Td (any ) Tj ET Q q 0 0 0 rg BT 381.63 204.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 413.69 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.19 204.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.57 204.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 463.75 204.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 493.02 204.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 519.52 204.10 Td (on ) Tj ET Q q 0 0 0 rg BT 532.69 204.10 Td (or ) Tj ET Q q 0 0 0 rg BT 544.20 204.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (February ) Tj ET Q q 0 0 0 rg BT 87.37 192.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 96.63 192.10 Td (2023 ) Tj ET Q q 0 0 0 rg BT 118.40 192.10 Td (at ) Tj ET Q q 0 0 0 rg BT 127.39 192.10 Td (a ) Tj ET Q q 0 0 0 rg BT 133.59 192.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 158.68 192.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 205.99 192.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 230.25 192.10 Td (together ) Tj ET Q q 0 0 0 rg BT 264.78 192.10 Td (with ) Tj ET Q q 0 0 0 rg BT 284.32 192.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 317.18 192.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.38 192.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 362.37 192.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 393.57 192.10 Td (thereon. ) Tj ET Q q 0 0 0 rg BT 427.69 192.10 Td (The ) Tj ET Q q 0 0 0 rg BT 445.01 192.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 492.32 192.10 Td (price ) Tj ET Q q 0 0 0 rg BT 514.07 192.10 Td (will ) Tj ET Q q 0 0 0 rg BT 531.39 192.10 Td (initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.38 180.10 Td (103.713%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.21 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.65 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 115.42 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.08 180.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 168.06 180.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 200.50 180.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 252.11 180.10 Td (but ) Tj ET Q q 0 0 0 rg BT 267.33 180.10 Td (will ) Tj ET Q q 0 0 0 rg BT 285.33 180.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 316.64 180.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.86 180.10 Td (102.475%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.69 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 370.13 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.90 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.56 180.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 433.54 180.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 465.98 180.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 515.09 180.10 Td (if ) Tj ET Q q 0 0 0 rg BT 523.64 180.10 Td (redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.90 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.40 168.10 Td (12-month ) Tj ET Q q 0 0 0 rg BT 133.57 168.10 Td (period ) Tj ET Q q 0 0 0 rg BT 161.41 168.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 203.69 168.10 Td (on ) Tj ET Q q 0 0 0 rg BT 215.97 168.10 Td (February ) Tj ET Q q 0 0 0 rg BT 254.36 168.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 264.15 168.10 Td (2024, ) Tj ET Q q 0 0 0 rg BT 288.93 168.10 Td (will ) Tj ET Q q 0 0 0 rg BT 306.78 168.10 Td (further ) Tj ET Q q 0 0 0 rg BT 336.27 168.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 367.43 168.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.49 168.10 Td (101.238%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.32 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.61 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.23 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.73 168.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 483.56 168.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 515.84 168.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (if ) Tj ET Q q 0 0 0 rg BT 58.81 156.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 100.88 156.10 Td (during ) Tj ET Q q 0 0 0 rg BT 130.20 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.62 156.10 Td (12-month ) Tj ET Q q 0 0 0 rg BT 187.71 156.10 Td (period ) Tj ET Q q 0 0 0 rg BT 216.46 156.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 259.66 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 272.87 156.10 Td (February ) Tj ET Q q 0 0 0 rg BT 312.17 156.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 322.88 156.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 346.08 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.73 156.10 Td (will ) Tj ET Q q 0 0 0 rg BT 382.49 156.10 Td (further ) Tj ET Q q 0 0 0 rg BT 412.90 156.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 444.98 156.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.96 156.10 Td (100.000%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.79 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.00 156.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.54 156.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.96 156.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.00 144.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 131.16 144.10 Td (if ) Tj ET Q q 0 0 0 rg BT 139.77 144.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 181.13 144.10 Td (on ) Tj ET Q q 0 0 0 rg BT 193.63 144.10 Td (or ) Tj ET Q q 0 0 0 rg BT 204.46 144.10 Td (after ) Tj ET Q q 0 0 0 rg BT 225.28 144.10 Td (February ) Tj ET Q q 0 0 0 rg BT 263.88 144.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 273.88 144.10 Td (2026, ) Tj ET Q q 0 0 0 rg BT 298.88 144.10 Td (but ) Tj ET Q q 0 0 0 rg BT 314.15 144.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 336.09 144.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.37 144.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 379.60 144.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.24 122.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.31 122.10 Td (used ) Tj ET Q q 0 0 0 rg BT 128.83 122.10 Td (a ) Tj ET Q q 0 0 0 rg BT 135.46 122.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 166.53 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 177.05 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.46 122.10 Td (net ) Tj ET Q q 0 0 0 rg BT 205.86 122.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 243.59 122.10 Td (from ) Tj ET Q q 0 0 0 rg BT 265.22 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 279.62 122.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 315.69 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 326.21 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.61 122.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 362.80 122.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 391.10 122.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 416.62 122.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.59 122.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 458.20 122.10 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.38 122.10 Td ($300 ) Tj ET Q q 0 0 0 rg BT 492.57 122.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.46 122.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.65 122.10 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.93 110.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 120.80 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.02 110.10 Td (its ) Tj ET Q q 0 0 0 rg BT 144.35 110.10 Td (then ) Tj ET Q q 0 0 0 rg BT 164.45 110.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.00 110.10 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.83 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.71 110.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 271.70 110.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 297.92 110.10 Td (due ) Tj ET Q q 0 0 0 rg BT 315.24 110.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 338.12 110.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 356.55 110.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 383.87 110.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 412.86 110.10 Td (Notes\) ) Tj ET Q q 0 0 0 rg BT 446.85 110.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.95 110.10 Td (100.000%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.78 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.66 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.87 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.97 110.10 Td (principal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.00 98.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 133.66 98.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 152.83 98.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 186.41 98.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.35 98.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 233.07 98.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 265.00 98.10 Td (thereon, ) Tj ET Q q 0 0 0 rg BT 299.99 98.10 Td (on ) Tj ET Q q 0 0 0 rg BT 312.49 98.10 Td (January ) Tj ET Q q 0 0 0 rg BT 346.09 98.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 361.09 98.10 Td (2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.76 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 75.24 74.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.16 74.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 140.41 74.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.41 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.56 74.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.14 74.10 Td (December ) Tj ET Q q 0 0 0 rg BT 225.37 74.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 241.02 74.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.02 74.10 Td (, ) Tj ET Q q 0 0 0 rg BT 266.67 74.10 Td (we ) Tj ET Q q 0 0 0 rg BT 281.47 74.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.06 74.10 Td ($250.0 ) Tj ET Q q 0 0 0 rg BT 329.71 74.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.60 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.74 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.22 74.10 Td (our ) Tj ET Q q 0 0 0 rg BT 389.70 74.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 412.84 74.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 442.10 74.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 468.58 74.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 520.89 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.81 74.10 Td (The ) Tj ET Q q 0 0 0 rg BT 542.50 74.10 Td (2025 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 77.99 62.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 103.70 62.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 123.29 62.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 155.11 62.10 Td (at ) Tj ET Q q 0 0 0 rg BT 164.71 62.10 Td (a ) Tj ET Q q 0 0 0 rg BT 171.53 62.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 188.90 62.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.61 62.10 Td (5.625%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.44 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.83 62.10 Td (per ) Tj ET Q q 0 0 0 rg BT 247.98 62.10 Td (year) Tj ET Q q 0 0 0 rg BT 264.78 62.10 Td (, ) Tj ET Q q 0 0 0 rg BT 269.67 62.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 303.14 62.10 Td (semiannually ) Tj ET Q q 0 0 0 rg BT 358.85 62.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.01 62.10 Td (arrears ) Tj ET Q q 0 0 0 rg BT 398.59 62.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.97 62.10 Td (February ) Tj ET Q q 0 0 0 rg BT 449.45 62.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.45 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 456.83 62.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.13 62.10 Td (August ) Tj ET Q q 0 0 0 rg BT 504.40 62.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.40 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 511.79 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.50 62.10 Td (each ) Tj ET Q q 0 0 0 rg BT 543.20 62.10 Td (year) Tj ET Q q 0 0 0 rg BT 560.00 62.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.29 50.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 96.41 50.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.25 50.10 Td (August1, ) Tj ET Q q 0 0 0 rg BT 149.50 50.10 Td (2025) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.50 50.10 Td (. ) Tj ET Q q 0 0 0 rg BT 174.35 50.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.54 50.10 Td (W) Tj ET Q q 0 0 0 rg BT 185.18 50.10 Td (e ) Tj ET Q q 0 0 0 rg BT 191.97 50.10 Td (may ) Tj ET Q q 0 0 0 rg BT 211.54 50.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 243.32 50.10 Td (all ) Tj ET Q q 0 0 0 rg BT 255.67 50.10 Td (or ) Tj ET Q q 0 0 0 rg BT 266.36 50.10 Td (any ) Tj ET Q q 0 0 0 rg BT 283.16 50.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 314.40 50.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.08 50.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.66 50.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 362.01 50.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 390.48 50.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 416.16 50.10 Td (on ) Tj ET Q q 0 0 0 rg BT 428.52 50.10 Td (or ) Tj ET Q q 0 0 0 rg BT 439.21 50.10 Td (after ) Tj ET Q q 0 0 0 rg BT 459.36 50.10 Td (August ) Tj ET Q q 0 0 0 rg BT 490.60 50.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 500.46 50.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 522.82 50.10 Td (at ) Tj ET Q q 0 0 0 rg BT 532.39 50.10 Td (a ) Tj ET Q q 0 0 0 rg BT 539.18 50.10 Td (stated ) Tj ET Q endstream endobj 39 0 obj <> endobj 40 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 98.46 740.10 Td (price, ) Tj ET Q q 0 0 0 rg BT 124.36 740.10 Td (together ) Tj ET Q q 0 0 0 rg BT 160.54 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 181.73 740.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 216.23 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.08 740.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 264.72 740.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 297.57 740.10 Td (thereon. ) Tj ET Q q 0 0 0 rg BT 333.47 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.64 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 355.60 740.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 404.56 740.10 Td (price ) Tj ET Q q 0 0 0 rg BT 427.96 740.10 Td (will ) Tj ET Q q 0 0 0 rg BT 446.93 740.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 481.45 740.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.31 740.10 Td (104.219%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.14 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.55 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 740.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.25 728.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 119.46 728.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 170.83 728.10 Td (but ) Tj ET Q q 0 0 0 rg BT 185.82 728.10 Td (will ) Tj ET Q q 0 0 0 rg BT 203.58 728.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 234.67 728.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.65 728.10 Td (102.813%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.48 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.69 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.23 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.66 728.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 350.41 728.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 382.62 728.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 431.49 728.10 Td (if ) Tj ET Q q 0 0 0 rg BT 439.81 728.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 480.88 728.10 Td (during ) Tj ET Q q 0 0 0 rg BT 509.20 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 728.10 Td (12-month ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (period ) Tj ET Q q 0 0 0 rg BT 77.30 716.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 119.54 716.10 Td (on ) Tj ET Q q 0 0 0 rg BT 131.30 716.10 Td (August ) Tj ET Q q 0 0 0 rg BT 162.44 716.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 172.19 716.10 Td (2021, ) Tj ET Q q 0 0 0 rg BT 196.94 716.10 Td (will ) Tj ET Q q 0 0 0 rg BT 214.75 716.10 Td (further ) Tj ET Q q 0 0 0 rg BT 244.21 716.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 275.33 716.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.36 716.10 Td (101.406%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.19 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.44 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.02 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.49 716.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 391.28 716.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 423.53 716.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 472.45 716.10 Td (if ) Tj ET Q q 0 0 0 rg BT 480.81 716.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 521.92 716.10 Td (during ) Tj ET Q q 0 0 0 rg BT 550.28 716.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (12-month ) Tj ET Q q 0 0 0 rg BT 89.97 704.10 Td (period ) Tj ET Q q 0 0 0 rg BT 117.11 704.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 158.69 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 169.92 704.10 Td (August ) Tj ET Q q 0 0 0 rg BT 200.40 704.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 209.49 704.10 Td (2022 ) Tj ET Q q 0 0 0 rg BT 231.07 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.10 704.10 Td (will ) Tj ET Q q 0 0 0 rg BT 264.24 704.10 Td (further ) Tj ET Q q 0 0 0 rg BT 293.03 704.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 323.49 704.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.85 704.10 Td (100.000%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.68 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.27 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.19 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.99 704.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 436.12 704.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 467.70 704.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 515.95 704.10 Td (if ) Tj ET Q q 0 0 0 rg BT 523.64 704.10 Td (redeemed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 72.83 692.10 Td (after ) Tj ET Q q 0 0 0 rg BT 93.09 692.10 Td (August ) Tj ET Q q 0 0 0 rg BT 124.49 692.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 134.49 692.10 Td (2023, ) Tj ET Q q 0 0 0 rg BT 159.49 692.10 Td (but ) Tj ET Q q 0 0 0 rg BT 174.76 692.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 196.70 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.98 692.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 240.21 692.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.27 670.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 89.50 670.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 117.84 670.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 143.40 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 160.06 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.51 670.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 196.74 670.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 225.07 670.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 250.63 670.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 282.29 670.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 311.72 670.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 356.44 670.10 Td (as ) Tj ET Q q 0 0 0 rg BT 366.99 670.10 Td (more ) Tj ET Q q 0 0 0 rg BT 389.77 670.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 410.88 670.10 Td (described ) Tj ET Q q 0 0 0 rg BT 451.43 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.09 670.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 500.31 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.31 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.76 670.10 Td (indenture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 92.38 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.93 658.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 129.27 658.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 157.71 658.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 183.38 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.15 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.71 658.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 254.80 658.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 297.69 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 312.24 658.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 334.57 658.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 363.02 658.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 391.18 658.10 Td (which ) Tj ET Q q 0 0 0 rg BT 417.96 658.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 439.19 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.74 658.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 481.62 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 492.29 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.84 658.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 548.06 658.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.31 646.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 104.11 646.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 153.93 646.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 166.80 646.10 Td (among ) Tj ET Q q 0 0 0 rg BT 196.62 646.10 Td (other ) Tj ET Q q 0 0 0 rg BT 219.76 646.10 Td (things: ) Tj ET Q q 0 0 0 rg BT 249.59 646.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 272.73 646.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 315.32 646.10 Td (indebtedness; ) Tj ET Q q 0 0 0 rg BT 372.35 646.10 Td (make ) Tj ET Q q 0 0 0 rg BT 396.60 646.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 426.40 646.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 469.83 646.10 Td (including ) Tj ET Q q 0 0 0 rg BT 510.20 646.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 554.18 646.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 95.14 634.10 Td (any ) Tj ET Q q 0 0 0 rg BT 111.92 634.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 141.75 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 151.86 634.10 Td (an ) Tj ET Q q 0 0 0 rg BT 163.64 634.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 204.84 634.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 237.17 634.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 280.04 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 295.71 634.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 339.69 634.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 380.35 634.10 Td (basket; ) Tj ET Q q 0 0 0 rg BT 415.46 634.10 Td (make ) Tj ET Q q 0 0 0 rg BT 439.45 634.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 468.99 634.10 Td (investments; ) Tj ET Q q 0 0 0 rg BT 521.88 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 538.65 634.10 Td (create ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.46 622.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 83.63 622.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 113.46 622.10 Td (liens, ) Tj ET Q q 0 0 0 rg BT 137.47 622.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 185.64 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 196.60 622.10 Td (mer) Tj ET Q q 0 0 0 rg BT 211.97 622.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 224.03 622.10 Td (with ) Tj ET Q q 0 0 0 rg BT 244.44 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 255.39 622.10 Td (into ) Tj ET Q q 0 0 0 rg BT 273.58 622.10 Td (other ) Tj ET Q q 0 0 0 rg BT 296.75 622.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 344.64 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 355.60 622.10 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 393.22 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 404.17 622.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 420.69 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.64 622.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 464.81 622.10 Td (all ) Tj ET Q q 0 0 0 rg BT 477.43 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 488.39 622.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 541.57 622.10 Td (all ) Tj ET Q q 0 0 0 rg BT 554.19 622.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.32 610.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 93.63 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.94 610.10 Td (These ) Tj ET Q q 0 0 0 rg BT 122.30 610.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 164.78 610.10 Td (are ) Tj ET Q q 0 0 0 rg BT 179.47 610.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 210.28 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.55 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 227.47 610.10 Td (number ) Tj ET Q q 0 0 0 rg BT 260.51 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.32 610.10 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 316.57 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 333.50 610.10 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 390.41 610.10 Td (as ) Tj ET Q q 0 0 0 rg BT 401.23 610.10 Td (described ) Tj ET Q q 0 0 0 rg BT 442.03 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.30 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.00 610.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 507.25 610.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 550.29 610.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 72.07 598.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 100.75 598.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 126.66 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.67 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.46 598.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 198.79 598.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 241.91 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.70 598.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 279.27 598.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 307.95 598.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 336.35 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.36 598.10 Td (As ) Tj ET Q q 0 0 0 rg BT 352.04 598.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.95 598.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 406.62 598.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.62 598.10 Td (, ) Tj ET Q q 0 0 0 rg BT 431.69 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.48 598.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 487.94 598.10 Td (was ) Tj ET Q q 0 0 0 rg BT 506.06 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 516.41 598.10 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 586.10 Td (all ) Tj ET Q q 0 0 0 rg BT 82.27 586.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 109.49 586.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 156.16 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 173.09 586.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 215.58 586.10 Td (under ) Tj ET Q q 0 0 0 rg BT 240.85 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.56 586.10 Td (indentures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.43 564.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 91.81 564.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 121.30 564.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 148.01 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.83 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.43 564.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 204.81 564.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 234.30 564.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 261.01 564.10 Td (are ) Tj ET Q q 0 0 0 rg BT 276.60 564.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 298.87 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.69 564.10 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 382.84 564.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 430.08 564.10 Td (jointly ) Tj ET Q q 0 0 0 rg BT 459.58 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 477.40 564.10 Td (severally ) Tj ET Q q 0 0 0 rg BT 516.87 564.10 Td (on ) Tj ET Q q 0 0 0 rg BT 530.25 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 538.07 564.10 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 92.58 552.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 115.13 552.10 Td (by ) Tj ET Q q 0 0 0 rg BT 127.67 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 142.43 552.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 185.51 552.10 Td (Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 239.44 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.80 552.10 Td (The ) Tj ET Q q 0 0 0 rg BT 259.89 552.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 282.44 552.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 311.09 552.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 336.96 552.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.94 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.71 552.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 391.25 552.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 419.90 552.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 445.78 552.10 Td (are ) Tj ET Q q 0 0 0 rg BT 460.53 552.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 494.99 552.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 538.08 552.10 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 96.63 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.64 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.54 540.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 164.12 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.24 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.14 540.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 239.36 540.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 290.93 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.06 540.10 Td (rank ) Tj ET Q q 0 0 0 rg BT 328.51 540.10 Td (equally ) Tj ET Q q 0 0 0 rg BT 360.63 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 371.09 540.10 Td (right ) Tj ET Q q 0 0 0 rg BT 392.66 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 403.68 540.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 440.79 540.10 Td (with ) Tj ET Q q 0 0 0 rg BT 461.26 540.10 Td (all ) Tj ET Q q 0 0 0 rg BT 473.94 540.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.95 540.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.07 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.98 540.10 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 100.97 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.99 528.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 136.67 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.12 528.10 Td (future ) Tj ET Q q 0 0 0 rg BT 179.01 528.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 221.56 528.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 248.01 528.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 306.53 528.10 Td (The ) Tj ET Q q 0 0 0 rg BT 324.09 528.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 346.11 528.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 374.23 528.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 399.57 528.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.02 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.25 528.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 452.27 528.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 480.39 528.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 505.73 528.10 Td (are ) Tj ET Q q 0 0 0 rg BT 519.95 528.10 Td (ef) Tj ET Q q 0 0 0 rg BT 527.54 528.10 Td (fectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 103.08 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.79 516.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.05 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.41 516.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.56 516.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 201.02 516.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 252.50 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.42 516.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 288.02 516.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.38 516.10 Td (future ) Tj ET Q q 0 0 0 rg BT 330.19 516.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 362.65 516.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 416.24 516.10 Td (with ) Tj ET Q q 0 0 0 rg BT 435.94 516.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 466.19 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.89 516.10 Td (any ) Tj ET Q q 0 0 0 rg BT 492.26 516.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 517.52 516.10 Td (comprising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (security ) Tj ET Q q 0 0 0 rg BT 83.66 504.10 Td (or ) Tj ET Q q 0 0 0 rg BT 94.49 504.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 134.18 504.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.34 504.10 Td (such ) Tj ET Q q 0 0 0 rg BT 169.17 504.10 Td (indebtedness.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.59 482.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 105.90 482.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 147.99 482.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.87 482.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 184.41 482.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 212.06 482.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 236.94 482.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.92 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.68 482.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 305.99 482.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 348.08 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 361.84 482.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 383.39 482.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 411.04 482.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 435.91 482.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 456.35 482.10 Td (our ) Tj ET Q q 0 0 0 rg BT 471.22 482.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 498.32 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.64 482.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 523.63 482.10 Td (dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 64.40 470.10 Td (and ) Tj ET Q q 0 0 0 rg BT 81.24 470.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 129.44 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.17 470.10 Td (common ) Tj ET Q q 0 0 0 rg BT 182.57 470.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 209.96 470.10 Td (and ) Tj ET Q q 0 0 0 rg BT 226.80 470.10 Td (any ) Tj ET Q q 0 0 0 rg BT 243.64 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.37 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 270.10 470.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 309.13 470.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 336.52 470.10 Td (then ) Tj ET Q q 0 0 0 rg BT 356.14 470.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 405.20 470.10 Td (to ) Tj ET Q q 0 0 0 rg BT 415.38 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.00 470.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 462.39 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 473.12 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.74 470.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 521.80 470.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 554.74 470.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (our ) Tj ET Q q 0 0 0 rg BT 67.05 458.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 112.91 458.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 155.45 458.10 Td (basket, ) Tj ET Q q 0 0 0 rg BT 192.15 458.10 Td (as ) Tj ET Q q 0 0 0 rg BT 204.70 458.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 238.90 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.90 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 267.33 458.10 Td (indentures. ) Tj ET Q q 0 0 0 rg BT 315.70 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.92 458.10 Td (In ) Tj ET Q q 0 0 0 rg BT 332.47 458.10 Td (each ) Tj ET Q q 0 0 0 rg BT 355.00 458.10 Td (case, ) Tj ET Q q 0 0 0 rg BT 378.92 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.36 458.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 441.22 458.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 483.76 458.10 Td (basket ) Tj ET Q q 0 0 0 rg BT 517.96 458.10 Td (is ) Tj ET Q q 0 0 0 rg BT 528.85 458.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 554.72 458.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td ($125.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.34 446.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 130.96 446.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.58 446.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.91 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.86 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 178.14 446.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.42 446.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 236.24 446.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 289.73 446.10 Td (net ) Tj ET Q q 0 0 0 rg BT 304.90 446.10 Td (income ) Tj ET Q q 0 0 0 rg BT 337.28 446.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 351.90 446.10 Td (minus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.29 446.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.63 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.58 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.86 446.10 Td (our ) Tj ET Q q 0 0 0 rg BT 433.14 446.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 474.95 446.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 528.45 446.10 Td (net ) Tj ET Q q 0 0 0 rg BT 543.62 446.10 Td (loss\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (from ) Tj ET Q q 0 0 0 rg BT 70.86 434.10 Td (October ) Tj ET Q q 0 0 0 rg BT 104.99 434.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 114.41 434.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 138.83 434.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 180.19 434.10 Td (income ) Tj ET Q q 0 0 0 rg BT 211.54 434.10 Td (or ) Tj ET Q q 0 0 0 rg BT 221.79 434.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 239.28 434.10 Td (from ) Tj ET Q q 0 0 0 rg BT 260.64 434.10 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 311.98 434.10 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 365.29 434.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 383.88 434.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.46 434.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.79 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.71 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.96 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.10 434.10 Td (net ) Tj ET Q q 0 0 0 rg BT 461.24 434.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 480.93 434.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 518.39 434.10 Td (from ) Tj ET Q q 0 0 0 rg BT 539.75 434.10 Td (either ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 104.08 422.10 Td (to ) Tj ET Q q 0 0 0 rg BT 113.67 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.70 422.10 Td (common ) Tj ET Q q 0 0 0 rg BT 164.51 422.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 191.32 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.46 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 422.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 256.18 422.10 Td (after ) Tj ET Q q 0 0 0 rg BT 276.31 422.10 Td (December ) Tj ET Q q 0 0 0 rg BT 319.21 422.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 328.52 422.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 350.33 422.10 Td (or ) Tj ET Q q 0 0 0 rg BT 360.47 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.50 422.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 391.86 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 402.00 422.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 439.35 422.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 466.16 422.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 501.30 422.10 Td (after ) Tj ET Q q 0 0 0 rg BT 521.42 422.10 Td (December ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 58.68 410.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 82.85 410.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 101.20 410.10 Td (other ) Tj ET Q q 0 0 0 rg BT 123.42 410.10 Td (items ) Tj ET Q q 0 0 0 rg BT 146.76 410.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.88 410.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 192.88 410.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.33 410.10 Td (other ) Tj ET Q q 0 0 0 rg BT 224.56 410.10 Td (exceptions. ) Tj ET Q q 0 0 0 rg BT 271.50 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.05 410.10 Td (The ) Tj ET Q q 0 0 0 rg BT 290.27 410.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 323.62 410.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 355.82 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 365.28 410.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.29 410.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 419.16 410.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 459.17 410.10 Td (basket ) Tj ET Q q 0 0 0 rg BT 486.39 410.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.62 410.10 Td ($276.3million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.01 398.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 104.40 398.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.40 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.70 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 130.99 398.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.72 398.10 Td ($264.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.61 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.91 398.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.42 398.10 Td (December ) Tj ET Q q 0 0 0 rg BT 265.79 398.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 281.59 398.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.59 398.10 Td (. ) Tj ET Q q 0 0 0 rg BT 307.38 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 310.44 398.10 Td (The ) Tj ET Q q 0 0 0 rg BT 329.28 398.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 388.11 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 399.18 398.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 416.91 398.10 Td (future ) Tj ET Q q 0 0 0 rg BT 444.08 398.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 486.26 398.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 502.06 398.10 Td (or ) Tj ET Q q 0 0 0 rg BT 513.68 398.10 Td (make ) Tj ET Q q 0 0 0 rg BT 538.63 398.10 Td (future ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 98.48 386.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 111.10 386.10 Td (our ) Tj ET Q q 0 0 0 rg BT 126.21 386.10 Td (common ) Tj ET Q q 0 0 0 rg BT 162.99 386.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 189.77 386.10 Td (will ) Tj ET Q q 0 0 0 rg BT 207.11 386.10 Td (be ) Tj ET Q q 0 0 0 rg BT 218.33 386.10 Td (at ) Tj ET Q q 0 0 0 rg BT 227.33 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.33 386.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 282.55 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.67 386.10 Td (our ) Tj ET Q q 0 0 0 rg BT 307.78 386.10 Td (board ) Tj ET Q q 0 0 0 rg BT 332.33 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.45 386.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 379.22 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 395.44 386.10 Td (will ) Tj ET Q q 0 0 0 rg BT 412.78 386.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 443.45 386.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 465.23 386.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.34 386.10 Td (results ) Tj ET Q q 0 0 0 rg BT 508.24 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.35 386.10 Td (operations, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.89 374.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 129.57 374.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 158.63 374.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 213.25 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 230.09 374.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 278.59 374.10 Td (with ) Tj ET Q q 0 0 0 rg BT 298.78 374.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 318.41 374.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 363.30 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.15 374.10 Td (other ) Tj ET Q q 0 0 0 rg BT 403.11 374.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 432.72 374.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 466.23 374.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 500.84 374.10 Td (by ) Tj ET Q q 0 0 0 rg BT 513.25 374.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.99 374.10 Td (board ) Tj ET Q q 0 0 0 rg BT 554.17 374.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (directors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 340.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.59 340.10 Td (- ) Tj ET Q q 0 0 0 rg BT 116.42 340.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.38 318.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.61 318.10 Td (had ) Tj ET Q q 0 0 0 rg BT 128.38 318.10 Td (other ) Tj ET Q q 0 0 0 rg BT 152.27 318.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 203.66 318.10 Td (which ) Tj ET Q q 0 0 0 rg BT 231.43 318.10 Td (are ) Tj ET Q q 0 0 0 rg BT 246.98 318.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 283.63 318.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.75 318.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 321.41 318.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 356.41 318.10 Td (- ) Tj ET Q q 0 0 0 rg BT 363.07 318.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 389.18 318.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.30 318.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.96 318.10 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 461.96 318.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 509.73 318.10 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 85.10 306.10 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 117.10 306.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.05 306.10 Td ($7.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.94 306.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.34 306.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.17 306.10 Td ($5.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.06 306.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.46 306.10 Td (as ) Tj ET Q q 0 0 0 rg BT 285.19 306.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.91 306.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 341.41 306.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.41 306.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.80 306.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.64 306.10 Td (December ) Tj ET Q q 0 0 0 rg BT 427.12 306.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 443.01 306.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.01 306.10 Td (, ) Tj ET Q q 0 0 0 rg BT 468.91 306.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 516.57 306.10 Td (, ) Tj ET Q q 0 0 0 rg BT 522.47 306.10 Td (which ) Tj ET Q q 0 0 0 rg BT 550.30 306.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.10 Td (comprised ) Tj ET Q q 0 0 0 rg BT 93.66 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 104.49 294.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 128.09 294.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 161.69 294.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 198.61 294.10 Td (in ) Tj ET Q q 0 0 0 rg BT 208.89 294.10 Td (the ) Tj ET Q q 0 0 0 rg BT 223.61 294.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 254.43 294.10 Td (course ) Tj ET Q q 0 0 0 rg BT 283.03 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.86 294.10 Td (business.) Tj ET Q endstream endobj 41 0 obj <> endobj 42 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (19) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 740.25 Td (9. ) Tj ET Q q 0 0 0 rg BT 90.34 740.25 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 131.74 740.25 Td (Per) Tj ET Q q 0 0 0 rg BT 146.55 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.05 740.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 169.43 740.25 Td (e) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.65 718.25 Td (table ) Tj ET Q q 0 0 0 rg BT 89.69 718.25 Td (below ) Tj ET Q q 0 0 0 rg BT 116.74 718.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 152.11 718.25 Td (a ) Tj ET Q q 0 0 0 rg BT 159.16 718.25 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 216.74 718.25 Td (between ) Tj ET Q q 0 0 0 rg BT 252.66 718.25 Td (basic ) Tj ET Q q 0 0 0 rg BT 275.82 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.86 718.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 323.24 718.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 362.50 718.25 Td (average ) Tj ET Q q 0 0 0 rg BT 396.19 718.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 423.79 718.25 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 475.56 718.25 Td (net ) Tj ET Q q 0 0 0 rg BT 490.38 718.25 Td (income, ) Tj ET Q q 0 0 0 rg BT 524.92 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 541.97 718.25 Td (basic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 706.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 96.71 706.25 Td (income ) Tj ET Q q 0 0 0 rg BT 128.65 706.25 Td (per ) Tj ET Q q 0 0 0 rg BT 143.91 706.25 Td (share ) Tj ET Q q 0 0 0 rg BT 167.51 706.25 Td (for ) Tj ET Q q 0 0 0 rg BT 181.67 706.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.39 706.25 Td (three ) Tj ET Q q 0 0 0 rg BT 218.88 706.25 Td (months ) Tj ET Q q 0 0 0 rg BT 250.82 706.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 277.20 706.25 Td (March ) Tj ET Q q 0 0 0 rg BT 305.80 706.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 320.80 706.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 343.30 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.24 706.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.24 706.25 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 658.75 m 448.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 658.75 m 501.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 658.75 m 509.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 658.75 m 562.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 658.75 m 501.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 658.75 m 562.5 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 567.75 m 448.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 554.75 m 448.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 567.75 m 501.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 554.75 m 501.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 567.75 m 509.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 554.75 m 509.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 567.75 m 562.5 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 554.75 m 562.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 554.75 m 448.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 554.75 m 501.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 554.75 m 509.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 554.75 m 562.5 554.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 515.75 m 448.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 515.75 m 501.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 515.75 m 509.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 515.75 m 562.5 515.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 48.5 491.75 m 448.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448.5 491.75 m 501.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501.5 491.75 m 509.5 491.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509.5 491.75 m 562.5 491.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 687.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 481.86 687.83 Td (ee Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.50 675.83 Td (Mar) Tj ET Q q 0 0 0 rg BT 502.46 675.83 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 663.00 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.50 662.98 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.50 663.00 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.00 649.98 Td (NUMERA) Tj ET Q q 0 0 0 rg BT 86.70 649.98 Td (T) Tj ET Q q 0 0 0 rg BT 91.67 649.98 Td (OR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 637.00 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.00 636.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.25 636.98 Td (31,746) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.00 637.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 637.00 Td (17,723) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.00 623.98 Td (DENOMINA) Tj ET Q q 0 0 0 rg BT 95.74 623.98 Td (T) Tj ET Q q 0 0 0 rg BT 100.93 623.98 Td (OR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 611.00 Td (Basic weighted average shares outstanding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.25 610.98 Td (28,478) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 611.00 Td (27,498) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 598.00 Td (Ef) Tj ET Q q 0 0 0 rg BT 58.48 598.00 Td (fect of dilutive securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 585.00 Td (Stock option awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 584.98 Td (310) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 585.00 Td (244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 572.00 Td (Deferred compensation awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 571.98 Td (221) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 572.00 Td (228) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 559.00 Td (Diluted weighted average shares outstanding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.00 558.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.25 558.98 Td (29,009) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.00 559.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.25 559.00 Td (27,970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 546.00 Td (Earnings per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 533.00 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.00 532.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 532.98 Td (1.1) Tj ET Q q 0 0 0 rg BT 494.30 532.98 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.00 533.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 533.00 Td (0.64) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 520.00 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.00 519.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.30 519.98 Td (1.09) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.00 520.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 545.30 520.00 Td (0.63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.00 496.00 Td (Anti-dilutive equity awards not included in the calculation of diluted earnings per common share) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 495.98 Td (21) Tj ET Q q 0 0 0 rg BT 494.30 495.98 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.30 496.00 Td (606) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 470.25 Td (NOTE 10. Income ) Tj ET Q q 0 0 0 rg BT 129.32 470.25 Td (T) Tj ET Q q 0 0 0 rg BT 135.07 470.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (During ) Tj ET Q q 0 0 0 rg BT 79.92 448.25 Td (the ) Tj ET Q q 0 0 0 rg BT 94.22 448.25 Td (three ) Tj ET Q q 0 0 0 rg BT 116.29 448.25 Td (months ) Tj ET Q q 0 0 0 rg BT 147.83 448.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.79 448.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 216.97 448.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.97 448.25 Td ( ) Tj ET Q q 0 0 0 rg BT 239.06 448.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.59 448.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.59 448.25 Td (, ) Tj ET Q q 0 0 0 rg BT 280.17 448.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.48 448.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 335.45 448.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 372.51 448.25 Td (a ) Tj ET Q q 0 0 0 rg BT 379.04 448.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 393.34 448.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 433.20 448.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.62 448.25 Td ($9.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.51 448.25 Td ( ) Tj ET Q q 0 0 0 rg BT 494.60 448.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.12 448.25 Td ($5.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 448.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 97.16 436.25 Td (, ) Tj ET Q q 0 0 0 rg BT 102.02 436.25 Td (which ) Tj ET Q q 0 0 0 rg BT 128.82 436.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 160.61 436.25 Td (income ) Tj ET Q q 0 0 0 rg BT 192.40 436.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 206.98 436.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 241.55 436.25 Td (related ) Tj ET Q q 0 0 0 rg BT 271.11 436.25 Td (to ) Tj ET Q q 0 0 0 rg BT 281.25 436.25 Td (the ) Tj ET Q q 0 0 0 rg BT 295.83 436.25 Td (periods) Tj ET Q q 0 0 0 rg BT 327.85 436.25 Td ( ) Tj ET Q q 0 0 0 rg BT 330.21 436.25 Td (income ) Tj ET Q q 0 0 0 rg BT 362.01 436.25 Td (before ) Tj ET Q q 0 0 0 rg BT 389.91 436.25 Td (income ) Tj ET Q q 0 0 0 rg BT 421.70 436.25 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 447.11 436.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.30 436.25 Td (The ) Tj ET Q q 0 0 0 rg BT 467.21 436.25 Td (ef) Tj ET Q q 0 0 0 rg BT 474.79 436.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 504.36 436.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 518.93 436.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 536.28 436.25 Td (for ) Tj ET Q q 0 0 0 rg BT 550.30 436.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (three ) Tj ET Q q 0 0 0 rg BT 71.69 424.25 Td (months ) Tj ET Q q 0 0 0 rg BT 103.34 424.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.42 424.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 172.72 424.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.72 424.25 Td ( ) Tj ET Q q 0 0 0 rg BT 194.92 424.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.56 424.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.56 424.25 Td ( ) Tj ET Q q 0 0 0 rg BT 233.76 424.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.52 424.25 Td (23.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.35 424.25 Td ( ) Tj ET Q q 0 0 0 rg BT 279.55 424.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.19 424.25 Td (24.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.02 424.25 Td (, ) Tj ET Q q 0 0 0 rg BT 326.72 424.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 374.38 424.25 Td (. ) Tj ET Q q 0 0 0 rg BT 379.08 424.25 Td ( ) Tj ET Q q 0 0 0 rg BT 381.29 424.25 Td (During ) Tj ET Q q 0 0 0 rg BT 411.82 424.25 Td (the ) Tj ET Q q 0 0 0 rg BT 426.24 424.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 456.76 424.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.83 424.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 526.14 424.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.14 424.25 Td (, ) Tj ET Q q 0 0 0 rg BT 550.84 424.25 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 86.69 412.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.35 412.25 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.24 412.25 Td ( ) Tj ET Q q 0 0 0 rg BT 144.46 412.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 158.90 412.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 188.88 412.25 Td (related ) Tj ET Q q 0 0 0 rg BT 218.30 412.25 Td (to ) Tj ET Q q 0 0 0 rg BT 228.30 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.74 412.25 Td (retroactive ) Tj ET Q q 0 0 0 rg BT 287.71 412.25 Td (reinstatement ) Tj ET Q q 0 0 0 rg BT 343.79 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 354.34 412.25 Td (ener) Tj ET Q q 0 0 0 rg BT 371.37 412.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 383.59 412.25 Td (ef) Tj ET Q q 0 0 0 rg BT 391.17 412.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 418.94 412.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 447.26 412.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 461.70 412.25 Td (credits ) Tj ET Q q 0 0 0 rg BT 490.57 412.25 Td (and ) Tj ET Q q 0 0 0 rg BT 507.23 412.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.89 412.25 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 533.61 412.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 84.75 400.25 Td (in ) Tj ET Q q 0 0 0 rg BT 95.03 400.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 109.75 400.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 140.01 400.25 Td (from ) Tj ET Q q 0 0 0 rg BT 161.95 400.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 189.45 400.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 247.49 400.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 271.64 400.25 Td (during ) Tj ET Q q 0 0 0 rg BT 300.25 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.97 400.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 345.78 400.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.16 400.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 415.76 400.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.76 400.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.68 378.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.20 378.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.27 378.25 Td ($0.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.17 378.25 Td ( ) Tj ET Q q 0 0 0 rg BT 177.80 378.25 Td (of ) Tj ET Q q 0 0 0 rg BT 188.77 378.25 Td (state ) Tj ET Q q 0 0 0 rg BT 209.72 378.25 Td (NOL) Tj ET Q q 0 0 0 rg BT 229.91 378.25 Td ( ) Tj ET Q q 0 0 0 rg BT 232.54 378.25 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 293.75 378.25 Td (net ) Tj ET Q q 0 0 0 rg BT 308.60 378.25 Td (of ) Tj ET Q q 0 0 0 rg BT 319.57 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.42 378.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 364.81 378.25 Td (benefit, ) Tj ET Q q 0 0 0 rg BT 397.71 378.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.56 378.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 451.29 378.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.29 378.25 Td (. ) Tj ET Q q 0 0 0 rg BT 476.42 378.25 Td ( ) Tj ET Q q 0 0 0 rg BT 479.06 378.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 497.24 378.25 Td (state ) Tj ET Q q 0 0 0 rg BT 518.20 378.25 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 545.28 378.25 Td (may ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.25 Td (be ) Tj ET Q q 0 0 0 rg BT 61.07 366.25 Td (carried ) Tj ET Q q 0 0 0 rg BT 90.95 366.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 124.73 366.25 Td (from ) Tj ET Q q 0 0 0 rg BT 146.30 366.25 Td (one ) Tj ET Q q 0 0 0 rg BT 162.86 366.25 Td (to ) Tj ET Q q 0 0 0 rg BT 172.77 366.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 184.90 366.25 Td (years, ) Tj ET Q q 0 0 0 rg BT 210.63 366.25 Td (depending ) Tj ET Q q 0 0 0 rg BT 254.41 366.25 Td (on ) Tj ET Q q 0 0 0 rg BT 266.54 366.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.89 366.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 295.23 366.25 Td (jurisdiction, ) Tj ET Q q 0 0 0 rg BT 345.41 366.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.32 366.25 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.21 366.25 Td ( ) Tj ET Q q 0 0 0 rg BT 416.34 366.25 Td (expiring ) Tj ET Q q 0 0 0 rg BT 451.79 366.25 Td (between ) Tj ET Q q 0 0 0 rg BT 487.24 366.25 Td (2022 ) Tj ET Q q 0 0 0 rg BT 509.37 366.25 Td (and ) Tj ET Q q 0 0 0 rg BT 525.94 366.25 Td (2027 ) Tj ET Q q 0 0 0 rg BT 548.06 366.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td ($0.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 354.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.89 354.25 Td (expiring ) Tj ET Q q 0 0 0 rg BT 136.72 354.25 Td (between ) Tj ET Q q 0 0 0 rg BT 172.53 354.25 Td (2028 ) Tj ET Q q 0 0 0 rg BT 195.03 354.25 Td (and ) Tj ET Q q 0 0 0 rg BT 211.97 354.25 Td (2032, ) Tj ET Q q 0 0 0 rg BT 236.97 354.25 Td (absent ) Tj ET Q q 0 0 0 rg BT 265.02 354.25 Td (suf) Tj ET Q q 0 0 0 rg BT 277.06 354.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 305.10 354.25 Td (state ) Tj ET Q q 0 0 0 rg BT 325.93 354.25 Td (taxable ) Tj ET Q q 0 0 0 rg BT 357.30 354.25 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (On ) Tj ET Q q 0 0 0 rg BT 63.42 332.25 Td (March ) Tj ET Q q 0 0 0 rg BT 91.22 332.25 Td (27, ) Tj ET Q q 0 0 0 rg BT 105.43 332.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 129.63 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 143.55 332.25 Td (Coronavirus ) Tj ET Q q 0 0 0 rg BT 194.31 332.25 Td (Aid, ) Tj ET Q q 0 0 0 rg BT 213.51 332.25 Td (Relief, ) Tj ET Q q 0 0 0 rg BT 242.15 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 258.29 332.25 Td (Economic ) Tj ET Q q 0 0 0 rg BT 300.53 332.25 Td (Security ) Tj ET Q q 0 0 0 rg BT 335.18 332.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 351.32 332.25 Td (was ) Tj ET Q q 0 0 0 rg BT 368.58 332.25 Td (signed ) Tj ET Q q 0 0 0 rg BT 396.39 332.25 Td (into ) Tj ET Q q 0 0 0 rg BT 413.64 332.25 Td (law ) Tj ET Q q 0 0 0 rg BT 429.78 332.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 447.03 332.25 Td (CARES ) Tj ET Q q 0 0 0 rg BT 485.03 332.25 Td (Act\). ) Tj ET Q q 0 0 0 rg BT 511.44 332.25 Td ( ) Tj ET Q q 0 0 0 rg BT 513.02 332.25 Td (The ) Tj ET Q q 0 0 0 rg BT 530.26 332.25 Td (CARES ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 67.40 320.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 104.19 320.25 Td (several ) Tj ET Q q 0 0 0 rg BT 135.97 320.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 181.64 320.25 Td (business ) Tj ET Q q 0 0 0 rg BT 219.00 320.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 234.68 320.25 Td (provisions ) Tj ET Q q 0 0 0 rg BT 279.81 320.25 Td (including ) Tj ET Q q 0 0 0 rg BT 321.05 320.25 Td (modifications ) Tj ET Q q 0 0 0 rg BT 379.50 320.25 Td (for ) Tj ET Q q 0 0 0 rg BT 394.63 320.25 Td (net ) Tj ET Q q 0 0 0 rg BT 410.31 320.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 451.53 320.25 Td (losses, ) Tj ET Q q 0 0 0 rg BT 481.39 320.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 507.62 320.25 Td (for ) Tj ET Q q 0 0 0 rg BT 522.74 320.25 Td (prior) Tj ET Q q 0 0 0 rg BT 541.98 320.25 Td (-year ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 91.63 308.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 107.08 308.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 141.42 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.09 308.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 205.10 308.25 Td (on ) Tj ET Q q 0 0 0 rg BT 218.34 308.25 Td (business ) Tj ET Q q 0 0 0 rg BT 255.46 308.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 288.13 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 305.80 308.25 Td (charitable ) Tj ET Q q 0 0 0 rg BT 348.46 308.25 Td (contributions. ) Tj ET Q q 0 0 0 rg BT 406.96 308.25 Td ( ) Tj ET Q q 0 0 0 rg BT 409.96 308.25 Td (The ) Tj ET Q q 0 0 0 rg BT 428.74 308.25 Td (CARES ) Tj ET Q q 0 0 0 rg BT 463.49 308.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 481.17 308.25 Td (also ) Tj ET Q q 0 0 0 rg BT 500.51 308.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 538.18 308.25 Td (for ) Tj ET Q q 0 0 0 rg BT 553.08 308.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (employee ) Tj ET Q q 0 0 0 rg BT 91.12 296.25 Td (retention ) Tj ET Q q 0 0 0 rg BT 129.42 296.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 154.93 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.12 296.25 Td (technical ) Tj ET Q q 0 0 0 rg BT 210.96 296.25 Td (corrections ) Tj ET Q q 0 0 0 rg BT 258.14 296.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 299.20 296.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 337.50 296.25 Td (improvement ) Tj ET Q q 0 0 0 rg BT 393.57 296.25 Td (property) Tj ET Q q 0 0 0 rg BT 426.80 296.25 Td (. ) Tj ET Q q 0 0 0 rg BT 432.05 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 434.60 296.25 Td (W) Tj ET Q q 0 0 0 rg BT 443.24 296.25 Td (e ) Tj ET Q q 0 0 0 rg BT 450.43 296.25 Td (are ) Tj ET Q q 0 0 0 rg BT 465.39 296.25 Td (assessing ) Tj ET Q q 0 0 0 rg BT 505.36 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 520.33 296.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 535.30 296.25 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 284.25 Td (CARES ) Tj ET Q q 0 0 0 rg BT 109.23 284.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 126.17 284.25 Td (as ) Tj ET Q q 0 0 0 rg BT 137.00 284.25 Td (it ) Tj ET Q q 0 0 0 rg BT 145.05 284.25 Td (relates ) Tj ET Q q 0 0 0 rg BT 173.65 284.25 Td (to ) Tj ET Q q 0 0 0 rg BT 183.92 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.64 284.25 Td (Company) Tj ET Q q 0 0 0 rg BT 236.88 284.25 Td (.) Tj ET Q endstream endobj 43 0 obj <> endobj 44 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (20) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (NOTE 1) Tj ET Q q 0 0 0 rg BT 84.79 740.25 Td (1. Business Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.37 718.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.04 718.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.25 718.25 Td (chief ) Tj ET Q q 0 0 0 rg BT 137.57 718.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 177.66 718.25 Td (decision ) Tj ET Q q 0 0 0 rg BT 213.31 718.25 Td (makers ) Tj ET Q q 0 0 0 rg BT 244.51 718.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 280.15 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 294.69 718.25 Td (Company) Tj ET Q q 0 0 0 rg BT 336.35 718.25 Td (s ) Tj ET Q q 0 0 0 rg BT 342.57 718.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 395.42 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.52 718.25 Td (various ) Tj ET Q q 0 0 0 rg BT 437.29 718.25 Td (ways, ) Tj ET Q q 0 0 0 rg BT 462.66 718.25 Td (including: ) Tj ET Q q 0 0 0 rg BT 505.54 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 507.87 718.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 521.85 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 536.40 718.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.31 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 78.11 706.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 122.14 706.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 181.17 706.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 222.41 706.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 263.10 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.02 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.71 706.25 Td (results ) Tj ET Q q 0 0 0 rg BT 326.30 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 338.10 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 354.91 706.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 393.37 706.25 Td (services ) Tj ET Q q 0 0 0 rg BT 429.05 706.25 Td (operations; ) Tj ET Q q 0 0 0 rg BT 476.96 706.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 492.10 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 507.79 706.25 Td (results ) Tj ET Q q 0 0 0 rg BT 537.38 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 706.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 107.55 694.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 150.58 694.25 Td (segments; ) Tj ET Q q 0 0 0 rg BT 193.08 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 210.02 694.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 224.18 694.25 Td (our ) Tj ET Q q 0 0 0 rg BT 240.01 694.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 293.05 694.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 330.53 694.25 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.70 672.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 108.53 672.25 Td (with ) Tj ET Q q 0 0 0 rg BT 128.54 672.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 150.86 672.25 Td (280, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 171.23 672.25 Td (Segment ) Tj ET Q q 0 0 0 rg BT 207.98 672.25 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.97 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 250.84 672.25 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 280.93 672.25 Td (280\), ) Tj ET Q q 0 0 0 rg BT 309.07 672.25 Td (we ) Tj ET Q q 0 0 0 rg BT 323.60 672.25 Td (have ) Tj ET Q q 0 0 0 rg BT 345.34 672.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 386.53 672.25 Td (each ) Tj ET Q q 0 0 0 rg BT 407.72 672.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 466.14 672.25 Td (division ) Tj ET Q q 0 0 0 rg BT 501.23 672.25 Td (as ) Tj ET Q q 0 0 0 rg BT 512.43 672.25 Td (an ) Tj ET Q q 0 0 0 rg BT 524.74 672.25 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 84.79 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 101.20 660.25 Td ( ) Tj ET Q q 0 0 0 rg BT 103.17 660.25 Td (have ) Tj ET Q q 0 0 0 rg BT 124.01 660.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 154.29 660.25 Td (to ) Tj ET Q q 0 0 0 rg BT 164.04 660.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 204.87 660.25 Td (our ) Tj ET Q q 0 0 0 rg BT 220.16 660.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 259.90 660.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 299.08 660.25 Td (into ) Tj ET Q q 0 0 0 rg BT 316.60 660.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 351.33 660.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 393.83 660.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 433.01 660.25 Td (as ) Tj ET Q q 0 0 0 rg BT 443.31 660.25 Td (they ) Tj ET Q q 0 0 0 rg BT 462.49 660.25 Td (share ) Tj ET Q q 0 0 0 rg BT 485.56 660.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 515.30 660.25 Td (aggregation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 108.72 648.25 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 152.40 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.76 648.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 183.25 648.25 Td (280 ) Tj ET Q q 0 0 0 rg BT 200.28 648.25 Td (in ) Tj ET Q q 0 0 0 rg BT 210.09 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 224.34 648.25 Td (following ) Tj ET Q q 0 0 0 rg BT 265.26 648.25 Td (regards: ) Tj ET Q q 0 0 0 rg BT 299.50 648.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 313.19 648.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 354.66 648.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 395.56 648.25 Td (characteristics; ) Tj ET Q q 0 0 0 rg BT 457.56 648.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 471.25 648.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 510.50 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.97 648.25 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (future ) Tj ET Q q 0 0 0 rg BT 77.17 636.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 120.40 636.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 145.30 636.25 Td (mar) Tj ET Q q 0 0 0 rg BT 160.67 636.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 177.24 636.25 Td (percentages; ) Tj ET Q q 0 0 0 rg BT 231.01 636.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 246.46 636.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 281.92 636.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 322.66 636.25 Td (production ) Tj ET Q q 0 0 0 rg BT 369.77 636.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 411.89 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.12 636.25 Td (methods ) Tj ET Q q 0 0 0 rg BT 467.80 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.92 636.25 Td (distribution; ) Tj ET Q q 0 0 0 rg BT 532.61 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 550.84 636.25 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (geographical ) Tj ET Q q 0 0 0 rg BT 103.64 624.25 Td (proximity) Tj ET Q q 0 0 0 rg BT 142.43 624.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td (During ) Tj ET Q q 0 0 0 rg BT 79.63 602.25 Td (2019, ) Tj ET Q q 0 0 0 rg BT 103.93 602.25 Td (we ) Tj ET Q q 0 0 0 rg BT 117.39 602.25 Td (decided ) Tj ET Q q 0 0 0 rg BT 150.28 602.25 Td (to ) Tj ET Q q 0 0 0 rg BT 159.85 602.25 Td (wind ) Tj ET Q q 0 0 0 rg BT 181.65 602.25 Td (down ) Tj ET Q q 0 0 0 rg BT 205.67 602.25 Td (our ) Tj ET Q q 0 0 0 rg BT 220.67 602.25 Td (W) Tj ET Q q 0 0 0 rg BT 229.31 602.25 Td (ashington ) Tj ET Q q 0 0 0 rg BT 269.99 602.25 Td (D.C. ) Tj ET Q q 0 0 0 rg BT 290.68 602.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 336.64 602.25 Td (which ) Tj ET Q q 0 0 0 rg BT 362.87 602.25 Td (was ) Tj ET Q q 0 0 0 rg BT 380.22 602.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 432.57 602.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 471.02 602.25 Td (by ) Tj ET Q q 0 0 0 rg BT 482.82 602.25 Td (December ) Tj ET Q q 0 0 0 rg BT 525.70 602.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.00 602.25 Td (2019. ) Tj ET Q q 0 0 0 rg BT 565.00 602.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.53 590.25 Td (a ) Tj ET Q q 0 0 0 rg BT 70.88 590.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 98.52 590.25 Td (during ) Tj ET Q q 0 0 0 rg BT 127.54 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.68 590.25 Td (second ) Tj ET Q q 0 0 0 rg BT 173.36 590.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 204.59 590.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.84 590.25 Td (2019, ) Tj ET Q q 0 0 0 rg BT 241.26 590.25 Td (we ) Tj ET Q q 0 0 0 rg BT 255.83 590.25 Td (re-evaluated ) Tj ET Q q 0 0 0 rg BT 308.16 590.25 Td (our ) Tj ET Q q 0 0 0 rg BT 324.41 590.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 367.85 590.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 407.99 590.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.34 590.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 456.57 590.25 Td (to ) Tj ET Q q 0 0 0 rg BT 467.26 590.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 509.04 590.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.29 590.25 Td (Charlotte ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.14 578.25 Td (Raleigh, ) Tj ET Q q 0 0 0 rg BT 103.94 578.25 Td (North ) Tj ET Q q 0 0 0 rg BT 130.47 578.25 Td (Carolina ) Tj ET Q q 0 0 0 rg BT 168.10 578.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 209.07 578.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 249.48 578.25 Td (into ) Tj ET Q q 0 0 0 rg BT 268.24 578.25 Td (our ) Tj ET Q q 0 0 0 rg BT 284.77 578.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 319.64 578.25 Td (Southern ) Tj ET Q q 0 0 0 rg BT 358.94 578.25 Td (region ) Tj ET Q q 0 0 0 rg BT 387.69 578.25 Td (based ) Tj ET Q q 0 0 0 rg BT 413.66 578.25 Td (on ) Tj ET Q q 0 0 0 rg BT 426.86 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 442.27 578.25 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 492.68 578.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 524.19 578.25 Td (described ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (above. ) Tj ET Q q 0 0 0 rg BT 79.61 566.25 Td ( ) Tj ET Q q 0 0 0 rg BT 82.51 566.25 Td (As ) Tj ET Q q 0 0 0 rg BT 97.36 566.25 Td (a ) Tj ET Q q 0 0 0 rg BT 105.53 566.25 Td (result ) Tj ET Q q 0 0 0 rg BT 131.47 566.25 Td (of ) Tj ET Q q 0 0 0 rg BT 143.54 566.25 Td (this ) Tj ET Q q 0 0 0 rg BT 161.71 566.25 Td (re-evaluation, ) Tj ET Q q 0 0 0 rg BT 220.69 566.25 Td (we ) Tj ET Q q 0 0 0 rg BT 236.08 566.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 284.79 566.25 Td (that ) Tj ET Q q 0 0 0 rg BT 303.52 566.25 Td (our ) Tj ET Q q 0 0 0 rg BT 320.58 566.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 364.84 566.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 405.79 566.25 Td (are: ) Tj ET Q q 0 0 0 rg BT 424.51 566.25 Td (Northern ) Tj ET Q q 0 0 0 rg BT 464.34 566.25 Td (homebuilding; ) Tj ET Q q 0 0 0 rg BT 526.40 566.25 Td (Southern ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (homebuilding; ) Tj ET Q q 0 0 0 rg BT 110.80 554.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.22 554.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 166.17 554.25 Td (services ) Tj ET Q q 0 0 0 rg BT 201.35 554.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 248.48 554.25 Td ( ) Tj ET Q q 0 0 0 rg BT 250.80 554.25 Td (All ) Tj ET Q q 0 0 0 rg BT 266.55 554.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 288.96 554.25 Td (year ) Tj ET Q q 0 0 0 rg BT 309.14 554.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 345.44 554.25 Td (information ) Tj ET Q q 0 0 0 rg BT 395.63 554.25 Td (has ) Tj ET Q q 0 0 0 rg BT 411.93 554.25 Td (been ) Tj ET Q q 0 0 0 rg BT 433.78 554.25 Td (recast ) Tj ET Q q 0 0 0 rg BT 460.07 554.25 Td (to ) Tj ET Q q 0 0 0 rg BT 470.82 554.25 Td (conform ) Tj ET Q q 0 0 0 rg BT 507.67 554.25 Td (with ) Tj ET Q q 0 0 0 rg BT 528.42 554.25 Td (this ) Tj ET Q q 0 0 0 rg BT 545.85 554.25 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.25 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 104.20 542.25 Td (The ) Tj ET Q q 0 0 0 rg BT 123.33 542.25 Td (change ) Tj ET Q q 0 0 0 rg BT 155.23 542.25 Td (in ) Tj ET Q q 0 0 0 rg BT 166.60 542.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.40 542.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 226.52 542.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 267.32 542.25 Td (has ) Tj ET Q q 0 0 0 rg BT 284.23 542.25 Td (no ) Tj ET Q q 0 0 0 rg BT 297.82 542.25 Td (ef) Tj ET Q q 0 0 0 rg BT 305.41 542.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 323.98 542.25 Td (on ) Tj ET Q q 0 0 0 rg BT 337.56 542.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.36 542.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 401.53 542.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 447.32 542.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 501.45 542.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 535.57 542.25 Td (sheets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.32 530.25 Td (of ) Tj ET Q q 0 0 0 rg BT 101.15 530.25 Td (income ) Tj ET Q q 0 0 0 rg BT 133.08 530.25 Td (or ) Tj ET Q q 0 0 0 rg BT 143.91 530.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 184.73 530.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.56 530.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 215.83 530.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 240.55 530.25 Td (for ) Tj ET Q q 0 0 0 rg BT 254.71 530.25 Td (the ) Tj ET Q q 0 0 0 rg BT 269.43 530.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 301.37 530.25 Td (presented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 508.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 125.60 508.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 165.86 508.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 205.58 508.25 Td (that ) Tj ET Q q 0 0 0 rg BT 223.07 508.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 262.23 508.25 Td (each ) Tj ET Q q 0 0 0 rg BT 283.04 508.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.88 508.25 Td (our ) Tj ET Q q 0 0 0 rg BT 309.71 508.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 352.74 508.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 392.45 508.25 Td (are ) Tj ET Q q 0 0 0 rg BT 407.16 508.25 Td (as ) Tj ET Q q 0 0 0 rg BT 417.99 508.25 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 161 486.9833984375 m 197.0986328125 486.9833984375 l s q 0 0 0 rg BT 161.00 488.32 Td (Northern) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 309 486.9833984375 m 345.1083984375 486.9833984375 l s q 0 0 0 rg BT 309.00 488.32 Td (Southern) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 474.37 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 199.33 474.37 Td (Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 474.37 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 346.77 474.37 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 462.37 Td (Cincinnati, ) Tj ET Q q 0 0 0 rg BT 207.66 462.37 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 462.37 Td (Sarasota, ) Tj ET Q q 0 0 0 rg BT 347.88 462.37 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 450.37 Td (Columbus, ) Tj ET Q q 0 0 0 rg BT 207.12 450.37 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 450.37 Td (T) Tj ET Q q 0 0 0 rg BT 314.76 450.37 Td (ampa, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 438.37 Td (Indianapolis, ) Tj ET Q q 0 0 0 rg BT 215.43 438.37 Td (Indiana) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 438.37 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 340.58 438.37 Td (T) Tj ET Q q 0 0 0 rg BT 346.25 438.37 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 426.37 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 227.11 426.37 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 249.89 426.37 Td (Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 426.37 Td (Dallas/Fort ) Tj ET Q q 0 0 0 rg BT 356.40 426.37 Td (W) Tj ET Q q 0 0 0 rg BT 365.35 426.37 Td (orth, ) Tj ET Q q 0 0 0 rg BT 385.97 426.37 Td (T) Tj ET Q q 0 0 0 rg BT 391.64 426.37 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 414.37 Td (Detroit, ) Tj ET Q q 0 0 0 rg BT 194.33 414.37 Td (Michigan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 414.37 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 347.80 414.37 Td (T) Tj ET Q q 0 0 0 rg BT 353.47 414.37 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 402.37 Td (San ) Tj ET Q q 0 0 0 rg BT 326.22 402.37 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 363.64 402.37 Td (T) Tj ET Q q 0 0 0 rg BT 369.31 402.37 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 390.37 Td (Charlotte, North Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 378.37 Td (Raleigh, North Carolina) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 45 0 obj <> endobj 46 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (21) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.95 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.75 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 132.09 740.10 Td (shows, ) Tj ET Q q 0 0 0 rg BT 162.50 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 175.41 740.10 Td (segment: ) Tj ET Q q 0 0 0 rg BT 214.42 740.10 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 251.47 740.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 292.14 740.10 Td (income ) Tj ET Q q 0 0 0 rg BT 324.48 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.82 740.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 374.16 740.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 409.28 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 423.85 740.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.97 740.10 Td (three ) Tj ET Q q 0 0 0 rg BT 461.86 740.10 Td (months ) Tj ET Q q 0 0 0 rg BT 494.22 740.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 521.00 740.10 Td (March ) Tj ET Q q 0 0 0 rg BT 550.00 740.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 72.00 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 728.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 113.94 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 124.77 728.10 Td (well ) Tj ET Q q 0 0 0 rg BT 144.49 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 155.32 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.03 728.10 Td (Company) Tj ET Q q 0 0 0 rg BT 211.70 728.10 Td (s ) Tj ET Q q 0 0 0 rg BT 218.09 728.10 Td (income ) Tj ET Q q 0 0 0 rg BT 250.02 728.10 Td (before ) Tj ET Q q 0 0 0 rg BT 278.06 728.10 Td (income ) Tj ET Q q 0 0 0 rg BT 309.99 728.10 Td (taxes ) Tj ET Q q 0 0 0 rg BT 333.04 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 347.20 728.10 Td (such ) Tj ET Q q 0 0 0 rg BT 368.03 728.10 Td (periods:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 704.6 m 499 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 704.6 m 506 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 704.6 m 562 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 692.6 m 443 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 692.6 m 499 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 692.6 m 506 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 692.6 m 562 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 644.6 m 506 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 644.6 m 562 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 644.6 m 443 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 632.6 m 443 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 644.6 m 499 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 632.6 m 499 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 644.6 m 506 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 632.6 m 506 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 644.6 m 562 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 632.6 m 562 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 632.6 m 443 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 632.6 m 499 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 632.6 m 506 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 632.6 m 562 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 567.6 m 443 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 555.6 m 443 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 567.6 m 499 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 555.6 m 499 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 567.6 m 506 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 555.6 m 506 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 567.6 m 562 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 555.6 m 562 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 555.6 m 443 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 555.6 m 499 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 555.6 m 506 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 555.6 m 562 555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 502.6 m 443 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 502.6 m 499 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 502.6 m 506 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 502.6 m 562 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 502.6 m 443 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 490.6 m 443 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 502.6 m 499 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 490.6 m 499 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 502.6 m 506 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 490.6 m 506 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 502.6 m 562 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 490.6 m 562 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 490.6 m 443 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 490.6 m 499 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 490.6 m 506 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 490.6 m 562 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 473.6 m 443 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 473.6 m 499 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 473.6 m 506 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 473.6 m 562 473.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 454.6 m 443 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 443 454.6 m 499 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 499 454.6 m 506 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 454.6 m 562 454.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.10 708.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 460.36 708.83 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 536.88 708.83 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 696.55 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 696.55 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.50 696.68 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.50 696.55 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 684.68 Td (Revenue:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 672.55 Td (Northern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.50 672.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.75 672.68 Td (240,270) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 672.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 672.55 Td (200,362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 660.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.75 660.68 Td (323,866) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 660.55 Td (268,964) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 648.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 652.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.80 648.68 Td (13,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 648.55 Td (1) Tj ET Q q 0 0 0 rg BT 540.80 648.55 Td (1,783) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 636.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 636.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 636.55 Td (revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.50 636.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.75 636.68 Td (577,603) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 636.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 636.55 Td (481,109) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 619.68 Td (Operating ) Tj ET Q q 0 0 0 rg BT 88.61 619.68 Td (income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 607.55 Td (Northern homebuilding) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 132.82 611.18 Td ( \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.50 607.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.80 607.68 Td (20,881) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 607.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 607.55 Td (16,535) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 595.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.80 595.68 Td (28,857) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 595.55 Td (17,594) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 583.55 Td (Financial services) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 115.04 587.18 Td ( \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.80 583.68 Td (6,362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 583.55 Td (5,695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 571.55 Td (Less: Corporate selling, general and administrative expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.10 571.68 Td (\(10,096) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 571.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 571.55 Td (\(9,432) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 571.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 559.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 559.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 559.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 102.04 559.55 Td (income) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 125.58 563.18 Td ( ) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 126.88 563.18 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.50 559.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.80 559.68 Td (46,004) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 559.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 559.55 Td (30,392) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 542.68 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.68 542.68 Td (est ) Tj ET Q q 0 0 0 rg BT 80.01 542.68 Td (expense:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 530.55 Td (Northern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.50 530.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.80 530.68 Td (1,81) Tj ET Q q 0 0 0 rg BT 491.80 530.68 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 530.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 530.55 Td (2,481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 518.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.80 518.68 Td (2,158) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 518.55 Td (3,568) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 506.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 510.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.80 506.68 Td (731) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 506.55 Td (743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 494.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 494.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 494.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 95.37 494.55 Td (expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.50 494.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.80 494.68 Td (4,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 494.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 494.55 Td (6,792) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 477.55 Td (Equity in \(income\) loss from joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.10 477.68 Td (\(52) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.80 477.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 477.55 Td (121) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 458.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 77.49 458.55 Td (before ) Tj ET Q q 0 0 0 rg BT 99.92 458.55 Td (income ) Tj ET Q q 0 0 0 rg BT 125.46 458.55 Td (taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.50 458.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.80 458.68 Td (41,356) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.50 458.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 458.55 Td (23,479) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 442.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 442.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.89 442.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.82 442.50 Td (services ) Tj ET Q q 0 0 0 rg BT 139.53 442.50 Td (operational ) Tj ET Q q 0 0 0 rg BT 177.46 442.50 Td (results ) Tj ET Q q 0 0 0 rg BT 200.30 442.50 Td (should ) Tj ET Q q 0 0 0 rg BT 223.58 442.50 Td (be ) Tj ET Q q 0 0 0 rg BT 233.08 442.50 Td (viewed ) Tj ET Q q 0 0 0 rg BT 258.13 442.50 Td (in ) Tj ET Q q 0 0 0 rg BT 266.30 442.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 303.34 442.50 Td (with ) Tj ET Q q 0 0 0 rg BT 319.51 442.50 Td (our ) Tj ET Q q 0 0 0 rg BT 332.13 442.50 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 378.51 442.50 Td (business ) Tj ET Q q 0 0 0 rg BT 407.57 442.50 Td (as ) Tj ET Q q 0 0 0 rg BT 416.19 442.50 Td (its ) Tj ET Q q 0 0 0 rg BT 425.69 442.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 460.96 442.50 Td (originate ) Tj ET Q q 0 0 0 rg BT 491.34 442.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 510.18 442.50 Td (and ) Tj ET Q q 0 0 0 rg BT 523.68 442.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.06 442.50 Td (title ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 432.90 Td (services ) Tj ET Q q 0 0 0 rg BT 95.27 432.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 127.04 432.90 Td (for ) Tj ET Q q 0 0 0 rg BT 138.36 432.90 Td (our ) Tj ET Q q 0 0 0 rg BT 151.03 432.90 Td (homebuying ) Tj ET Q q 0 0 0 rg BT 193.02 432.90 Td (customers, ) Tj ET Q q 0 0 0 rg BT 229.46 432.90 Td (with ) Tj ET Q q 0 0 0 rg BT 245.68 432.90 Td (the ) Tj ET Q q 0 0 0 rg BT 257.46 432.90 Td (exception ) Tj ET Q q 0 0 0 rg BT 290.55 432.90 Td (of ) Tj ET Q q 0 0 0 rg BT 299.22 432.90 Td (an ) Tj ET Q q 0 0 0 rg BT 308.77 432.90 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 345.42 432.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 371.42 432.90 Td (of ) Tj ET Q q 0 0 0 rg BT 380.08 432.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 412.29 432.90 Td (refinancing.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 422.80 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 422.80 Td (Includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.77 422.80 Td ($0.4million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.88 422.80 Td ( ) Tj ET Q q 0 0 0 rg BT 138.05 422.80 Td (of ) Tj ET Q q 0 0 0 rg BT 146.88 422.80 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 208.58 422.80 Td (char) Tj ET Q q 0 0 0 rg BT 222.20 422.80 Td (ges ) Tj ET Q q 0 0 0 rg BT 235.03 422.80 Td (taken ) Tj ET Q q 0 0 0 rg BT 254.52 422.80 Td (during ) Tj ET Q q 0 0 0 rg BT 277.58 422.80 Td (the ) Tj ET Q q 0 0 0 rg BT 289.52 422.80 Td (three ) Tj ET Q q 0 0 0 rg BT 307.67 422.80 Td (months ) Tj ET Q q 0 0 0 rg BT 333.40 422.80 Td (ended ) Tj ET Q q 0 0 0 rg BT 354.67 422.80 Td (March31, ) Tj ET Q q 0 0 0 rg BT 389.71 422.80 Td (2019 ) Tj ET Q q 0 0 0 rg BT 407.88 422.80 Td (as ) Tj ET Q q 0 0 0 rg BT 416.71 422.80 Td (a ) Tj ET Q q 0 0 0 rg BT 422.43 422.80 Td (result ) Tj ET Q q 0 0 0 rg BT 442.37 422.80 Td (of ) Tj ET Q q 0 0 0 rg BT 451.20 422.80 Td (our ) Tj ET Q q 0 0 0 rg BT 464.03 422.80 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 501.30 422.80 Td (of ) Tj ET Q q 0 0 0 rg BT 510.13 422.80 Td (Pinnacle ) Tj ET Q q 0 0 0 rg BT 539.85 422.80 Td (Homes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 413.20 Td (in ) Tj ET Q q 0 0 0 rg BT 75.72 413.20 Td (Detroit, ) Tj ET Q q 0 0 0 rg BT 102.38 413.20 Td (Michigan ) Tj ET Q q 0 0 0 rg BT 135.04 413.20 Td (on ) Tj ET Q q 0 0 0 rg BT 145.04 413.20 Td (March ) Tj ET Q q 0 0 0 rg BT 167.92 413.20 Td (1, ) Tj ET Q q 0 0 0 rg BT 175.92 413.20 Td (2018.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 389.70 Td (The following tables show total assets by segment at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.52 389.70 Td (March31, 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.12 389.70 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.55 389.70 Td (December 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.14 389.70 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 367.20000000000005 m 365 367.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 367.20000000000005 m 376 367.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 367.20000000000005 m 420 367.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 367.20000000000005 m 433 367.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 367.20000000000005 m 503 367.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 367.20000000000005 m 517 367.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 367.20000000000005 m 562 367.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 338.20000000000005 m 321 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 338.20000000000005 m 365 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 338.20000000000005 m 376 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 338.20000000000005 m 420 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 338.20000000000005 m 433 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 338.20000000000005 m 503 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 338.20000000000005 m 517 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 338.20000000000005 m 562 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 338.20000000000005 m 321 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 338.20000000000005 m 365 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 338.20000000000005 m 376 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 338.20000000000005 m 420 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 338.20000000000005 m 433 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 338.20000000000005 m 503 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 338.20000000000005 m 517 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 338.20000000000005 m 562 338.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 290.20000000000005 m 321 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 290.20000000000005 m 365 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 290.20000000000005 m 376 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 290.20000000000005 m 420 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 290.20000000000005 m 433 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 290.20000000000005 m 503 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 290.20000000000005 m 517 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 290.20000000000005 m 562 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 290.20000000000005 m 321 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 278.20000000000005 m 321 278.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 290.20000000000005 m 365 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 278.20000000000005 m 365 278.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 290.20000000000005 m 376 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 278.20000000000005 m 376 278.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 290.20000000000005 m 420 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 278.20000000000005 m 420 278.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 290.20000000000005 m 433 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 278.20000000000005 m 433 278.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 290.20000000000005 m 503 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 278.20000000000005 m 503 278.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 290.20000000000005 m 517 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 278.20000000000005 m 517 278.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 290.20000000000005 m 562 290.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 278.20000000000005 m 562 278.20000000000005 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.50 371.28 Td (Mar) Tj ET Q q 0 0 0 rg BT 429.53 371.28 Td (ch 31, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 342.45 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 342.45 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 342.43 Td (Northern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.70 342.43 Td (Southern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.70 358.43 Td (Corporate,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 436.50 350.43 Td (Financial Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.60 342.43 Td (and Unallocated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.25 342.43 Td (T) Tj ET Q q 0 0 0 rg BT 534.85 342.43 Td (otal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 330.15 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 81.50 330.15 Td (on ) Tj ET Q q 0 0 0 rg BT 91.50 330.15 Td (real ) Tj ET Q q 0 0 0 rg BT 105.49 330.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 125.70 330.15 Td (under ) Tj ET Q q 0 0 0 rg BT 145.91 330.15 Td (option ) Tj ET Q q 0 0 0 rg BT 168.36 330.15 Td (or ) Tj ET Q q 0 0 0 rg BT 177.02 330.15 Td (contract) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.50 330.28 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.75 330.28 Td (4,407) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 330.28 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.75 330.28 Td (27,298) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.50 330.28 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 330.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.50 330.28 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 330.28 Td (31,705) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 318.15 Td (Inventory ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 84.60 321.78 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.75 318.28 Td (821,291) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.75 318.28 Td (969,535) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 318.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 318.28 Td (1,790,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 306.15 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.16 306.15 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 306.15 Td (joint ) Tj ET Q q 0 0 0 rg BT 117.05 306.15 Td (venture ) Tj ET Q q 0 0 0 rg BT 143.04 306.15 Td (arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.75 306.28 Td (1,688) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.75 306.28 Td (38,618) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.80 306.28 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 306.28 Td (40,306) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 294.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 71.71 294.15 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.75 294.28 Td (26,571) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.75 294.28 Td (52,959) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 422.50 298.56 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.80 294.28 Td (256,596) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 294.28 Td (336,126) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 282.15 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 282.15 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 282.15 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.50 282.28 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.75 282.28 Td (853,957) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 282.28 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.75 282.28 Td (1,088,410) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.50 282.28 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.80 282.28 Td (256,596) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.50 282.28 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 282.28 Td (2,198,963) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 256.20000000000005 m 365 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 256.20000000000005 m 376 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 256.20000000000005 m 420 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 256.20000000000005 m 433 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 256.20000000000005 m 503 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 256.20000000000005 m 517 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 256.20000000000005 m 562 256.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 227.20000000000005 m 321 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 227.20000000000005 m 365 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 227.20000000000005 m 376 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 227.20000000000005 m 420 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 227.20000000000005 m 433 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 227.20000000000005 m 503 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 227.20000000000005 m 517 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 227.20000000000005 m 562 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 227.20000000000005 m 321 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 227.20000000000005 m 365 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 227.20000000000005 m 376 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 227.20000000000005 m 420 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 227.20000000000005 m 433 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 227.20000000000005 m 503 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 227.20000000000005 m 517 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 227.20000000000005 m 562 227.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 179.20000000000005 m 321 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 179.20000000000005 m 365 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 179.20000000000005 m 376 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 179.20000000000005 m 420 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 179.20000000000005 m 433 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 179.20000000000005 m 503 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 179.20000000000005 m 517 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 179.20000000000005 m 562 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 179.20000000000005 m 321 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 167.20000000000005 m 321 167.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 179.20000000000005 m 365 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 167.20000000000005 m 365 167.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 179.20000000000005 m 376 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 365 167.20000000000005 m 376 167.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 179.20000000000005 m 420 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 167.20000000000005 m 420 167.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 179.20000000000005 m 433 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 420 167.20000000000005 m 433 167.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 179.20000000000005 m 503 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 433 167.20000000000005 m 503 167.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 179.20000000000005 m 517 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 503 167.20000000000005 m 517 167.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 179.20000000000005 m 562 179.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 167.20000000000005 m 562 167.20000000000005 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.55 260.15 Td (December 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 231.45 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 231.45 Td (thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.05 231.45 Td (Northern) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.05 231.45 Td (Southern) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.50 247.45 Td (Corporate,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.05 239.45 Td (Financial Services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.40 231.45 Td (and Unallocated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.80 231.45 Td (T) Tj ET Q q 0 0 0 rg BT 535.13 231.45 Td (otal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 219.15 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 81.50 219.15 Td (on ) Tj ET Q q 0 0 0 rg BT 91.50 219.15 Td (real ) Tj ET Q q 0 0 0 rg BT 105.49 219.15 Td (estate ) Tj ET Q q 0 0 0 rg BT 125.70 219.15 Td (under ) Tj ET Q q 0 0 0 rg BT 145.91 219.15 Td (option ) Tj ET Q q 0 0 0 rg BT 168.36 219.15 Td (or ) Tj ET Q q 0 0 0 rg BT 177.02 219.15 Td (contract) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 219.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.75 219.15 Td (3,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.50 219.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.75 219.15 Td (24,877) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.50 219.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.80 219.15 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 219.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 219.15 Td (28,532) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 207.15 Td (Inventory ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 84.60 210.78 Td (\(a\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.75 207.15 Td (783,972) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.75 207.15 Td (957,003) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.80 207.15 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 207.15 Td (1,740,975) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 195.15 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.16 195.15 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 195.15 Td (joint ) Tj ET Q q 0 0 0 rg BT 117.05 195.15 Td (venture ) Tj ET Q q 0 0 0 rg BT 143.04 195.15 Td (arrangements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 343.75 195.15 Td (1,672) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.75 195.15 Td (36,213) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.80 195.15 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 195.15 Td (37,885) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 183.15 Td (Other ) Tj ET Q q 0 0 0 rg BT 71.71 183.15 Td (assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.75 183.15 Td (21,564) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.75 183.15 Td (52,662) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 422.50 187.56 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 183.15 Td (223,976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 183.15 Td (298,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 171.15 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 171.15 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 171.15 Td (assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 171.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.75 171.15 Td (810,863) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.50 171.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.75 171.15 Td (1,070,755) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 435.50 171.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 171.15 Td (223,976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 171.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 171.15 Td (2,105,594) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 155.10 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 155.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 99.75 155.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 127.55 155.10 Td (single-family ) Tj ET Q q 0 0 0 rg BT 171.35 155.10 Td (lots, ) Tj ET Q q 0 0 0 rg BT 186.05 155.10 Td (land ) Tj ET Q q 0 0 0 rg BT 200.97 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 213.67 155.10 Td (land ) Tj ET Q q 0 0 0 rg BT 228.59 155.10 Td (development ) Tj ET Q q 0 0 0 rg BT 271.05 155.10 Td (costs; ) Tj ET Q q 0 0 0 rg BT 290.42 155.10 Td (land ) Tj ET Q q 0 0 0 rg BT 305.34 155.10 Td (held ) Tj ET Q q 0 0 0 rg BT 320.25 155.10 Td (for ) Tj ET Q q 0 0 0 rg BT 330.73 155.10 Td (sale; ) Tj ET Q q 0 0 0 rg BT 346.53 155.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 368.56 155.10 Td (under ) Tj ET Q q 0 0 0 rg BT 387.92 155.10 Td (construction; ) Tj ET Q q 0 0 0 rg BT 430.84 155.10 Td (model ) Tj ET Q q 0 0 0 rg BT 451.98 155.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 474.01 155.10 Td (and ) Tj ET Q q 0 0 0 rg BT 486.70 155.10 Td (furnishings; ) Tj ET Q q 0 0 0 rg BT 526.07 155.10 Td (community ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 145.50 Td (development ) Tj ET Q q 0 0 0 rg BT 110.82 145.50 Td (district ) Tj ET Q q 0 0 0 rg BT 135.04 145.50 Td (infrastructure; ) Tj ET Q q 0 0 0 rg BT 182.35 145.50 Td (and ) Tj ET Q q 0 0 0 rg BT 195.90 145.50 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 238.34 145.50 Td (inventory ) Tj ET Q q 0 0 0 rg BT 271.00 145.50 Td (not ) Tj ET Q q 0 0 0 rg BT 283.22 145.50 Td (owned.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 135.40 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 135.40 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.60 135.40 Td (development ) Tj ET Q q 0 0 0 rg BT 139.92 135.40 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 193.02 135.40 Td (from ) Tj ET Q q 0 0 0 rg BT 210.57 135.40 Td (local ) Tj ET Q q 0 0 0 rg BT 228.12 135.40 Td (municipalities.) Tj ET Q endstream endobj 47 0 obj <> endobj 48 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (22) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (NOTE 12. Supplemental Guarantor) Tj ET Q q 0 0 0 rg BT 202.67 740.25 Td ( Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.65 718.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.31 718.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.80 718.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 162.85 718.25 Td (under ) Tj ET Q q 0 0 0 rg BT 188.22 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 203.03 718.25 Td (2028 ) Tj ET Q q 0 0 0 rg BT 225.63 718.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 254.34 718.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 280.27 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 297.31 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.13 718.25 Td (2025 ) Tj ET Q q 0 0 0 rg BT 334.73 718.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 363.44 718.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 389.37 718.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.17 718.25 Td (not ) Tj ET Q q 0 0 0 rg BT 419.55 718.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 466.01 718.25 Td (by ) Tj ET Q q 0 0 0 rg BT 478.61 718.25 Td (all ) Tj ET Q q 0 0 0 rg BT 491.21 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.14 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.96 718.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.62 718.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 99.68 706.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 119.58 706.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 161.13 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.31 706.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 218.16 706.25 Td (has ) Tj ET Q q 0 0 0 rg BT 234.45 706.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 274.63 706.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 319.80 706.25 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 376.64 706.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 414.59 706.25 Td (information ) Tj ET Q q 0 0 0 rg BT 464.76 706.25 Td (in ) Tj ET Q q 0 0 0 rg BT 475.50 706.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 523.43 706.25 Td (with ) Tj ET Q q 0 0 0 rg BT 544.17 706.25 Td (SEC ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 97.63 694.25 Td (S-X ) Tj ET Q q 0 0 0 rg BT 117.99 694.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 141.12 694.25 Td (3-10, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 166.20 694.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 209.33 694.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 256.90 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.93 694.25 Td (Guarantors ) Tj ET Q q 0 0 0 rg BT 319.85 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.10 694.25 Td (Issuers ) Tj ET Q q 0 0 0 rg BT 371.68 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 383.70 694.25 Td (Guaranteed ) Tj ET Q q 0 0 0 rg BT 435.72 694.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 479.40 694.25 Td (Register) Tj ET Q q 0 0 0 rg BT 512.35 694.25 Td (ed ) Tj ET Q q 0 0 0 rg BT 526.04 694.25 Td (or ) Tj ET Q q 0 0 0 rg BT 539.18 694.25 Td (Being ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (Register) Tj ET Q q 0 0 0 rg BT 82.45 682.25 Td (ed. ) Tj ET Q q 0 0 0 rg BT 96.89 682.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.39 682.25 Td (The ) Tj ET Q q 0 0 0 rg BT 117.44 682.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 160.48 682.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 211.86 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.69 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.41 682.25 Td (2028 ) Tj ET Q q 0 0 0 rg BT 259.91 682.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 288.52 682.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 314.35 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 331.29 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 346.00 682.25 Td (2025 ) Tj ET Q q 0 0 0 rg BT 368.50 682.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 397.11 682.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 422.94 682.25 Td (are ) Tj ET Q q 0 0 0 rg BT 437.65 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 452.37 682.25 Td (same.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (The ) Tj ET Q q 0 0 0 rg BT 69.26 660.25 Td (following ) Tj ET Q q 0 0 0 rg BT 112.36 660.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 158.78 660.25 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 216.87 660.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.06 660.25 Td (information ) Tj ET Q q 0 0 0 rg BT 307.49 660.25 Td (includes ) Tj ET Q q 0 0 0 rg BT 345.03 660.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 379.77 660.25 Td (sheets, ) Tj ET Q q 0 0 0 rg BT 410.92 660.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 457.35 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 469.89 660.25 Td (income ) Tj ET Q q 0 0 0 rg BT 503.54 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 522.19 660.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 544.17 660.25 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (information ) Tj ET Q q 0 0 0 rg BT 100.18 648.25 Td (for ) Tj ET Q q 0 0 0 rg BT 115.32 648.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 133.79 648.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 168.09 648.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 186.83 648.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 205.85 648.25 Td (parent ) Tj ET Q q 0 0 0 rg BT 234.30 648.25 Td (company ) Tj ET Q q 0 0 0 rg BT 274.43 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.34 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.03 648.25 Td (issuer ) Tj ET Q q 0 0 0 rg BT 334.83 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.63 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.32 648.25 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 428.54 648.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 475.88 648.25 Td (notes\), ) Tj ET Q q 0 0 0 rg BT 506.29 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.98 648.25 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 104.53 636.25 Td (collectively) Tj ET Q q 0 0 0 rg BT 150.52 636.25 Td (, ) Tj ET Q q 0 0 0 rg BT 156.67 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.75 636.25 Td (for ) Tj ET Q q 0 0 0 rg BT 190.05 636.25 Td (all ) Tj ET Q q 0 0 0 rg BT 203.68 636.25 Td (other ) Tj ET Q q 0 0 0 rg BT 227.87 636.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 278.73 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.81 636.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 318.79 636.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 356.31 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.28 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.14 636.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.67 636.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 445.85 636.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 503.36 636.25 Td (Subsidiaries\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (collectively) Tj ET Q q 0 0 0 rg BT 95.50 624.25 Td (. ) Tj ET Q q 0 0 0 rg BT 101.34 624.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.68 624.25 Td (Each ) Tj ET Q q 0 0 0 rg BT 128.01 624.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 171.89 624.25 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 218.01 624.25 Td (is ) Tj ET Q q 0 0 0 rg BT 228.02 624.25 Td (a ) Tj ET Q q 0 0 0 rg BT 235.80 624.25 Td (direct ) Tj ET Q q 0 0 0 rg BT 261.91 624.25 Td (or ) Tj ET Q q 0 0 0 rg BT 273.58 624.25 Td (indirect ) Tj ET Q q 0 0 0 rg BT 307.46 624.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 364.13 624.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 408.58 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 420.25 624.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 438.59 624.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 472.76 624.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 491.38 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 509.16 624.25 Td (has ) Tj ET Q q 0 0 0 rg BT 525.83 624.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 548.06 624.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 114.62 612.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 160.83 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.40 612.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 189.41 612.25 Td (2028 ) Tj ET Q q 0 0 0 rg BT 211.76 612.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 240.22 612.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 265.90 612.25 Td (on ) Tj ET Q q 0 0 0 rg BT 278.25 612.25 Td (a ) Tj ET Q q 0 0 0 rg BT 285.04 612.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 305.73 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.52 612.25 Td (several ) Tj ET Q q 0 0 0 rg BT 353.19 612.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 379.98 612.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 422.86 612.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 445.22 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 462.00 612.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 476.02 612.25 Td (2025 ) Tj ET Q q 0 0 0 rg BT 498.37 612.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 526.83 612.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 552.51 612.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 600.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 77.27 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 94.21 600.25 Td (several ) Tj ET Q q 0 0 0 rg BT 125.03 600.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 151.97 600.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 195.00 600.25 Td (basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (There ) Tj ET Q q 0 0 0 rg BT 75.55 578.25 Td (are ) Tj ET Q q 0 0 0 rg BT 90.50 578.25 Td (no ) Tj ET Q q 0 0 0 rg BT 103.24 578.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 148.19 578.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 195.36 578.25 Td (on ) Tj ET Q q 0 0 0 rg BT 208.10 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.05 578.25 Td (parent ) Tj ET Q q 0 0 0 rg BT 250.78 578.25 Td (company) Tj ET Q q 0 0 0 rg BT 290.21 578.25 Td (s ) Tj ET Q q 0 0 0 rg BT 296.84 578.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 325.13 578.25 Td (to ) Tj ET Q q 0 0 0 rg BT 335.65 578.25 Td (obtain ) Tj ET Q q 0 0 0 rg BT 363.38 578.25 Td (funds ) Tj ET Q q 0 0 0 rg BT 388.34 578.25 Td (from ) Tj ET Q q 0 0 0 rg BT 410.52 578.25 Td (its ) Tj ET Q q 0 0 0 rg BT 422.70 578.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 465.98 578.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 517.60 578.25 Td (in ) Tj ET Q q 0 0 0 rg BT 528.12 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 543.08 578.25 Td (form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 566.25 Td (a ) Tj ET Q q 0 0 0 rg BT 67.27 566.25 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 107.26 566.25 Td (loan, ) Tj ET Q q 0 0 0 rg BT 129.48 566.25 Td (or ) Tj ET Q q 0 0 0 rg BT 140.31 566.25 Td (other ) Tj ET Q q 0 0 0 rg BT 163.36 566.25 Td (means. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.27 544.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.25 544.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 118.01 544.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.01 544.25 Td (, ) Tj ET Q q 0 0 0 rg BT 143.16 544.25 Td (each ) Tj ET Q q 0 0 0 rg BT 164.13 544.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.12 544.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.99 544.25 Td (Company) Tj ET Q q 0 0 0 rg BT 231.66 544.25 Td (s ) Tj ET Q q 0 0 0 rg BT 238.20 544.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 288.08 544.25 Td (is ) Tj ET Q q 0 0 0 rg BT 297.40 544.25 Td (a ) Tj ET Q q 0 0 0 rg BT 304.49 544.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 347.69 544.25 Td (Subsidiary) Tj ET Q q 0 0 0 rg BT 389.82 544.25 Td (, ) Tj ET Q q 0 0 0 rg BT 394.97 544.25 Td (with ) Tj ET Q q 0 0 0 rg BT 415.40 544.25 Td (the ) Tj ET Q q 0 0 0 rg BT 430.28 544.25 Td (exception ) Tj ET Q q 0 0 0 rg BT 471.80 544.25 Td (of ) Tj ET Q q 0 0 0 rg BT 482.79 544.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 532.66 544.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.31 544.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 88.42 532.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 123.44 532.25 Td (in ) Tj ET Q q 0 0 0 rg BT 132.92 532.25 Td (the ) Tj ET Q q 0 0 0 rg BT 146.84 532.25 Td (business ) Tj ET Q q 0 0 0 rg BT 182.43 532.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.47 532.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 231.94 532.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 273.90 532.25 Td (title ) Tj ET Q q 0 0 0 rg BT 291.16 532.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 331.18 532.25 Td (or ) Tj ET Q q 0 0 0 rg BT 341.21 532.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 370.69 532.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.38 532.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 451.30 532.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 483.55 532.25 Td (to ) Tj ET Q q 0 0 0 rg BT 493.03 532.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.95 532.25 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.51 520.25 Td (home ) Tj ET Q q 0 0 0 rg BT 89.29 520.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 110.30 520.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 148.25 520.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 177.02 520.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 225.81 520.25 Td (that ) Tj ET Q q 0 0 0 rg BT 242.37 520.25 Td (are ) Tj ET Q q 0 0 0 rg BT 256.15 520.25 Td (not ) Tj ET Q q 0 0 0 rg BT 270.49 520.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 325.38 520.25 Td (by ) Tj ET Q q 0 0 0 rg BT 336.95 520.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.73 520.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 391.18 520.25 Td (or ) Tj ET Q q 0 0 0 rg BT 401.08 520.25 Td (another ) Tj ET Q q 0 0 0 rg BT 432.63 520.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 473.09 520.25 Td (, ) Tj ET Q q 0 0 0 rg BT 477.16 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 493.17 520.25 Td (other ) Tj ET Q q 0 0 0 rg BT 515.28 520.25 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 96.68 508.25 Td (by ) Tj ET Q q 0 0 0 rg BT 111.09 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 127.72 508.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 171.02 508.25 Td (as ) Tj ET Q q 0 0 0 rg BT 183.76 508.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 237.60 508.25 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 293.40 508.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 326.13 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 338.32 508.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 385.52 508.25 Td (on ) Tj ET Q q 0 0 0 rg BT 399.93 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.56 508.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 459.83 508.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 494.24 508.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 531.98 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 544.17 508.25 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 101.54 496.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 153.04 496.25 Td (in ) Tj ET Q q 0 0 0 rg BT 163.43 496.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 211.00 496.25 Td (with ) Tj ET Q q 0 0 0 rg BT 231.39 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 246.22 496.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 271.05 496.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.99 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.82 496.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 324.43 496.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 357.59 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.64 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.47 496.25 Td (indenture ) Tj ET Q q 0 0 0 rg BT 429.85 496.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 473.01 496.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.83 496.25 Td (2028 ) Tj ET Q q 0 0 0 rg BT 510.45 496.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 539.17 496.25 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.16 484.25 Td (indenture ) Tj ET Q q 0 0 0 rg BT 121.42 484.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 164.47 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.18 484.25 Td (2025 ) Tj ET Q q 0 0 0 rg BT 201.68 484.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 230.29 484.25 Td (Notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.01 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.40 462.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 118.78 462.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 155.94 462.25 Td (tables ) Tj ET Q q 0 0 0 rg BT 181.44 462.25 Td (presented ) Tj ET Q q 0 0 0 rg BT 221.93 462.25 Td (below) Tj ET Q q 0 0 0 rg BT 245.72 462.25 Td (, ) Tj ET Q q 0 0 0 rg BT 250.39 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 264.78 462.25 Td (parent ) Tj ET Q q 0 0 0 rg BT 291.94 462.25 Td (company ) Tj ET Q q 0 0 0 rg BT 330.77 462.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 365.72 462.25 Td (all ) Tj ET Q q 0 0 0 rg BT 377.89 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 388.39 462.25 Td (its ) Tj ET Q q 0 0 0 rg BT 400.02 462.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 455.51 462.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 504.91 462.25 Td (as ) Tj ET Q q 0 0 0 rg BT 515.41 462.25 Td (if ) Tj ET Q q 0 0 0 rg BT 523.69 462.25 Td (they ) Tj ET Q q 0 0 0 rg BT 543.09 462.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 92.03 450.25 Td (for ) Tj ET Q q 0 0 0 rg BT 105.68 450.25 Td (under ) Tj ET Q q 0 0 0 rg BT 130.45 450.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.66 450.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 171.65 450.25 Td (method. ) Tj ET Q q 0 0 0 rg BT 206.14 450.25 Td ( ) Tj ET Q q 0 0 0 rg BT 207.70 450.25 Td (All ) Tj ET Q q 0 0 0 rg BT 222.47 450.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 265.56 450.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 305.31 450.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 343.40 450.25 Td (have ) Tj ET Q q 0 0 0 rg BT 364.28 450.25 Td (been ) Tj ET Q q 0 0 0 rg BT 385.15 450.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 423.23 450.25 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 478.54 450.25 Td (among ) Tj ET Q q 0 0 0 rg BT 507.75 450.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 450.25 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 100.89 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.83 438.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 169.75 438.25 Td (Subsidiaries.) Tj ET Q endstream endobj 49 0 obj <> endobj 50 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.05 737.18 Td (UNAUDITED CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 321.22 737.18 Td (TING ST) Tj ET Q q 0 0 0 rg BT 360.77 737.18 Td (A) Tj ET Q q 0 0 0 rg BT 367.25 737.18 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 432.17 737.18 Td ( INCOME) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 692.5 m 324 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 692.5 m 384 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 692.5 m 449 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 692.5 m 504 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 692.5 m 562 692.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 671.5 m 246 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 671.5 m 258 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 671.5 m 324 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 671.5 m 384 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 671.5 m 449 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 671.5 m 504 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 671.5 m 562 671.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 574.5 m 246 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 574.5 m 258 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 574.5 m 324 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 574.5 m 384 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 574.5 m 449 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 574.5 m 504 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 574.5 m 562 574.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 554.5 m 246 554.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 541.5 m 246 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 554.5 m 258 554.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 541.5 m 258 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 554.5 m 324 554.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 541.5 m 324 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 554.5 m 384 554.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 541.5 m 384 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 554.5 m 449 554.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 541.5 m 449 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 554.5 m 504 554.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 541.5 m 504 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 554.5 m 562 554.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 541.5 m 562 541.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 505.5 m 246 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 505.5 m 258 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 505.5 m 324 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 505.5 m 384 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 505.5 m 449 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 505.5 m 504 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 505.5 m 562 505.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 487.5 m 246 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 487.5 m 258 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 487.5 m 324 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 487.5 m 384 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 487.5 m 449 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 487.5 m 504 487.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 487.5 m 562 487.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 696.73 Td (Thr) Tj ET Q q 0 0 0 rg BT 358.86 696.73 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 435.38 696.73 Td (ch 31, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 675.75 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.70 675.73 Td (M/I Homes, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 335.10 683.73 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.60 675.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 683.73 Td (Unr) Tj ET Q q 0 0 0 rg BT 408.21 683.73 Td (estricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.10 675.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 454.20 675.73 Td (Eliminations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.05 675.73 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 655.75 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 655.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.80 655.73 Td (564,136) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 655.73 Td (13,467) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 655.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 655.73 Td (577,603) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 642.75 Td (Costs and expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 629.75 Td (Land and housing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 629.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.80 629.73 Td (460,924) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 629.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 629.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 629.73 Td (460,924) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 616.75 Td (General and administrative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 616.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 616.73 Td (26,563) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 616.73 Td (7,284) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 616.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 616.73 Td (33,847) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 604.45 Td (Selling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 604.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 604.58 Td (36,828) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 604.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 604.58 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 604.58 Td (36,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 591.75 Td (Equity in income from joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 591.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 591.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.10 591.73 Td (\(52) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.80 591.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 591.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.10 591.73 Td (\(52) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 591.73 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 578.75 Td (Interest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 578.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.80 578.73 Td (3,969) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 578.73 Td (731) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 578.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 578.73 Td (4,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 565.75 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 565.75 Td (otal costs and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 565.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.80 565.73 Td (528,284) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 565.73 Td (7,963) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 565.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 565.73 Td (536,247) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 545.75 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 545.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 545.73 Td (35,852) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 545.73 Td (5,504) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 545.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 545.73 Td (41,356) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 527.75 Td (Provision for income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 527.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.80 527.73 Td (8,581) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 527.73 Td (1,029) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 527.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 527.73 Td (9,610) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 509.75 Td (Equity in subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 509.73 Td (31,746) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 509.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 509.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 509.73 Td (\(31,746) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 509.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 509.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 491.75 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.50 491.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 491.73 Td (31,746) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 491.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 491.73 Td (27,271) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.50 491.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 491.73 Td (4,475) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 491.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 491.73 Td (\(31,746) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 491.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 491.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 491.73 Td (31,746) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 452.5 m 324 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 452.5 m 384 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 452.5 m 449 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 452.5 m 504 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 452.5 m 562 452.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 431.5 m 246 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 431.5 m 258 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 431.5 m 324 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 431.5 m 384 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 431.5 m 449 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 431.5 m 504 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 431.5 m 562 431.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 333.5 m 246 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 333.5 m 258 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 333.5 m 324 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 333.5 m 384 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 333.5 m 449 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 333.5 m 504 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 333.5 m 562 333.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 313.5 m 246 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 300.5 m 246 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 313.5 m 258 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 300.5 m 258 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 313.5 m 324 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 300.5 m 324 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 313.5 m 384 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 300.5 m 384 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 313.5 m 449 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 300.5 m 449 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 313.5 m 504 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 300.5 m 504 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 313.5 m 562 313.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 300.5 m 562 300.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 264.5 m 246 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 264.5 m 258 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 264.5 m 324 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 264.5 m 384 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 264.5 m 449 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 264.5 m 504 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 264.5 m 562 264.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 244.5 m 246 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 244.5 m 258 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 244.5 m 324 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 244.5 m 384 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 244.5 m 449 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 244.5 m 504 244.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 244.5 m 562 244.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.25 456.75 Td (Three Months Ended March 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 435.75 Td (\(In thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.05 435.75 Td (M/I Homes, Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 443.75 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.90 435.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.20 443.75 Td (Unrestricted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.40 435.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.55 435.75 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.35 435.75 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 415.75 Td (Revenue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.50 415.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 415.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 415.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 415.75 Td (469,326) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.50 415.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 415.75 Td (1) Tj ET Q q 0 0 0 rg BT 427.80 415.75 Td (1,783) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 415.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 415.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 415.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 415.75 Td (481,109) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 402.75 Td (Costs and expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 389.75 Td (Land and housing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 389.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 389.75 Td (388,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 389.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 389.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 389.75 Td (388,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 376.75 Td (General and administrative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 376.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 376.75 Td (24,433) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 376.75 Td (6,266) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 376.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 376.75 Td (30,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 363.75 Td (Selling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 363.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 363.75 Td (31,551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 363.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 363.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 363.75 Td (31,551) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 350.75 Td (Equity in loss from joint venture arrangements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 350.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 350.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 350.75 Td (121) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 350.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 350.75 Td (121) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 337.75 Td (Interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 337.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.15 337.75 Td (6,049) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 337.75 Td (743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 337.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 337.75 Td (6,792) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 324.75 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 324.75 Td (otal costs and expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 324.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 324.75 Td (450,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 324.75 Td (7,130) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 324.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 324.75 Td (457,630) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 304.75 Td (Income before income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 304.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 304.75 Td (18,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 304.75 Td (4,653) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 304.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 304.75 Td (23,479) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 286.75 Td (Provision for income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 286.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.15 286.75 Td (4,755) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 286.75 Td (1,001) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 286.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 286.75 Td (5,756) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 268.75 Td (Equity in subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.80 268.75 Td (17,723) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 268.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 268.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 268.75 Td (\(17,723) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 268.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 268.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 248.75 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.50 248.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 298.80 248.75 Td (17,723) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 248.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 248.75 Td (14,071) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.50 248.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 248.75 Td (3,652) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 248.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 248.75 Td (\(17,723) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 248.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 248.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 248.75 Td (17,723) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 51 0 obj <> endobj 52 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (24) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 707.5 m 337 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 707.5 m 392 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 707.5 m 455 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 707.5 m 508 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 707.5 m 562 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 686.5 m 265 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 686.5 m 272 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 686.5 m 337 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 686.5 m 392 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 686.5 m 455 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 686.5 m 508 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 686.5 m 562 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 521.5 m 265 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 508.5 m 265 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 521.5 m 272 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 508.5 m 272 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 521.5 m 337 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 508.5 m 337 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 521.5 m 392 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 508.5 m 392 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 521.5 m 455 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 508.5 m 455 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 521.5 m 508 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 508.5 m 508 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 521.5 m 562 521.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 508.5 m 562 508.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 310.5 m 337 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 310.5 m 392 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 310.5 m 455 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 310.5 m 508 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 310.5 m 562 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 310.5 m 265 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 297.5 m 265 297.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 310.5 m 272 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 297.5 m 272 297.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 310.5 m 337 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 297.5 m 337 297.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 310.5 m 392 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 297.5 m 392 297.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 310.5 m 455 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 297.5 m 455 297.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 310.5 m 508 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 297.5 m 508 297.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 310.5 m 562 310.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 297.5 m 562 297.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 277.5 m 265 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 277.5 m 272 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 277.5 m 337 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 277.5 m 392 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 277.5 m 455 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 277.5 m 508 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 277.5 m 562 277.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 257.5 m 265 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 257.5 m 272 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 257.5 m 337 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 257.5 m 392 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 257.5 m 455 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 257.5 m 508 257.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 257.5 m 562 257.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.55 737.23 Td (UNAUDITED CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 342.72 737.23 Td (TING BALANCE SHEET) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.00 711.73 Td (Mar) Tj ET Q q 0 0 0 rg BT 405.03 711.73 Td (ch 31, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 690.75 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.20 690.73 Td (M/I Homes, Inc.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 698.73 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.10 690.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.50 698.73 Td (Unr) Tj ET Q q 0 0 0 rg BT 415.21 698.73 Td (estricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 402.10 690.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 459.20 690.73 Td (Eliminations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.05 690.73 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 668.75 Td (ASSETS:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 655.75 Td (Cash, cash equivalents and restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 655.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 376.80 655.73 Td (486) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 655.73 Td (22,856) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.10 655.73 Td (\(2,158) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 655.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 655.73 Td (21,184) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 642.75 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 642.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 642.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.80 642.73 Td (156,208) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 642.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 642.73 Td (156,208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 629.75 Td (Inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 629.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.75 629.73 Td (1,822,531) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 629.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 629.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 629.73 Td (1,822,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 616.75 Td (Property and equipment - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 616.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 616.73 Td (20,372) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.80 616.73 Td (674) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 616.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 616.73 Td (21,046) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 603.75 Td (Investment in joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 603.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 603.73 Td (38,077) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 603.73 Td (2,229) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 603.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 603.73 Td (40,306) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 590.75 Td (Operating lease right-of-use assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 590.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 590.73 Td (16,700) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 590.73 Td (3,375) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 590.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 590.73 Td (20,075) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 577.75 Td (Deferred income tax asset) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 577.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.80 577.73 Td (9,540) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 577.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 577.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 577.73 Td (9,540) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 564.75 Td (Investment in subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 564.73 Td (959,789) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 564.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 564.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 564.73 Td (\(959,789) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 564.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 564.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 551.75 Td (Intercompany assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 551.73 Td (717,921) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 551.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 551.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 551.73 Td (\(717,921) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 551.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 551.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 538.75 Td (Goodwill) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 538.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 538.73 Td (16,400) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 538.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 538.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 538.73 Td (16,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 525.75 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.80 525.73 Td (1,182) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 525.73 Td (71,741) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 525.73 Td (18,750) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 525.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 525.73 Td (91,673) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 512.75 Td (T) Tj ET Q q 0 0 0 rg BT 56.31 512.75 Td (OT) Tj ET Q q 0 0 0 rg BT 66.59 512.75 Td (AL) Tj ET Q q 0 0 0 rg BT 76.78 512.75 Td ( ) Tj ET Q q 0 0 0 rg BT 78.41 512.75 Td (ASSETS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 512.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.80 512.73 Td (1,678,892) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 512.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.75 512.73 Td (1,995,847) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 512.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.80 512.73 Td (204,092) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 512.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.10 512.73 Td (\(1,679,868) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 512.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 512.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 512.73 Td (2,198,963) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 490.75 Td (LIABILITIES ) Tj ET Q q 0 0 0 rg BT 99.04 490.75 Td (AND SHAREHOLDERS) Tj ET Q q 0 0 0 rg BT 183.64 490.75 Td ( EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 470.75 Td (LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 457.75 Td (Accounts payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 457.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 457.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 457.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 457.73 Td (151,591) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 457.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.80 457.73 Td (823) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 457.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.10 457.73 Td (\(2,158) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 457.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 457.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 457.73 Td (150,256) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 444.75 Td (Customer deposits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 444.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 444.73 Td (45,099) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 444.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 444.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 444.73 Td (45,099) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 431.75 Td (Operating lease liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 431.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 431.73 Td (16,700) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 431.73 Td (3,375) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 431.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 431.73 Td (20,075) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 418.75 Td (Intercompany liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 418.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 418.73 Td (715,527) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 418.73 Td (2,394) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 418.73 Td (\(717,921) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 418.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 418.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 405.75 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 405.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 405.73 Td (107,214) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 405.73 Td (10,728) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 405.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 405.73 Td (1) Tj ET Q q 0 0 0 rg BT 536.75 405.73 Td (17,942) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 392.75 Td (Community development district obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 392.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 392.73 Td (12,914) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 392.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 392.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 392.73 Td (12,914) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 379.75 Td (Obligation for consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 379.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 379.73 Td (14,284) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 379.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 379.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 379.73 Td (14,284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 366.75 Td (Notes payable bank - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 366.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.80 366.73 Td (6,900) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 366.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 366.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 366.73 Td (6,900) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 353.75 Td (Notes payable bank - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 353.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 353.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.80 353.73 Td (145,055) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 353.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 353.73 Td (145,055) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 340.75 Td (Notes payable - other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 340.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 370.80 340.73 Td (7,546) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 340.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 340.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 340.73 Td (7,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 327.75 Td (Senior notes due 2025 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 327.73 Td (247,222) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 327.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 327.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 327.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 327.73 Td (247,222) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 314.75 Td (Senior notes due 2028 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 314.73 Td (393,989) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 314.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 314.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 314.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 314.73 Td (393,989) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 301.75 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Tf ET q 0 0 0 rg BT 433.80 405.75 Td (6,922) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 405.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 405.75 Td (147,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 392.75 Td (Community development district obligations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 392.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 392.75 Td (13,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 392.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 392.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 392.75 Td (13,531) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 379.75 Td (Obligation for consolidated inventory not owned) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 379.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.80 379.75 Td (7,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 379.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 379.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 379.75 Td (7,934) 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ET q 0 0 0 rg BT 370.80 340.75 Td (5,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 340.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 340.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 340.75 Td (5,828) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 327.75 Td (Senior notes due 2021 - net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 327.75 Td (298,988) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 327.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 327.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 327.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 327.75 Td (298,988) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 314.75 Td (Senior notes due 2025 - net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 314.75 Td (247,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 314.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 314.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 314.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 314.75 Td (247,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 301.75 Td (T) Tj ET Q q 0 0 0 rg BT 56.31 301.75 Td (OT) Tj ET Q q 0 0 0 rg BT 66.59 301.75 Td (AL) Tj ET Q q 0 0 0 rg BT 76.78 301.75 Td ( LIABILITIES) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 301.75 Td (546,080) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.75 301.75 Td (1,033,543) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 301.75 Td (147,423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 301.75 Td (\(624,929) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 301.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 301.75 Td (1,102,1) Tj ET Q q 0 0 0 rg BT 550.75 301.75 Td (17) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 280.75 Td (SHAREHOLDERS) Tj ET Q q 0 0 0 rg BT 116.98 280.75 Td ( EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 280.75 Td (1,003,477) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 280.75 Td (890,800) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 280.75 Td (38,142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 280.75 Td (\(928,942) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 280.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 280.75 Td (1,003,477) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 260.75 Td (T) Tj ET Q q 0 0 0 rg BT 56.24 260.75 Td (OT) Tj ET Q q 0 0 0 rg BT 66.27 260.75 Td (AL) Tj ET Q q 0 0 0 rg BT 76.63 260.75 Td ( LIABILITIES ) Tj ET Q q 0 0 0 rg BT 125.96 260.75 Td (AND SHAREHOLDERS) Tj ET Q q 0 0 0 rg BT 210.48 260.75 Td ( EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 260.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 260.75 Td (1,549,557) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.50 260.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.75 260.75 Td (1,924,343) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 260.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 260.75 Td (185,565) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 260.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.10 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Tj ET Q q 0 0 0 rg BT 378.36 711.73 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 454.88 711.73 Td (ch 31, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 690.75 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.75 698.73 Td (M/I Homes,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.40 690.73 Td (Inc.) 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(\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.10 633.63 Td (\(1) Tj ET Q q 0 0 0 rg BT 448.76 633.63 Td (1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 633.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 633.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 544.10 633.63 Td (\(451) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 633.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 623.50 Td (Return of capital from unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 623.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 623.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.80 623.63 Td (363) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 623.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 623.63 Td (363) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 613.50 Td (Intercompany investing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.10 613.63 Td (\(96,955) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 613.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 613.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 613.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.75 613.63 Td (96,955) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 613.63 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 603.50 Td (Investments in and advances to joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 603.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.10 603.63 Td (\(6,451) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 603.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.10 603.63 Td (\(7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 603.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 603.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 603.63 Td (\(6,458) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 603.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 593.50 Td (Net cash \(used in\) provided by investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 322.10 593.63 Td (\(96,955) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 593.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.10 593.63 Td (\(6,891) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 593.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.80 593.63 Td (345) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.75 593.63 Td (96,955) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 593.63 Td (\(6,546) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 593.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 575.50 Td (CASH FLOWS FROM FINANCING ) Tj ET Q q 0 0 0 rg BT 174.41 575.50 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 565.50 Td (Repayment of senior notes due 2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 318.10 565.63 Td (\(300,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 565.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 565.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 565.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 565.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.10 565.63 Td (\(300,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 565.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 555.50 Td (Proceeds from issuance of senior notes due 2028) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 320.75 555.63 Td (400,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 555.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 555.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 555.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 555.63 Td (400,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 545.50 Td (Proceeds from bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 545.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.75 545.63 Td (194,300) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 545.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 545.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 545.63 Td (194,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 535.50 Td (Principal repayments of bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 535.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 371.10 535.63 Td (\(253,400) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 535.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 535.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 535.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.10 535.63 Td (\(253,400) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 535.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 525.50 Td (Net proceeds from bank borrowings - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 525.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 525.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.80 525.63 Td (8,151) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 525.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 525.63 Td (8,151) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 515.50 Td (Proceeds from notes payable - other and CDD bond obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 515.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 381.80 515.63 Td (1,718) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 515.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 515.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 515.63 Td (1,718) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 505.50 Td (Intercompany financing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 505.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.75 505.63 Td (91,298) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.80 505.63 Td (2,090) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.10 505.63 Td (\(93,388) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.80 505.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 505.63 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 495.50 Td (Repurchase of common shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.10 495.63 Td (\(1,912) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 495.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 495.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 495.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 495.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 495.63 Td (\(1,912) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 495.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 485.50 Td (Dividends paid) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 485.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 485.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.10 485.63 Td (\(900) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 485.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 485.63 Td (900) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 485.63 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 475.50 Td (Debt issue costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.10 475.63 Td (\(6,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 475.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 475.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 475.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 475.63 Td (\(6,165) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 475.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 465.50 Td (Proceeds from exercise of stock options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.80 465.63 Td (3,182) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 465.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 465.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 465.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 465.63 Td (3,182) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 455.50 Td (Net cash provided by \(used in\) financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.75 455.63 Td (95,105) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.75 455.63 Td (33,916) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.80 455.63 Td (9,341) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.10 455.63 Td (\(92,488) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.80 455.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 455.63 Td (45,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 437.50 Td (Net increase in cash, cash equivalents and restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 437.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.80 437.63 Td (267) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 437.63 Td (1) Tj ET Q q 0 0 0 rg BT 434.75 437.63 Td (1,267) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 437.63 Td (3,567) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 437.63 Td (15,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 427.50 Td (Cash, cash equivalents and restricted cash balance at beginning of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 427.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.80 427.63 Td (219) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 427.63 Td (1) Tj ET Q q 0 0 0 rg BT 434.75 427.63 Td (1,589) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.10 427.63 Td (\(5,725) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.80 427.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 427.63 Td (6,083) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 417.50 Td (Cash, cash equivalents and restricted cash balance at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.50 417.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 417.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.50 417.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.80 417.63 Td (486) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.50 417.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 417.63 Td (22,856) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.50 417.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.10 417.63 Td (\(2,158) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.80 417.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.50 417.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 417.63 Td (21,184) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 380.5 m 350 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 380.5 m 403 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 380.5 m 456 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 380.5 m 509 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 380.5 m 562 380.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 359.5 m 297 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 359.5 m 350 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 359.5 m 403 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 359.5 m 456 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 359.5 m 509 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 359.5 m 562 359.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 342.5 m 297 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 332.5 m 297 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 342.5 m 350 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 332.5 m 350 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 342.5 m 403 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 332.5 m 403 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 342.5 m 456 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 332.5 m 456 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 342.5 m 509 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 332.5 m 509 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 342.5 m 562 342.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 332.5 m 562 332.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 284.5 m 297 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 274.5 m 297 274.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 284.5 m 350 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 274.5 m 350 274.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 284.5 m 403 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 274.5 m 403 274.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 284.5 m 456 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 274.5 m 456 274.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 284.5 m 509 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 274.5 m 509 274.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 284.5 m 562 284.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 274.5 m 562 274.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 186.5 m 297 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 176.5 m 297 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 186.5 m 350 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 176.5 m 350 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 186.5 m 403 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 176.5 m 403 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 186.5 m 456 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 176.5 m 456 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 186.5 m 509 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 176.5 m 509 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 186.5 m 562 186.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 176.5 m 562 176.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 148.5 m 350 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 148.5 m 403 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 148.5 m 456 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 148.5 m 509 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 148.5 m 562 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 148.5 m 297 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 138.5 m 297 138.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 148.5 m 350 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 138.5 m 350 138.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 148.5 m 403 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 138.5 m 403 138.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 148.5 m 456 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 138.5 m 456 138.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 148.5 m 509 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 138.5 m 509 138.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 148.5 m 562 148.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 138.5 m 562 138.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 384.75 Td (Three Months Ended March 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 363.75 Td (\(In thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.65 371.75 Td (M/I Homes,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.85 363.75 Td (Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.75 371.75 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.40 363.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.20 371.75 Td (Unrestricted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.40 363.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.55 363.75 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.85 363.75 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 344.50 Td (CASH FLOWS FROM OPERA) Tj ET Q q 0 0 0 rg BT 154.41 344.50 Td (TING ) Tj ET Q q 0 0 0 rg BT 174.85 344.50 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 334.50 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.50 334.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 334.50 Td (4,180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 334.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.10 334.50 Td (\(72,925) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 334.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.50 334.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 334.50 Td (50,292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.50 334.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.10 334.50 Td (\(4,180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 334.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 334.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 334.50 Td (\(22,633) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 334.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 316.50 Td (CASH FLOWS FROM INVESTING ) Tj ET Q q 0 0 0 rg BT 173.07 316.50 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 306.50 Td (Purchase of property and equipment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 306.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.10 306.50 Td (\(427) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 306.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.10 306.50 Td (\(33) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 306.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 306.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 306.50 Td (\(460) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 306.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 296.50 Td (Intercompany Investing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 296.50 Td (\(1,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 296.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 296.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 296.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 296.50 Td (1,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 296.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 286.50 Td (Investments in and advances to joint venture arrangements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 286.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.10 286.50 Td (\(5,928) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 286.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.10 286.50 Td (\(1) Tj ET Q q 0 0 0 rg BT 444.76 286.50 Td (13) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 286.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 286.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 286.50 Td (\(6,041) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 286.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 276.50 Td (Net cash \(used in\) provided by investing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 276.50 Td (\(1,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 276.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.10 276.50 Td (\(6,355) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 276.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.10 276.50 Td (\(146) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 276.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 276.50 Td (1,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 276.50 Td (\(6,501) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 276.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 258.50 Td (CASH FLOWS FROM FINANCING ) Tj ET Q q 0 0 0 rg BT 174.41 258.50 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 248.50 Td (Proceeds from bank borrowings - homebuilding operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 248.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.75 248.50 Td (218,100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 248.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 248.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 248.50 Td (218,100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 238.50 Td (Principal repayments of bank borrowings - homebuilding operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 238.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 371.10 238.50 Td (\(1) Tj ET Q q 0 0 0 rg BT 377.76 238.50 Td (16,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 238.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 238.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 238.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.10 238.50 Td (\(1) Tj ET Q q 0 0 0 rg BT 536.76 238.50 Td (16,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 238.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 228.50 Td (Net repayments of bank borrowings - financial services operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 228.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 228.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 228.50 Td (\(49,142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 228.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 228.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 228.50 Td (\(49,142) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 228.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 218.50 Td (Intercompany financing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 218.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.10 218.50 Td (\(792) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 218.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 434.80 218.50 Td (2,250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.10 218.50 Td (\(1,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 218.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 218.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 208.50 Td (Repurchase of common shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 208.50 Td (\(5,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 208.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 208.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 208.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 208.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 208.50 Td (\(5,150) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 208.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 198.50 Td (Dividends paid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 198.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 198.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.10 198.50 Td (\(4,180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 198.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 198.50 Td (4,180) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 198.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 188.50 Td (Proceeds from exercise of stock options) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 188.50 Td (2,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 188.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 188.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 188.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 188.50 Td (2,428) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 178.50 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 178.50 Td (\(2,722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 178.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.75 178.50 Td (100,608) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 178.50 Td (\(51,072) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 178.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 178.50 Td (2,722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 178.50 Td (49,536) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 160.50 Td (Net increase \(decrease\) in cash, cash equivalents and restricted cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 160.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 160.50 Td (21,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.10 160.50 Td (\(926) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 160.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 160.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 160.50 Td (20,402) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 150.50 Td (Cash, cash equivalents and restricted cash balance at beginning of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 150.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 150.50 Td (5,554) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 150.50 Td (15,975) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 150.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 150.50 Td (21,529) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 140.50 Td (Cash, cash equivalents and restricted cash balance at end of period) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.50 140.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 140.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 140.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 140.50 Td (26,882) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.50 140.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 140.50 Td (15,049) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.50 140.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 140.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 140.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 140.50 Td (41,931) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 57 0 obj <> endobj 58 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (27) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (NOTE 13. Shar) Tj ET Q q 0 0 0 rg BT 115.72 740.25 Td (e Repur) Tj ET Q q 0 0 0 rg BT 149.70 740.25 Td (chase Pr) Tj ET Q q 0 0 0 rg BT 185.90 740.25 Td (ogram) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (On) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.67 718.25 Td (August ) Tj ET Q q 0 0 0 rg BT 94.62 718.25 Td (14, ) Tj ET Q q 0 0 0 rg BT 109.19 718.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.19 718.25 Td (,the ) Tj ET Q q 0 0 0 rg BT 148.46 718.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 189.41 718.25 Td (announced ) Tj ET Q q 0 0 0 rg BT 234.79 718.25 Td (that ) Tj ET Q q 0 0 0 rg BT 251.85 718.25 Td (its ) Tj ET Q q 0 0 0 rg BT 263.36 718.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 289.86 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.25 718.25 Td (Directors ) Tj ET Q q 0 0 0 rg BT 339.52 718.25 Td (authorized ) Tj ET Q q 0 0 0 rg BT 383.78 718.25 Td (ashare ) Tj ET Q q 0 0 0 rg BT 413.88 718.25 Td (repurchaseprogram ) Tj ET Q q 0 0 0 rg BT 495.63 718.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 513.24 718.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 539.74 718.25 Td (Share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 98.07 706.25 Td (Program\) ) Tj ET Q q 0 0 0 rg BT 142.21 706.25 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 178.58 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 188.28 706.25 Td (which ) Tj ET Q q 0 0 0 rg BT 214.65 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.80 706.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 269.61 706.25 Td (may ) Tj ET Q q 0 0 0 rg BT 288.76 706.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 326.22 706.25 Td (up ) Tj ET Q q 0 0 0 rg BT 338.15 706.25 Td (to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.43 706.25 Td ($50million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.82 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 407.58 706.25 Td (its ) Tj ET Q q 0 0 0 rg BT 418.96 706.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 467.55 706.25 Td (common ) Tj ET Q q 0 0 0 rg BT 504.48 706.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 531.39 706.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (open ) Tj ET Q q 0 0 0 rg BT 71.71 694.25 Td (market ) Tj ET Q q 0 0 0 rg BT 102.24 694.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 155.27 694.25 Td (privately ) Tj ET Q q 0 0 0 rg BT 193.58 694.25 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 238.00 694.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 288.53 694.25 Td (or ) Tj ET Q q 0 0 0 rg BT 299.63 694.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 341.28 694.25 Td (in ) Tj ET Q q 0 0 0 rg BT 351.82 694.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 399.55 694.25 Td (with ) Tj ET Q q 0 0 0 rg BT 420.10 694.25 Td (all ) Tj ET Q q 0 0 0 rg BT 432.86 694.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 476.72 694.25 Td (laws. ) Tj ET Q q 0 0 0 rg BT 500.32 694.25 Td (During ) Tj ET Q q 0 0 0 rg BT 531.42 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.40 694.25 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.02 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 90.56 682.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 115.27 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.70 682.25 Td (Companyrepurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.60 682.25 Td (0.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.49 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 267.70 682.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 316.58 682.25 Td (common ) Tj ET Q q 0 0 0 rg BT 353.78 682.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 380.98 682.25 Td (at ) Tj ET Q q 0 0 0 rg BT 390.41 682.25 Td (an ) Tj ET Q q 0 0 0 rg BT 402.06 682.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 443.13 682.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 480.87 682.25 Td (price ) Tj ET Q q 0 0 0 rg BT 503.07 682.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 682.25 Td ($1.9million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (under ) Tj ET Q q 0 0 0 rg BT 74.19 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 88.33 670.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 110.25 670.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 134.95 670.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 183.51 670.25 Td (Program. ) Tj ET Q q 0 0 0 rg BT 221.95 670.25 Td (As ) Tj ET Q q 0 0 0 rg BT 234.99 670.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.24 670.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 288.26 670.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.26 670.25 Td (, ) Tj ET Q q 0 0 0 rg BT 312.68 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.82 670.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 367.63 670.25 Td (has ) Tj ET Q q 0 0 0 rg BT 382.89 670.25 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.11 670.25 Td (1.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.01 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 478.93 670.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 527.52 670.25 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 77.99 658.25 Td (at ) Tj ET Q q 0 0 0 rg BT 88.70 658.25 Td (an ) Tj ET Q q 0 0 0 rg BT 101.63 658.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 143.99 658.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 183.03 658.25 Td (price ) Tj ET Q q 0 0 0 rg BT 206.51 658.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.33 658.25 Td ($32.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.22 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 275.72 658.25 Td (under ) Tj ET Q q 0 0 0 rg BT 301.99 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.70 658.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 341.19 658.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 367.46 658.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 417.60 658.25 Td (Program ) Tj ET Q q 0 0 0 rg BT 455.54 658.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.47 658.25 Td ($17.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.36 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 530.86 658.25 Td (remains ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (available ) Tj ET Q q 0 0 0 rg BT 88.18 646.25 Td (for ) Tj ET Q q 0 0 0 rg BT 102.43 646.25 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 152.22 646.25 Td (under ) Tj ET Q q 0 0 0 rg BT 177.59 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 192.40 646.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 214.99 646.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 240.35 646.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 289.59 646.25 Td (Program. ) Tj ET Q q 0 0 0 rg BT 328.93 646.25 Td (The ) Tj ET Q q 0 0 0 rg BT 347.07 646.25 Td (timing, ) Tj ET Q q 0 0 0 rg BT 378.28 646.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 410.87 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.90 646.25 Td (other ) Tj ET Q q 0 0 0 rg BT 451.04 646.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 475.85 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.88 646.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 537.13 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.06 646.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 90.79 634.25 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 139.28 634.25 Td (under ) Tj ET Q q 0 0 0 rg BT 163.35 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.86 634.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 198.15 634.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 222.22 634.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 270.16 634.25 Td (Program ) Tj ET Q q 0 0 0 rg BT 305.90 634.25 Td (will ) Tj ET Q q 0 0 0 rg BT 322.75 634.25 Td (be ) Tj ET Q q 0 0 0 rg BT 333.48 634.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 379.76 634.25 Td (by ) Tj ET Q q 0 0 0 rg BT 391.06 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.57 634.25 Td (Company) Tj ET Q q 0 0 0 rg BT 446.24 634.25 Td (s ) Tj ET Q q 0 0 0 rg BT 451.42 634.25 Td (management ) Tj ET Q q 0 0 0 rg BT 503.81 634.25 Td (at ) Tj ET Q q 0 0 0 rg BT 512.32 634.25 Td (its ) Tj ET Q q 0 0 0 rg BT 523.07 634.25 Td (discretion ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (based ) Tj ET Q q 0 0 0 rg BT 75.58 622.25 Td (on ) Tj ET Q q 0 0 0 rg BT 88.88 622.25 Td (a ) Tj ET Q q 0 0 0 rg BT 96.63 622.25 Td (variety ) Tj ET Q q 0 0 0 rg BT 127.70 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 139.34 622.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 172.36 622.25 Td (including ) Tj ET Q q 0 0 0 rg BT 213.44 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.96 622.25 Td (market ) Tj ET Q q 0 0 0 rg BT 260.03 622.25 Td (price ) Tj ET Q q 0 0 0 rg BT 283.33 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 294.97 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.49 622.25 Td (Company) Tj ET Q q 0 0 0 rg BT 352.16 622.25 Td (s ) Tj ET Q q 0 0 0 rg BT 359.36 622.25 Td (common ) Tj ET Q q 0 0 0 rg BT 397.66 622.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 428.46 622.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 469.52 622.25 Td (considerations, ) Tj ET Q q 0 0 0 rg BT 533.09 622.25 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (market ) Tj ET Q q 0 0 0 rg BT 79.96 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 97.10 610.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 138.67 610.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 183.03 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 200.17 610.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 222.30 610.25 Td (requirements. ) Tj ET Q q 0 0 0 rg BT 279.50 610.25 Td (The ) Tj ET Q q 0 0 0 rg BT 297.75 610.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 320.45 610.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 345.91 610.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 395.25 610.25 Td (Program ) Tj ET Q q 0 0 0 rg BT 432.39 610.25 Td (does ) Tj ET Q q 0 0 0 rg BT 453.42 610.25 Td (not ) Tj ET Q q 0 0 0 rg BT 468.90 610.25 Td (have ) Tj ET Q q 0 0 0 rg BT 490.47 610.25 Td (an ) Tj ET Q q 0 0 0 rg BT 502.61 610.25 Td (expiration ) Tj ET Q q 0 0 0 rg BT 545.85 610.25 Td (date ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 598.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.16 598.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 108.09 598.25 Td (may ) Tj ET Q q 0 0 0 rg BT 127.81 598.25 Td (modify) Tj ET Q q 0 0 0 rg BT 156.05 598.25 Td (, ) Tj ET Q q 0 0 0 rg BT 161.05 598.25 Td (discontinue ) Tj ET Q q 0 0 0 rg BT 209.65 598.25 Td (or ) Tj ET Q q 0 0 0 rg BT 220.48 598.25 Td (suspend ) Tj ET Q q 0 0 0 rg BT 255.20 598.25 Td (it ) Tj ET Q q 0 0 0 rg BT 263.26 598.25 Td (at ) Tj ET Q q 0 0 0 rg BT 272.98 598.25 Td (any ) Tj ET Q q 0 0 0 rg BT 289.92 598.25 Td (time.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 574.25 Td (NOTE 14. Revenue Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 86.86 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 103.67 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.26 552.25 Td (related ) Tj ET Q q 0 0 0 rg BT 147.83 552.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 172.42 552.25 Td (from ) Tj ET Q q 0 0 0 rg BT 194.24 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.83 552.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 226.75 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.45 552.25 Td (a ) Tj ET Q q 0 0 0 rg BT 244.26 552.25 Td (home ) Tj ET Q q 0 0 0 rg BT 268.85 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.66 552.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 319.68 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.49 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.08 552.25 Td (related ) Tj ET Q q 0 0 0 rg BT 380.66 552.25 Td (profit ) Tj ET Q q 0 0 0 rg BT 405.25 552.25 Td (from ) Tj ET Q q 0 0 0 rg BT 427.06 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.65 552.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 459.57 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 470.27 552.25 Td (land ) Tj ET Q q 0 0 0 rg BT 489.86 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 500.01 552.25 Td (third ) Tj ET Q q 0 0 0 rg BT 521.27 552.25 Td (parties ) Tj ET Q q 0 0 0 rg BT 550.30 552.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 95.52 540.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.45 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 119.82 540.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 156.96 540.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 201.33 540.25 Td (on ) Tj ET Q q 0 0 0 rg BT 213.48 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 227.86 540.25 Td (date ) Tj ET Q q 0 0 0 rg BT 246.67 540.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.15 540.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 288.20 540.25 Td (if ) Tj ET Q q 0 0 0 rg BT 296.46 540.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 331.38 540.25 Td (has ) Tj ET Q q 0 0 0 rg BT 346.87 540.25 Td (occurred, ) Tj ET Q q 0 0 0 rg BT 386.50 540.25 Td (title ) Tj ET Q q 0 0 0 rg BT 404.20 540.25 Td (has ) Tj ET Q q 0 0 0 rg BT 419.69 540.25 Td (passed ) Tj ET Q q 0 0 0 rg BT 448.51 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 458.44 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 472.81 540.25 Td (buyer) Tj ET Q q 0 0 0 rg BT 495.18 540.25 Td (, ) Tj ET Q q 0 0 0 rg BT 499.84 540.25 Td (all ) Tj ET Q q 0 0 0 rg BT 511.99 540.25 Td (performance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 96.05 528.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 109.82 528.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 141.91 528.25 Td (below\) ) Tj ET Q q 0 0 0 rg BT 171.79 528.25 Td (have ) Tj ET Q q 0 0 0 rg BT 192.77 528.25 Td (been ) Tj ET Q q 0 0 0 rg BT 213.75 528.25 Td (met, ) Tj ET Q q 0 0 0 rg BT 233.35 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.90 528.25 Td (control ) Tj ET Q q 0 0 0 rg BT 280.33 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.77 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.09 528.25 Td (home ) Tj ET Q q 0 0 0 rg BT 329.42 528.25 Td (or ) Tj ET Q q 0 0 0 rg BT 339.85 528.25 Td (land ) Tj ET Q q 0 0 0 rg BT 359.18 528.25 Td (is ) Tj ET Q q 0 0 0 rg BT 367.95 528.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 413.37 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 423.25 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.58 528.25 Td (buyer ) Tj ET Q q 0 0 0 rg BT 462.45 528.25 Td (in ) Tj ET Q q 0 0 0 rg BT 472.34 528.25 Td (an ) Tj ET Q q 0 0 0 rg BT 483.88 528.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 515.98 528.25 Td (that ) Tj ET Q q 0 0 0 rg BT 533.09 528.25 Td (reflects ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.54 516.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 121.23 516.25 Td (we ) Tj ET Q q 0 0 0 rg BT 135.71 516.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 164.63 516.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.23 516.25 Td (be ) Tj ET Q q 0 0 0 rg BT 187.49 516.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 220.30 516.25 Td (to ) Tj ET Q q 0 0 0 rg BT 230.90 516.25 Td (in ) Tj ET Q q 0 0 0 rg BT 241.50 516.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 282.07 516.25 Td (for ) Tj ET Q q 0 0 0 rg BT 296.55 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.59 516.25 Td (home ) Tj ET Q q 0 0 0 rg BT 336.63 516.25 Td (or ) Tj ET Q q 0 0 0 rg BT 347.78 516.25 Td (land. ) Tj ET Q q 0 0 0 rg BT 370.32 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 373.14 516.25 Td (If ) Tj ET Q q 0 0 0 rg BT 382.62 516.25 Td (not ) Tj ET Q q 0 0 0 rg BT 398.22 516.25 Td (received ) Tj ET Q q 0 0 0 rg BT 434.91 516.25 Td (immediately ) Tj ET Q q 0 0 0 rg BT 487.71 516.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 510.53 516.25 Td (closing, ) Tj ET Q q 0 0 0 rg BT 544.74 516.25 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 88.07 504.25 Td (from ) Tj ET Q q 0 0 0 rg BT 110.54 504.25 Td (home ) Tj ET Q q 0 0 0 rg BT 135.79 504.25 Td (closings ) Tj ET Q q 0 0 0 rg BT 171.61 504.25 Td (are ) Tj ET Q q 0 0 0 rg BT 186.85 504.25 Td (held ) Tj ET Q q 0 0 0 rg BT 207.10 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.91 504.25 Td (escrow ) Tj ET Q q 0 0 0 rg BT 249.26 504.25 Td (for ) Tj ET Q q 0 0 0 rg BT 263.96 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.21 504.25 Td (Company) Tj ET Q q 0 0 0 rg BT 320.87 504.25 Td (s ) Tj ET Q q 0 0 0 rg BT 327.80 504.25 Td (benefit, ) Tj ET Q q 0 0 0 rg BT 361.09 504.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 399.12 504.25 Td (for ) Tj ET Q q 0 0 0 rg BT 413.81 504.25 Td (up ) Tj ET Q q 0 0 0 rg BT 426.85 504.25 Td (to ) Tj ET Q q 0 0 0 rg BT 437.66 504.25 Td (three ) Tj ET Q q 0 0 0 rg BT 460.68 504.25 Td (days, ) Tj ET Q q 0 0 0 rg BT 484.54 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 502.01 504.25 Td (are ) Tj ET Q q 0 0 0 rg BT 517.25 504.25 Td (included ) Tj ET Q q 0 0 0 rg BT 554.72 504.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.25 Td (Cash, ) Tj ET Q q 0 0 0 rg BT 74.50 492.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 94.77 492.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 142.81 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.75 492.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 199.45 492.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 219.72 492.25 Td (on ) Tj ET Q q 0 0 0 rg BT 232.22 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 246.94 492.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 293.88 492.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 349.15 492.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 383.85 492.25 Td (Sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 72.87 468.25 Td (incentives ) Tj ET Q q 0 0 0 rg BT 115.68 468.25 Td (vary ) Tj ET Q q 0 0 0 rg BT 135.71 468.25 Td (by ) Tj ET Q q 0 0 0 rg BT 147.97 468.25 Td (type ) Tj ET Q q 0 0 0 rg BT 167.45 468.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.04 468.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 216.96 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 233.66 468.25 Td (by ) Tj ET Q q 0 0 0 rg BT 245.92 468.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 278.18 468.25 Td (on ) Tj ET Q q 0 0 0 rg BT 290.44 468.25 Td (a ) Tj ET Q q 0 0 0 rg BT 297.15 468.25 Td (community-by-community ) Tj ET Q q 0 0 0 rg BT 407.17 468.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.88 468.25 Td (home-by-home ) Tj ET Q q 0 0 0 rg BT 487.23 468.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 512.00 468.25 Td ( ) Tj ET Q q 0 0 0 rg BT 514.09 468.25 Td (The ) Tj ET Q q 0 0 0 rg BT 531.90 468.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 554.17 468.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.25 Td (any ) Tj ET Q q 0 0 0 rg BT 66.96 456.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 89.42 456.25 Td (incentives ) Tj ET Q q 0 0 0 rg BT 132.98 456.25 Td (in ) Tj ET Q q 0 0 0 rg BT 143.78 456.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.01 456.25 Td (form ) Tj ET Q q 0 0 0 rg BT 181.47 456.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.82 456.25 Td (free ) Tj ET Q q 0 0 0 rg BT 211.38 456.25 Td (or ) Tj ET Q q 0 0 0 rg BT 222.73 456.25 Td (discounted ) Tj ET Q q 0 0 0 rg BT 269.08 456.25 Td (products ) Tj ET Q q 0 0 0 rg BT 306.53 456.25 Td (and ) Tj ET Q q 0 0 0 rg BT 323.99 456.25 Td (services ) Tj ET Q q 0 0 0 rg BT 359.22 456.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 397.79 456.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.58 456.25 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 460.48 456.25 Td (are ) Tj ET Q q 0 0 0 rg BT 475.71 456.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 513.70 456.25 Td (in ) Tj ET Q q 0 0 0 rg BT 524.50 456.25 Td (Land ) Tj ET Q q 0 0 0 rg BT 548.06 456.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 83.64 444.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 106.11 444.25 Td (in ) Tj ET Q q 0 0 0 rg BT 116.36 444.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.05 444.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 177.96 444.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 233.21 444.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 279.56 444.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.37 444.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 322.82 444.25 Td (because ) Tj ET Q q 0 0 0 rg BT 356.94 444.25 Td (such ) Tj ET Q q 0 0 0 rg BT 377.74 444.25 Td (incentives ) Tj ET Q q 0 0 0 rg BT 420.76 444.25 Td (are ) Tj ET Q q 0 0 0 rg BT 435.44 444.25 Td (identified ) Tj ET Q q 0 0 0 rg BT 476.23 444.25 Td (in ) Tj ET Q q 0 0 0 rg BT 486.48 444.25 Td (our ) Tj ET Q q 0 0 0 rg BT 502.28 444.25 Td (home ) Tj ET Q q 0 0 0 rg BT 526.97 444.25 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 88.17 432.25 Td (with ) Tj ET Q q 0 0 0 rg BT 108.52 432.25 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 159.97 432.25 Td (as ) Tj ET Q q 0 0 0 rg BT 170.88 432.25 Td (an ) Tj ET Q q 0 0 0 rg BT 182.89 432.25 Td (intrinsic ) Tj ET Q q 0 0 0 rg BT 218.24 432.25 Td (part ) Tj ET Q q 0 0 0 rg BT 236.36 432.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.27 432.25 Td (our ) Tj ET Q q 0 0 0 rg BT 263.17 432.25 Td (single ) Tj ET Q q 0 0 0 rg BT 289.63 432.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 342.73 432.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 385.86 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 396.21 432.25 Td (deliver ) Tj ET Q q 0 0 0 rg BT 426.55 432.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.56 432.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 476.67 432.25 Td (title ) Tj ET Q q 0 0 0 rg BT 494.80 432.25 Td (to ) Tj ET Q q 0 0 0 rg BT 505.15 432.25 Td (their ) Tj ET Q q 0 0 0 rg BT 526.05 432.25 Td (home ) Tj ET Q q 0 0 0 rg BT 550.84 432.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.03 420.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 112.21 420.25 Td (price ) Tj ET Q q 0 0 0 rg BT 135.51 420.25 Td (stated ) Tj ET Q q 0 0 0 rg BT 162.15 420.25 Td (in ) Tj ET Q q 0 0 0 rg BT 173.24 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 188.77 420.25 Td (contracts. ) Tj ET Q q 0 0 0 rg BT 230.67 420.25 Td ( ) Tj ET Q q 0 0 0 rg BT 233.98 420.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 258.40 420.25 Td (incentives ) Tj ET Q q 0 0 0 rg BT 302.26 420.25 Td (that ) Tj ET Q q 0 0 0 rg BT 320.57 420.25 Td (we ) Tj ET Q q 0 0 0 rg BT 335.54 420.25 Td (may ) Tj ET Q q 0 0 0 rg BT 356.07 420.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 389.93 420.25 Td (in ) Tj ET Q q 0 0 0 rg BT 401.02 420.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.54 420.25 Td (form ) Tj ET Q q 0 0 0 rg BT 439.30 420.25 Td (of ) Tj ET Q q 0 0 0 rg BT 450.94 420.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 483.14 420.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 502.56 420.25 Td (allowances ) Tj ET Q q 0 0 0 rg BT 550.29 420.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 86.98 408.25 Td (as ) Tj ET Q q 0 0 0 rg BT 97.81 408.25 Td (a ) Tj ET Q q 0 0 0 rg BT 104.74 408.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 145.01 408.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.84 408.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 190.01 408.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 224.15 408.25 Td (at ) Tj ET Q q 0 0 0 rg BT 233.87 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.59 408.25 Td (time ) Tj ET Q q 0 0 0 rg BT 268.86 408.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.58 408.25 Td (home ) Tj ET Q q 0 0 0 rg BT 308.29 408.25 Td (is ) Tj ET Q q 0 0 0 rg BT 317.46 408.25 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 359.67 408.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 384.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.10 384.25 Td (record ) Tj ET Q q 0 0 0 rg BT 93.15 384.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 115.11 384.25 Td (commissions ) Tj ET Q q 0 0 0 rg BT 169.86 384.25 Td (within ) Tj ET Q q 0 0 0 rg BT 197.93 384.25 Td (Selling ) Tj ET Q q 0 0 0 rg BT 228.79 384.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 267.41 384.25 Td (in ) Tj ET Q q 0 0 0 rg BT 277.70 384.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.44 384.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 339.40 384.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 394.69 384.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 441.09 384.25 Td (of ) Tj ET Q q 0 0 0 rg BT 451.94 384.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 484.45 384.25 Td (when ) Tj ET Q q 0 0 0 rg BT 508.63 384.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 544.46 384.25 Td (\(i.e., ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.25 Td (when ) Tj ET Q q 0 0 0 rg BT 73.48 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 88.02 372.25 Td (home ) Tj ET Q q 0 0 0 rg BT 112.56 372.25 Td (is ) Tj ET Q q 0 0 0 rg BT 121.55 372.25 Td (delivered\) ) Tj ET Q q 0 0 0 rg BT 164.40 372.25 Td (as ) Tj ET Q q 0 0 0 rg BT 175.06 372.25 Td (the ) Tj ET Q q 0 0 0 rg BT 189.60 372.25 Td (amortization ) Tj ET Q q 0 0 0 rg BT 242.45 372.25 Td (period ) Tj ET Q q 0 0 0 rg BT 270.32 372.25 Td (is ) Tj ET Q q 0 0 0 rg BT 279.31 372.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 318.84 372.25 Td (one ) Tj ET Q q 0 0 0 rg BT 335.60 372.25 Td (year ) Tj ET Q q 0 0 0 rg BT 355.13 372.25 Td (or ) Tj ET Q q 0 0 0 rg BT 365.78 372.25 Td (less ) Tj ET Q q 0 0 0 rg BT 383.10 372.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.86 372.25 Td (therefore ) Tj ET Q q 0 0 0 rg BT 438.27 372.25 Td (capitalization ) Tj ET Q q 0 0 0 rg BT 494.45 372.25 Td (is ) Tj ET Q q 0 0 0 rg BT 503.44 372.25 Td (not ) Tj ET Q q 0 0 0 rg BT 518.54 372.25 Td (required ) Tj ET Q q 0 0 0 rg BT 554.18 372.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.25 Td (part ) Tj ET Q q 0 0 0 rg BT 67.55 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.38 360.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.09 360.25 Td (practical ) Tj ET Q q 0 0 0 rg BT 130.01 360.25 Td (expedient ) Tj ET Q q 0 0 0 rg BT 171.38 360.25 Td (for ) Tj ET Q q 0 0 0 rg BT 185.54 360.25 Td (incremental ) Tj ET Q q 0 0 0 rg BT 235.24 360.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 257.74 360.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.57 360.25 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 308.85 360.25 Td (a ) Tj ET Q q 0 0 0 rg BT 315.78 360.25 Td (contract. ) Tj ET Q q 0 0 0 rg BT 352.99 360.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.25 Td (Contract ) Tj ET Q q 0 0 0 rg BT 87.52 336.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 128.32 336.25 Td (include ) Tj ET Q q 0 0 0 rg BT 161.34 336.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 201.58 336.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 237.94 336.25 Td (related ) Tj ET Q q 0 0 0 rg BT 268.72 336.25 Td (to ) Tj ET Q q 0 0 0 rg BT 280.09 336.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 300.34 336.25 Td (but ) Tj ET Q q 0 0 0 rg BT 316.70 336.25 Td (undelivered ) Tj ET Q q 0 0 0 rg BT 367.49 336.25 Td (homes. ) Tj ET Q q 0 0 0 rg BT 399.68 336.25 Td ( ) Tj ET Q q 0 0 0 rg BT 403.26 336.25 Td (Substantially ) Tj ET Q q 0 0 0 rg BT 459.07 336.25 Td (all ) Tj ET Q q 0 0 0 rg BT 472.65 336.25 Td (of ) Tj ET Q q 0 0 0 rg BT 484.56 336.25 Td (our ) Tj ET Q q 0 0 0 rg BT 501.48 336.25 Td (home ) Tj ET Q q 0 0 0 rg BT 527.28 336.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 550.30 336.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 91.93 324.25 Td (to ) Tj ET Q q 0 0 0 rg BT 102.14 324.25 Td (close ) Tj ET Q q 0 0 0 rg BT 125.13 324.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.01 324.25 Td (be ) Tj ET Q q 0 0 0 rg BT 153.89 324.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 191.31 324.25 Td (to ) Tj ET Q q 0 0 0 rg BT 201.52 324.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 235.61 324.25 Td (within ) Tj ET Q q 0 0 0 rg BT 263.61 324.25 Td (one ) Tj ET Q q 0 0 0 rg BT 280.49 324.25 Td (year ) Tj ET Q q 0 0 0 rg BT 300.13 324.25 Td (from ) Tj ET Q q 0 0 0 rg BT 322.01 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.67 324.25 Td (date ) Tj ET Q q 0 0 0 rg BT 355.77 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.54 324.25 Td (receiving ) Tj ET Q q 0 0 0 rg BT 406.18 324.25 Td (a ) Tj ET Q q 0 0 0 rg BT 413.06 324.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 452.15 324.25 Td (deposit. ) Tj ET Q q 0 0 0 rg BT 485.98 324.25 Td ( ) Tj ET Q q 0 0 0 rg BT 488.42 324.25 Td (Contract ) Tj ET Q q 0 0 0 rg BT 525.29 324.25 Td (liabilities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 87.94 312.25 Td (to ) Tj ET Q q 0 0 0 rg BT 98.63 312.25 Td (be ) Tj ET Q q 0 0 0 rg BT 110.98 312.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 157.75 312.25 Td (as ) Tj ET Q q 0 0 0 rg BT 168.99 312.25 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 206.05 312.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 248.39 312.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 282.95 312.25 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 326.40 312.25 Td (to ) Tj ET Q q 0 0 0 rg BT 337.09 312.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 376.09 312.25 Td (that ) Tj ET Q q 0 0 0 rg BT 394.00 312.25 Td (have ) Tj ET Q q 0 0 0 rg BT 415.78 312.25 Td (an ) Tj ET Q q 0 0 0 rg BT 428.13 312.25 Td (original ) Tj ET Q q 0 0 0 rg BT 462.15 312.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 500.59 312.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 536.82 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.06 312.25 Td (one ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (year ) Tj ET Q q 0 0 0 rg BT 69.21 300.25 Td (or ) Tj ET Q q 0 0 0 rg BT 80.04 300.25 Td (less, ) Tj ET Q q 0 0 0 rg BT 100.04 300.25 Td (is ) Tj ET Q q 0 0 0 rg BT 109.21 300.25 Td (not ) Tj ET Q q 0 0 0 rg BT 124.49 300.25 Td (material.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 276.25 Td ( ) Tj ET Q q 0 0 0 rg BT 58.50 276.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 111.35 276.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 154.22 276.25 Td (is ) Tj ET Q q 0 0 0 rg BT 163.22 276.25 Td (a ) Tj ET Q q 0 0 0 rg BT 169.99 276.25 Td (promise ) Tj ET Q q 0 0 0 rg BT 204.53 276.25 Td (in ) Tj ET Q q 0 0 0 rg BT 214.63 276.25 Td (a ) Tj ET Q q 0 0 0 rg BT 221.40 276.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 255.93 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.03 276.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 298.90 276.25 Td (a ) Tj ET Q q 0 0 0 rg BT 305.66 276.25 Td (distinct ) Tj ET Q q 0 0 0 rg BT 337.43 276.25 Td (good ) Tj ET Q q 0 0 0 rg BT 359.76 276.25 Td (or ) Tj ET Q q 0 0 0 rg BT 370.42 276.25 Td (service ) Tj ET Q q 0 0 0 rg BT 401.06 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 411.16 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 425.71 276.25 Td (customer) Tj ET Q q 0 0 0 rg BT 461.81 276.25 Td (. ) Tj ET Q q 0 0 0 rg BT 466.64 276.25 Td ( ) Tj ET Q q 0 0 0 rg BT 468.45 276.25 Td (A) Tj ET Q q 0 0 0 rg BT 475.12 276.25 Td ( ) Tj ET Q q 0 0 0 rg BT 477.45 276.25 Td (contract) Tj ET Q q 0 0 0 rg BT 512.43 276.25 Td (s ) Tj ET Q q 0 0 0 rg BT 518.64 276.25 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (price ) Tj ET Q q 0 0 0 rg BT 72.38 264.25 Td (is ) Tj ET Q q 0 0 0 rg BT 81.94 264.25 Td (allocated ) Tj ET Q q 0 0 0 rg BT 120.93 264.25 Td (to ) Tj ET Q q 0 0 0 rg BT 131.60 264.25 Td (each ) Tj ET Q q 0 0 0 rg BT 152.81 264.25 Td (distinct ) Tj ET Q q 0 0 0 rg BT 185.15 264.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 238.57 264.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 282.01 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 299.34 264.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 346.10 264.25 Td (as ) Tj ET Q q 0 0 0 rg BT 357.33 264.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 391.87 264.25 Td (when, ) Tj ET Q q 0 0 0 rg BT 418.92 264.25 Td (or ) Tj ET Q q 0 0 0 rg BT 430.15 264.25 Td (as, ) Tj ET Q q 0 0 0 rg BT 443.87 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.98 264.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 512.40 264.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 555.84 264.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (satisfied. ) Tj ET Q q 0 0 0 rg BT 88.48 252.25 Td ( ) Tj ET Q q 0 0 0 rg BT 90.95 252.25 Td (All ) Tj ET Q q 0 0 0 rg BT 106.88 252.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.37 252.25 Td (our ) Tj ET Q q 0 0 0 rg BT 134.86 252.25 Td (home ) Tj ET Q q 0 0 0 rg BT 160.24 252.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 198.93 252.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 238.19 252.25 Td (have ) Tj ET Q q 0 0 0 rg BT 260.22 252.25 Td (a ) Tj ET Q q 0 0 0 rg BT 267.82 252.25 Td (single ) Tj ET Q q 0 0 0 rg BT 294.87 252.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 348.55 252.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 392.26 252.25 Td (as ) Tj ET Q q 0 0 0 rg BT 403.75 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.13 252.25 Td (promise ) Tj ET Q q 0 0 0 rg BT 454.50 252.25 Td (to ) Tj ET Q q 0 0 0 rg BT 465.44 252.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 499.13 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 514.51 252.25 Td (home ) Tj ET Q q 0 0 0 rg BT 539.89 252.25 Td (is ) Tj ET Q q 0 0 0 rg BT 549.72 252.25 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (separately ) Tj ET Q q 0 0 0 rg BT 92.34 240.25 Td (identifiable ) Tj ET Q q 0 0 0 rg BT 140.18 240.25 Td (from ) Tj ET Q q 0 0 0 rg BT 161.93 240.25 Td (other ) Tj ET Q q 0 0 0 rg BT 184.78 240.25 Td (promises ) Tj ET Q q 0 0 0 rg BT 223.19 240.25 Td (in ) Tj ET Q q 0 0 0 rg BT 233.28 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.80 240.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 282.31 240.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 301.55 240.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 342.44 240.25 Td (not ) Tj ET Q q 0 0 0 rg BT 357.53 240.25 Td (distinct. ) Tj ET Q q 0 0 0 rg BT 391.78 240.25 Td ( ) Tj ET Q q 0 0 0 rg BT 394.08 240.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 411.94 240.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 464.77 240.25 Td (obligation, ) Tj ET Q q 0 0 0 rg BT 510.13 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 520.21 240.25 Td (deliver ) Tj ET Q q 0 0 0 rg BT 550.28 240.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (agreed-upon ) Tj ET Q q 0 0 0 rg BT 102.31 228.25 Td (home, ) Tj ET Q q 0 0 0 rg BT 129.85 228.25 Td (is ) Tj ET Q q 0 0 0 rg BT 139.35 228.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 179.38 228.25 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 215.54 228.25 Td (in ) Tj ET Q q 0 0 0 rg BT 226.15 228.25 Td (less ) Tj ET Q q 0 0 0 rg BT 243.98 228.25 Td (than ) Tj ET Q q 0 0 0 rg BT 264.02 228.25 Td (one ) Tj ET Q q 0 0 0 rg BT 281.29 228.25 Td (year ) Tj ET Q q 0 0 0 rg BT 301.33 228.25 Td (from ) Tj ET Q q 0 0 0 rg BT 323.59 228.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.64 228.25 Td (original ) Tj ET Q q 0 0 0 rg BT 372.57 228.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 407.61 228.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 429.59 228.25 Td ( ) Tj ET Q q 0 0 0 rg BT 432.42 228.25 Td (Deferred ) Tj ET Q q 0 0 0 rg BT 470.78 228.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 505.25 228.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 543.08 228.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (uncompleted ) Tj ET Q q 0 0 0 rg BT 103.65 216.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 156.67 216.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 203.62 216.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 237.78 216.25 Td (at ) Tj ET Q q 0 0 0 rg BT 247.50 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.21 216.25 Td (time ) Tj ET Q q 0 0 0 rg BT 282.49 216.25 Td (we ) Tj ET Q q 0 0 0 rg BT 296.65 216.25 Td (deliver ) Tj ET Q q 0 0 0 rg BT 326.91 216.25 Td (new ) Tj ET Q q 0 0 0 rg BT 346.07 216.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 374.68 216.25 Td (to ) Tj ET Q q 0 0 0 rg BT 384.96 216.25 Td (our ) Tj ET Q q 0 0 0 rg BT 400.79 216.25 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 452.17 216.25 Td (is ) Tj ET Q q 0 0 0 rg BT 461.34 216.25 Td (not ) Tj ET Q q 0 0 0 rg BT 476.61 216.25 Td (material.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 89.51 192.25 Td (our ) Tj ET Q q 0 0 0 rg BT 105.07 192.25 Td (third ) Tj ET Q q 0 0 0 rg BT 126.18 192.25 Td (party ) Tj ET Q q 0 0 0 rg BT 148.96 192.25 Td (land ) Tj ET Q q 0 0 0 rg BT 168.40 192.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 186.18 192.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 224.50 192.25 Td (may ) Tj ET Q q 0 0 0 rg BT 243.95 192.25 Td (include ) Tj ET Q q 0 0 0 rg BT 275.61 192.25 Td (multiple ) Tj ET Q q 0 0 0 rg BT 311.17 192.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 363.92 192.25 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 413.09 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.54 192.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 461.41 192.25 Td (we ) Tj ET Q q 0 0 0 rg BT 475.30 192.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 503.63 192.25 Td (to ) Tj ET Q q 0 0 0 rg BT 513.63 192.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 554.72 192.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (any ) Tj ET Q q 0 0 0 rg BT 67.35 180.25 Td (future ) Tj ET Q q 0 0 0 rg BT 94.64 180.25 Td (year ) Tj ET Q q 0 0 0 rg BT 115.26 180.25 Td (related ) Tj ET Q q 0 0 0 rg BT 145.87 180.25 Td (to ) Tj ET Q q 0 0 0 rg BT 157.06 180.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 201.02 180.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 254.95 180.25 Td (obligations, ) Tj ET Q q 0 0 0 rg BT 305.31 180.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 348.15 180.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 383.21 180.25 Td (pertaining ) Tj ET Q q 0 0 0 rg BT 427.17 180.25 Td (to ) Tj ET Q q 0 0 0 rg BT 438.36 180.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 477.86 180.25 Td (that ) Tj ET Q q 0 0 0 rg BT 496.27 180.25 Td (have ) Tj ET Q q 0 0 0 rg BT 518.56 180.25 Td (an ) Tj ET Q q 0 0 0 rg BT 531.41 180.25 Td (original ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 87.14 168.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 122.57 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 133.01 168.25 Td (one ) Tj ET Q q 0 0 0 rg BT 149.55 168.25 Td (year ) Tj ET Q q 0 0 0 rg BT 168.87 168.25 Td (or ) Tj ET Q q 0 0 0 rg BT 179.30 168.25 Td (less, ) Tj ET Q q 0 0 0 rg BT 198.91 168.25 Td (is ) Tj ET Q q 0 0 0 rg BT 207.69 168.25 Td (not ) Tj ET Q q 0 0 0 rg BT 222.57 168.25 Td (material. ) Tj ET Q q 0 0 0 rg BT 259.94 168.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.89 168.25 Td (W) Tj ET Q q 0 0 0 rg BT 270.53 168.25 Td (e ) Tj ET Q q 0 0 0 rg BT 277.08 168.25 Td (do ) Tj ET Q q 0 0 0 rg BT 289.18 168.25 Td (not ) Tj ET Q q 0 0 0 rg BT 304.07 168.25 Td (disclose ) Tj ET Q q 0 0 0 rg BT 338.39 168.25 Td (the ) Tj ET Q q 0 0 0 rg BT 352.72 168.25 Td (value ) Tj ET Q q 0 0 0 rg BT 376.48 168.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.92 168.25 Td (unsatisfied ) Tj ET Q q 0 0 0 rg BT 432.35 168.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 484.98 168.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 531.53 168.25 Td (for ) Tj ET Q q 0 0 0 rg BT 545.29 168.25 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 67.55 156.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 106.14 156.25 Td (with ) Tj ET Q q 0 0 0 rg BT 126.42 156.25 Td (an ) Tj ET Q q 0 0 0 rg BT 138.36 156.25 Td (original ) Tj ET Q q 0 0 0 rg BT 171.96 156.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 209.99 156.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 245.82 156.25 Td (of ) Tj ET Q q 0 0 0 rg BT 256.65 156.25 Td (one ) Tj ET Q q 0 0 0 rg BT 273.59 156.25 Td (year ) Tj ET Q q 0 0 0 rg BT 293.29 156.25 Td (or ) Tj ET Q q 0 0 0 rg BT 304.12 156.25 Td (less.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 134.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.04 134.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 106.36 134.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.04 134.25 Td (majority ) Tj ET Q q 0 0 0 rg BT 157.38 134.25 Td (of ) Tj ET Q q 0 0 0 rg BT 168.17 134.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.85 134.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 216.96 134.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 260.51 134.25 Td (with ) Tj ET Q q 0 0 0 rg BT 280.75 134.25 Td (our ) Tj ET Q q 0 0 0 rg BT 296.54 134.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 336.77 134.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 356.44 134.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 400.56 134.25 Td (when ) Tj ET Q q 0 0 0 rg BT 424.68 134.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.36 134.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 479.58 134.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 503.15 134.25 Td (are ) Tj ET Q q 0 0 0 rg BT 517.82 134.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 536.95 134.25 Td (and/or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.25 Td (related ) Tj ET Q q 0 0 0 rg BT 78.86 122.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 117.66 122.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 142.60 122.25 Td (are ) Tj ET Q q 0 0 0 rg BT 156.96 122.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 175.78 122.25 Td (to ) Tj ET Q q 0 0 0 rg BT 185.71 122.25 Td (third ) Tj ET Q q 0 0 0 rg BT 206.75 122.25 Td (party ) Tj ET Q q 0 0 0 rg BT 229.45 122.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 267.71 122.25 Td (or ) Tj ET Q q 0 0 0 rg BT 278.20 122.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 312.55 122.25 Td (and ) Tj ET Q q 0 0 0 rg BT 329.14 122.25 Td (managed ) Tj ET Q q 0 0 0 rg BT 367.39 122.25 Td (under ) Tj ET Q q 0 0 0 rg BT 392.31 122.25 Td (a ) Tj ET Q q 0 0 0 rg BT 398.90 122.25 Td (third ) Tj ET Q q 0 0 0 rg BT 419.94 122.25 Td (party ) Tj ET Q q 0 0 0 rg BT 442.64 122.25 Td (sub-service ) Tj ET Q q 0 0 0 rg BT 490.33 122.25 Td (arrangement. ) Tj ET Q q 0 0 0 rg BT 544.96 122.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 122.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.64 110.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 129.99 110.25 Td (is ) Tj ET Q q 0 0 0 rg BT 139.15 110.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 173.29 110.25 Td (by ) Tj ET Q q 0 0 0 rg BT 185.78 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.49 110.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 216.86 110.25 Td (value ) Tj ET Q q 0 0 0 rg BT 241.01 110.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.83 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 266.54 110.25 Td (related ) Tj ET Q q 0 0 0 rg BT 296.23 110.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 337.58 110.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 375.62 110.25 Td (to ) Tj ET Q q 0 0 0 rg BT 385.89 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.60 110.25 Td (investor) Tj ET Q q 0 0 0 rg BT 432.27 110.25 Td (. ) Tj ET Q q 0 0 0 rg BT 437.26 110.25 Td ( ) Tj ET Q q 0 0 0 rg BT 439.57 110.25 Td (The ) Tj ET Q q 0 0 0 rg BT 457.61 110.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 473.98 110.25 Td (value ) Tj ET Q q 0 0 0 rg BT 498.12 110.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.95 110.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.65 110.25 Td (guarantee ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.33 98.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 104.35 98.25 Td (in ) Tj ET Q q 0 0 0 rg BT 114.28 98.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 148.08 98.25 Td (when ) Tj ET Q q 0 0 0 rg BT 171.90 98.25 Td (the ) Tj ET Q q 0 0 0 rg BT 186.28 98.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 227.32 98.25 Td (is ) Tj ET Q q 0 0 0 rg BT 236.15 98.25 Td (released ) Tj ET Q q 0 0 0 rg BT 271.06 98.25 Td (from ) Tj ET Q q 0 0 0 rg BT 292.65 98.25 Td (its ) Tj ET Q q 0 0 0 rg BT 304.26 98.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 346.97 98.25 Td (under ) Tj ET Q q 0 0 0 rg BT 371.89 98.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.27 98.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 427.29 98.25 Td (\(note ) Tj ET Q q 0 0 0 rg BT 449.99 98.25 Td (that ) Tj ET Q q 0 0 0 rg BT 467.14 98.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 512.06 98.25 Td (are ) Tj ET Q q 0 0 0 rg BT 526.42 98.25 Td (excluded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.54 86.25 Td (the ) Tj ET Q q 0 0 0 rg BT 86.35 86.25 Td (scope ) Tj ET Q q 0 0 0 rg BT 111.71 86.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.07 86.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 144.12 86.25 Td (606, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 164.21 86.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 200.67 86.25 Td (fr) Tj ET Q q 0 0 0 rg BT 206.97 86.25 Td (om ) Tj ET Q q 0 0 0 rg BT 221.79 86.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 263.83 86.25 Td (with ) Tj ET Q q 0 0 0 rg BT 283.66 86.25 Td (Customers) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.44 86.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 334.87 86.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.28 86.25 Td (W) Tj ET Q q 0 0 0 rg BT 345.91 86.25 Td (e ) Tj ET Q q 0 0 0 rg BT 352.95 86.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 394.41 86.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 431.99 86.25 Td (services ) Tj ET Q q 0 0 0 rg BT 466.79 86.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 501.03 86.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 544.72 86.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.95 74.25 Td (title ) Tj ET Q q 0 0 0 rg BT 82.62 74.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 126.39 74.25 Td (as ) Tj ET Q q 0 0 0 rg BT 136.84 74.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 165.07 74.25 Td (are ) Tj ET Q q 0 0 0 rg BT 179.40 74.25 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 221.22 74.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 252.22 74.25 Td (services ) Tj ET Q q 0 0 0 rg BT 286.55 74.25 Td (are ) Tj ET Q q 0 0 0 rg BT 300.88 74.25 Td (rendered, ) Tj ET Q q 0 0 0 rg BT 340.47 74.25 Td (and ) Tj ET Q q 0 0 0 rg BT 357.03 74.25 Td (title ) Tj ET Q q 0 0 0 rg BT 374.70 74.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 407.92 74.25 Td (are ) Tj ET Q q 0 0 0 rg BT 422.25 74.25 Td (issued, ) Tj ET Q q 0 0 0 rg BT 451.87 74.25 Td (all ) Tj ET Q q 0 0 0 rg BT 463.98 74.25 Td (of ) Tj ET Q q 0 0 0 rg BT 474.43 74.25 Td (which ) Tj ET Q q 0 0 0 rg BT 500.99 74.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 540.31 74.25 Td (occur ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.25 Td (simultaneously ) Tj ET Q q 0 0 0 rg BT 113.01 62.25 Td (as ) Tj ET Q q 0 0 0 rg BT 124.31 62.25 Td (each ) Tj ET Q q 0 0 0 rg BT 145.59 62.25 Td (home ) Tj ET Q q 0 0 0 rg BT 170.77 62.25 Td (is ) Tj ET Q q 0 0 0 rg BT 180.40 62.25 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 223.06 62.25 Td ( ) Tj ET Q q 0 0 0 rg BT 225.37 62.25 Td (All ) Tj ET Q q 0 0 0 rg BT 241.11 62.25 Td (of ) Tj ET Q q 0 0 0 rg BT 252.41 62.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.59 62.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 322.20 62.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 340.17 62.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 384.22 62.25 Td (with ) Tj ET Q q 0 0 0 rg BT 404.96 62.25 Td (title ) Tj ET Q q 0 0 0 rg BT 423.48 62.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 464.76 62.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 498.82 62.25 Td (is ) Tj ET Q q 0 0 0 rg BT 508.46 62.25 Td (transferred ) Tj ET Q q 0 0 0 rg BT 554.73 62.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 94.76 50.25 Td (insurers.) Tj ET Q endstream endobj 59 0 obj <><>] /Rotate 0 /Contents 60 0 R>> endobj 60 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.87 740.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 166.14 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.97 740.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 220.00 740.10 Td (disaggregated ) Tj ET Q q 0 0 0 rg BT 278.04 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 290.54 740.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 324.68 740.10 Td (source:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 716.6 m 497.5 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 716.6 m 504.5 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 716.6 m 561.5 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 705.6 m 440.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 716.6 m 497.5 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 705.6 m 497.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 705.6 m 504.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 705.6 m 561.5 705.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 672.6 m 440.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 672.6 m 497.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 672.6 m 504.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 672.6 m 561.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 672.6 m 440.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 661.6 m 440.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 672.6 m 497.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 661.6 m 497.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 672.6 m 504.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 661.6 m 504.5 661.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 672.6 m 561.5 672.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 661.6 m 561.5 661.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 720.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 458.86 720.83 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 535.38 720.83 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 708.55 Td (\(Dollars ) Tj ET Q q 0 0 0 rg BT 80.21 708.55 Td (in ) Tj ET Q q 0 0 0 rg BT 88.44 708.55 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.50 708.68 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.50 708.55 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 697.55 Td (Housing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 697.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.00 697.68 Td (559,449) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 697.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 697.55 Td (466,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 686.55 Td (Land sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.00 686.68 Td (4,687) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 686.55 Td (3,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 675.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.54 679.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 675.68 Td (13,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 675.55 Td (1) Tj ET Q q 0 0 0 rg BT 536.25 675.55 Td (1,783) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 664.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.33 664.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 70.32 664.55 Td (revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 664.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.00 664.68 Td (577,603) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 664.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 664.55 Td (481,109) Tj ET Q BT /F1 10.00 Tf ET BT /F1 7.80 Tf ET q 0 0 0 rg BT 49.50 646.75 Td (\(a\) ) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 67.50 646.75 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 99.70 646.75 Td (include ) Tj ET Q q 0 0 0 rg BT 124.53 646.75 Td (hedging ) Tj ET Q q 0 0 0 rg BT 151.54 646.75 Td (losses ) Tj ET Q q 0 0 0 rg BT 172.05 646.75 Td (of ) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 180.42 646.75 Td ($3.6million) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 218.56 646.75 Td ( ) Tj ET Q q 0 0 0 rg BT 220.43 646.75 Td (and ) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 233.57 646.75 Td ($3.4million) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 271.70 646.75 Td ( ) Tj ET Q q 0 0 0 rg BT 273.58 646.75 Td (for ) Tj ET Q q 0 0 0 rg BT 284.55 646.75 Td (the ) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 295.95 646.75 Td (three ) Tj ET Q q 0 0 0 rg BT 313.42 646.75 Td (months ) Tj ET Q q 0 0 0 rg BT 338.26 646.75 Td (ended ) Tj ET Q q 0 0 0 rg BT 358.76 646.75 Td (March ) Tj ET Q q 0 0 0 rg BT 380.99 646.75 Td (31, ) Tj ET Q q 0 0 0 rg BT 392.62 646.75 Td (2020 ) Tj ET Q q 0 0 0 rg BT 410.10 646.75 Td (and ) Tj ET Q q 0 0 0 rg BT 423.23 646.75 Td (2019) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 438.83 646.75 Td (, ) Tj ET Q q 0 0 0 rg BT 442.66 646.75 Td (respectively) Tj ET Q q 0 0 0 rg BT 479.83 646.75 Td (. ) Tj ET Q q 0 0 0 rg BT 483.66 646.75 Td (Hedging ) Tj ET Q q 0 0 0 rg BT 512.40 646.75 Td (gains ) Tj ET Q q 0 0 0 rg BT 530.74 646.75 Td (and ) Tj ET Q q 0 0 0 rg BT 543.88 646.75 Td (losses ) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 67.50 637.35 Td (do ) Tj ET Q q 0 0 0 rg BT 77.52 637.35 Td (not ) Tj ET Q q 0 0 0 rg BT 89.70 637.35 Td (represent ) Tj ET Q q 0 0 0 rg BT 120.50 637.35 Td (revenues ) Tj ET Q q 0 0 0 rg BT 150.43 637.35 Td (recognized ) Tj ET Q q 0 0 0 rg BT 186.86 637.35 Td (from ) Tj ET Q q 0 0 0 rg BT 204.24 637.35 Td (contracts ) Tj ET Q q 0 0 0 rg BT 234.61 637.35 Td (with ) Tj ET Q q 0 0 0 rg BT 250.69 637.35 Td (customers. ) Tj ET Q q 0 0 0 rg BT 286.48 637.35 Td (Revenues ) Tj ET Q q 0 0 0 rg BT 319.02 637.35 Td (for ) Tj ET Q q 0 0 0 rg BT 330.33 637.35 Td (the ) Tj ET Q q 0 0 0 rg BT 342.08 637.35 Td (first ) Tj ET Q q 0 0 0 rg BT 356.86 637.35 Td (quarter ) Tj ET Q q 0 0 0 rg BT 381.16 637.35 Td (of ) Tj ET Q q 0 0 0 rg BT 389.88 637.35 Td (2020 ) Tj ET Q q 0 0 0 rg BT 407.69 637.35 Td (also ) Tj ET Q q 0 0 0 rg BT 422.47 637.35 Td (include ) Tj ET Q q 0 0 0 rg BT 447.65 637.35 Td (a ) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 453.33 637.35 Td ($1.0million) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 491.46 637.35 Td ( ) Tj ET Q q 0 0 0 rg BT 493.68 637.35 Td (impairment ) Tj ET Q q 0 0 0 rg BT 531.85 637.35 Td (char) Tj ET Q q 0 0 0 rg BT 545.13 637.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 554.71 637.35 Td (on ) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 67.50 628.00 Td (our ) Tj ET Q q 0 0 0 rg BT 79.76 628.00 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 111.08 628.00 Td (serving ) Tj ET Q q 0 0 0 rg BT 135.90 628.00 Td (rights ) Tj ET Q q 0 0 0 rg BT 155.53 628.00 Td (recorded ) Tj ET Q q 0 0 0 rg BT 184.68 628.00 Td (as ) Tj ET Q q 0 0 0 rg BT 193.04 628.00 Td (a ) Tj ET Q q 0 0 0 rg BT 198.36 628.00 Td (reduction ) Tj ET Q q 0 0 0 rg BT 229.68 628.00 Td (to ) Tj ET Q q 0 0 0 rg BT 237.61 628.00 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 265.97 628.00 Td (This ) Tj ET Q q 0 0 0 rg BT 281.70 628.00 Td (impairment ) Tj ET Q q 0 0 0 rg BT 319.52 628.00 Td (char) Tj ET Q q 0 0 0 rg BT 332.80 628.00 Td (ge ) Tj ET Q q 0 0 0 rg BT 342.03 628.00 Td (was ) Tj ET Q q 0 0 0 rg BT 356.02 628.00 Td (caused ) Tj ET Q q 0 0 0 rg BT 379.11 628.00 Td (by ) Tj ET Q q 0 0 0 rg BT 388.77 628.00 Td (the ) Tj ET Q q 0 0 0 rg BT 400.16 628.00 Td (disruption ) Tj ET Q q 0 0 0 rg BT 433.66 628.00 Td (in ) Tj ET Q q 0 0 0 rg BT 441.59 628.00 Td (the ) Tj ET Q q 0 0 0 rg BT 452.98 628.00 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 484.30 628.00 Td (industry ) Tj ET Q q 0 0 0 rg BT 511.73 628.00 Td (as ) Tj ET Q q 0 0 0 rg BT 520.09 628.00 Td (a ) Tj ET Q q 0 0 0 rg BT 525.42 628.00 Td (result ) Tj ET Q q 0 0 0 rg BT 544.61 628.00 Td (of ) Tj ET Q q 0 0 0 rg BT 552.97 628.00 Td (the ) Tj ET Q BT /F1 7.80 Tf ET q 0 0 0 rg BT 67.50 618.65 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 104.55 618.65 Td (pandemic.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 594.65 Td (Refer ) Tj ET Q q 0 0 0 rg BT 74.68 594.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 85.4228515625 593.3169921875 m 117.458984375 593.3169921875 l s q 0 0 1 rg BT 85.42 594.65 Td (Note ) Tj ET Q q 0 0 1 rg BT 107.83 594.65 Td (1) Tj ET Q q 0 0 1 rg BT 112.46 594.65 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 117.46 594.65 Td ( ) Tj ET Q q 0 0 0 rg BT 120.43 594.65 Td (for ) Tj ET Q q 0 0 0 rg BT 135.06 594.65 Td (presentation ) Tj ET Q q 0 0 0 rg BT 186.90 594.65 Td (of ) Tj ET Q q 0 0 0 rg BT 198.20 594.65 Td (our ) Tj ET Q q 0 0 0 rg BT 214.50 594.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 253.00 594.65 Td (disaggregated ) Tj ET Q q 0 0 0 rg BT 311.50 594.65 Td (by ) Tj ET Q q 0 0 0 rg BT 324.47 594.65 Td (geography) Tj ET Q q 0 0 0 rg BT 366.03 594.65 Td (. ) Tj ET Q q 0 0 0 rg BT 371.50 594.65 Td ( ) Tj ET Q q 0 0 0 rg BT 373.81 594.65 Td (As ) Tj ET Q q 0 0 0 rg BT 387.89 594.65 Td (our ) Tj ET Q q 0 0 0 rg BT 404.19 594.65 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 462.71 594.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 507.34 594.65 Td (accounted ) Tj ET Q q 0 0 0 rg BT 550.84 594.65 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 582.65 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.48 582.65 Td (98%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.81 582.65 Td ( ) Tj ET Q q 0 0 0 rg BT 90.03 582.65 Td (of ) Tj ET Q q 0 0 0 rg BT 100.57 582.65 Td (our ) Tj ET Q q 0 0 0 rg BT 116.12 582.65 Td (total ) Tj ET Q q 0 0 0 rg BT 136.10 582.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 173.86 582.65 Td (for ) Tj ET Q q 0 0 0 rg BT 187.73 582.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.16 582.65 Td (three ) Tj ET Q q 0 0 0 rg BT 224.36 582.65 Td (months ) Tj ET Q q 0 0 0 rg BT 256.02 582.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 282.11 582.65 Td (March ) Tj ET Q q 0 0 0 rg BT 310.43 582.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 325.14 582.65 Td (2020 ) Tj ET Q q 0 0 0 rg BT 347.36 582.65 Td (and ) Tj ET Q q 0 0 0 rg BT 364.01 582.65 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.01 582.65 Td (, ) Tj ET Q q 0 0 0 rg BT 388.72 582.65 Td (with ) Tj ET Q q 0 0 0 rg BT 408.72 582.65 Td (most ) Tj ET Q q 0 0 0 rg BT 430.38 582.65 Td (of ) Tj ET Q q 0 0 0 rg BT 440.92 582.65 Td (those ) Tj ET Q q 0 0 0 rg BT 464.25 582.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 502.00 582.65 Td (generated ) Tj ET Q q 0 0 0 rg BT 543.07 582.65 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 570.65 Td (home ) Tj ET Q q 0 0 0 rg BT 73.61 570.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 111.05 570.65 Td (contracts ) Tj ET Q q 0 0 0 rg BT 149.04 570.65 Td (with ) Tj ET Q q 0 0 0 rg BT 168.71 570.65 Td (customers, ) Tj ET Q q 0 0 0 rg BT 213.66 570.65 Td (we ) Tj ET Q q 0 0 0 rg BT 227.21 570.65 Td (believe ) Tj ET Q q 0 0 0 rg BT 257.98 570.65 Td (the ) Tj ET Q q 0 0 0 rg BT 272.10 570.65 Td (disaggregation ) Tj ET Q q 0 0 0 rg BT 332.87 570.65 Td (of ) Tj ET Q q 0 0 0 rg BT 343.09 570.65 Td (revenues ) Tj ET Q q 0 0 0 rg BT 380.53 570.65 Td (as ) Tj ET Q q 0 0 0 rg BT 390.75 570.65 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 429.87 570.65 Td (above ) Tj ET Q q 0 0 0 rg BT 455.64 570.65 Td (and ) Tj ET Q q 0 0 0 rg BT 471.98 570.65 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 481.6533203125 569.3169921875 m 512.61767578125 569.3169921875 l s q 0 0 1 rg BT 481.65 570.65 Td (Note ) Tj ET Q q 0 0 1 rg BT 502.99 570.65 Td (1) Tj ET Q q 0 0 1 rg BT 507.62 570.65 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 512.62 570.65 Td ( ) Tj ET Q q 0 0 0 rg BT 514.51 570.65 Td (fairly ) Tj ET Q q 0 0 0 rg BT 538.07 570.65 Td (depict ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 558.65 Td (how ) Tj ET Q q 0 0 0 rg BT 69.22 558.65 Td (the ) Tj ET Q q 0 0 0 rg BT 83.94 558.65 Td (nature, ) Tj ET Q q 0 0 0 rg BT 113.92 558.65 Td (amount, ) Tj ET Q q 0 0 0 rg BT 148.92 558.65 Td (timing ) Tj ET Q q 0 0 0 rg BT 177.53 558.65 Td (and ) Tj ET Q q 0 0 0 rg BT 194.47 558.65 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 241.95 558.65 Td (of ) Tj ET Q q 0 0 0 rg BT 252.78 558.65 Td (cash ) Tj ET Q q 0 0 0 rg BT 273.05 558.65 Td (flows ) Tj ET Q q 0 0 0 rg BT 297.77 558.65 Td (are ) Tj ET Q q 0 0 0 rg BT 312.48 558.65 Td (af) Tj ET Q q 0 0 0 rg BT 320.07 558.65 Td (fected ) Tj ET Q q 0 0 0 rg BT 346.99 558.65 Td (by ) Tj ET Q q 0 0 0 rg BT 359.49 558.65 Td (economic ) Tj ET Q q 0 0 0 rg BT 400.86 558.65 Td (factors.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 534.65 Td (NOTE 15. Stock-Based Compensation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.65 Td (At ) Tj ET Q q 0 0 0 rg BT 62.43 512.65 Td (our ) Tj ET Q q 0 0 0 rg BT 78.68 512.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 100.97 512.65 Td (Annual ) Tj ET Q q 0 0 0 rg BT 133.33 512.65 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 169.58 512.65 Td (of ) Tj ET Q q 0 0 0 rg BT 180.84 512.65 Td (Shareholders, ) Tj ET Q q 0 0 0 rg BT 238.48 512.65 Td (our ) Tj ET Q q 0 0 0 rg BT 254.73 512.65 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 308.20 512.65 Td (approved ) Tj ET Q q 0 0 0 rg BT 348.33 512.65 Td (the ) Tj ET Q q 0 0 0 rg BT 363.48 512.65 Td (M/I ) Tj ET Q q 0 0 0 rg BT 381.40 512.65 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 415.16 512.65 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 433.36 512.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 456.28 512.65 Td (Long-T) Tj ET Q q 0 0 0 rg BT 486.13 512.65 Td (erm ) Tj ET Q q 0 0 0 rg BT 504.61 512.65 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 544.74 512.65 Td (Plan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.65 Td (\(the ) Tj ET Q q 0 0 0 rg BT 67.62 500.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 94.63 500.65 Td (L) Tj ET Q q 0 0 0 rg BT 99.82 500.65 Td (TIP\), ) Tj ET Q q 0 0 0 rg BT 127.66 500.65 Td (an ) Tj ET Q q 0 0 0 rg BT 139.67 500.65 Td (equity ) Tj ET Q q 0 0 0 rg BT 167.23 500.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 225.34 500.65 Td (plan. ) Tj ET Q q 0 0 0 rg BT 247.63 500.65 Td ( ) Tj ET Q q 0 0 0 rg BT 250.02 500.65 Td (The ) Tj ET Q q 0 0 0 rg BT 268.14 500.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 290.71 500.65 Td (L) Tj ET Q q 0 0 0 rg BT 295.90 500.65 Td (TIP) Tj ET Q q 0 0 0 rg BT 310.53 500.65 Td ( ) Tj ET Q q 0 0 0 rg BT 313.10 500.65 Td (is ) Tj ET Q q 0 0 0 rg BT 322.34 500.65 Td (administered ) Tj ET Q q 0 0 0 rg BT 376.56 500.65 Td (by ) Tj ET Q q 0 0 0 rg BT 389.13 500.65 Td (the ) Tj ET Q q 0 0 0 rg BT 403.92 500.65 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 464.26 500.65 Td (Committee ) Tj ET Q q 0 0 0 rg BT 511.27 500.65 Td (of ) Tj ET Q q 0 0 0 rg BT 522.17 500.65 Td (our ) Tj ET Q q 0 0 0 rg BT 538.07 500.65 Td (Board ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.65 Td (of ) Tj ET Q q 0 0 0 rg BT 59.99 488.65 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 101.86 488.65 Td ( ) Tj ET Q q 0 0 0 rg BT 104.02 488.65 Td (Under ) Tj ET Q q 0 0 0 rg BT 131.17 488.65 Td (the ) Tj ET Q q 0 0 0 rg BT 145.55 488.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 167.71 488.65 Td (L) Tj ET Q q 0 0 0 rg BT 172.90 488.65 Td (TIP) Tj ET Q q 0 0 0 rg BT 186.79 488.65 Td (, ) Tj ET Q q 0 0 0 rg BT 191.45 488.65 Td (the ) Tj ET Q q 0 0 0 rg BT 205.83 488.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 246.88 488.65 Td (is ) Tj ET Q q 0 0 0 rg BT 255.71 488.65 Td (permitted ) Tj ET Q q 0 0 0 rg BT 296.19 488.65 Td (to ) Tj ET Q q 0 0 0 rg BT 306.13 488.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 328.83 488.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 342.65 488.65 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 395.36 488.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 418.63 488.65 Td (options ) Tj ET Q q 0 0 0 rg BT 450.23 488.65 Td (to ) Tj ET Q q 0 0 0 rg BT 460.17 488.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 497.87 488.65 Td (common ) Tj ET Q q 0 0 0 rg BT 535.03 488.65 Td (shares, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.65 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 62.99 476.65 Td (incentive ) Tj ET Q q 0 0 0 rg BT 101.46 476.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 124.40 476.65 Td (options ) Tj ET Q q 0 0 0 rg BT 155.67 476.65 Td (to ) Tj ET Q q 0 0 0 rg BT 165.28 476.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 202.64 476.65 Td (common ) Tj ET Q q 0 0 0 rg BT 239.46 476.65 Td (shares, ) Tj ET Q q 0 0 0 rg BT 268.78 476.65 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 282.26 476.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 305.20 476.65 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 356.44 476.65 Td (rights, ) Tj ET Q q 0 0 0 rg BT 383.55 476.65 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 397.03 476.65 Td (restricted ) Tj ET Q q 0 0 0 rg BT 436.06 476.65 Td (common ) Tj ET Q q 0 0 0 rg BT 472.88 476.65 Td (shares, ) Tj ET Q q 0 0 0 rg BT 502.20 476.65 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 515.69 476.65 Td (other ) Tj ET Q q 0 0 0 rg BT 538.06 476.65 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.65 Td (based ) Tj ET Q q 0 0 0 rg BT 74.00 464.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 104.05 464.65 Td (\(awards ) Tj ET Q q 0 0 0 rg BT 137.43 464.65 Td (that ) Tj ET Q q 0 0 0 rg BT 154.16 464.65 Td (are ) Tj ET Q q 0 0 0 rg BT 168.10 464.65 Td (valued ) Tj ET Q q 0 0 0 rg BT 196.48 464.65 Td (in ) Tj ET Q q 0 0 0 rg BT 205.99 464.65 Td (whole ) Tj ET Q q 0 0 0 rg BT 232.16 464.65 Td (or ) Tj ET Q q 0 0 0 rg BT 242.22 464.65 Td (in ) Tj ET Q q 0 0 0 rg BT 251.73 464.65 Td (part ) Tj ET Q q 0 0 0 rg BT 269.01 464.65 Td (by ) Tj ET Q q 0 0 0 rg BT 280.74 464.65 Td (reference ) Tj ET Q q 0 0 0 rg BT 319.65 464.65 Td (to, ) Tj ET Q q 0 0 0 rg BT 331.66 464.65 Td (or ) Tj ET Q q 0 0 0 rg BT 341.72 464.65 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 382.33 464.65 Td (based ) Tj ET Q q 0 0 0 rg BT 406.83 464.65 Td (on, ) Tj ET Q q 0 0 0 rg BT 421.06 464.65 Td (the ) Tj ET Q q 0 0 0 rg BT 435.01 464.65 Td (fair ) Tj ET Q q 0 0 0 rg BT 450.62 464.65 Td (market ) Tj ET Q q 0 0 0 rg BT 480.11 464.65 Td (value ) Tj ET Q q 0 0 0 rg BT 503.50 464.65 Td (of ) Tj ET Q q 0 0 0 rg BT 513.56 464.65 Td (the ) Tj ET Q q 0 0 0 rg BT 527.51 464.65 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.65 Td (shares\), ) Tj ET Q q 0 0 0 rg BT 82.94 452.65 Td (and ) Tj ET Q q 0 0 0 rg BT 99.99 452.65 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 114.27 452.65 Td (cash-based ) Tj ET Q q 0 0 0 rg BT 160.75 452.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 191.69 452.65 Td (to ) Tj ET Q q 0 0 0 rg BT 202.08 452.65 Td (its ) Tj ET Q q 0 0 0 rg BT 214.15 452.65 Td (of) Tj ET Q q 0 0 0 rg BT 222.30 452.65 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 249.62 452.65 Td (employees, ) Tj ET Q q 0 0 0 rg BT 297.50 452.65 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 357.32 452.65 Td (directors ) Tj ET Q q 0 0 0 rg BT 394.92 452.65 Td (and ) Tj ET Q q 0 0 0 rg BT 411.97 452.65 Td (other ) Tj ET Q q 0 0 0 rg BT 435.14 452.65 Td (eligible ) Tj ET Q q 0 0 0 rg BT 467.74 452.65 Td (participants. ) Tj ET Q q 0 0 0 rg BT 519.51 452.65 Td ( ) Tj ET Q q 0 0 0 rg BT 522.13 452.65 Td (Subject ) Tj ET Q q 0 0 0 rg BT 554.74 452.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 78.33 440.65 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 130.23 440.65 Td (the ) Tj ET Q q 0 0 0 rg BT 144.07 440.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 165.69 440.65 Td (L) Tj ET Q q 0 0 0 rg BT 170.88 440.65 Td (TIP) Tj ET Q q 0 0 0 rg BT 185.51 440.65 Td ( ) Tj ET Q q 0 0 0 rg BT 187.14 440.65 Td (authorizes ) Tj ET Q q 0 0 0 rg BT 229.86 440.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 259.80 440.65 Td (to ) Tj ET Q q 0 0 0 rg BT 269.20 440.65 Td (of) Tj ET Q q 0 0 0 rg BT 277.35 440.65 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 303.69 440.65 Td (employees, ) Tj ET Q q 0 0 0 rg BT 350.57 440.65 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 409.40 440.65 Td (directors ) Tj ET Q q 0 0 0 rg BT 446.01 440.65 Td (and ) Tj ET Q q 0 0 0 rg BT 462.08 440.65 Td (other ) Tj ET Q q 0 0 0 rg BT 484.25 440.65 Td (eligible ) Tj ET Q q 0 0 0 rg BT 515.86 440.65 Td (participants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.65 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 428.65 Td (up ) Tj ET Q q 0 0 0 rg BT 76.16 428.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.44 428.65 Td (2,250,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.44 428.65 Td ( ) Tj ET Q q 0 0 0 rg BT 128.94 428.65 Td (common ) Tj ET Q q 0 0 0 rg BT 166.43 428.65 Td (shares, ) Tj ET Q q 0 0 0 rg BT 196.42 428.65 Td (of ) Tj ET Q q 0 0 0 rg BT 207.25 428.65 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.19 428.65 Td (1,189,010) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.19 428.65 Td ( ) Tj ET Q q 0 0 0 rg BT 276.69 428.65 Td (remain ) Tj ET Q q 0 0 0 rg BT 306.96 428.65 Td (available ) Tj ET Q q 0 0 0 rg BT 345.54 428.65 Td (for ) Tj ET Q q 0 0 0 rg BT 359.71 428.65 Td (grant ) Tj ET Q q 0 0 0 rg BT 382.75 428.65 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.47 428.65 Td (March31, ) Tj ET Q q 0 0 0 rg BT 436.07 428.65 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.07 428.65 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.65 Td (The ) Tj ET Q q 0 0 0 rg BT 66.54 406.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 88.04 406.65 Td (L) Tj ET Q q 0 0 0 rg BT 93.23 406.65 Td (TIP) Tj ET Q q 0 0 0 rg BT 107.86 406.65 Td ( ) Tj ET Q q 0 0 0 rg BT 109.35 406.65 Td (replaced ) Tj ET Q q 0 0 0 rg BT 144.71 406.65 Td (the ) Tj ET Q q 0 0 0 rg BT 158.42 406.65 Td (M/I ) Tj ET Q q 0 0 0 rg BT 174.92 406.65 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 207.24 406.65 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 224.01 406.65 Td (2009 ) Tj ET Q q 0 0 0 rg BT 245.50 406.65 Td (Long-T) Tj ET Q q 0 0 0 rg BT 275.35 406.65 Td (erm ) Tj ET Q q 0 0 0 rg BT 292.40 406.65 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 331.09 406.65 Td (Plan ) Tj ET Q q 0 0 0 rg BT 350.37 406.65 Td (\(the ) Tj ET Q q 0 0 0 rg BT 367.41 406.65 Td (2009 ) Tj ET Q q 0 0 0 rg BT 393.34 406.65 Td (L) Tj ET Q q 0 0 0 rg BT 398.53 406.65 Td (TIP\), ) Tj ET Q q 0 0 0 rg BT 425.30 406.65 Td (which ) Tj ET Q q 0 0 0 rg BT 451.23 406.65 Td (was ) Tj ET Q q 0 0 0 rg BT 468.28 406.65 Td (terminated ) Tj ET Q q 0 0 0 rg BT 512.53 406.65 Td (immediately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.65 Td (following ) Tj ET Q q 0 0 0 rg BT 90.36 394.65 Td (our ) Tj ET Q q 0 0 0 rg BT 105.67 394.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 127.21 394.65 Td (Annual ) Tj ET Q q 0 0 0 rg BT 158.63 394.65 Td (Meeting ) Tj ET Q q 0 0 0 rg BT 193.93 394.65 Td (of ) Tj ET Q q 0 0 0 rg BT 204.23 394.65 Td (Shareholders. ) Tj ET Q q 0 0 0 rg BT 260.48 394.65 Td (A) Tj ET Q q 0 0 0 rg BT 266.78 394.65 Td (wards ) Tj ET Q q 0 0 0 rg BT 292.64 394.65 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 341.28 394.65 Td (under ) Tj ET Q q 0 0 0 rg BT 366.03 394.65 Td (the ) Tj ET Q q 0 0 0 rg BT 380.22 394.65 Td (2009 ) Tj ET Q q 0 0 0 rg BT 402.20 394.65 Td (L) Tj ET Q q 0 0 0 rg BT 407.39 394.65 Td (TIP) Tj ET Q q 0 0 0 rg BT 422.02 394.65 Td ( ) Tj ET Q q 0 0 0 rg BT 424.00 394.65 Td (Plan ) Tj ET Q q 0 0 0 rg BT 443.75 394.65 Td (remain ) Tj ET Q q 0 0 0 rg BT 473.49 394.65 Td (in ) Tj ET Q q 0 0 0 rg BT 483.25 394.65 Td (ef) Tj ET Q q 0 0 0 rg BT 490.83 394.65 Td (fect ) Tj ET Q q 0 0 0 rg BT 507.79 394.65 Td (in ) Tj ET Q q 0 0 0 rg BT 517.55 394.65 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.65 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 382.65 Td (their ) Tj ET Q q 0 0 0 rg BT 90.60 382.65 Td (respective ) Tj ET Q q 0 0 0 rg BT 133.64 382.65 Td (terms. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 360.65 Td (Stock ) Tj ET Q q 0 0 0 rg BT 74.78 360.65 Td (Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.65 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.55 338.65 Td (February18, ) Tj ET Q q 0 0 0 rg BT 118.48 338.65 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.48 338.65 Td (, ) Tj ET Q q 0 0 0 rg BT 143.82 338.65 Td (the ) Tj ET Q q 0 0 0 rg BT 158.87 338.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 200.58 338.65 Td (awarded ) Tj ET Q q 0 0 0 rg BT 237.28 338.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 267.32 338.65 Td (of ) Tj ET Q q 0 0 0 rg BT 278.48 338.65 Td (its ) Tj ET Q q 0 0 0 rg BT 290.76 338.65 Td (employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.36 338.65 Td (424,500) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.86 338.65 Td ( ) Tj ET Q q 0 0 0 rg BT 371.69 338.65 Td (\(in ) Tj ET Q q 0 0 0 rg BT 385.63 338.65 Td (the ) Tj ET Q q 0 0 0 rg BT 400.68 338.65 Td (aggregate\) ) Tj ET Q q 0 0 0 rg BT 445.70 338.65 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 499.08 338.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 523.02 338.65 Td (options ) Tj ET Q q 0 0 0 rg BT 555.30 338.65 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.65 Td (an ) Tj ET Q q 0 0 0 rg BT 61.78 326.65 Td (exercise ) Tj ET Q q 0 0 0 rg BT 97.38 326.65 Td (price ) Tj ET Q q 0 0 0 rg BT 120.21 326.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.39 326.65 Td ($42.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.89 326.65 Td ( ) Tj ET Q q 0 0 0 rg BT 161.74 326.65 Td (\(the ) Tj ET Q q 0 0 0 rg BT 180.13 326.65 Td (closing ) Tj ET Q q 0 0 0 rg BT 211.86 326.65 Td (price ) Tj ET Q q 0 0 0 rg BT 234.69 326.65 Td (of ) Tj ET Q q 0 0 0 rg BT 245.87 326.65 Td (our ) Tj ET Q q 0 0 0 rg BT 262.04 326.65 Td (common ) Tj ET Q q 0 0 0 rg BT 299.88 326.65 Td (shares ) Tj ET Q q 0 0 0 rg BT 327.72 326.65 Td (on ) Tj ET Q q 0 0 0 rg BT 340.57 326.65 Td (the ) Tj ET Q q 0 0 0 rg BT 355.63 326.65 Td (New ) Tj ET Q q 0 0 0 rg BT 376.93 326.65 Td (Y) Tj ET Q q 0 0 0 rg BT 383.15 326.65 Td (ork ) Tj ET Q q 0 0 0 rg BT 399.33 326.65 Td (Stock ) Tj ET Q q 0 0 0 rg BT 424.95 326.65 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 467.22 326.65 Td (on ) Tj ET Q q 0 0 0 rg BT 480.07 326.65 Td (such ) Tj ET Q q 0 0 0 rg BT 501.25 326.65 Td (date\) ) Tj ET Q q 0 0 0 rg BT 524.08 326.65 Td (and ) Tj ET Q q 0 0 0 rg BT 541.36 326.65 Td (a ) Tj ET Q q 0 0 0 rg BT 548.64 326.65 Td (fair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.65 Td (value ) Tj ET Q q 0 0 0 rg BT 73.53 314.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.24 314.65 Td ($12.65) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.74 314.65 Td ( ) Tj ET Q q 0 0 0 rg BT 114.12 314.65 Td (that ) Tj ET Q q 0 0 0 rg BT 131.49 314.65 Td (vest ) Tj ET Q q 0 0 0 rg BT 149.97 314.65 Td (ratably ) Tj ET Q q 0 0 0 rg BT 180.11 314.65 Td (over ) Tj ET Q q 0 0 0 rg BT 200.26 314.65 Td (a ) Tj ET Q q 0 0 0 rg BT 207.08 314.65 Td (five-year ) Tj ET Q q 0 0 0 rg BT 245.54 314.65 Td (period. ) Tj ET Q q 0 0 0 rg BT 275.96 314.65 Td ( ) Tj ET Q q 0 0 0 rg BT 278.17 314.65 Td (T) Tj ET Q q 0 0 0 rg BT 283.58 314.65 Td (otal ) Tj ET Q q 0 0 0 rg BT 300.95 314.65 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 350.53 314.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 408.45 314.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 443.03 314.65 Td (related ) Tj ET Q q 0 0 0 rg BT 472.61 314.65 Td (to ) Tj ET Q q 0 0 0 rg BT 482.77 314.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 506.25 314.65 Td (option ) Tj ET Q q 0 0 0 rg BT 534.19 314.65 Td (awards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.65 Td (that ) Tj ET Q q 0 0 0 rg BT 66.80 302.65 Td (has ) Tj ET Q q 0 0 0 rg BT 82.44 302.65 Td (been ) Tj ET Q q 0 0 0 rg BT 103.62 302.65 Td (char) Tj ET Q q 0 0 0 rg BT 120.65 302.65 Td (ged ) Tj ET Q q 0 0 0 rg BT 137.39 302.65 Td (against ) Tj ET Q q 0 0 0 rg BT 168.02 302.65 Td (income ) Tj ET Q q 0 0 0 rg BT 199.76 302.65 Td (relating ) Tj ET Q q 0 0 0 rg BT 232.61 302.65 Td (to ) Tj ET Q q 0 0 0 rg BT 242.70 302.65 Td (the ) Tj ET Q q 0 0 0 rg BT 257.22 302.65 Td (2018 ) Tj ET Q q 0 0 0 rg BT 279.52 302.65 Td (L) Tj ET Q q 0 0 0 rg BT 284.71 302.65 Td (TIP) Tj ET Q q 0 0 0 rg BT 299.34 302.65 Td ( ) Tj ET Q q 0 0 0 rg BT 301.65 302.65 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.51 302.65 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 339.31 302.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.21 302.65 Td ( ) Tj ET Q q 0 0 0 rg BT 370.51 302.65 Td (for ) Tj ET Q q 0 0 0 rg BT 384.48 302.65 Td (both ) Tj ET Q q 0 0 0 rg BT 404.56 302.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.09 302.65 Td (three ) Tj ET Q q 0 0 0 rg BT 441.38 302.65 Td (months ) Tj ET Q q 0 0 0 rg BT 473.13 302.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 499.31 302.65 Td (March ) Tj ET Q q 0 0 0 rg BT 527.72 302.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 542.53 302.65 Td (2020 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.65 Td (and ) Tj ET Q q 0 0 0 rg BT 66.77 290.65 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.77 290.65 Td (.) Tj ET Q q 0 0 0 rg BT 93.72 290.65 Td (As ) Tj ET Q q 0 0 0 rg BT 107.66 290.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.83 290.65 Td (March31, ) Tj ET Q q 0 0 0 rg BT 162.76 290.65 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.76 290.65 Td (, ) Tj ET Q q 0 0 0 rg BT 188.09 290.65 Td (there ) Tj ET Q q 0 0 0 rg BT 210.91 290.65 Td (was ) Tj ET Q q 0 0 0 rg BT 229.29 290.65 Td (a ) Tj ET Q q 0 0 0 rg BT 236.56 290.65 Td (total ) Tj ET Q q 0 0 0 rg BT 257.17 290.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.33 290.65 Td ($12.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.22 290.65 Td ( ) Tj ET Q q 0 0 0 rg BT 325.05 290.65 Td (of ) Tj ET Q q 0 0 0 rg BT 336.21 290.65 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 392.91 290.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 451.28 290.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 486.32 290.65 Td (related ) Tj ET Q q 0 0 0 rg BT 516.36 290.65 Td (to ) Tj ET Q q 0 0 0 rg BT 526.97 290.65 Td (unvested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.65 Td (stock ) Tj ET Q q 0 0 0 rg BT 73.72 278.65 Td (option ) Tj ET Q q 0 0 0 rg BT 102.38 278.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 133.81 278.65 Td (that ) Tj ET Q q 0 0 0 rg BT 151.92 278.65 Td (will ) Tj ET Q q 0 0 0 rg BT 170.58 278.65 Td (be ) Tj ET Q q 0 0 0 rg BT 183.13 278.65 Td (recognized ) Tj ET Q q 0 0 0 rg BT 230.10 278.65 Td (as ) Tj ET Q q 0 0 0 rg BT 241.54 278.65 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 291.86 278.65 Td (compensation ) Tj ET Q q 0 0 0 rg BT 350.51 278.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 385.83 278.65 Td (as ) Tj ET Q q 0 0 0 rg BT 397.27 278.65 Td (the ) Tj ET Q q 0 0 0 rg BT 412.59 278.65 Td (awards ) Tj ET Q q 0 0 0 rg BT 444.02 278.65 Td (vest ) Tj ET Q q 0 0 0 rg BT 463.24 278.65 Td (over ) Tj ET Q q 0 0 0 rg BT 484.12 278.65 Td (a ) Tj ET Q q 0 0 0 rg BT 491.67 278.65 Td (weighted ) Tj ET Q q 0 0 0 rg BT 531.43 278.65 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.65 Td (period ) Tj ET Q q 0 0 0 rg BT 77.55 266.65 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.38 266.65 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.88 266.65 Td ( ) Tj ET Q q 0 0 0 rg BT 103.38 266.65 Td (years.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 244.65 Td (Performance ) Tj ET Q q 0 0 0 rg BT 105.88 244.65 Td (Share ) Tj ET Q q 0 0 0 rg BT 132.83 244.65 Td (Unit ) Tj ET Q q 0 0 0 rg BT 153.30 244.65 Td (A) Tj ET Q q 0 0 0 rg BT 159.23 244.65 Td (wards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.65 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.19 222.65 Td (February18, ) Tj ET Q q 0 0 0 rg BT 117.75 222.65 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.75 222.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.72 222.65 Td (February19, ) Tj ET Q q 0 0 0 rg BT 196.28 222.65 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.28 222.65 Td ( ) Tj ET Q q 0 0 0 rg BT 218.75 222.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.65 222.65 Td (February15, ) Tj ET Q q 0 0 0 rg BT 289.22 222.65 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.22 222.65 Td (, ) Tj ET Q q 0 0 0 rg BT 314.18 222.65 Td (the ) Tj ET Q q 0 0 0 rg BT 328.87 222.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 370.22 222.65 Td (awarded ) Tj ET Q q 0 0 0 rg BT 406.55 222.65 Td (its ) Tj ET Q q 0 0 0 rg BT 418.46 222.65 Td (executive ) Tj ET Q q 0 0 0 rg BT 459.24 222.65 Td (of) Tj ET Q q 0 0 0 rg BT 467.39 222.65 Td (ficers ) Tj ET Q q 0 0 0 rg BT 492.06 222.65 Td (\(in ) Tj ET Q q 0 0 0 rg BT 505.64 222.65 Td (the ) Tj ET Q q 0 0 0 rg BT 520.32 222.65 Td (aggregate\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.65 Td (a ) Tj ET Q q 0 0 0 rg BT 55.52 210.65 Td (tar) Tj ET Q q 0 0 0 rg BT 65.89 210.65 Td (get ) Tj ET Q q 0 0 0 rg BT 79.69 210.65 Td (number ) Tj ET Q q 0 0 0 rg BT 111.82 210.65 Td (of ) Tj ET Q q 0 0 0 rg BT 121.73 210.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 173.84 210.65 Td (share ) Tj ET Q q 0 0 0 rg BT 196.52 210.65 Td (units ) Tj ET Q q 0 0 0 rg BT 217.55 210.65 Td (\(PSU) Tj ET Q q 0 0 0 rg BT 246.44 210.65 Td (s\) ) Tj ET Q q 0 0 0 rg BT 259.69 210.65 Td (equal ) Tj ET Q q 0 0 0 rg BT 282.93 210.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.29 210.65 Td (45,771) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.79 210.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.87 210.65 Td (53,692) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.37 210.65 Td ( ) Tj ET Q q 0 0 0 rg BT 352.96 210.65 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.98 210.65 Td (46,444) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.48 210.65 Td ( ) Tj ET Q q 0 0 0 rg BT 398.06 210.65 Td (PSU) Tj ET Q q 0 0 0 rg BT 419.18 210.65 Td (s, ) Tj ET Q q 0 0 0 rg BT 427.16 210.65 Td (respectively) Tj ET Q q 0 0 0 rg BT 474.82 210.65 Td (. ) Tj ET Q q 0 0 0 rg BT 478.90 210.65 Td ( ) Tj ET Q q 0 0 0 rg BT 480.49 210.65 Td (Each ) Tj ET Q q 0 0 0 rg BT 502.06 210.65 Td (PSU ) Tj ET Q q 0 0 0 rg BT 521.98 210.65 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.65 Td (a ) Tj ET Q q 0 0 0 rg BT 55.88 198.65 Td (contingent ) Tj ET Q q 0 0 0 rg BT 100.03 198.65 Td (right ) Tj ET Q q 0 0 0 rg BT 120.85 198.65 Td (to ) Tj ET Q q 0 0 0 rg BT 130.57 198.65 Td (receive ) Tj ET Q q 0 0 0 rg BT 161.37 198.65 Td (one ) Tj ET Q q 0 0 0 rg BT 177.75 198.65 Td (common ) Tj ET Q q 0 0 0 rg BT 214.68 198.65 Td (share ) Tj ET Q q 0 0 0 rg BT 237.72 198.65 Td (of ) Tj ET Q q 0 0 0 rg BT 247.99 198.65 Td (the ) Tj ET Q q 0 0 0 rg BT 262.14 198.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 302.97 198.65 Td (if ) Tj ET Q q 0 0 0 rg BT 311.01 198.65 Td (vesting ) Tj ET Q q 0 0 0 rg BT 341.84 198.65 Td (is ) Tj ET Q q 0 0 0 rg BT 350.45 198.65 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 385.71 198.65 Td (at ) Tj ET Q q 0 0 0 rg BT 394.87 198.65 Td (the ) Tj ET Q q 0 0 0 rg BT 409.02 198.65 Td (end ) Tj ET Q q 0 0 0 rg BT 425.40 198.65 Td (of ) Tj ET Q q 0 0 0 rg BT 435.67 198.65 Td (a ) Tj ET Q q 0 0 0 rg BT 442.04 198.65 Td (three-year ) Tj ET Q q 0 0 0 rg BT 484.50 198.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 536.97 198.65 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.65 Td (\(the ) Tj ET Q q 0 0 0 rg BT 68.64 186.65 Td (Performance ) Tj ET Q q 0 0 0 rg BT 127.76 186.65 Td (Period\). ) Tj ET Q q 0 0 0 rg BT 167.73 186.65 Td ( ) Tj ET Q q 0 0 0 rg BT 171.06 186.65 Td (The ) Tj ET Q q 0 0 0 rg BT 190.20 186.65 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 226.56 186.65 Td (number ) Tj ET Q q 0 0 0 rg BT 260.71 186.65 Td (of ) Tj ET Q q 0 0 0 rg BT 272.63 186.65 Td (PSU) Tj ET Q q 0 0 0 rg BT 293.75 186.65 Td (s ) Tj ET Q q 0 0 0 rg BT 301.24 186.65 Td (that ) Tj ET Q q 0 0 0 rg BT 319.83 186.65 Td (will ) Tj ET Q q 0 0 0 rg BT 338.98 186.65 Td (vest ) Tj ET Q q 0 0 0 rg BT 358.68 186.65 Td (and ) Tj ET Q q 0 0 0 rg BT 376.71 186.65 Td (be ) Tj ET Q q 0 0 0 rg BT 389.74 186.65 Td (earned, ) Tj ET Q q 0 0 0 rg BT 422.48 186.65 Td (if ) Tj ET Q q 0 0 0 rg BT 432.18 186.65 Td (any) Tj ET Q q 0 0 0 rg BT 445.97 186.65 Td (, ) Tj ET Q q 0 0 0 rg BT 452.07 186.65 Td (after ) Tj ET Q q 0 0 0 rg BT 473.98 186.65 Td (the ) Tj ET Q q 0 0 0 rg BT 489.79 186.65 Td (completion ) Tj ET Q q 0 0 0 rg BT 538.37 186.65 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 186.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.65 Td (Performance ) Tj ET Q q 0 0 0 rg BT 102.47 174.65 Td (Period, ) Tj ET Q q 0 0 0 rg BT 132.96 174.65 Td (is ) Tj ET Q q 0 0 0 rg BT 141.51 174.65 Td (based ) Tj ET Q q 0 0 0 rg BT 166.16 174.65 Td (on ) Tj ET Q q 0 0 0 rg BT 178.04 174.65 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 191.58 174.65 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 204.57 174.65 Td (the ) Tj ET Q q 0 0 0 rg BT 218.67 174.65 Td (Company) Tj ET Q q 0 0 0 rg BT 260.33 174.65 Td (s ) Tj ET Q q 0 0 0 rg BT 266.10 174.65 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 312.42 174.65 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 342.61 174.65 Td (income ) Tj ET Q q 0 0 0 rg BT 373.93 174.65 Td (from ) Tj ET Q q 0 0 0 rg BT 395.25 174.65 Td (operations, ) Tj ET Q q 0 0 0 rg BT 441.29 174.65 Td (excluding ) Tj ET Q q 0 0 0 rg BT 482.60 174.65 Td (extraordinary ) Tj ET Q q 0 0 0 rg BT 538.35 174.65 Td (items, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.65 Td (as ) Tj ET Q q 0 0 0 rg BT 61.12 162.65 Td (defined ) Tj ET Q q 0 0 0 rg BT 94.39 162.65 Td (in ) Tj ET Q q 0 0 0 rg BT 105.46 162.65 Td (the ) Tj ET Q q 0 0 0 rg BT 120.96 162.65 Td (underlying ) Tj ET Q q 0 0 0 rg BT 167.57 162.65 Td (award ) Tj ET Q q 0 0 0 rg BT 195.29 162.65 Td (agreements ) Tj ET Q q 0 0 0 rg BT 244.11 162.65 Td (with ) Tj ET Q q 0 0 0 rg BT 265.18 162.65 Td (the ) Tj ET Q q 0 0 0 rg BT 280.68 162.65 Td (executive ) Tj ET Q q 0 0 0 rg BT 322.28 162.65 Td (of) Tj ET Q q 0 0 0 rg BT 330.43 162.65 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 358.42 162.65 Td (over ) Tj ET Q q 0 0 0 rg BT 379.48 162.65 Td (the ) Tj ET Q q 0 0 0 rg BT 394.98 162.65 Td (Performance ) Tj ET Q q 0 0 0 rg BT 449.35 162.65 Td (Period ) Tj ET Q q 0 0 0 rg BT 478.75 162.65 Td (\(weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.02 162.65 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.35 162.65 Td (\) ) Tj ET Q q 0 0 0 rg BT 546.97 162.65 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.65 Td (Performance ) Tj ET Q q 0 0 0 rg BT 107.43 150.65 Td (Condition\), ) Tj ET Q q 0 0 0 rg BT 160.10 150.65 Td (and ) Tj ET Q q 0 0 0 rg BT 176.95 150.65 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 191.01 150.65 Td (the ) Tj ET Q q 0 0 0 rg BT 205.63 150.65 Td (Company) Tj ET Q q 0 0 0 rg BT 247.30 150.65 Td (s ) Tj ET Q q 0 0 0 rg BT 253.59 150.65 Td (relative ) Tj ET Q q 0 0 0 rg BT 285.98 150.65 Td (total ) Tj ET Q q 0 0 0 rg BT 306.15 150.65 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 355.20 150.65 Td (return ) Tj ET Q q 0 0 0 rg BT 381.48 150.65 Td (over ) Tj ET Q q 0 0 0 rg BT 401.65 150.65 Td (the ) Tj ET Q q 0 0 0 rg BT 416.28 150.65 Td (Performance ) Tj ET Q q 0 0 0 rg BT 469.76 150.65 Td (Period ) Tj ET Q q 0 0 0 rg BT 498.28 150.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 540.10 150.65 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 150.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.65 Td (total ) Tj ET Q q 0 0 0 rg BT 69.78 138.65 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 118.93 138.65 Td (return ) Tj ET Q q 0 0 0 rg BT 145.32 138.65 Td (of ) Tj ET Q q 0 0 0 rg BT 156.16 138.65 Td (a ) Tj ET Q q 0 0 0 rg BT 163.10 138.65 Td (peer ) Tj ET Q q 0 0 0 rg BT 182.82 138.65 Td (group ) Tj ET Q q 0 0 0 rg BT 208.65 138.65 Td (of ) Tj ET Q q 0 0 0 rg BT 219.49 138.65 Td (other ) Tj ET Q q 0 0 0 rg BT 242.54 138.65 Td (publicly-traded ) Tj ET Q q 0 0 0 rg BT 306.14 138.65 Td (homebuilders ) Tj ET Q q 0 0 0 rg BT 363.08 138.65 Td (\(weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.57 138.65 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.90 138.65 Td (\) ) Tj ET Q q 0 0 0 rg BT 429.74 138.65 Td (\(the ) Tj ET Q q 0 0 0 rg BT 447.80 138.65 Td (Market ) Tj ET Q q 0 0 0 rg BT 483.62 138.65 Td (Condition\) ) Tj ET Q q 0 0 0 rg BT 533.90 138.65 Td (and ) Tj ET Q q 0 0 0 rg BT 550.85 138.65 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.65 Td (the ) Tj ET Q q 0 0 0 rg BT 63.81 126.65 Td (participant) Tj ET Q q 0 0 0 rg BT 109.35 126.65 Td (s ) Tj ET Q q 0 0 0 rg BT 115.34 126.65 Td (continued ) Tj ET Q q 0 0 0 rg BT 156.87 126.65 Td (employment ) Tj ET Q q 0 0 0 rg BT 208.96 126.65 Td (through ) Tj ET Q q 0 0 0 rg BT 242.16 126.65 Td (the ) Tj ET Q q 0 0 0 rg BT 256.48 126.65 Td (end ) Tj ET Q q 0 0 0 rg BT 273.01 126.65 Td (of ) Tj ET Q q 0 0 0 rg BT 283.44 126.65 Td (the ) Tj ET Q q 0 0 0 rg BT 297.75 126.65 Td (Performance ) Tj ET Q q 0 0 0 rg BT 350.94 126.65 Td (Period, ) Tj ET Q q 0 0 0 rg BT 381.64 126.65 Td (except ) Tj ET Q q 0 0 0 rg BT 409.83 126.65 Td (in ) Tj ET Q q 0 0 0 rg BT 419.71 126.65 Td (the ) Tj ET Q q 0 0 0 rg BT 434.02 126.65 Td (case ) Tj ET Q q 0 0 0 rg BT 453.33 126.65 Td (of ) Tj ET Q q 0 0 0 rg BT 463.75 126.65 Td (termination ) Tj ET Q q 0 0 0 rg BT 511.95 126.65 Td (due ) Tj ET Q q 0 0 0 rg BT 528.48 126.65 Td (to ) Tj ET Q q 0 0 0 rg BT 538.36 126.65 Td (death, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.65 Td (disability ) Tj ET Q q 0 0 0 rg BT 89.34 114.65 Td (or ) Tj ET Q q 0 0 0 rg BT 100.29 114.65 Td (retirement ) Tj ET Q q 0 0 0 rg BT 144.00 114.65 Td (or ) Tj ET Q q 0 0 0 rg BT 154.96 114.65 Td (involuntary ) Tj ET Q q 0 0 0 rg BT 203.68 114.65 Td (termination ) Tj ET Q q 0 0 0 rg BT 252.40 114.65 Td (without ) Tj ET Q q 0 0 0 rg BT 285.58 114.65 Td (cause ) Tj ET Q q 0 0 0 rg BT 310.41 114.65 Td (by ) Tj ET Q q 0 0 0 rg BT 323.03 114.65 Td (the ) Tj ET Q q 0 0 0 rg BT 337.86 114.65 Td (Company) Tj ET Q q 0 0 0 rg BT 376.10 114.65 Td (. ) Tj ET Q q 0 0 0 rg BT 381.22 114.65 Td ( ) Tj ET Q q 0 0 0 rg BT 383.65 114.65 Td (The ) Tj ET Q q 0 0 0 rg BT 401.82 114.65 Td (number ) Tj ET Q q 0 0 0 rg BT 434.99 114.65 Td (of ) Tj ET Q q 0 0 0 rg BT 445.94 114.65 Td (PSU) Tj ET Q q 0 0 0 rg BT 467.06 114.65 Td (s ) Tj ET Q q 0 0 0 rg BT 473.58 114.65 Td (that ) Tj ET Q q 0 0 0 rg BT 491.19 114.65 Td (vest ) Tj ET Q q 0 0 0 rg BT 509.92 114.65 Td (may ) Tj ET Q q 0 0 0 rg BT 529.76 114.65 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.65 Td (by ) Tj ET Q q 0 0 0 rg BT 62.55 102.65 Td (up ) Tj ET Q q 0 0 0 rg BT 75.59 102.65 Td (to ) Tj ET Q q 0 0 0 rg BT 86.42 102.65 Td (50% ) Tj ET Q q 0 0 0 rg BT 107.79 102.65 Td (from ) Tj ET Q q 0 0 0 rg BT 130.28 102.65 Td (the ) Tj ET Q q 0 0 0 rg BT 145.54 102.65 Td (tar) Tj ET Q q 0 0 0 rg BT 155.91 102.65 Td (get ) Tj ET Q q 0 0 0 rg BT 171.17 102.65 Td (number ) Tj ET Q q 0 0 0 rg BT 204.76 102.65 Td (based ) Tj ET Q q 0 0 0 rg BT 230.58 102.65 Td (on ) Tj ET Q q 0 0 0 rg BT 243.62 102.65 Td (levels ) Tj ET Q q 0 0 0 rg BT 269.99 102.65 Td (of ) Tj ET Q q 0 0 0 rg BT 281.37 102.65 Td (achievement ) Tj ET Q q 0 0 0 rg BT 334.94 102.65 Td (of ) Tj ET Q q 0 0 0 rg BT 346.32 102.65 Td (the ) Tj ET Q q 0 0 0 rg BT 361.58 102.65 Td (above ) Tj ET Q q 0 0 0 rg BT 388.50 102.65 Td (criteria ) Tj ET Q q 0 0 0 rg BT 419.86 102.65 Td (as ) Tj ET Q q 0 0 0 rg BT 431.24 102.65 Td (set ) Tj ET Q q 0 0 0 rg BT 445.39 102.65 Td (forth ) Tj ET Q q 0 0 0 rg BT 467.87 102.65 Td (in ) Tj ET Q q 0 0 0 rg BT 478.70 102.65 Td (the ) Tj ET Q q 0 0 0 rg BT 493.96 102.65 Td (applicable ) Tj ET Q q 0 0 0 rg BT 538.10 102.65 Td (award ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.65 Td (agreements ) Tj ET Q q 0 0 0 rg BT 97.56 90.65 Td (and ) Tj ET Q q 0 0 0 rg BT 114.53 90.65 Td (decrease ) Tj ET Q q 0 0 0 rg BT 151.48 90.65 Td (to ) Tj ET Q q 0 0 0 rg BT 161.79 90.65 Td (zero ) Tj ET Q q 0 0 0 rg BT 181.53 90.65 Td (if ) Tj ET Q q 0 0 0 rg BT 190.17 90.65 Td (the ) Tj ET Q q 0 0 0 rg BT 204.92 90.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 246.34 90.65 Td (fails ) Tj ET Q q 0 0 0 rg BT 266.08 90.65 Td (to ) Tj ET Q q 0 0 0 rg BT 276.39 90.65 Td (meet ) Tj ET Q q 0 0 0 rg BT 298.36 90.65 Td (the ) Tj ET Q q 0 0 0 rg BT 313.11 90.65 Td (minimum ) Tj ET Q q 0 0 0 rg BT 354.53 90.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 407.59 90.65 Td (levels ) Tj ET Q q 0 0 0 rg BT 433.44 90.65 Td (for ) Tj ET Q q 0 0 0 rg BT 447.63 90.65 Td (both ) Tj ET Q q 0 0 0 rg BT 467.94 90.65 Td (of ) Tj ET Q q 0 0 0 rg BT 478.81 90.65 Td (the ) Tj ET Q q 0 0 0 rg BT 493.56 90.65 Td (above ) Tj ET Q q 0 0 0 rg BT 519.96 90.65 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 553.31 90.65 Td ( ) Tj ET Q q 0 0 0 rg BT 555.84 90.65 Td (If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.65 Td (the ) Tj ET Q q 0 0 0 rg BT 64.56 78.65 Td (Company ) Tj ET Q q 0 0 0 rg BT 106.30 78.65 Td (achieves ) Tj ET Q q 0 0 0 rg BT 143.57 78.65 Td (the ) Tj ET Q q 0 0 0 rg BT 158.63 78.65 Td (minimum ) Tj ET Q q 0 0 0 rg BT 200.37 78.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 253.74 78.65 Td (levels ) Tj ET Q q 0 0 0 rg BT 279.91 78.65 Td (for ) Tj ET Q q 0 0 0 rg BT 294.42 78.65 Td (both ) Tj ET Q q 0 0 0 rg BT 315.04 78.65 Td (of ) Tj ET Q q 0 0 0 rg BT 326.22 78.65 Td (the ) Tj ET Q q 0 0 0 rg BT 341.28 78.65 Td (above ) Tj ET Q q 0 0 0 rg BT 368.01 78.65 Td (criteria, ) Tj ET Q q 0 0 0 rg BT 401.66 78.65 Td (50% ) Tj ET Q q 0 0 0 rg BT 422.84 78.65 Td (of ) Tj ET Q q 0 0 0 rg BT 434.02 78.65 Td (the ) Tj ET Q q 0 0 0 rg BT 449.08 78.65 Td (tar) Tj ET Q q 0 0 0 rg BT 459.45 78.65 Td (get ) Tj ET Q q 0 0 0 rg BT 474.51 78.65 Td (number ) Tj ET Q q 0 0 0 rg BT 507.90 78.65 Td (of ) Tj ET Q q 0 0 0 rg BT 519.08 78.65 Td (PSU) Tj ET Q q 0 0 0 rg BT 540.20 78.65 Td (s ) Tj ET Q q 0 0 0 rg BT 546.94 78.65 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.65 Td (vest ) Tj ET Q q 0 0 0 rg BT 68.00 66.65 Td (and ) Tj ET Q q 0 0 0 rg BT 84.83 66.65 Td (be ) Tj ET Q q 0 0 0 rg BT 96.65 66.65 Td (earned. ) Tj ET Q q 0 0 0 rg BT 128.19 66.65 Td ( ) Tj ET Q q 0 0 0 rg BT 130.05 66.65 Td (Any ) Tj ET Q q 0 0 0 rg BT 149.66 66.65 Td (portion ) Tj ET Q q 0 0 0 rg BT 180.94 66.65 Td (of ) Tj ET Q q 0 0 0 rg BT 191.66 66.65 Td (PSU) Tj ET Q q 0 0 0 rg BT 212.78 66.65 Td (s ) Tj ET Q q 0 0 0 rg BT 219.06 66.65 Td (that ) Tj ET Q q 0 0 0 rg BT 236.44 66.65 Td (does ) Tj ET Q q 0 0 0 rg BT 257.16 66.65 Td (not ) Tj ET Q q 0 0 0 rg BT 272.33 66.65 Td (vest ) Tj ET Q q 0 0 0 rg BT 290.83 66.65 Td (at ) Tj ET Q q 0 0 0 rg BT 300.43 66.65 Td (the ) Tj ET Q q 0 0 0 rg BT 315.04 66.65 Td (end ) Tj ET Q q 0 0 0 rg BT 331.87 66.65 Td (of ) Tj ET Q q 0 0 0 rg BT 342.59 66.65 Td (the ) Tj ET Q q 0 0 0 rg BT 357.19 66.65 Td (Performance ) Tj ET Q q 0 0 0 rg BT 410.67 66.65 Td (Period ) Tj ET Q q 0 0 0 rg BT 439.16 66.65 Td (will ) Tj ET Q q 0 0 0 rg BT 457.11 66.65 Td (be ) Tj ET Q q 0 0 0 rg BT 468.94 66.65 Td (forfeited. ) Tj ET Q q 0 0 0 rg BT 508.25 66.65 Td ( ) Tj ET Q q 0 0 0 rg BT 510.11 66.65 Td (Additionally) Tj ET Q q 0 0 0 rg BT 560.01 66.65 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 54.65 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 54.65 Td (PSU) Tj ET Q q 0 0 0 rg BT 85.34 54.65 Td (s ) Tj ET Q q 0 0 0 rg BT 91.73 54.65 Td (have ) Tj ET Q q 0 0 0 rg BT 113.11 54.65 Td (no ) Tj ET Q q 0 0 0 rg BT 125.61 54.65 Td (dividend ) Tj ET Q q 0 0 0 rg BT 163.10 54.65 Td (or ) Tj ET Q q 0 0 0 rg BT 173.93 54.65 Td (voting ) Tj ET Q q 0 0 0 rg BT 201.99 54.65 Td (rights ) Tj ET Q q 0 0 0 rg BT 227.27 54.65 Td (during ) Tj ET Q q 0 0 0 rg BT 255.88 54.65 Td (the ) Tj ET Q q 0 0 0 rg BT 270.59 54.65 Td (Performance ) Tj ET Q q 0 0 0 rg BT 324.18 54.65 Td (Period.) Tj ET Q endstream endobj 61 0 obj <> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (29) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.56 740.10 Td (grant ) Tj ET Q q 0 0 0 rg BT 90.63 740.10 Td (date ) Tj ET Q q 0 0 0 rg BT 109.80 740.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.19 740.10 Td (value ) Tj ET Q q 0 0 0 rg BT 150.37 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.21 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.95 740.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 207.35 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.20 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.93 740.10 Td (PSU) Tj ET Q q 0 0 0 rg BT 254.06 740.10 Td (s ) Tj ET Q q 0 0 0 rg BT 260.46 740.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 291.31 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.60 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.34 740.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 369.94 740.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 412.46 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 429.41 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.15 740.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 475.54 740.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 518.06 740.10 Td (component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.48 728.10 Td ($42.23) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.98 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.40 728.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.26 728.10 Td ($37.51) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.76 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.18 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 158.27 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.91 728.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 195.33 728.10 Td (PSU) Tj ET Q q 0 0 0 rg BT 216.45 728.10 Td (s, ) Tj ET Q q 0 0 0 rg BT 225.27 728.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 272.93 728.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.85 728.10 Td ($27.62) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.35 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.78 728.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.64 728.10 Td ($32.52) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.14 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.56 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 368.65 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.29 728.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 405.71 728.10 Td (PSU) Tj ET Q q 0 0 0 rg BT 426.83 728.10 Td (s, ) Tj ET Q q 0 0 0 rg BT 435.65 728.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 483.31 728.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.23 728.10 Td ($31.93) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.73 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 518.15 728.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.02 728.10 Td ($33.57) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.40 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 77.85 716.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 100.09 716.10 Td (PSU) Tj ET Q q 0 0 0 rg BT 121.21 716.10 Td (s, ) Tj ET Q q 0 0 0 rg BT 129.84 716.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 177.50 716.10 Td (. ) Tj ET Q q 0 0 0 rg BT 182.24 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.48 716.10 Td (In ) Tj ET Q q 0 0 0 rg BT 195.05 716.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 242.25 716.10 Td (with ) Tj ET Q q 0 0 0 rg BT 261.77 716.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 283.46 716.10 Td (718, ) Tj ET Q q 0 0 0 rg BT 303.20 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 317.09 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 331.55 716.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 362.67 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.24 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.70 716.10 Td (PSU) Tj ET Q q 0 0 0 rg BT 408.82 716.10 Td (s ) Tj ET Q q 0 0 0 rg BT 414.95 716.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 445.51 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.53 716.10 Td (a ) Tj ET Q q 0 0 0 rg BT 462.20 716.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 493.32 716.10 Td (Condition, ) Tj ET Q q 0 0 0 rg BT 538.06 716.10 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.48 704.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 132.23 704.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 166.65 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 175.53 704.10 Td (derived ) Tj ET Q q 0 0 0 rg BT 207.73 704.10 Td (using ) Tj ET Q q 0 0 0 rg BT 231.61 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.04 704.10 Td (Monte ) Tj ET Q q 0 0 0 rg BT 274.36 704.10 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 298.78 704.10 Td (simulation ) Tj ET Q q 0 0 0 rg BT 343.22 704.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 398.20 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.85 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 423.73 704.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 469.80 704.10 Td (ratably ) Tj ET Q q 0 0 0 rg BT 499.78 704.10 Td (over ) Tj ET Q q 0 0 0 rg BT 519.76 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.19 704.10 Td (service ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (period ) Tj ET Q q 0 0 0 rg BT 77.44 692.10 Td (regardless ) Tj ET Q q 0 0 0 rg BT 120.38 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.11 692.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 165.71 692.10 Td (or ) Tj ET Q q 0 0 0 rg BT 176.44 692.10 Td (not ) Tj ET Q q 0 0 0 rg BT 191.61 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 206.23 692.10 Td (attainment ) Tj ET Q q 0 0 0 rg BT 250.83 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.56 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 276.17 692.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 307.45 692.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 349.85 692.10 Td (is ) Tj ET Q q 0 0 0 rg BT 358.92 692.10 Td (probable. ) Tj ET Q q 0 0 0 rg BT 398.80 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.03 692.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 445.34 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.95 692.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 501.24 692.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.50 692.10 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (than ) Tj ET Q q 0 0 0 rg BT 68.94 680.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 88.67 680.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.56 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.79 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.79 680.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 179.22 680.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 236.99 680.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 271.42 680.10 Td (during ) Tj ET Q q 0 0 0 rg BT 299.76 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.20 680.10 Td (first ) Tj ET Q q 0 0 0 rg BT 332.53 680.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 363.07 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.63 680.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 395.85 680.10 Td (related ) Tj ET Q q 0 0 0 rg BT 425.28 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 435.29 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.73 680.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 480.83 680.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 523.06 680.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 554.17 680.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.98 668.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 90.74 668.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 114.00 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.70 668.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 154.96 668.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 176.57 668.10 Td (awards. ) Tj ET Q q 0 0 0 rg BT 210.65 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.68 668.10 Td (There ) Tj ET Q q 0 0 0 rg BT 240.26 668.10 Td (was ) Tj ET Q q 0 0 0 rg BT 259.07 668.10 Td (a ) Tj ET Q q 0 0 0 rg BT 266.77 668.10 Td (total ) Tj ET Q q 0 0 0 rg BT 287.80 668.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.40 668.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 320.16 668.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.05 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 352.31 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.90 668.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 421.03 668.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 471.50 668.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 530.30 668.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 104.20 656.10 Td (Market ) Tj ET Q q 0 0 0 rg BT 135.57 656.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 178.08 656.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 209.47 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.30 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.01 656.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 260.01 656.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 282.51 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 299.45 656.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 321.95 656.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 342.80 656.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 373.62 656.10 Td (as ) Tj ET Q q 0 0 0 rg BT 384.45 656.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.28 656.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 438.88 656.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.88 656.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.46 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 79.75 634.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 110.71 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.11 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.40 634.10 Td (PSU) Tj ET Q q 0 0 0 rg BT 156.52 634.10 Td (s ) Tj ET Q q 0 0 0 rg BT 162.49 634.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 192.88 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 202.73 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 217.02 634.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 270.18 634.10 Td (Condition, ) Tj ET Q q 0 0 0 rg BT 314.76 634.10 Td (we ) Tj ET Q q 0 0 0 rg BT 328.49 634.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 369.42 634.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 418.70 634.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 476.31 634.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 510.59 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 522.66 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.17 634.10 Td (straight-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (line ) Tj ET Q q 0 0 0 rg BT 67.26 622.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 90.03 622.10 Td (over ) Tj ET Q q 0 0 0 rg BT 110.57 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.55 622.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 179.40 622.10 Td (Period ) Tj ET Q q 0 0 0 rg BT 208.28 622.10 Td (based ) Tj ET Q q 0 0 0 rg BT 233.81 622.10 Td (on ) Tj ET Q q 0 0 0 rg BT 246.58 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 261.57 622.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 299.32 622.10 Td (outcome ) Tj ET Q q 0 0 0 rg BT 336.52 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 347.62 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.60 622.10 Td (related ) Tj ET Q q 0 0 0 rg BT 392.57 622.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 446.42 622.10 Td (Condition. ) Tj ET Q q 0 0 0 rg BT 491.70 622.10 Td (Otherwise, ) Tj ET Q q 0 0 0 rg BT 538.06 622.10 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (based ) Tj ET Q q 0 0 0 rg BT 75.87 610.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 135.01 610.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 170.81 610.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 219.95 610.10 Td (is ) Tj ET Q q 0 0 0 rg BT 230.22 610.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 267.13 610.10 Td (until ) Tj ET Q q 0 0 0 rg BT 289.06 610.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 336.54 610.10 Td (is ) Tj ET Q q 0 0 0 rg BT 346.81 610.10 Td (attained ) Tj ET Q q 0 0 0 rg BT 382.06 610.10 Td (and ) Tj ET Q q 0 0 0 rg BT 400.10 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 408.13 610.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 456.16 610.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 506.97 610.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 83.55 598.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 129.28 598.10 Td (is ) Tj ET Q q 0 0 0 rg BT 137.80 598.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 174.62 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 190.90 598.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 236.61 598.10 Td (ratably ) Tj ET Q q 0 0 0 rg BT 266.22 598.10 Td (over ) Tj ET Q q 0 0 0 rg BT 285.83 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 299.90 598.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 342.28 598.10 Td (service ) Tj ET Q q 0 0 0 rg BT 372.44 598.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 402.34 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 404.05 598.10 Td (The ) Tj ET Q q 0 0 0 rg BT 421.44 598.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 462.17 598.10 Td (reassesses ) Tj ET Q q 0 0 0 rg BT 504.56 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.62 598.10 Td (probability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.06 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 586.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 122.27 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.83 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.28 586.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 200.59 586.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 242.82 586.10 Td (on ) Tj ET Q q 0 0 0 rg BT 255.05 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 261.72 586.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 300.04 586.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 324.77 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.43 586.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 390.87 586.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 448.64 586.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 483.07 586.10 Td (is ) Tj ET Q q 0 0 0 rg BT 491.97 586.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 527.52 586.10 Td (based ) Tj ET Q q 0 0 0 rg BT 552.52 586.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.68 574.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 96.52 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.81 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.99 574.10 Td (requisite ) Tj ET Q q 0 0 0 rg BT 160.38 574.10 Td (service ) Tj ET Q q 0 0 0 rg BT 191.65 574.10 Td (period ) Tj ET Q q 0 0 0 rg BT 220.16 574.10 Td (that ) Tj ET Q q 0 0 0 rg BT 238.11 574.10 Td (has ) Tj ET Q q 0 0 0 rg BT 254.40 574.10 Td (passed. ) Tj ET Q q 0 0 0 rg BT 286.52 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.83 574.10 Td (As ) Tj ET Q q 0 0 0 rg BT 302.90 574.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.19 574.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 358.25 574.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.25 574.10 Td (, ) Tj ET Q q 0 0 0 rg BT 383.71 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.88 574.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 440.73 574.10 Td (had ) Tj ET Q q 0 0 0 rg BT 458.12 574.10 Td (not ) Tj ET Q q 0 0 0 rg BT 473.86 574.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 520.68 574.10 Td (any ) Tj ET Q q 0 0 0 rg BT 538.08 574.10 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.63 562.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 132.54 562.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 167.11 562.10 Td (related ) Tj ET Q q 0 0 0 rg BT 196.68 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 206.82 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.40 562.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 274.85 562.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 317.22 562.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 348.47 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.17 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.75 562.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 396.11 562.10 Td (or ) Tj ET Q q 0 0 0 rg BT 406.81 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 421.39 562.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 443.76 562.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 464.46 562.10 Td (awards. ) Tj ET Q q 0 0 0 rg BT 497.65 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 500.01 562.10 Td (If ) Tj ET Q q 0 0 0 rg BT 509.04 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 562.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (achieves ) Tj ET Q q 0 0 0 rg BT 86.46 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.20 550.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 142.63 550.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 195.68 550.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 221.54 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 235.73 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.48 550.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 304.09 550.10 Td (Conditions ) Tj ET Q q 0 0 0 rg BT 350.52 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.83 550.10 Td (be ) Tj ET Q q 0 0 0 rg BT 372.80 550.10 Td (met ) Tj ET Q q 0 0 0 rg BT 390.33 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 404.52 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.27 550.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 441.80 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.77 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 473.52 550.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 496.05 550.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 516.93 550.10 Td (awards, ) Tj ET Q q 0 0 0 rg BT 550.28 550.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 92.63 538.10 Td (would ) Tj ET Q q 0 0 0 rg BT 121.88 538.10 Td (record ) Tj ET Q q 0 0 0 rg BT 151.66 538.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 209.77 538.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 261.22 538.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 321.01 538.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 357.46 538.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.03 538.10 Td ($1.3 ) Tj ET Q q 0 0 0 rg BT 391.78 538.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.67 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 424.92 538.10 Td (as ) Tj ET Q q 0 0 0 rg BT 437.49 538.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 450.07 538.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 495.41 538.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.41 538.10 Td (, ) Tj ET Q q 0 0 0 rg BT 522.15 538.10 Td (for ) Tj ET Q q 0 0 0 rg BT 538.06 538.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.98 526.10 Td (would ) Tj ET Q q 0 0 0 rg BT 128.57 526.10 Td (be ) Tj ET Q q 0 0 0 rg BT 140.59 526.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 193.16 526.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 239.61 526.10 Td (had ) Tj ET Q q 0 0 0 rg BT 256.64 526.10 Td (attainment ) Tj ET Q q 0 0 0 rg BT 301.43 526.10 Td (been ) Tj ET Q q 0 0 0 rg BT 322.90 526.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 360.47 526.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.27 526.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 413.96 526.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.96 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 439.04 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 441.44 526.10 Td (The ) Tj ET Q q 0 0 0 rg BT 459.58 526.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 501.05 526.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.50 526.10 Td (less ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (than ) Tj ET Q q 0 0 0 rg BT 69.76 514.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 90.30 514.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 119.20 514.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.24 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 133.61 514.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 183.86 514.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 242.45 514.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 277.70 514.10 Td (related ) Tj ET Q q 0 0 0 rg BT 307.94 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 318.77 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.03 514.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 388.15 514.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 431.20 514.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 463.13 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.51 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.77 514.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 512.81 514.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 534.20 514.10 Td (awards ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.25 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.10 502.10 Td (first ) Tj ET Q q 0 0 0 rg BT 111.85 502.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 142.80 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.77 502.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 176.41 502.10 Td (based ) Tj ET Q q 0 0 0 rg BT 201.81 502.10 Td (on ) Tj ET Q q 0 0 0 rg BT 214.45 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.31 502.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 275.83 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.80 502.10 Td (attaining ) Tj ET Q q 0 0 0 rg BT 324.42 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.28 502.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 392.44 502.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 435.35 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.80 502.10 Td (The ) Tj ET Q q 0 0 0 rg BT 455.98 502.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 497.51 502.10 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.48 502.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 533.62 502.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 490.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 116.69 490.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 166.40 490.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 224.44 490.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 259.15 490.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.31 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.03 490.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 310.53 490.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 331.37 490.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 362.19 490.10 Td (as ) Tj ET Q q 0 0 0 rg BT 373.02 490.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.85 490.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 427.45 490.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.45 490.10 Td (.) 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Tj ET Q q 0 0 0 rg BT 373.46 393.10 Td (The ) Tj ET Q q 0 0 0 rg BT 392.56 393.10 Td (Company) Tj ET Q q 0 0 0 rg BT 434.23 393.10 Td (s ) Tj ET Q q 0 0 0 rg BT 441.67 393.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 471.33 393.10 Td (are ) Tj ET Q q 0 0 0 rg BT 487.09 393.10 Td (marketed ) Tj ET Q q 0 0 0 rg BT 527.84 393.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.84 393.10 Td (sold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 381.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.16 381.10 Td (under ) Tj ET Q q 0 0 0 rg BT 114.37 381.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.03 381.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 146.48 381.10 Td (Homes ) Tj ET Q q 0 0 0 rg BT 177.25 381.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 202.47 381.10 Td (\(M/I ) Tj ET Q q 0 0 0 rg BT 223.24 381.10 Td (Homes ) Tj ET Q q 0 0 0 rg BT 254.02 381.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.90 381.10 Td (Showcase ) Tj ET Q q 0 0 0 rg BT 313.34 381.10 Td (Collection ) Tj ET Q q 0 0 0 rg BT 357.44 381.10 Td (\(exclusively ) Tj ET Q q 0 0 0 rg BT 408.76 381.10 Td (by ) Tj ET Q q 0 0 0 rg BT 421.21 381.10 Td (M/I\)\). ) Tj ET Q q 0 0 0 rg BT 447.81 381.10 Td ( ) Tj ET Q q 0 0 0 rg BT 450.26 381.10 Td (In ) Tj ET Q q 0 0 0 rg BT 461.03 381.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 498.75 381.10 Td (the ) Tj ET Q q 0 0 0 rg BT 513.41 381.10 Td (Hans ) Tj ET Q q 0 0 0 rg BT 536.41 381.10 Td (Hagen ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 369.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 74.66 369.10 Td (is ) Tj ET Q q 0 0 0 rg BT 83.71 369.10 Td (used ) Tj ET Q q 0 0 0 rg BT 104.43 369.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.60 369.10 Td (older ) Tj ET Q q 0 0 0 rg BT 137.53 369.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 191.58 369.10 Td (in ) Tj ET Q q 0 0 0 rg BT 201.75 369.10 Td (our ) Tj ET Q q 0 0 0 rg BT 217.46 369.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 283.46 369.10 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 306.13 369.10 Td (Minnesota ) Tj ET Q q 0 0 0 rg BT 350.74 369.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 383.39 369.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.77 369.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.99 369.10 Td (The ) Tj ET Q q 0 0 0 rg BT 405.92 369.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 447.20 369.10 Td (has ) Tj ET Q q 0 0 0 rg BT 462.92 369.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 520.86 369.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 357.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.61 357.10 Td (Columbus ) Tj ET Q q 0 0 0 rg BT 103.05 357.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.82 357.10 Td (Cincinnati, ) Tj ET Q q 0 0 0 rg BT 166.31 357.10 Td (Ohio; ) Tj ET Q q 0 0 0 rg BT 191.42 357.10 Td (Indianapolis, ) Tj ET Q q 0 0 0 rg BT 245.68 357.10 Td (Indiana; ) Tj ET Q q 0 0 0 rg BT 280.77 357.10 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 318.93 357.10 Td (Illinois; ) Tj ET Q q 0 0 0 rg BT 352.37 357.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 418.31 357.10 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 440.92 357.10 Td (Minnesota; ) Tj ET Q q 0 0 0 rg BT 488.25 357.10 Td (Detroit, ) Tj ET Q q 0 0 0 rg BT 521.40 357.10 Td (Michigan; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 345.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 345.10 Td (ampa, ) Tj ET Q q 0 0 0 rg BT 81.82 345.10 Td (Sarasota ) Tj ET Q q 0 0 0 rg BT 118.46 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.66 345.10 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 173.68 345.10 Td (Florida; ) Tj ET Q q 0 0 0 rg BT 207.50 345.10 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 239.43 345.10 Td (Dallas/Fort ) Tj ET Q q 0 0 0 rg BT 286.98 345.10 Td (W) Tj ET Q q 0 0 0 rg BT 295.62 345.10 Td (orth, ) Tj ET Q q 0 0 0 rg BT 316.99 345.10 Td (Houston ) Tj ET Q q 0 0 0 rg BT 353.64 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.84 345.10 Td (San ) Tj ET Q q 0 0 0 rg BT 387.99 345.10 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 425.82 345.10 Td (T) Tj ET Q q 0 0 0 rg BT 431.23 345.10 Td (exas; ) Tj ET Q q 0 0 0 rg BT 454.54 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.74 345.10 Td (Charlotte ) Tj ET Q q 0 0 0 rg BT 511.71 345.10 Td (and ) Tj ET Q q 0 0 0 rg BT 528.90 345.10 Td (Raleigh, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 333.10 Td (North ) Tj ET Q q 0 0 0 rg BT 75.33 333.10 Td (Carolina.) 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Td (year ) Tj ET Q q 0 0 0 rg BT 84.66 574.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.41 574.25 Td (December ) Tj ET Q q 0 0 0 rg BT 155.37 574.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 170.74 574.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 190.74 574.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.61 574.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 212.02 574.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.46 574.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.46 574.25 Td ( ) Tj ET Q q 0 0 0 rg BT 239.33 574.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 263.87 574.25 Td (10-K\) ) Tj ET Q q 0 0 0 rg BT 295.06 574.25 Td (and ) Tj ET Q q 0 0 0 rg BT 312.37 574.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 338.00 574.25 Td (1A. ) Tj ET Q q 0 0 0 rg BT 355.60 574.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 376.81 574.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 413.55 574.25 Td (in ) Tj ET Q q 0 0 0 rg BT 424.20 574.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 443.18 574.25 Td (II ) Tj ET Q q 0 0 0 rg BT 452.71 574.25 Td (of ) Tj ET Q q 0 0 0 rg BT 463.91 574.25 Td (this ) Tj ET Q q 0 0 0 rg BT 481.23 574.25 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 522.41 574.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 552.50 574.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 73.89 562.25 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 97.16 562.25 Td (for ) Tj ET Q q 0 0 0 rg BT 111.54 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 126.48 562.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 157.51 562.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 184.11 562.25 Td (March ) Tj ET Q q 0 0 0 rg BT 212.93 562.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 228.15 562.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 253.37 562.25 Td (as ) Tj ET Q q 0 0 0 rg BT 264.42 562.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.35 562.25 Td (same ) Tj ET Q q 0 0 0 rg BT 302.62 562.25 Td (may ) Tj ET Q q 0 0 0 rg BT 322.56 562.25 Td (be ) Tj ET Q q 0 0 0 rg BT 334.71 562.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 369.09 562.25 Td (from ) Tj ET Q q 0 0 0 rg BT 391.25 562.25 Td (time ) Tj ET Q q 0 0 0 rg BT 411.74 562.25 Td (to ) Tj ET Q q 0 0 0 rg BT 422.24 562.25 Td (time ) Tj ET Q q 0 0 0 rg BT 442.73 562.25 Td (in ) Tj ET Q q 0 0 0 rg BT 453.23 562.25 Td (our ) Tj ET Q q 0 0 0 rg BT 469.28 562.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 516.44 562.25 Td (filings ) Tj ET Q q 0 0 0 rg BT 544.71 562.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 550.25 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 87.56 550.25 Td (for ) Tj ET Q q 0 0 0 rg BT 101.72 550.25 Td (more ) Tj ET Q q 0 0 0 rg BT 124.76 550.25 Td (information ) Tj ET Q q 0 0 0 rg BT 174.48 550.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 215.29 550.25 Td (those ) Tj ET Q q 0 0 0 rg BT 238.90 550.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 256.40 550.25 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 68.69 528.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 136.20 528.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 176.49 528.25 Td (speaks ) Tj ET Q q 0 0 0 rg BT 205.12 528.25 Td (only ) Tj ET Q q 0 0 0 rg BT 224.86 528.25 Td (as ) Tj ET Q q 0 0 0 rg BT 235.16 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 245.46 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 259.65 528.25 Td (date ) Tj ET Q q 0 0 0 rg BT 278.27 528.25 Td (made. ) Tj ET Q q 0 0 0 rg BT 304.40 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 306.37 528.25 Td (Except ) Tj ET Q q 0 0 0 rg BT 336.10 528.25 Td (as ) Tj ET Q q 0 0 0 rg BT 346.40 528.25 Td (required ) Tj ET Q q 0 0 0 rg BT 381.68 528.25 Td (by ) Tj ET Q q 0 0 0 rg BT 393.65 528.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 436.71 528.25 Td (law) Tj ET Q q 0 0 0 rg BT 450.50 528.25 Td (, ) Tj ET Q q 0 0 0 rg BT 454.97 528.25 Td (we ) Tj ET Q q 0 0 0 rg BT 468.60 528.25 Td (undertake ) Tj ET Q q 0 0 0 rg BT 509.99 528.25 Td (no ) Tj ET Q q 0 0 0 rg BT 521.96 528.25 Td (obligation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.57 516.25 Td (publicly ) Tj ET Q q 0 0 0 rg BT 94.64 516.25 Td (update ) Tj ET Q q 0 0 0 rg BT 123.60 516.25 Td (any ) Tj ET Q q 0 0 0 rg BT 140.33 516.25 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 208.16 516.25 Td (statements, ) Tj ET Q q 0 0 0 rg BT 255.17 516.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 289.68 516.25 Td (as ) Tj ET Q q 0 0 0 rg BT 300.30 516.25 Td (a ) Tj ET Q q 0 0 0 rg BT 307.04 516.25 Td (result ) Tj ET Q q 0 0 0 rg BT 331.55 516.25 Td (of ) Tj ET Q q 0 0 0 rg BT 342.18 516.25 Td (new ) Tj ET Q q 0 0 0 rg BT 361.13 516.25 Td (information, ) Tj ET Q q 0 0 0 rg BT 413.14 516.25 Td (future ) Tj ET Q q 0 0 0 rg BT 439.32 516.25 Td (events ) Tj ET Q q 0 0 0 rg BT 467.16 516.25 Td (or ) Tj ET Q q 0 0 0 rg BT 477.79 516.25 Td (otherwise. ) Tj ET Q q 0 0 0 rg BT 521.46 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 523.75 516.25 Td (However) Tj ET Q q 0 0 0 rg BT 560.00 516.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.25 Td (any ) Tj ET Q q 0 0 0 rg BT 65.72 504.25 Td (further ) Tj ET Q q 0 0 0 rg BT 94.71 504.25 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 140.93 504.25 Td (made ) Tj ET Q q 0 0 0 rg BT 164.36 504.25 Td (on ) Tj ET Q q 0 0 0 rg BT 176.15 504.25 Td (related ) Tj ET Q q 0 0 0 rg BT 205.13 504.25 Td (subjects ) Tj ET Q q 0 0 0 rg BT 239.13 504.25 Td (in ) Tj ET Q q 0 0 0 rg BT 248.69 504.25 Td (our ) Tj ET Q q 0 0 0 rg BT 263.80 504.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 310.02 504.25 Td (reports ) Tj ET Q q 0 0 0 rg BT 339.57 504.25 Td (on ) Tj ET Q q 0 0 0 rg BT 351.35 504.25 Td (Forms ) Tj ET Q q 0 0 0 rg BT 378.69 504.25 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 403.52 504.25 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 425.86 504.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.08 504.25 Td (8-K ) Tj ET Q q 0 0 0 rg BT 459.41 504.25 Td (should ) Tj ET Q q 0 0 0 rg BT 487.86 504.25 Td (be ) Tj ET Q q 0 0 0 rg BT 499.08 504.25 Td (consulted.) Tj ET Q q 0 0 0 rg BT 544.73 504.25 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 94.86 492.25 Td (is ) Tj ET Q q 0 0 0 rg BT 105.22 492.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 144.46 492.25 Td (as ) Tj ET Q q 0 0 0 rg BT 156.48 492.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 198.49 492.25 Td (by ) Tj ET Q q 0 0 0 rg BT 212.18 492.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.09 492.25 Td (Private ) Tj ET Q q 0 0 0 rg BT 260.10 492.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 303.23 492.25 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 346.36 492.25 Td (Reform ) Tj ET Q q 0 0 0 rg BT 379.78 492.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 397.91 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 409.93 492.25 Td (1995, ) Tj ET Q q 0 0 0 rg BT 436.12 492.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.25 492.25 Td (all ) Tj ET Q q 0 0 0 rg BT 467.93 492.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.95 492.25 Td (our ) Tj ET Q q 0 0 0 rg BT 496.97 492.25 Td (forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 480.25 Td (are ) Tj ET Q q 0 0 0 rg BT 108.92 480.25 Td (expressly ) Tj ET Q q 0 0 0 rg BT 149.19 480.25 Td (qualified ) Tj ET Q q 0 0 0 rg BT 187.23 480.25 Td (in ) Tj ET Q q 0 0 0 rg BT 197.51 480.25 Td (their ) Tj ET Q q 0 0 0 rg BT 218.33 480.25 Td (entirety ) Tj ET Q q 0 0 0 rg BT 251.38 480.25 Td (by ) Tj ET Q q 0 0 0 rg BT 263.88 480.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.59 480.25 Td (cautionary ) Tj ET Q q 0 0 0 rg BT 323.29 480.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 368.01 480.25 Td (contained ) Tj ET Q q 0 0 0 rg BT 409.38 480.25 Td (or ) Tj ET Q q 0 0 0 rg BT 420.21 480.25 Td (referenced ) Tj ET Q q 0 0 0 rg BT 464.89 480.25 Td (in ) Tj ET Q q 0 0 0 rg BT 475.17 480.25 Td (this ) Tj ET Q q 0 0 0 rg BT 492.12 480.25 Td (section.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 456.68505859375 m 392.1513671875 456.68505859375 l s q 0 0 0 rg BT 49.50 458.25 Td (APPLICA) Tj ET Q q 0 0 0 rg BT 93.20 458.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 121.26 458.25 Td (OF) Tj ET Q q 0 0 0 rg BT 134.78 458.25 Td ( ) Tj ET Q q 0 0 0 rg BT 137.28 458.25 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 186.74 458.25 Td ( ) Tj ET Q q 0 0 0 rg BT 188.68 458.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 260.63 458.25 Td (ESTIMA) Tj ET Q q 0 0 0 rg BT 299.34 458.25 Td (TES ) Tj ET Q q 0 0 0 rg BT 320.19 458.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 344.36 458.25 Td (POLICIES) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.66 436.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 113.81 436.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.75 436.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.34 436.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 204.17 436.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.56 436.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 259.61 436.25 Td (with ) Tj ET Q q 0 0 0 rg BT 279.00 436.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 324.49 436.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 365.54 436.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 404.35 436.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 440.94 436.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.33 436.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.16 436.25 Td (United ) Tj ET Q q 0 0 0 rg BT 492.99 436.25 Td (States ) Tj ET Q q 0 0 0 rg BT 518.49 436.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.08 436.25 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (\(GAAP\) ) Tj ET Q q 0 0 0 rg BT 94.71 424.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 129.37 424.25 Td (management ) Tj ET Q q 0 0 0 rg BT 182.91 424.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.14 424.25 Td (make ) Tj ET Q q 0 0 0 rg BT 217.25 424.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 256.91 424.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.80 424.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 325.70 424.25 Td (that ) Tj ET Q q 0 0 0 rg BT 343.15 424.25 Td (af) Tj ET Q q 0 0 0 rg BT 350.74 424.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 368.17 424.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.84 424.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 418.61 424.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 454.94 424.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.73 424.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 491.51 424.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.40 424.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 548.06 424.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.25 412.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 107.33 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.20 412.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 162.94 412.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 188.81 412.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.78 412.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 245.53 412.25 Td (at ) Tj ET Q q 0 0 0 rg BT 255.28 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.03 412.25 Td (date ) Tj ET Q q 0 0 0 rg BT 289.22 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.09 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.84 412.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 367.91 412.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.43 412.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 450.17 412.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.15 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.90 412.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 517.75 412.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 554.17 412.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.37 400.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.04 400.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 138.37 400.25 Td (during ) Tj ET Q q 0 0 0 rg BT 166.71 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.15 400.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 220.04 400.25 Td (period.Management ) Tj ET Q q 0 0 0 rg BT 307.52 400.25 Td (bases ) Tj ET Q q 0 0 0 rg BT 331.40 400.25 Td (its ) Tj ET Q q 0 0 0 rg BT 343.08 400.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 382.52 400.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.19 400.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 450.87 400.25 Td (on ) Tj ET Q q 0 0 0 rg BT 463.10 400.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 502.54 400.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 548.07 400.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (various ) Tj ET Q q 0 0 0 rg BT 82.57 388.25 Td (other ) Tj ET Q q 0 0 0 rg BT 106.75 388.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 137.59 388.25 Td (that ) Tj ET Q q 0 0 0 rg BT 156.21 388.25 Td (it ) Tj ET Q q 0 0 0 rg BT 165.40 388.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 201.80 388.25 Td (are ) Tj ET Q q 0 0 0 rg BT 217.64 388.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 264.02 388.25 Td (under ) Tj ET Q q 0 0 0 rg BT 290.42 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.27 388.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 369.04 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 384.89 388.25 Td (results ) Tj ET Q q 0 0 0 rg BT 414.63 388.25 Td (of ) Tj ET Q q 0 0 0 rg BT 426.60 388.25 Td (which ) Tj ET Q q 0 0 0 rg BT 454.67 388.25 Td (form ) Tj ET Q q 0 0 0 rg BT 477.74 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 493.58 388.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 517.22 388.25 Td (for ) Tj ET Q q 0 0 0 rg BT 532.51 388.25 Td (making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 93.38 376.25 Td (about ) Tj ET Q q 0 0 0 rg BT 117.81 376.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.24 376.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 167.77 376.25 Td (value ) Tj ET Q q 0 0 0 rg BT 191.64 376.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.18 376.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 227.72 376.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.38 376.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 283.81 376.25 Td (that ) Tj ET Q q 0 0 0 rg BT 301.01 376.25 Td (are ) Tj ET Q q 0 0 0 rg BT 315.43 376.25 Td (not ) Tj ET Q q 0 0 0 rg BT 330.43 376.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 360.40 376.25 Td (apparent ) Tj ET Q q 0 0 0 rg BT 397.04 376.25 Td (from ) Tj ET Q q 0 0 0 rg BT 418.69 376.25 Td (other ) Tj ET Q q 0 0 0 rg BT 441.45 376.25 Td (sources.On ) Tj ET Q q 0 0 0 rg BT 493.38 376.25 Td (an ) Tj ET Q q 0 0 0 rg BT 505.03 376.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 540.02 376.25 Td (basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.15 364.25 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 142.92 364.25 Td (such ) Tj ET Q q 0 0 0 rg BT 163.82 364.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 203.60 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.60 364.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 272.62 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.62 364.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 317.73 364.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 368.07 364.25 Td (as ) Tj ET Q q 0 0 0 rg BT 378.97 364.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 412.63 364.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 450.85 364.25 Td (.) Tj ET Q q 0 0 0 rg BT 457.79 364.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 487.01 364.25 Td (results ) Tj ET Q q 0 0 0 rg BT 515.69 364.25 Td (could ) Tj ET Q q 0 0 0 rg BT 540.47 364.25 Td (dif) Tj ET Q q 0 0 0 rg BT 551.40 364.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.20 352.25 Td (these ) Tj ET Q q 0 0 0 rg BT 94.01 352.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 133.49 352.25 Td (using ) Tj ET Q q 0 0 0 rg BT 157.43 352.25 Td (dif) Tj ET Q q 0 0 0 rg BT 168.35 352.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 193.93 352.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 233.41 352.25 Td (and ) Tj ET Q q 0 0 0 rg BT 250.11 352.25 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 304.33 352.25 Td (or ) Tj ET Q q 0 0 0 rg BT 314.92 352.25 Td (if ) Tj ET Q q 0 0 0 rg BT 323.29 352.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 367.22 352.25 Td (are ) Tj ET Q q 0 0 0 rg BT 381.70 352.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 433.95 352.25 Td (dif) Tj ET Q q 0 0 0 rg BT 444.88 352.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 470.46 352.25 Td (in ) Tj ET Q q 0 0 0 rg BT 480.50 352.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.98 352.25 Td (future.See ) Tj ET Q q 0 0 0 rg BT 543.06 352.25 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 57.70 340.25 Td (\(Summary ) Tj ET Q q 0 0 0 rg BT 103.11 340.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.64 340.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 161.02 340.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 210.87 340.25 Td (Policies\) ) Tj ET Q q 0 0 0 rg BT 249.06 340.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.04 340.25 Td (our ) Tj ET Q q 0 0 0 rg BT 276.57 340.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 330.31 340.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.49 340.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 413.90 340.25 Td (included ) Tj ET Q q 0 0 0 rg BT 451.53 340.25 Td (in ) Tj ET Q q 0 0 0 rg BT 462.50 340.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.03 340.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.03 340.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.23 340.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 527.10 340.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 550.85 340.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 91.99 328.25 Td (information ) Tj ET Q q 0 0 0 rg BT 141.70 328.25 Td (about ) Tj ET Q q 0 0 0 rg BT 166.42 328.25 Td (our ) Tj ET Q q 0 0 0 rg BT 182.25 328.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 228.62 328.25 Td (policies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 306.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.62 306.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 95.54 306.25 Td (that ) Tj ET Q q 0 0 0 rg BT 112.59 306.25 Td (there ) Tj ET Q q 0 0 0 rg BT 134.62 306.25 Td (have ) Tj ET Q q 0 0 0 rg BT 155.54 306.25 Td (been ) Tj ET Q q 0 0 0 rg BT 176.47 306.25 Td (no ) Tj ET Q q 0 0 0 rg BT 188.51 306.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 232.77 306.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 267.03 306.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.85 306.25 Td (our ) Tj ET Q q 0 0 0 rg BT 292.23 306.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 322.04 306.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 367.96 306.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 401.11 306.25 Td (during ) Tj ET Q q 0 0 0 rg BT 429.26 306.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.53 306.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 473.89 306.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 499.81 306.25 Td (March ) Tj ET Q q 0 0 0 rg BT 527.96 306.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 542.51 306.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.25 Td (as ) Tj ET Q q 0 0 0 rg BT 59.21 294.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 100.01 294.25 Td (to ) Tj ET Q q 0 0 0 rg BT 109.16 294.25 Td (those ) Tj ET Q q 0 0 0 rg BT 131.64 294.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 170.24 294.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.39 294.25 Td (Management) Tj ET Q q 0 0 0 rg BT 234.37 294.25 Td (s ) Tj ET Q q 0 0 0 rg BT 239.64 294.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 284.91 294.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.42 294.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 336.79 294.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.50 294.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 385.09 294.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 426.47 294.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.28 294.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 473.11 294.25 Td (of ) Tj ET Q q 0 0 0 rg BT 482.81 294.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 528.07 294.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.48 282.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.02 282.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.02 282.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.22 282.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 125.10 282.25 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 151.35 282.25 Td (other ) Tj ET Q q 0 0 0 rg BT 175.10 282.25 Td (than ) Tj ET Q q 0 0 0 rg BT 195.53 282.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.95 282.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 246.36 282.25 Td (described ) Tj ET Q q 0 0 0 rg BT 287.88 282.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 298.86181640625 280.9169921875 m 326.5048828125 280.9169921875 l s q 0 0 1 rg BT 298.86 282.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 321.50 282.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 326.50 282.25 Td ( ) Tj ET Q q 0 0 0 rg BT 329.71 282.25 Td (\(Basis ) Tj ET Q q 0 0 0 rg BT 357.91 282.25 Td (of ) Tj ET Q q 0 0 0 rg BT 369.45 282.25 Td (Presentation\) ) Tj ET Q q 0 0 0 rg BT 425.42 282.25 Td (to ) Tj ET Q q 0 0 0 rg BT 436.40 282.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.93 282.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 491.12 282.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 536.54 282.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.07 282.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.25 Td (Quarterly ) Tj ET Q q 0 0 0 rg BT 90.32 270.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 120.03 270.25 Td (on ) Tj ET Q q 0 0 0 rg BT 132.53 270.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 156.70 270.25 Td (10-Q.) Tj ET Q endstream endobj 65 0 obj <>] /Rotate 0 /Contents 66 0 R>> endobj 66 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (31) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 738.68505859375 m 178.0546875 738.68505859375 l s q 0 0 0 rg BT 49.50 740.25 Td (RESUL) Tj ET Q q 0 0 0 rg BT 81.93 740.25 Td (TS OF) Tj ET Q q 0 0 0 rg BT 110.17 740.25 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 146.93 740.25 Td (TIONS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (During ) Tj ET Q q 0 0 0 rg BT 79.63 718.25 Td (2019, ) Tj ET Q q 0 0 0 rg BT 103.93 718.25 Td (we ) Tj ET Q q 0 0 0 rg BT 117.39 718.25 Td (decided ) Tj ET Q q 0 0 0 rg BT 150.28 718.25 Td (to ) Tj ET Q q 0 0 0 rg BT 159.85 718.25 Td (wind ) Tj ET Q q 0 0 0 rg BT 181.65 718.25 Td (down ) Tj ET Q q 0 0 0 rg BT 205.67 718.25 Td (our ) Tj ET Q q 0 0 0 rg BT 220.67 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 229.31 718.25 Td (ashington ) Tj ET Q q 0 0 0 rg BT 269.99 718.25 Td (D.C. ) Tj ET Q q 0 0 0 rg BT 290.68 718.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 336.64 718.25 Td (which ) Tj ET Q q 0 0 0 rg BT 362.87 718.25 Td (was ) Tj ET Q q 0 0 0 rg BT 380.22 718.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 432.57 718.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 471.02 718.25 Td (by ) Tj ET Q q 0 0 0 rg BT 482.82 718.25 Td (December ) Tj ET Q q 0 0 0 rg BT 525.70 718.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.00 718.25 Td (2019. ) Tj ET Q q 0 0 0 rg BT 565.00 718.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.53 706.25 Td (a ) Tj ET Q q 0 0 0 rg BT 70.88 706.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 98.52 706.25 Td (during ) Tj ET Q q 0 0 0 rg BT 127.54 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.68 706.25 Td (second ) Tj ET Q q 0 0 0 rg BT 173.36 706.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 204.59 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.84 706.25 Td (2019, ) Tj ET Q q 0 0 0 rg BT 241.26 706.25 Td (we ) Tj ET Q q 0 0 0 rg BT 255.83 706.25 Td (re-evaluated ) Tj ET Q q 0 0 0 rg BT 308.16 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 324.41 706.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 367.85 706.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 407.99 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.34 706.25 Td (elected ) Tj ET Q q 0 0 0 rg BT 456.57 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 467.26 706.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 509.04 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 525.29 706.25 Td (Charlotte ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.49 694.25 Td (Raleigh, ) Tj ET Q q 0 0 0 rg BT 102.65 694.25 Td (North ) Tj ET Q q 0 0 0 rg BT 128.53 694.25 Td (Carolina ) Tj ET Q q 0 0 0 rg BT 165.52 694.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 205.84 694.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 245.61 694.25 Td (into ) Tj ET Q q 0 0 0 rg BT 263.72 694.25 Td (our ) Tj ET Q q 0 0 0 rg BT 279.60 694.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 313.82 694.25 Td (Southern ) Tj ET Q q 0 0 0 rg BT 352.48 694.25 Td (region ) Tj ET Q q 0 0 0 rg BT 380.58 694.25 Td (based ) Tj ET Q q 0 0 0 rg BT 405.91 694.25 Td (on ) Tj ET Q q 0 0 0 rg BT 418.46 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 433.23 694.25 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 482.99 694.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 513.85 694.25 Td (described ) Tj ET Q q 0 0 0 rg BT 554.72 694.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 680.9169921875 m 81.57763671875 680.9169921875 l s q 0 0 1 rg BT 49.50 682.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 71.95 682.25 Td (1) Tj ET Q q 0 0 1 rg BT 76.58 682.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.58 682.25 Td (. ) Tj ET Q q 0 0 0 rg BT 87.09 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 89.43 682.25 Td (As ) Tj ET Q q 0 0 0 rg BT 103.56 682.25 Td (a ) Tj ET Q q 0 0 0 rg BT 111.01 682.25 Td (result ) Tj ET Q q 0 0 0 rg BT 136.23 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 147.57 682.25 Td (this ) Tj ET Q q 0 0 0 rg BT 165.03 682.25 Td (re-evaluation, ) Tj ET Q q 0 0 0 rg BT 223.29 682.25 Td (we ) Tj ET Q q 0 0 0 rg BT 237.96 682.25 Td (have ) Tj ET Q q 0 0 0 rg BT 259.85 682.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 307.84 682.25 Td (our ) Tj ET Q q 0 0 0 rg BT 324.18 682.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 367.72 682.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 407.95 682.25 Td (are: ) Tj ET Q q 0 0 0 rg BT 425.94 682.25 Td (Northern ) Tj ET Q q 0 0 0 rg BT 465.05 682.25 Td (homebuilding; ) Tj ET Q q 0 0 0 rg BT 526.39 682.25 Td (Southern ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (homebuilding; ) Tj ET Q q 0 0 0 rg BT 110.92 670.25 Td (and ) Tj ET Q q 0 0 0 rg BT 128.44 670.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 166.50 670.25 Td (services ) Tj ET Q q 0 0 0 rg BT 201.80 670.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 248.35 670.25 Td (All ) Tj ET Q q 0 0 0 rg BT 264.22 670.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 286.74 670.25 Td (year ) Tj ET Q q 0 0 0 rg BT 307.03 670.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 343.44 670.25 Td (information ) Tj ET Q q 0 0 0 rg BT 393.74 670.25 Td (has ) Tj ET Q q 0 0 0 rg BT 410.16 670.25 Td (been ) Tj ET Q q 0 0 0 rg BT 432.12 670.25 Td (recast ) Tj ET Q q 0 0 0 rg BT 458.52 670.25 Td (to ) Tj ET Q q 0 0 0 rg BT 469.38 670.25 Td (conform ) Tj ET Q q 0 0 0 rg BT 506.34 670.25 Td (with ) Tj ET Q q 0 0 0 rg BT 527.21 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 542.51 670.25 Td (2019 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (presentation. ) Tj ET Q q 0 0 0 rg BT 104.25 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 107.38 658.25 Td (The ) Tj ET Q q 0 0 0 rg BT 126.30 658.25 Td (change ) Tj ET Q q 0 0 0 rg BT 157.99 658.25 Td (in ) Tj ET Q q 0 0 0 rg BT 169.14 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.73 658.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 228.64 658.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 269.23 658.25 Td (has ) Tj ET Q q 0 0 0 rg BT 285.93 658.25 Td (no ) Tj ET Q q 0 0 0 rg BT 299.31 658.25 Td (ef) Tj ET Q q 0 0 0 rg BT 306.89 658.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 325.25 658.25 Td (on ) Tj ET Q q 0 0 0 rg BT 338.63 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.22 658.25 Td (Company's ) Tj ET Q q 0 0 0 rg BT 402.17 658.25 Td (condensed ) Tj ET Q q 0 0 0 rg BT 447.75 658.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 501.67 658.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 535.57 658.25 Td (sheets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.32 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 101.15 646.25 Td (income ) Tj ET Q q 0 0 0 rg BT 133.08 646.25 Td (or ) Tj ET Q q 0 0 0 rg BT 143.91 646.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 184.73 646.25 Td (of ) Tj ET Q q 0 0 0 rg BT 195.56 646.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 215.83 646.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 240.55 646.25 Td (for ) Tj ET Q q 0 0 0 rg BT 254.71 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 269.43 646.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 301.37 646.25 Td (presented.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 624.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 125.60 624.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 165.86 624.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 205.58 624.25 Td (that ) Tj ET Q q 0 0 0 rg BT 223.07 624.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 262.23 624.25 Td (each ) Tj ET Q q 0 0 0 rg BT 283.04 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.88 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 309.71 624.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 352.74 624.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 392.45 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 407.16 624.25 Td (as ) Tj ET Q q 0 0 0 rg BT 417.99 624.25 Td (follows:) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 161 602.9833984375 m 197.0986328125 602.9833984375 l s q 0 0 0 rg BT 161.00 604.32 Td (Northern) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 309 602.9833984375 m 345.1083984375 602.9833984375 l s q 0 0 0 rg BT 309.00 604.32 Td (Southern) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 590.37 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 199.33 590.37 Td (Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 590.37 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 346.77 590.37 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 578.37 Td (Cincinnati, ) Tj ET Q q 0 0 0 rg BT 207.66 578.37 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 578.37 Td (Sarasota, ) Tj ET Q q 0 0 0 rg BT 347.88 578.37 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 566.37 Td (Columbus, ) Tj ET Q q 0 0 0 rg BT 207.12 566.37 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 566.37 Td (T) Tj ET Q q 0 0 0 rg BT 314.76 566.37 Td (ampa, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 554.37 Td (Indianapolis, ) Tj ET Q q 0 0 0 rg BT 215.43 554.37 Td (Indiana) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 554.37 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 340.58 554.37 Td (T) Tj ET Q q 0 0 0 rg BT 346.25 554.37 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 542.37 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 227.11 542.37 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 249.89 542.37 Td (Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 542.37 Td (Dallas/Fort ) Tj ET Q q 0 0 0 rg BT 356.40 542.37 Td (W) Tj ET Q q 0 0 0 rg BT 365.35 542.37 Td (orth, ) Tj ET Q q 0 0 0 rg BT 385.97 542.37 Td (T) Tj ET Q q 0 0 0 rg BT 391.64 542.37 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.00 530.37 Td (Detroit, ) Tj ET Q q 0 0 0 rg BT 194.33 530.37 Td (Michigan) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 530.37 Td (Houston, ) Tj ET Q q 0 0 0 rg BT 347.80 530.37 Td (T) Tj ET Q q 0 0 0 rg BT 353.47 530.37 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 518.37 Td (San ) Tj ET Q q 0 0 0 rg BT 326.22 518.37 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 363.64 518.37 Td (T) Tj ET Q q 0 0 0 rg BT 369.31 518.37 Td (exas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 506.37 Td (Charlotte, North Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.00 494.37 Td (Raleigh, North Carolina) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 468.68505859375 m 90.59375 468.68505859375 l s q 0 0 0 rg BT 49.50 470.25 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.59 470.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 448.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.07 448.25 Td (achieved ) Tj ET Q q 0 0 0 rg BT 103.09 448.25 Td (first ) Tj ET Q q 0 0 0 rg BT 121.69 448.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 152.50 448.25 Td (record ) Tj ET Q q 0 0 0 rg BT 180.53 448.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 206.35 448.25 Td (of ) Tj ET Q q 0 0 0 rg BT 217.17 448.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 245.77 448.25 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 287.97 448.25 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 324.61 448.25 Td (income ) Tj ET Q q 0 0 0 rg BT 356.53 448.25 Td (before ) Tj ET Q q 0 0 0 rg BT 384.56 448.25 Td (income ) Tj ET Q q 0 0 0 rg BT 416.49 448.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 439.53 448.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.46 448.25 Td (net ) Tj ET Q q 0 0 0 rg BT 471.17 448.25 Td (income ) Tj ET Q q 0 0 0 rg BT 503.10 448.25 Td (during ) Tj ET Q q 0 0 0 rg BT 531.70 448.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.41 448.25 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.51 436.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.53 436.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.53 436.25 Td (. ) Tj ET Q q 0 0 0 rg BT 116.53 436.25 Td (W) Tj ET Q q 0 0 0 rg BT 125.16 436.25 Td (e ) Tj ET Q q 0 0 0 rg BT 132.29 436.25 Td (also ) Tj ET Q q 0 0 0 rg BT 151.09 436.25 Td (achieved ) Tj ET Q q 0 0 0 rg BT 189.32 436.25 Td (all-time ) Tj ET Q q 0 0 0 rg BT 223.11 436.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 261.90 436.25 Td (records ) Tj ET Q q 0 0 0 rg BT 294.02 436.25 Td (in ) Tj ET Q q 0 0 0 rg BT 304.49 436.25 Td (new ) Tj ET Q q 0 0 0 rg BT 323.84 436.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 362.62 436.25 Td (and ) Tj ET Q q 0 0 0 rg BT 379.75 436.25 Td (backlog ) Tj ET Q q 0 0 0 rg BT 414.10 436.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 436.23 436.25 Td (value ) Tj ET Q q 0 0 0 rg BT 460.58 436.25 Td (\(with ) Tj ET Q q 0 0 0 rg BT 484.38 436.25 Td (backlog ) Tj ET Q q 0 0 0 rg BT 518.73 436.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 540.86 436.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.25 Td (reaching ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.02 424.25 Td ($1.3billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.13 424.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 142.05 424.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.14 424.25 Td (In ) Tj ET Q q 0 0 0 rg BT 156.57 424.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 194.93 424.25 Td (our ) Tj ET Q q 0 0 0 rg BT 211.35 424.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 249.43 424.25 Td (services ) Tj ET Q q 0 0 0 rg BT 284.73 424.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 329.47 424.25 Td (originated ) Tj ET Q q 0 0 0 rg BT 373.11 424.25 Td (a ) Tj ET Q q 0 0 0 rg BT 380.64 424.25 Td (record ) Tj ET Q q 0 0 0 rg BT 409.27 424.25 Td (number ) Tj ET Q q 0 0 0 rg BT 442.91 424.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.33 424.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 481.03 424.25 Td (while ) Tj ET Q q 0 0 0 rg BT 506.34 424.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 547.20 424.25 Td (in ) Tj ET Q q 0 0 0 rg BT 558.07 424.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 74.77 412.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 115.03 412.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 146.97 412.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 164.45 412.25 Td (environment ) Tj ET Q q 0 0 0 rg BT 217.49 412.25 Td (during ) Tj ET Q q 0 0 0 rg BT 246.10 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.82 412.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 288.58 412.25 Td (. ) Tj ET Q q 0 0 0 rg BT 293.58 412.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 66.47 390.25 Td (first ) Tj ET Q q 0 0 0 rg BT 83.99 390.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 113.72 390.25 Td (record-setting ) Tj ET Q q 0 0 0 rg BT 170.67 390.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 200.69 390.25 Td (however) Tj ET Q q 0 0 0 rg BT 234.72 390.25 Td (, ) Tj ET Q q 0 0 0 rg BT 238.63 390.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.05 390.25 Td (were ) Tj ET Q q 0 0 0 rg BT 260.89 390.25 Td (hindered ) Tj ET Q q 0 0 0 rg BT 297.29 390.25 Td (during ) Tj ET Q q 0 0 0 rg BT 324.82 390.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.45 390.25 Td (latter ) Tj ET Q q 0 0 0 rg BT 360.41 390.25 Td (half ) Tj ET Q q 0 0 0 rg BT 377.37 390.25 Td (of ) Tj ET Q q 0 0 0 rg BT 387.11 390.25 Td (March ) Tj ET Q q 0 0 0 rg BT 414.63 390.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 436.04 390.25 Td (due ) Tj ET Q q 0 0 0 rg BT 451.90 390.25 Td (to ) Tj ET Q q 0 0 0 rg BT 461.09 390.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.72 390.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 521.13 390.25 Td (pandemic. ) Tj ET Q q 0 0 0 rg BT 565.00 390.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.73 378.25 Td (business ) Tj ET Q q 0 0 0 rg BT 106.30 378.25 Td (was ) Tj ET Q q 0 0 0 rg BT 125.53 378.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 170.85 378.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 211.18 378.25 Td (as ) Tj ET Q q 0 0 0 rg BT 223.19 378.25 Td (state ) Tj ET Q q 0 0 0 rg BT 245.19 378.25 Td (and ) Tj ET Q q 0 0 0 rg BT 263.30 378.25 Td (municipal ) Tj ET Q q 0 0 0 rg BT 306.97 378.25 Td (governments ) Tj ET Q q 0 0 0 rg BT 362.30 378.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 390.98 378.25 Td (quarantines, ) Tj ET Q q 0 0 0 rg BT 443.25 378.25 Td (stay-at-home ) Tj ET Q q 0 0 0 rg BT 508.01 378.25 Td (orders, ) Tj ET Q q 0 0 0 rg BT 539.17 378.25 Td (social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.25 Td (distancing ) Tj ET Q q 0 0 0 rg BT 93.09 366.25 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 136.68 366.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.61 366.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 183.87 366.25 Td (mandates ) Tj ET Q q 0 0 0 rg BT 224.12 366.25 Td (for ) Tj ET Q q 0 0 0 rg BT 238.26 366.25 Td (many ) Tj ET Q q 0 0 0 rg BT 262.97 366.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 309.90 366.25 Td (to ) Tj ET Q q 0 0 0 rg BT 320.16 366.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 373.20 366.25 Td (restrict ) Tj ET Q q 0 0 0 rg BT 403.45 366.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 425.93 366.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 464.52 366.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.44 366.25 Td (for ) Tj ET Q q 0 0 0 rg BT 495.59 366.25 Td (many ) Tj ET Q q 0 0 0 rg BT 520.29 366.25 Td (businesses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.29 354.25 Td (curtail ) Tj ET Q q 0 0 0 rg BT 86.84 354.25 Td (or ) Tj ET Q q 0 0 0 rg BT 97.19 354.25 Td (cease ) Tj ET Q q 0 0 0 rg BT 120.84 354.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 151.18 354.25 Td (operations. ) Tj ET Q q 0 0 0 rg BT 197.35 354.25 Td ( ) Tj ET Q q 0 0 0 rg BT 198.91 354.25 Td (All ) Tj ET Q q 0 0 0 rg BT 213.70 354.25 Td (of ) Tj ET Q q 0 0 0 rg BT 224.05 354.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.27 354.25 Td (states ) Tj ET Q q 0 0 0 rg BT 262.50 354.25 Td (where ) Tj ET Q q 0 0 0 rg BT 288.94 354.25 Td (we ) Tj ET Q q 0 0 0 rg BT 302.62 354.25 Td (have ) Tj ET Q q 0 0 0 rg BT 323.50 354.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 369.67 354.25 Td (with ) Tj ET Q q 0 0 0 rg BT 389.46 354.25 Td (the ) Tj ET Q q 0 0 0 rg BT 403.69 354.25 Td (exception ) Tj ET Q q 0 0 0 rg BT 444.57 354.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.92 354.25 Td (Michigan, ) Tj ET Q q 0 0 0 rg BT 497.75 354.25 Td (have ) Tj ET Q q 0 0 0 rg BT 518.64 354.25 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 84.82 342.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 137.90 342.25 Td (and ) Tj ET Q q 0 0 0 rg BT 155.99 342.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 197.40 342.25 Td (services ) Tj ET Q q 0 0 0 rg BT 233.26 342.25 Td (as ) Tj ET Q q 0 0 0 rg BT 245.24 342.25 Td (essential ) Tj ET Q q 0 0 0 rg BT 283.32 342.25 Td (businesses. ) Tj ET Q q 0 0 0 rg BT 331.43 342.25 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 357.57 342.25 Td (most ) Tj ET Q q 0 0 0 rg BT 380.67 342.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.65 342.25 Td (our ) Tj ET Q q 0 0 0 rg BT 409.63 342.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 464.94 342.25 Td (across ) Tj ET Q q 0 0 0 rg BT 493.58 342.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.44 342.25 Td (country ) Tj ET Q q 0 0 0 rg BT 543.64 342.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (remained ) Tj ET Q q 0 0 0 rg BT 88.96 330.25 Td (open, ) Tj ET Q q 0 0 0 rg BT 113.17 330.25 Td (albeit ) Tj ET Q q 0 0 0 rg BT 137.64 330.25 Td (at ) Tj ET Q q 0 0 0 rg BT 147.12 330.25 Td (a ) Tj ET Q q 0 0 0 rg BT 153.82 330.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 187.73 330.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 204.97 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.57 330.25 Td (operation, ) Tj ET Q q 0 0 0 rg BT 258.09 330.25 Td (so ) Tj ET Q q 0 0 0 rg BT 269.25 330.25 Td (as ) Tj ET Q q 0 0 0 rg BT 279.84 330.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.88 330.25 Td (safeguard ) Tj ET Q q 0 0 0 rg BT 331.01 330.25 Td (our ) Tj ET Q q 0 0 0 rg BT 346.60 330.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 394.13 330.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 436.94 330.25 Td (and ) Tj ET Q q 0 0 0 rg BT 453.64 330.25 Td (building ) Tj ET Q q 0 0 0 rg BT 489.23 330.25 Td (partners. ) Tj ET Q q 0 0 0 rg BT 526.20 330.25 Td ( ) Tj ET Q q 0 0 0 rg BT 528.30 330.25 Td (W) Tj ET Q q 0 0 0 rg BT 536.94 330.25 Td (e ) Tj ET Q q 0 0 0 rg BT 543.64 330.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 318.25 Td (implemented ) Tj ET Q q 0 0 0 rg BT 104.51 318.25 Td (appointment-only ) Tj ET Q q 0 0 0 rg BT 178.40 318.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 217.86 318.25 Td (interactions ) Tj ET Q q 0 0 0 rg BT 267.31 318.25 Td (and ) Tj ET Q q 0 0 0 rg BT 284.55 318.25 Td (have ) Tj ET Q q 0 0 0 rg BT 306.22 318.25 Td (been ) Tj ET Q q 0 0 0 rg BT 327.90 318.25 Td (able ) Tj ET Q q 0 0 0 rg BT 347.35 318.25 Td (to ) Tj ET Q q 0 0 0 rg BT 357.93 318.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 395.16 318.25 Td (to ) Tj ET Q q 0 0 0 rg BT 405.74 318.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 422.43 318.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 451.34 318.25 Td (via ) Tj ET Q q 0 0 0 rg BT 466.35 318.25 Td (our ) Tj ET Q q 0 0 0 rg BT 482.48 318.25 Td (digital ) Tj ET Q q 0 0 0 rg BT 510.83 318.25 Td (platform ) Tj ET Q q 0 0 0 rg BT 548.06 318.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.25 Td (virtual ) Tj ET Q q 0 0 0 rg BT 78.09 306.25 Td (correspondence. ) Tj ET Q q 0 0 0 rg BT 145.83 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.32 306.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 166.36 306.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 206.61 306.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 250.76 306.25 Td (have ) Tj ET Q q 0 0 0 rg BT 272.13 306.25 Td (also ) Tj ET Q q 0 0 0 rg BT 290.73 306.25 Td (been ) Tj ET Q q 0 0 0 rg BT 312.09 306.25 Td (able ) Tj ET Q q 0 0 0 rg BT 331.24 306.25 Td (to ) Tj ET Q q 0 0 0 rg BT 341.51 306.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 378.43 306.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.70 306.25 Td (close ) Tj ET Q q 0 0 0 rg BT 411.74 306.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 437.83 306.25 Td (at ) Tj ET Q q 0 0 0 rg BT 447.54 306.25 Td (times ) Tj ET Q q 0 0 0 rg BT 471.70 306.25 Td (utilizing ) Tj ET Q q 0 0 0 rg BT 507.52 306.25 Td (drive-through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.25 Td (closings. ) Tj ET Q q 0 0 0 rg BT 86.76 294.25 Td ( ) Tj ET Q q 0 0 0 rg BT 88.74 294.25 Td (Despite ) Tj ET Q q 0 0 0 rg BT 121.27 294.25 Td (these ) Tj ET Q q 0 0 0 rg BT 143.80 294.25 Td (measures, ) Tj ET Q q 0 0 0 rg BT 185.49 294.25 Td (our ) Tj ET Q q 0 0 0 rg BT 200.80 294.25 Td (weekly ) Tj ET Q q 0 0 0 rg BT 231.66 294.25 Td (pace ) Tj ET Q q 0 0 0 rg BT 251.95 294.25 Td (of ) Tj ET Q q 0 0 0 rg BT 262.26 294.25 Td (new ) Tj ET Q q 0 0 0 rg BT 280.91 294.25 Td (home ) Tj ET Q q 0 0 0 rg BT 305.10 294.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 343.18 294.25 Td (began ) Tj ET Q q 0 0 0 rg BT 369.04 294.25 Td (to ) Tj ET Q q 0 0 0 rg BT 378.80 294.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 409.65 294.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 461.62 294.25 Td (and ) Tj ET Q q 0 0 0 rg BT 478.04 294.25 Td (our ) Tj ET Q q 0 0 0 rg BT 493.35 294.25 Td (cancellation ) Tj ET Q q 0 0 0 rg BT 543.64 294.25 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.25 Td (began ) Tj ET Q q 0 0 0 rg BT 75.43 282.25 Td (to ) Tj ET Q q 0 0 0 rg BT 85.27 282.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 120.08 282.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 172.12 282.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 214.17 282.25 Td (in ) Tj ET Q q 0 0 0 rg BT 224.01 282.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.28 282.25 Td (latter ) Tj ET Q q 0 0 0 rg BT 260.88 282.25 Td (half ) Tj ET Q q 0 0 0 rg BT 278.48 282.25 Td (of ) Tj ET Q q 0 0 0 rg BT 288.87 282.25 Td (March ) Tj ET Q q 0 0 0 rg BT 317.02 282.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 339.08 282.25 Td (and ) Tj ET Q q 0 0 0 rg BT 355.57 282.25 Td (extending ) Tj ET Q q 0 0 0 rg BT 397.06 282.25 Td (into ) Tj ET Q q 0 0 0 rg BT 414.22 282.25 Td (April ) Tj ET Q q 0 0 0 rg BT 437.38 282.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 461.94 282.25 Td (despite ) Tj ET Q q 0 0 0 rg BT 492.32 282.25 Td (an ) Tj ET Q q 0 0 0 rg BT 503.81 282.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 533.63 282.25 Td (decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.58 270.25 Td (cancellation ) Tj ET Q q 0 0 0 rg BT 110.20 270.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 131.38 270.25 Td (during ) Tj ET Q q 0 0 0 rg BT 159.79 270.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.32 270.25 Td (first ) Tj ET Q q 0 0 0 rg BT 192.73 270.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 223.35 270.25 Td (of ) Tj ET Q q 0 0 0 rg BT 233.99 270.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.99 270.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.30 270.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.38 270.25 Td (1) Tj ET Q q 0 0 0 rg BT 271.01 270.25 Td (1.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.84 270.25 Td ( ) Tj ET Q q 0 0 0 rg BT 294.15 270.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 335.88 270.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.96 270.25 Td (12.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.79 270.25 Td ( ) Tj ET Q q 0 0 0 rg BT 374.10 270.25 Td (for ) Tj ET Q q 0 0 0 rg BT 388.06 270.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.58 270.25 Td (first ) Tj ET Q q 0 0 0 rg BT 421.00 270.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 451.62 270.25 Td (of ) Tj ET Q q 0 0 0 rg BT 462.26 270.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.26 270.25 Td (. ) Tj ET Q q 0 0 0 rg BT 487.06 270.25 Td ( ) Tj ET Q q 0 0 0 rg BT 489.20 270.25 Td (W) Tj ET Q q 0 0 0 rg BT 497.84 270.25 Td (e ) Tj ET Q q 0 0 0 rg BT 504.58 270.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 532.98 270.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.29 270.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 96.28 258.25 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 136.94 258.25 Td (will ) Tj ET Q q 0 0 0 rg BT 154.28 258.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 197.71 258.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 226.71 258.25 Td (our ) Tj ET Q q 0 0 0 rg BT 241.82 258.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 280.00 258.25 Td (results ) Tj ET Q q 0 0 0 rg BT 307.89 258.25 Td (of ) Tj ET Q q 0 0 0 rg BT 318.01 258.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 363.95 258.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 400.71 258.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 440.27 258.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 467.60 258.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 487.16 258.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 511.16 258.25 Td (in ) Tj ET Q q 0 0 0 rg BT 520.73 258.25 Td (the ) Tj ET Q q 0 0 0 rg BT 534.73 258.25 Td (second ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.58 246.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.67 246.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 114.43 246.25 Td (and ) Tj ET Q q 0 0 0 rg BT 131.63 246.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 178.82 246.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 218.24 246.25 Td (periods. ) Tj ET Q q 0 0 0 rg BT 252.94 246.25 Td (However) Tj ET Q q 0 0 0 rg BT 289.19 246.25 Td (, ) Tj ET Q q 0 0 0 rg BT 294.45 246.25 Td (due ) Tj ET Q q 0 0 0 rg BT 311.65 246.25 Td (to ) Tj ET Q q 0 0 0 rg BT 322.19 246.25 Td (the ) Tj ET Q q 0 0 0 rg BT 337.16 246.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 384.90 246.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 425.98 246.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.96 246.25 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 485.93 246.25 Td (and ) Tj ET Q q 0 0 0 rg BT 503.13 246.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 539.21 246.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 246.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.25 Td (pandemic, ) Tj ET Q q 0 0 0 rg BT 94.41 234.25 Td (including ) Tj ET Q q 0 0 0 rg BT 135.72 234.25 Td (future ) Tj ET Q q 0 0 0 rg BT 163.14 234.25 Td (developments, ) Tj ET Q q 0 0 0 rg BT 224.72 234.25 Td (as ) Tj ET Q q 0 0 0 rg BT 236.59 234.25 Td (well ) Tj ET Q q 0 0 0 rg BT 257.35 234.25 Td (as ) Tj ET Q q 0 0 0 rg BT 269.21 234.25 Td (the ) Tj ET Q q 0 0 0 rg BT 284.97 234.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 314.62 234.25 Td (and ) Tj ET Q q 0 0 0 rg BT 332.60 234.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 360.57 234.25 Td (of ) Tj ET Q q 0 0 0 rg BT 372.44 234.25 Td (a ) Tj ET Q q 0 0 0 rg BT 380.42 234.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 412.83 234.25 Td (in ) Tj ET Q q 0 0 0 rg BT 424.15 234.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 466.56 234.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 500.09 234.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.07 234.25 Td (subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.25 Td (recovery) Tj ET Q q 0 0 0 rg BT 83.83 222.25 Td (, ) Tj ET Q q 0 0 0 rg BT 88.75 222.25 Td (we ) Tj ET Q q 0 0 0 rg BT 102.83 222.25 Td (cannot ) Tj ET Q q 0 0 0 rg BT 131.91 222.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 177.65 222.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 213.40 222.25 Td (such ) Tj ET Q q 0 0 0 rg BT 234.15 222.25 Td (negative ) Tj ET Q q 0 0 0 rg BT 270.45 222.25 Td (impacts, ) Tj ET Q q 0 0 0 rg BT 306.48 222.25 Td (which ) Tj ET Q q 0 0 0 rg BT 333.34 222.25 Td (could ) Tj ET Q q 0 0 0 rg BT 357.98 222.25 Td (be ) Tj ET Q q 0 0 0 rg BT 369.84 222.25 Td (material. ) Tj ET Q q 0 0 0 rg BT 407.53 222.25 Td ( ) Tj ET Q q 0 0 0 rg BT 409.95 222.25 Td (In ) Tj ET Q q 0 0 0 rg BT 420.71 222.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 455.90 222.25 Td (to ) Tj ET Q q 0 0 0 rg BT 466.11 222.25 Td (the ) Tj ET Q q 0 0 0 rg BT 480.75 222.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 511.50 222.25 Td (noted ) Tj ET Q q 0 0 0 rg BT 536.14 222.25 Td (above, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.25 Td (we ) Tj ET Q q 0 0 0 rg BT 64.16 210.25 Td (have ) Tj ET Q q 0 0 0 rg BT 86.03 210.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 110.69 210.25 Td (a ) Tj ET Q q 0 0 0 rg BT 118.12 210.25 Td (number ) Tj ET Q q 0 0 0 rg BT 151.67 210.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.00 210.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 199.87 210.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 240.07 210.25 Td (to ) Tj ET Q q 0 0 0 rg BT 250.85 210.25 Td (help ) Tj ET Q q 0 0 0 rg BT 271.06 210.25 Td (us ) Tj ET Q q 0 0 0 rg BT 282.95 210.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 317.04 210.25 Td (through ) Tj ET Q q 0 0 0 rg BT 351.15 210.25 Td (this ) Tj ET Q q 0 0 0 rg BT 368.60 210.25 Td (unexpected ) Tj ET Q q 0 0 0 rg BT 417.13 210.25 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 459.00 210.25 Td (as ) Tj ET Q q 0 0 0 rg BT 470.33 210.25 Td (ef) Tj ET Q q 0 0 0 rg BT 477.91 210.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 515.89 210.25 Td (as ) Tj ET Q q 0 0 0 rg BT 527.22 210.25 Td (possible. ) Tj ET Q q 0 0 0 rg BT 565.00 210.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.25 Td (These ) Tj ET Q q 0 0 0 rg BT 76.88 198.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 117.60 198.25 Td (include ) Tj ET Q q 0 0 0 rg BT 150.54 198.25 Td (strategically ) Tj ET Q q 0 0 0 rg BT 202.91 198.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 245.85 198.25 Td (our ) Tj ET Q q 0 0 0 rg BT 262.69 198.25 Td (land ) Tj ET Q q 0 0 0 rg BT 283.42 198.25 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 333.31 198.25 Td (land ) Tj ET Q q 0 0 0 rg BT 354.03 198.25 Td (development ) Tj ET Q q 0 0 0 rg BT 409.19 198.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.13 198.25 Td (other ) Tj ET Q q 0 0 0 rg BT 451.19 198.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 472.46 198.25 Td (expenditures. ) Tj ET Q q 0 0 0 rg BT 529.56 198.25 Td ( ) Tj ET Q q 0 0 0 rg BT 533.07 198.25 Td (Further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.25 Td (discussion ) Tj ET Q q 0 0 0 rg BT 93.53 186.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.23 186.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.81 186.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 156.16 186.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 189.63 186.25 Td (on ) Tj ET Q q 0 0 0 rg BT 201.99 186.25 Td (our ) Tj ET Q q 0 0 0 rg BT 217.68 186.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 256.44 186.25 Td (results ) Tj ET Q q 0 0 0 rg BT 284.91 186.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.60 186.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 342.12 186.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 379.47 186.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 419.60 186.25 Td (and ) Tj ET Q q 0 0 0 rg BT 436.40 186.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 456.54 186.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 481.12 186.25 Td (from ) Tj ET Q q 0 0 0 rg BT 502.92 186.25 Td (the ) Tj ET Q q 0 0 0 rg BT 517.50 186.25 Td (COVID-19 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.25 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 90.87 174.25 Td (is ) Tj ET Q q 0 0 0 rg BT 100.04 174.25 Td (provided ) Tj ET Q q 0 0 0 rg BT 138.09 174.25 Td (below ) Tj ET Q q 0 0 0 rg BT 165.03 174.25 Td (under ) Tj ET Q q 0 0 0 rg BT 190.30 174.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 208.90 174.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 220.56 174.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 241.39 174.25 Td (1A) Tj ET Q q 0 0 0 rg BT 253.06 174.25 Td ( ) Tj ET Q q 0 0 0 rg BT 255.56 174.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 280.84 174.25 Td (Factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (Despite ) Tj ET Q q 0 0 0 rg BT 83.06 152.25 Td (these ) Tj ET Q q 0 0 0 rg BT 106.63 152.25 Td (weakening ) Tj ET Q q 0 0 0 rg BT 152.96 152.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 197.64 152.25 Td (during ) Tj ET Q q 0 0 0 rg BT 226.77 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.00 152.25 Td (latter ) Tj ET Q q 0 0 0 rg BT 265.56 152.25 Td (half ) Tj ET Q q 0 0 0 rg BT 284.12 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 295.47 152.25 Td ( ) Tj ET Q q 0 0 0 rg BT 298.48 152.25 Td (March ) Tj ET Q q 0 0 0 rg BT 327.60 152.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 353.12 152.25 Td (we ) Tj ET Q q 0 0 0 rg BT 367.79 152.25 Td (achieved ) Tj ET Q q 0 0 0 rg BT 406.34 152.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.58 152.25 Td (following ) Tj ET Q q 0 0 0 rg BT 463.48 152.25 Td (record ) Tj ET Q q 0 0 0 rg BT 492.03 152.25 Td (results ) Tj ET Q q 0 0 0 rg BT 521.16 152.25 Td (during ) Tj ET Q q 0 0 0 rg BT 550.28 152.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (three ) Tj ET Q q 0 0 0 rg BT 71.99 140.25 Td (months ) Tj ET Q q 0 0 0 rg BT 103.93 140.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.31 140.25 Td (March ) Tj ET Q q 0 0 0 rg BT 158.91 140.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 173.91 140.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.91 140.25 Td ( ) Tj ET Q q 0 0 0 rg BT 196.41 140.25 Td (in ) Tj ET Q q 0 0 0 rg BT 206.69 140.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 255.84 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.12 140.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.84 140.25 Td (first ) Tj ET Q q 0 0 0 rg BT 299.45 140.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 330.26 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 341.09 140.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.09 140.25 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 118.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 118.25 Td (New ) Tj ET Q q 0 0 0 rg BT 106.88 118.25 Td (contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.48 118.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.23 118.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.73 118.25 Td (27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.06 118.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.56 118.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.84 118.25 Td (2,089) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.34 118.25 Td ( ) Tj ET Q q 0 0 0 rg BT 241.84 118.25 Td (- ) Tj ET Q q 0 0 0 rg BT 247.67 118.25 Td (an ) Tj ET Q q 0 0 0 rg BT 259.61 118.25 Td (all-time ) Tj ET Q q 0 0 0 rg BT 293.21 118.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 331.80 118.25 Td (record ) Tj ET Q q 0 0 0 rg BT 359.84 118.25 Td (for ) Tj ET Q q 0 0 0 rg BT 374.00 118.25 Td (the ) Tj ET Q q 0 0 0 rg BT 388.71 118.25 Td (Company) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 106.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 106.25 Td (Homes ) Tj ET Q q 0 0 0 rg BT 116.33 106.25 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.03 106.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.79 106.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.29 106.25 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.62 106.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.12 106.25 Td (to ) Tj ET Q q 0 0 0 rg BT 227.39 106.25 Td (a ) Tj ET Q q 0 0 0 rg BT 234.33 106.25 Td (first ) Tj ET Q q 0 0 0 rg BT 252.94 106.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 283.76 106.25 Td (record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.79 106.25 Td (1,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.29 106.25 Td ( ) Tj ET Q q 0 0 0 rg BT 336.79 106.25 Td (homes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 94.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 94.25 Td (Number ) Tj ET Q q 0 0 0 rg BT 120.77 94.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.60 94.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 160.21 94.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.49 94.25 Td (backlog ) Tj ET Q q 0 0 0 rg BT 204.64 94.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.36 94.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 257.96 94.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.96 94.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.46 94.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.21 94.25 Td (d ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.71 94.25 Td (23%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.04 94.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.54 94.25 Td (to ) Tj ET Q q 0 0 0 rg BT 351.82 94.25 Td (a ) Tj ET Q q 0 0 0 rg BT 358.76 94.25 Td (first ) Tj ET Q q 0 0 0 rg BT 377.37 94.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 408.18 94.25 Td (record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.22 94.25 Td (3,265) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.72 94.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 82.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 82.25 Td (T) Tj ET Q q 0 0 0 rg BT 90.91 82.25 Td (otal sales value in backlog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.93 82.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.69 82.25 Td (d ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.19 82.25 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.52 82.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.29 82.25 Td ($1.3billion) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.41 82.25 Td ( - an all-time quarterly record for the Company) Tj ET Q endstream endobj 67 0 obj <>] /Rotate 0 /Contents 68 0 R>> endobj 68 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (32) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 740.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 740.10 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.99 740.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.74 740.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.24 740.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.57 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.07 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.35 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 201.29 740.10 Td (first ) Tj ET Q q 0 0 0 rg BT 219.89 740.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 250.71 740.10 Td (record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.75 740.10 Td ($577.6 ) Tj ET Q q 0 0 0 rg BT 308.75 740.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 728.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 728.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 117.99 728.10 Td (before ) Tj ET Q q 0 0 0 rg BT 146.02 728.10 Td (income ) Tj ET Q q 0 0 0 rg BT 177.96 728.10 Td (taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.00 728.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.76 728.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.26 728.10 Td (76%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.59 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.09 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.37 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 279.30 728.10 Td (first ) Tj ET Q q 0 0 0 rg BT 297.91 728.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 328.73 728.10 Td (record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.76 728.10 Td ($41.4 ) Tj ET Q q 0 0 0 rg BT 381.76 728.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 716.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 716.10 Td (Net income increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.63 716.10 Td (79%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.96 716.10 Td ( to a first quarter record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.13 716.10 Td ($31.7million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 704.10 Td (Number ) Tj ET Q q 0 0 0 rg BT 120.77 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.60 704.10 Td (active ) Tj ET Q q 0 0 0 rg BT 157.97 704.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 212.13 704.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.85 704.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 265.45 704.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.45 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.95 704.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.70 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.20 704.10 Td (4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.53 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 344.03 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 354.31 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 361.25 704.10 Td (first ) Tj ET Q q 0 0 0 rg BT 379.86 704.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 410.67 704.10 Td (record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.71 704.10 Td (223) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.08 682.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 95.11 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.15 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.62 682.10 Td (results ) Tj ET Q q 0 0 0 rg BT 147.98 682.10 Td (described ) Tj ET Q q 0 0 0 rg BT 188.55 682.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 217.18 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 232.77 682.10 Td (company-wide ) Tj ET Q q 0 0 0 rg BT 294.45 682.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 338.92 682.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 359.49 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 370.07 682.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 391.77 682.10 Td (per ) Tj ET Q q 0 0 0 rg BT 406.79 682.10 Td (community ) Tj ET Q q 0 0 0 rg BT 454.60 682.10 Td (for ) Tj ET Q q 0 0 0 rg BT 468.51 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.98 682.10 Td (first ) Tj ET Q q 0 0 0 rg BT 501.35 682.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 531.92 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.50 682.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.55 670.10 Td (3.1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.05 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.55 670.10 Td (per ) Tj ET Q q 0 0 0 rg BT 97.82 670.10 Td (month ) Tj ET Q q 0 0 0 rg BT 125.88 670.10 Td (versus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.93 670.10 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.43 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 168.93 670.10 Td (per ) Tj ET Q q 0 0 0 rg BT 184.20 670.10 Td (month ) Tj ET Q q 0 0 0 rg BT 212.25 670.10 Td (for ) Tj ET Q q 0 0 0 rg BT 226.41 670.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 248.35 670.10 Td (year) Tj ET Q q 0 0 0 rg BT 265.93 670.10 Td () Tj ET Q q 0 0 0 rg BT 268.71 670.10 Td (s ) Tj ET Q q 0 0 0 rg BT 275.10 670.10 Td (first ) Tj ET Q q 0 0 0 rg BT 293.71 670.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 321.47 670.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 646.53505859375 m 222.8447265625 646.53505859375 l s q 0 0 0 rg BT 49.50 648.10 Td (Summary of Company Financial Results) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.10 Td (Income before income taxes for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.88 626.10 Td (first quarter of 2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.13 626.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.63 626.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.39 626.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.89 626.10 Td (76%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.22 626.10 Td ( from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.66 626.10 Td ($23.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.55 626.10 Td ( in the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.04 626.10 Td (first quarter of 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.30 626.10 Td ( to a first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.10 Td (quarter record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.35 614.10 Td ($41.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.24 614.10 Td ( in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.02 614.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.02 614.10 Td (. Income before income taxes for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.90 614.10 Td (three months ended March 31, 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.31 614.10 Td ( was unfavorably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.10 Td (impacted by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.15 602.10 Td ($0.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.04 602.10 Td ( of acquisition-related char) Tj ET Q q 0 0 0 rg BT 257.31 602.10 Td (ges as a result of our acquisition of Pinnacle Homes in March 2018. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 580.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 580.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.33 580.10 Td (achieved ) Tj ET Q q 0 0 0 rg BT 103.62 580.10 Td (first ) Tj ET Q q 0 0 0 rg BT 122.48 580.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 153.55 580.10 Td (record ) Tj ET Q q 0 0 0 rg BT 181.84 580.10 Td (net ) Tj ET Q q 0 0 0 rg BT 196.81 580.10 Td (income ) Tj ET Q q 0 0 0 rg BT 229.00 580.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.08 580.10 Td ($31.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.97 580.10 Td (, ) Tj ET Q q 0 0 0 rg BT 299.23 580.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.31 580.10 Td ($1.09) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.81 580.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.56 580.10 Td (per ) Tj ET Q q 0 0 0 rg BT 351.09 580.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 381.61 580.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 407.97 580.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.50 580.10 Td (2020's ) Tj ET Q q 0 0 0 rg BT 446.95 580.10 Td (first ) Tj ET Q q 0 0 0 rg BT 465.81 580.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.72 580.10 Td (, ) Tj ET Q q 0 0 0 rg BT 498.98 580.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.17 580.10 Td (79%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.50 580.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.25 580.10 Td (increase, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 568.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.05 568.10 Td ($14.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.94 568.10 Td (, ) Tj ET Q q 0 0 0 rg BT 118.67 568.10 Td (from ) Tj ET Q q 0 0 0 rg BT 140.33 568.10 Td (net ) Tj ET Q q 0 0 0 rg BT 154.77 568.10 Td (income ) Tj ET Q q 0 0 0 rg BT 186.43 568.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.98 568.10 Td ($17.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.87 568.10 Td (, ) Tj ET Q q 0 0 0 rg BT 255.59 568.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.15 568.10 Td ($0.63) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.65 568.10 Td ( ) Tj ET Q q 0 0 0 rg BT 290.87 568.10 Td (per ) Tj ET Q q 0 0 0 rg BT 305.86 568.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 335.86 568.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 361.68 568.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.68 568.10 Td (2019's ) Tj ET Q q 0 0 0 rg BT 399.60 568.10 Td (first ) Tj ET Q q 0 0 0 rg BT 417.93 568.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.85 568.10 Td (, ) Tj ET Q q 0 0 0 rg BT 450.57 568.10 Td (which ) Tj ET Q q 0 0 0 rg BT 477.23 568.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.89 568.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 533.61 568.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 556.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.65 556.10 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 91.78 556.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 169.02 556.10 Td (char) Tj ET Q q 0 0 0 rg BT 186.04 556.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 202.19 556.10 Td (as ) Tj ET Q q 0 0 0 rg BT 213.34 556.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 254.49 556.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 283.69 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.50 556.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 304.87 556.10 Td (ef) Tj ET Q q 0 0 0 rg BT 312.46 556.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 342.48 556.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 357.52 556.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 375.32 556.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.69 556.10 Td (23.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.52 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.34 556.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.94 556.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.94 556.10 Td () Tj ET Q q 0 0 0 rg BT 455.72 556.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.43 556.10 Td (first ) Tj ET Q q 0 0 0 rg BT 481.36 556.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.67 556.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.49 556.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 554.73 556.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.10 Td (24.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.33 544.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.83 544.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.11 544.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.11 544.10 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 522.10 Td (During ) Tj ET Q q 0 0 0 rg BT 79.63 522.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.66 522.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 123.77 522.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 149.46 522.10 Td (March ) Tj ET Q q 0 0 0 rg BT 177.36 522.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 191.66 522.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.66 522.10 Td (, ) Tj ET Q q 0 0 0 rg BT 215.97 522.10 Td (we ) Tj ET Q q 0 0 0 rg BT 229.43 522.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 266.21 522.10 Td (record ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.55 522.10 Td (first ) Tj ET Q q 0 0 0 rg BT 311.47 522.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.78 522.10 Td ( ) Tj ET Q q 0 0 0 rg BT 341.58 522.10 Td (total ) Tj ET Q q 0 0 0 rg BT 361.16 522.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 394.61 522.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.75 522.10 Td ($577.6 ) Tj ET Q q 0 0 0 rg BT 434.05 522.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.94 522.10 Td (, ) Tj ET Q q 0 0 0 rg BT 467.25 522.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.38 522.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.62 522.10 Td ($559.4million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 510.10 Td (was ) Tj ET Q q 0 0 0 rg BT 66.69 510.10 Td (from ) Tj ET Q q 0 0 0 rg BT 87.77 510.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 115.52 510.10 Td (delivered, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.87 510.10 Td ($4.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.76 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.40 510.10 Td (was ) Tj ET Q q 0 0 0 rg BT 224.60 510.10 Td (from ) Tj ET Q q 0 0 0 rg BT 245.68 510.10 Td (land ) Tj ET Q q 0 0 0 rg BT 264.54 510.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 285.62 510.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.70 510.10 Td ($13.5 ) Tj ET Q q 0 0 0 rg BT 325.84 510.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.73 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 356.37 510.10 Td (was ) Tj ET Q q 0 0 0 rg BT 373.57 510.10 Td (from ) Tj ET Q q 0 0 0 rg BT 394.65 510.10 Td (our ) Tj ET Q q 0 0 0 rg BT 409.62 510.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 446.24 510.10 Td (services ) Tj ET Q q 0 0 0 rg BT 480.09 510.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 525.89 510.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.53 510.10 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.10 Td (from ) Tj ET Q q 0 0 0 rg BT 70.59 498.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 98.35 498.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.21 498.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.96 498.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.61 498.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.94 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.60 498.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.03 498.10 Td (2020's ) Tj ET Q q 0 0 0 rg BT 233.37 498.10 Td (first ) Tj ET Q q 0 0 0 rg BT 251.14 498.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.45 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.10 498.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 322.18 498.10 Td (to ) Tj ET Q q 0 0 0 rg BT 331.61 498.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.48 498.10 Td (same ) Tj ET Q q 0 0 0 rg BT 367.68 498.10 Td (period ) Tj ET Q q 0 0 0 rg BT 394.88 498.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.31 498.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.31 498.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.96 498.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 453.16 498.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 492.03 498.10 Td (by ) Tj ET Q q 0 0 0 rg BT 503.68 498.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.77 498.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.10 498.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.76 498.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.55 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.04 486.10 Td (number ) Tj ET Q q 0 0 0 rg BT 109.86 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.46 486.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 150.84 486.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 191.31 486.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.64 486.10 Td (309) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.64 486.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.91 486.10 Td (units\), ) Tj ET Q q 0 0 0 rg BT 241.46 486.10 Td (of) Tj ET Q q 0 0 0 rg BT 249.61 486.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 269.82 486.10 Td (in ) Tj ET Q q 0 0 0 rg BT 280.87 486.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 302.19 486.10 Td (by ) Tj ET Q q 0 0 0 rg BT 315.46 486.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.17 486.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.50 486.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.77 486.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.19 486.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.46 486.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.51 486.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.00 486.10 Td (average ) Tj ET Q q 0 0 0 rg BT 438.35 486.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 461.06 486.10 Td (price ) Tj ET Q q 0 0 0 rg BT 484.32 486.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.92 486.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 525.30 486.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 52.83 474.10 Td ($19,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.33 474.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.88 474.10 Td (per ) Tj ET Q q 0 0 0 rg BT 103.19 474.10 Td (home ) Tj ET Q q 0 0 0 rg BT 127.96 474.10 Td (delivered\) ) Tj ET Q q 0 0 0 rg BT 171.04 474.10 Td (which ) Tj ET Q q 0 0 0 rg BT 198.03 474.10 Td (was ) Tj ET Q q 0 0 0 rg BT 216.13 474.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 255.88 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 270.65 474.10 Td (result ) Tj ET Q q 0 0 0 rg BT 295.41 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.29 474.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.06 474.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 339.16 474.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.04 474.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 378.70 474.10 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 420.95 474.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.49 474.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 461.03 474.10 Td (from ) Tj ET Q q 0 0 0 rg BT 483.01 474.10 Td (land ) Tj ET Q q 0 0 0 rg BT 502.78 474.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 474.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.10 Td ($1.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 462.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.44 462.10 Td (from ) Tj ET Q q 0 0 0 rg BT 121.92 462.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.19 462.10 Td (first ) Tj ET Q q 0 0 0 rg BT 154.34 462.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 184.71 462.10 Td (of ) Tj ET Q q 0 0 0 rg BT 195.08 462.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.08 462.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.13 462.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 256.39 462.10 Td (due ) Tj ET Q q 0 0 0 rg BT 272.88 462.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.70 462.10 Td (more ) Tj ET Q q 0 0 0 rg BT 305.30 462.10 Td (land ) Tj ET Q q 0 0 0 rg BT 324.56 462.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 346.05 462.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.87 462.10 Td (our ) Tj ET Q q 0 0 0 rg BT 371.25 462.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 409.41 462.10 Td (region ) Tj ET Q q 0 0 0 rg BT 437.00 462.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.83 462.10 Td (2020's ) Tj ET Q q 0 0 0 rg BT 474.57 462.10 Td (first ) Tj ET Q q 0 0 0 rg BT 492.72 462.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.04 462.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.09 462.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.14 450.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.21 450.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 97.51 450.10 Td (year) Tj ET Q q 0 0 0 rg BT 114.16 450.10 Td (. ) Tj ET Q q 0 0 0 rg BT 119.52 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 122.38 450.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 160.22 450.10 Td (from ) Tj ET Q q 0 0 0 rg BT 182.52 450.10 Td (our ) Tj ET Q q 0 0 0 rg BT 198.71 450.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 236.54 450.10 Td (services ) Tj ET Q q 0 0 0 rg BT 271.61 450.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 307.79 450.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.40 450.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.73 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.59 450.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.23 450.10 Td ($13.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.12 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.98 450.10 Td (in ) Tj ET Q q 0 0 0 rg BT 447.61 450.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.69 450.10 Td (first ) Tj ET Q q 0 0 0 rg BT 481.66 450.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 512.83 450.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.02 450.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.02 450.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.87 450.10 Td (as ) Tj ET Q q 0 0 0 rg BT 558.06 450.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (result ) Tj ET Q q 0 0 0 rg BT 74.20 438.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.01 438.10 Td (an ) Tj ET Q q 0 0 0 rg BT 96.93 438.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 132.16 438.10 Td (in ) Tj ET Q q 0 0 0 rg BT 142.42 438.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 166.01 438.10 Td (closed ) Tj ET Q q 0 0 0 rg BT 194.04 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 210.96 438.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 230.11 438.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 272.01 438.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.27 438.10 Td (2019's ) Tj ET Q q 0 0 0 rg BT 310.44 438.10 Td (first ) Tj ET Q q 0 0 0 rg BT 329.03 438.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.79 438.10 Td (. ) Tj ET Q q 0 0 0 rg BT 361.78 438.10 Td (However) Tj ET Q q 0 0 0 rg BT 398.03 438.10 Td (, ) Tj ET Q q 0 0 0 rg BT 403.01 438.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 437.13 438.10 Td (was ) Tj ET Q q 0 0 0 rg BT 455.16 438.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 489.29 438.10 Td (by ) Tj ET Q q 0 0 0 rg BT 501.77 438.10 Td (a ) Tj ET Q q 0 0 0 rg BT 508.69 438.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 540.04 438.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 438.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 65.88 426.10 Td (market ) Tj ET Q q 0 0 0 rg BT 96.14 426.10 Td (value ) Tj ET Q q 0 0 0 rg BT 120.30 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 131.13 426.10 Td (our ) Tj ET Q q 0 0 0 rg BT 146.96 426.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 187.22 426.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 226.38 426.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 251.65 426.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 265.81 426.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 306.64 426.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.92 426.10 Td (further ) Tj ET Q q 0 0 0 rg BT 346.63 426.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 371.34 426.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 381.619140625 424.7669921875 m 408.5576171875 424.7669921875 l s q 0 0 1 rg BT 381.62 426.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 403.56 426.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 408.56 426.10 Td (\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 404.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 72.40 404.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 96.00 404.10 Td (mar) Tj ET Q q 0 0 0 rg BT 111.37 404.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 126.64 404.10 Td (\(total ) Tj ET Q q 0 0 0 rg BT 150.23 404.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 184.37 404.10 Td (less ) Tj ET Q q 0 0 0 rg BT 201.86 404.10 Td (total ) Tj ET Q q 0 0 0 rg BT 222.13 404.10 Td (land ) Tj ET Q q 0 0 0 rg BT 241.84 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.77 404.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 292.93 404.10 Td (costs\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.75 404.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 404.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 404.10 Td ($24.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.89 404.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.38 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.65 404.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.36 404.10 Td (first ) Tj ET Q q 0 0 0 rg BT 458.96 404.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 489.76 404.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.59 404.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.59 404.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.08 404.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.93 392.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.80 392.10 Td (first ) Tj ET Q q 0 0 0 rg BT 93.55 392.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 124.52 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.50 392.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.50 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.15 392.10 Td (as ) Tj ET Q q 0 0 0 rg BT 169.13 392.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.22 392.10 Td (result ) Tj ET Q q 0 0 0 rg BT 201.09 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.07 392.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.16 392.10 Td ($22.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.05 392.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.70 392.10 Td (improvement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.02 392.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.67 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.10 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 356.97 392.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 380.73 392.10 Td (mar) Tj ET Q q 0 0 0 rg BT 396.10 392.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 411.52 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 422.50 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 438.49 392.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 496.69 392.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 540.99 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 558.08 392.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td ($1.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.19 380.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 155.31 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.88 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.89 380.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 201.80 380.10 Td (mar) Tj ET Q q 0 0 0 rg BT 217.17 380.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 231.75 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.87 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.00 380.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 293.78 380.10 Td (services ) Tj ET Q q 0 0 0 rg BT 327.78 380.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 373.73 380.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.40 380.10 Td (W) Tj ET Q q 0 0 0 rg BT 384.44 380.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 396.79 380.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 426.90 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.48 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 451.61 380.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 508.96 380.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 531.87 380.10 Td (mar) Tj ET Q q 0 0 0 rg BT 547.23 380.10 Td (gin, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.14 368.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 88.56 368.10 Td (mar) Tj ET Q q 0 0 0 rg BT 103.93 368.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 119.02 368.10 Td (on ) Tj ET Q q 0 0 0 rg BT 131.33 368.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 159.74 368.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 199.26 368.10 Td (\(housing ) Tj ET Q q 0 0 0 rg BT 236.57 368.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 259.99 368.10 Td (mar) Tj ET Q q 0 0 0 rg BT 275.35 368.10 Td (gin\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.77 368.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.10 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 334.41 368.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 373.93 368.10 Td (as ) Tj ET Q q 0 0 0 rg BT 384.57 368.10 Td (a ) Tj ET Q q 0 0 0 rg BT 391.32 368.10 Td (result ) Tj ET Q q 0 0 0 rg BT 415.84 368.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.48 368.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.01 368.10 Td (26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.34 368.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.65 368.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.40 368.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.71 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.80 368.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.33 368.10 Td (number ) Tj ET Q q 0 0 0 rg BT 554.18 368.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 77.44 356.10 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 118.97 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.80 356.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 138.18 356.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 171.68 356.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 194.63 356.10 Td (mar) Tj ET Q q 0 0 0 rg BT 209.99 356.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 224.60 356.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.73 356.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.06 356.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.89 356.10 Td (1) Tj ET Q q 0 0 0 rg BT 314.52 356.10 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.52 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.35 356.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 348.18 356.10 Td (points ) Tj ET Q q 0 0 0 rg BT 374.45 356.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.72 356.10 Td (17.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.55 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 423.38 356.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.99 356.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 454.26 356.10 Td (year's ) Tj ET Q q 0 0 0 rg BT 478.99 356.10 Td (first ) Tj ET Q q 0 0 0 rg BT 496.93 356.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.24 356.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.07 356.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.68 356.10 Td (18.4%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.18 344.10 Td (2020's ) Tj ET Q q 0 0 0 rg BT 88.78 344.10 Td (first ) Tj ET Q q 0 0 0 rg BT 107.79 344.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.71 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 141.11 344.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 181.23 344.10 Td (as ) Tj ET Q q 0 0 0 rg BT 192.46 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 199.81 344.10 Td (result ) Tj ET Q q 0 0 0 rg BT 224.93 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 236.16 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 251.28 344.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 269.74 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.98 344.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 309.99 344.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 350.10 344.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.11 344.10 Td (2020's ) Tj ET Q q 0 0 0 rg BT 407.71 344.10 Td (first ) Tj ET Q q 0 0 0 rg BT 426.72 344.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.48 344.10 Td (. ) Tj ET Q q 0 0 0 rg BT 459.89 344.10 Td ( ) Tj ET Q q 0 0 0 rg BT 462.58 344.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.03 344.10 Td (first ) Tj ET Q q 0 0 0 rg BT 500.05 344.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 531.27 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.50 344.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (includes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.93 332.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.82 332.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.92 332.10 Td (of ) Tj ET Q q 0 0 0 rg BT 146.35 332.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 222.87 332.10 Td (char) Tj ET Q q 0 0 0 rg BT 239.90 332.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 255.33 332.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 269.09 332.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 309.52 332.10 Td (above\). ) Tj ET Q q 0 0 0 rg BT 341.33 332.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.43 332.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 361.09 332.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 384.30 332.10 Td (mar) Tj ET Q q 0 0 0 rg BT 399.67 332.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 414.55 332.10 Td (on ) Tj ET Q q 0 0 0 rg BT 426.65 332.10 Td (land ) Tj ET Q q 0 0 0 rg BT 445.97 332.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 467.51 332.10 Td (\(land ) Tj ET Q q 0 0 0 rg BT 490.16 332.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 507.81 332.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 531.02 332.10 Td (mar) Tj ET Q q 0 0 0 rg BT 546.39 332.10 Td (gin\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 88.52 320.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 103.65 320.10 Td (in ) Tj ET Q q 0 0 0 rg BT 113.24 320.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.27 320.10 Td (first ) Tj ET Q q 0 0 0 rg BT 145.20 320.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 175.32 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 185.47 320.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.47 320.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.28 320.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 248.52 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 258.11 320.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.14 320.10 Td (first ) Tj ET Q q 0 0 0 rg BT 290.06 320.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 320.19 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 330.33 320.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.33 320.10 Td (. ) Tj ET Q q 0 0 0 rg BT 354.51 320.10 Td (The ) Tj ET Q q 0 0 0 rg BT 371.87 320.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 394.80 320.10 Td (mar) Tj ET Q q 0 0 0 rg BT 410.17 320.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 424.76 320.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.90 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.04 320.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.84 320.10 Td (services ) Tj ET Q q 0 0 0 rg BT 520.86 320.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (increased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.35 308.10 Td ($1.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.24 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 142.34 308.10 Td (in ) Tj ET Q q 0 0 0 rg BT 153.22 308.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.53 308.10 Td (first ) Tj ET Q q 0 0 0 rg BT 187.74 308.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 219.15 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.58 308.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.58 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.68 308.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 296.20 308.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.08 308.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.39 308.10 Td (first ) Tj ET Q q 0 0 0 rg BT 341.60 308.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 373.01 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.44 308.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.44 308.10 Td ( ) Tj ET Q q 0 0 0 rg BT 407.54 308.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 447.85 308.10 Td (as ) Tj ET Q q 0 0 0 rg BT 459.28 308.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.81 308.10 Td (result ) Tj ET Q q 0 0 0 rg BT 492.13 308.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.56 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.87 308.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 554.72 308.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.65 296.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 124.48 296.10 Td (above. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 272.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.54 272.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.38 272.10 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.38 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 110.35 272.10 Td (new ) Tj ET Q q 0 0 0 rg BT 129.97 272.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 184.60 272.10 Td (during ) Tj ET Q q 0 0 0 rg BT 213.67 272.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.86 272.10 Td (first ) Tj ET Q q 0 0 0 rg BT 247.93 272.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 279.21 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.51 272.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.51 272.10 Td (. ) Tj ET Q q 0 0 0 rg BT 315.97 272.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.72 272.10 Td (W) Tj ET Q q 0 0 0 rg BT 327.36 272.10 Td (e ) Tj ET Q q 0 0 0 rg BT 334.76 272.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 351.62 272.10 Td (a ) Tj ET Q q 0 0 0 rg BT 359.02 272.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 389.75 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.04 272.10 Td (home ) Tj ET Q q 0 0 0 rg BT 426.23 272.10 Td (types ) Tj ET Q q 0 0 0 rg BT 450.30 272.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.04 272.10 Td (various ) Tj ET Q q 0 0 0 rg BT 493.45 272.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 548.07 272.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 86.32 260.10 Td (each ) Tj ET Q q 0 0 0 rg BT 107.30 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.29 260.10 Td (which ) Tj ET Q q 0 0 0 rg BT 145.39 260.10 Td (yields ) Tj ET Q q 0 0 0 rg BT 171.94 260.10 Td (a ) Tj ET Q q 0 0 0 rg BT 179.05 260.10 Td (dif) Tj ET Q q 0 0 0 rg BT 189.97 260.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 215.95 260.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 239.73 260.10 Td (mar) Tj ET Q q 0 0 0 rg BT 255.10 260.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 273.04 260.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.51 260.10 Td (The ) Tj ET Q q 0 0 0 rg BT 293.72 260.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 322.50 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.49 260.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.37 260.10 Td (openings ) Tj ET Q q 0 0 0 rg BT 387.14 260.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.14 260.10 Td (new ) Tj ET Q q 0 0 0 rg BT 417.46 260.10 Td (replacement ) Tj ET Q q 0 0 0 rg BT 468.98 260.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 523.30 260.10 Td (as ) Tj ET Q q 0 0 0 rg BT 534.30 260.10 Td (well ) Tj ET Q q 0 0 0 rg BT 554.18 260.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 95.34 248.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 108.40 248.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 130.92 248.10 Td (varies ) Tj ET Q q 0 0 0 rg BT 157.30 248.10 Td (from ) Tj ET Q q 0 0 0 rg BT 179.25 248.10 Td (year ) Tj ET Q q 0 0 0 rg BT 198.97 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.26 248.10 Td (year) Tj ET Q q 0 0 0 rg BT 225.92 248.10 Td (. ) Tj ET Q q 0 0 0 rg BT 230.93 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.88 248.10 Td (As ) Tj ET Q q 0 0 0 rg BT 246.51 248.10 Td (a ) Tj ET Q q 0 0 0 rg BT 253.46 248.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 280.69 248.10 Td (our ) Tj ET Q q 0 0 0 rg BT 296.53 248.10 Td (new ) Tj ET Q q 0 0 0 rg BT 315.70 248.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 354.30 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 371.25 248.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 405.44 248.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 429.06 248.10 Td (mar) Tj ET Q q 0 0 0 rg BT 444.43 248.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 459.72 248.10 Td (may ) Tj ET Q q 0 0 0 rg BT 479.44 248.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 516.94 248.10 Td (up ) Tj ET Q q 0 0 0 rg BT 529.45 248.10 Td (or ) Tj ET Q q 0 0 0 rg BT 540.29 248.10 Td (down ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.44 236.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 102.25 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.53 236.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 143.35 236.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 187.50 236.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.00 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.72 236.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 232.78 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.61 236.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 297.77 236.10 Td (delivering ) Tj ET Q q 0 0 0 rg BT 340.81 236.10 Td (homes. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (For ) Tj ET Q q 0 0 0 rg BT 66.08 214.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.98 214.10 Td (three ) Tj ET Q q 0 0 0 rg BT 103.65 214.10 Td (months ) Tj ET Q q 0 0 0 rg BT 135.78 214.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 162.34 214.10 Td (March ) Tj ET Q q 0 0 0 rg BT 191.13 214.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 206.31 214.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.31 214.10 Td (, ) Tj ET Q q 0 0 0 rg BT 231.49 214.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 263.34 214.10 Td (general ) Tj ET Q q 0 0 0 rg BT 295.45 214.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.58 214.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 372.47 214.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.36 214.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.11 214.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.80 214.10 Td ($8.4 ) Tj ET Q q 0 0 0 rg BT 467.98 214.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.87 214.10 Td (, ) Tj ET Q q 0 0 0 rg BT 502.06 214.10 Td (which ) Tj ET Q q 0 0 0 rg BT 529.18 214.10 Td (partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 202.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 74.90 202.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.93 202.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.69 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 125.50 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.09 202.10 Td (our ) Tj ET Q q 0 0 0 rg BT 152.24 202.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 176.16 202.10 Td (mar) Tj ET Q q 0 0 0 rg BT 191.53 202.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 207.12 202.10 Td (dollars ) Tj ET Q q 0 0 0 rg BT 237.15 202.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 278.30 202.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 307.49 202.10 Td (but ) Tj ET Q q 0 0 0 rg BT 323.08 202.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 359.77 202.10 Td (as ) Tj ET Q q 0 0 0 rg BT 370.91 202.10 Td (a ) Tj ET Q q 0 0 0 rg BT 378.16 202.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 424.28 202.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.42 202.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 469.88 202.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.13 202.10 Td (12.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.96 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 520.78 202.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.37 202.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 202.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 79.70 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 89.92 190.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.92 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.81 190.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.48 190.10 Td (12.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.31 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.20 190.10 Td (in ) Tj ET Q q 0 0 0 rg BT 158.86 190.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.97 190.10 Td (first ) Tj ET Q q 0 0 0 rg BT 190.97 190.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 221.17 190.10 Td (of ) Tj ET Q q 0 0 0 rg BT 231.39 190.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.39 190.10 Td (. ) Tj ET Q q 0 0 0 rg BT 255.78 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.67 190.10 Td (Selling ) Tj ET Q q 0 0 0 rg BT 287.89 190.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.99 190.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.74 190.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.63 190.10 Td ($5.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.52 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.41 190.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.74 190.10 Td (2019's ) Tj ET Q q 0 0 0 rg BT 461.32 190.10 Td (first ) Tj ET Q q 0 0 0 rg BT 479.32 190.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.63 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.52 190.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.19 190.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.71 178.10 Td (a ) Tj ET Q q 0 0 0 rg BT 68.03 178.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 114.22 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 125.43 178.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 159.96 178.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.62 178.10 Td (6.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.45 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.33 178.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.99 178.10 Td (2020's ) Tj ET Q q 0 0 0 rg BT 233.57 178.10 Td (first ) Tj ET Q q 0 0 0 rg BT 252.56 178.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.87 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 283.75 178.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.08 178.10 Td (6.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.91 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 329.79 178.10 Td (for ) Tj ET Q q 0 0 0 rg BT 344.33 178.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.43 178.10 Td (same ) Tj ET Q q 0 0 0 rg BT 382.86 178.10 Td (period ) Tj ET Q q 0 0 0 rg BT 411.29 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 421.95 178.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.95 178.10 Td (. ) Tj ET Q q 0 0 0 rg BT 447.33 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 450.00 178.10 Td (V) Tj ET Q q 0 0 0 rg BT 456.12 178.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 486.20 178.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 515.75 178.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 550.84 178.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 70.62 166.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 124.52 166.10 Td (contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.74 166.10 Td ($4.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.63 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 222.31 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.76 166.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.66 166.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.41 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.09 166.10 Td (due ) Tj ET Q q 0 0 0 rg BT 296.20 166.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.66 166.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.55 166.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.10 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 346.78 166.10 Td (number ) Tj ET Q q 0 0 0 rg BT 379.00 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.01 166.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 416.79 166.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 455.67 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.13 166.10 Td (the ) Tj ET Q q 0 0 0 rg BT 479.02 166.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 506.79 166.10 Td (. ) Tj ET Q q 0 0 0 rg BT 510.96 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.52 166.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.75 166.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 166.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 58.66 154.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 86.70 154.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 120.29 154.10 Td (was ) Tj ET Q q 0 0 0 rg BT 137.22 154.10 Td (also ) Tj ET Q q 0 0 0 rg BT 154.71 154.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 201.62 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 210.78 154.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.60 154.10 Td ($0.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.49 154.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.87 154.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.62 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 301.00 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.16 154.10 Td (non-variable ) Tj ET Q q 0 0 0 rg BT 362.07 154.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 390.12 154.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 423.70 154.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 462.30 154.10 Td (related ) Tj ET Q q 0 0 0 rg BT 490.88 154.10 Td (to ) Tj ET Q q 0 0 0 rg BT 500.03 154.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 521.41 154.10 Td (associated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.48 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 87.01 142.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 109.66 142.10 Td (of) Tj ET Q q 0 0 0 rg BT 117.81 142.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 139.89 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 157.53 142.10 Td (models ) Tj ET Q q 0 0 0 rg BT 189.62 142.10 Td (as ) Tj ET Q q 0 0 0 rg BT 201.15 142.10 Td (a ) Tj ET Q q 0 0 0 rg BT 208.79 142.10 Td (result ) Tj ET Q q 0 0 0 rg BT 234.21 142.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.75 142.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.28 142.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.03 142.10 Td (d ) Tj ET Q q 0 0 0 rg BT 303.24 142.10 Td (average ) Tj ET Q q 0 0 0 rg BT 337.52 142.10 Td (community ) Tj ET Q q 0 0 0 rg BT 386.28 142.10 Td (count. ) Tj ET Q q 0 0 0 rg BT 414.20 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 417.40 142.10 Td (General ) Tj ET Q q 0 0 0 rg BT 452.25 142.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.89 142.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 530.30 142.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.25 130.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.48 130.10 Td ($3.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.37 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.60 130.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 182.26 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.26 130.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.71 130.10 Td (first ) Tj ET Q q 0 0 0 rg BT 225.05 130.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 255.59 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 266.15 130.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.15 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.38 130.10 Td (but ) Tj ET Q q 0 0 0 rg BT 303.39 130.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 339.49 130.10 Td (as ) Tj ET Q q 0 0 0 rg BT 350.05 130.10 Td (a ) Tj ET Q q 0 0 0 rg BT 356.71 130.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 402.24 130.10 Td (of ) Tj ET Q q 0 0 0 rg BT 412.80 130.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 446.68 130.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.35 130.10 Td (6.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.18 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.40 130.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.41 130.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.86 130.10 Td (first ) Tj ET Q q 0 0 0 rg BT 534.19 130.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.83 118.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.83 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.82 118.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.60 118.10 Td (5.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.43 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 118.43 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.20 118.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.42 118.10 Td (first ) Tj ET Q q 0 0 0 rg BT 163.52 118.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 194.83 118.10 Td (of ) Tj ET Q q 0 0 0 rg BT 206.16 118.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.16 118.10 Td (. ) Tj ET Q q 0 0 0 rg BT 231.66 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.44 118.10 Td (The ) Tj ET Q q 0 0 0 rg BT 252.98 118.10 Td (dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.30 118.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.06 118.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.06 118.10 Td (in ) Tj ET Q q 0 0 0 rg BT 325.83 118.10 Td (general ) Tj ET Q q 0 0 0 rg BT 358.25 118.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.69 118.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 435.89 118.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 471.10 118.10 Td (was ) Tj ET Q q 0 0 0 rg BT 489.64 118.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 529.85 118.10 Td (due ) Tj ET Q q 0 0 0 rg BT 547.29 118.10 Td (to ) Tj ET Q q 0 0 0 rg BT 558.06 118.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.10 Td ($1.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 106.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.13 106.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.89 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.63 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.15 106.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 205.43 106.10 Td (related ) Tj ET Q q 0 0 0 rg BT 235.37 106.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 274.21 106.10 Td (due ) Tj ET Q q 0 0 0 rg BT 291.39 106.10 Td (to ) Tj ET Q q 0 0 0 rg BT 301.91 106.10 Td (our ) Tj ET Q q 0 0 0 rg BT 317.98 106.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 359.05 106.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 412.31 106.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.83 106.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.79 106.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 465.70 106.10 Td (, ) Tj ET Q q 0 0 0 rg BT 470.94 106.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.12 106.10 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.01 106.10 Td ( ) Tj ET Q q 0 0 0 rg BT 529.75 106.10 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.96 94.10 Td (rent-related ) Tj ET Q q 0 0 0 rg BT 108.72 94.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 150.01 94.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.13 94.10 Td ($0.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.02 94.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.70 94.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.46 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.14 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.60 94.10 Td (land ) Tj ET Q q 0 0 0 rg BT 274.50 94.10 Td (related ) Tj ET Q q 0 0 0 rg BT 304.39 94.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 343.17 94.10 Td (due ) Tj ET Q q 0 0 0 rg BT 360.29 94.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.75 94.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.65 94.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.40 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.09 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.55 94.10 Td (average ) Tj ET Q q 0 0 0 rg BT 465.32 94.10 Td (community ) Tj ET Q q 0 0 0 rg BT 513.55 94.10 Td (count, ) Tj ET Q q 0 0 0 rg BT 540.95 94.10 Td (and ) Tj ET Q q 0 0 0 rg BT 558.07 94.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.89 82.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 136.15 82.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.42 82.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 197.80 82.10 Td (fees. ) Tj ET Q endstream endobj 69 0 obj <> endobj 70 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (33) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 738.68505859375 m 84.509765625 738.68505859375 l s q 0 0 0 rg BT 49.50 740.25 Td (Outlook) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 718.25 Td (e ) Tj ET Q q 0 0 0 rg BT 63.85 718.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 91.21 718.25 Td (that ) Tj ET Q q 0 0 0 rg BT 107.47 718.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 136.51 718.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 176.65 718.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 219.58 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 228.63 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.12 718.25 Td (United ) Tj ET Q q 0 0 0 rg BT 270.60 718.25 Td (States ) Tj ET Q q 0 0 0 rg BT 295.76 718.25 Td (will ) Tj ET Q q 0 0 0 rg BT 312.59 718.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 348.29 718.25 Td (to ) Tj ET Q q 0 0 0 rg BT 357.34 718.25 Td (be ) Tj ET Q q 0 0 0 rg BT 368.04 718.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 410.96 718.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 448.88 718.25 Td (by ) Tj ET Q q 0 0 0 rg BT 460.15 718.25 Td (theCOVID-19 ) Tj ET Q q 0 0 0 rg BT 521.14 718.25 Td (pandemic, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (as ) Tj ET Q q 0 0 0 rg BT 59.93 706.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 100.36 706.25 Td (under ) Tj ET Q q 0 0 0 rg BT 125.23 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 139.55 706.25 Td (Overview ) Tj ET Q q 0 0 0 rg BT 189.96 706.25 Td (section ) Tj ET Q q 0 0 0 rg BT 220.38 706.25 Td (above, ) Tj ET Q q 0 0 0 rg BT 248.86 706.25 Td (though ) Tj ET Q q 0 0 0 rg BT 278.74 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 293.06 706.25 Td (full ) Tj ET Q q 0 0 0 rg BT 309.05 706.25 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 353.36 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 369.90 706.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 405.32 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 415.76 706.25 Td (such ) Tj ET Q q 0 0 0 rg BT 436.19 706.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 465.50 706.25 Td (is ) Tj ET Q q 0 0 0 rg BT 474.27 706.25 Td (uncertain. ) Tj ET Q q 0 0 0 rg BT 516.07 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 518.18 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 520.12 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 528.76 706.25 Td (e ) Tj ET Q q 0 0 0 rg BT 535.30 706.25 Td (further ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 78.32 694.25 Td (that ) Tj ET Q q 0 0 0 rg BT 96.04 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 110.98 694.25 Td (ef) Tj ET Q q 0 0 0 rg BT 118.57 694.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 140.17 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.22 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 166.17 694.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 213.88 694.25 Td (pandemic, ) Tj ET Q q 0 0 0 rg BT 257.98 694.25 Td (including ) Tj ET Q q 0 0 0 rg BT 298.48 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.42 694.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 355.02 694.25 Td (slowdown ) Tj ET Q q 0 0 0 rg BT 398.86 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 416.02 694.25 Td (temporary ) Tj ET Q q 0 0 0 rg BT 459.84 694.25 Td (or ) Tj ET Q q 0 0 0 rg BT 470.89 694.25 Td (longer) Tj ET Q q 0 0 0 rg BT 496.24 694.25 Td (-term ) Tj ET Q q 0 0 0 rg BT 520.62 694.25 Td (job ) Tj ET Q q 0 0 0 rg BT 536.12 694.25 Td (losses, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (will ) Tj ET Q q 0 0 0 rg BT 66.89 682.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 110.37 682.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 139.42 682.25 Td (new ) Tj ET Q q 0 0 0 rg BT 157.91 682.25 Td (home ) Tj ET Q q 0 0 0 rg BT 181.96 682.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 203.23 682.25 Td (across ) Tj ET Q q 0 0 0 rg BT 230.05 682.25 Td (our ) Tj ET Q q 0 0 0 rg BT 245.21 682.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 278.70 682.25 Td (for ) Tj ET Q q 0 0 0 rg BT 292.20 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 306.24 682.25 Td (second ) Tj ET Q q 0 0 0 rg BT 335.85 682.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 365.99 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.16 682.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 397.99 682.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 416.76 682.25 Td (depending ) Tj ET Q q 0 0 0 rg BT 460.25 682.25 Td (on ) Tj ET Q q 0 0 0 rg BT 472.08 682.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 518.08 682.25 Td (subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 88.24 670.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 122.26 670.25 Td (but ) Tj ET Q q 0 0 0 rg BT 137.12 670.25 Td (we ) Tj ET Q q 0 0 0 rg BT 150.86 670.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 181.82 670.25 Td (that ) Tj ET Q q 0 0 0 rg BT 198.89 670.25 Td (it ) Tj ET Q q 0 0 0 rg BT 206.53 670.25 Td (is ) Tj ET Q q 0 0 0 rg BT 215.29 670.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 260.68 670.25 Td (possible ) Tj ET Q q 0 0 0 rg BT 295.54 670.25 Td (that ) Tj ET Q q 0 0 0 rg BT 312.62 670.25 Td (this ) Tj ET Q q 0 0 0 rg BT 329.15 670.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 358.45 670.25 Td (will ) Tj ET Q q 0 0 0 rg BT 376.09 670.25 Td (be ) Tj ET Q q 0 0 0 rg BT 387.61 670.25 Td (buf) Tj ET Q q 0 0 0 rg BT 400.76 670.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 423.38 670.25 Td (to ) Tj ET Q q 0 0 0 rg BT 433.24 670.25 Td (some ) Tj ET Q q 0 0 0 rg BT 456.43 670.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 482.94 670.25 Td (by ) Tj ET Q q 0 0 0 rg BT 495.03 670.25 Td (low ) Tj ET Q q 0 0 0 rg BT 512.11 670.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 543.63 670.25 Td (rates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 658.25 Td (low ) Tj ET Q q 0 0 0 rg BT 83.94 658.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 124.76 658.25 Td (levels.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (While ) Tj ET Q q 0 0 0 rg BT 76.41 634.25 Td (we ) Tj ET Q q 0 0 0 rg BT 90.54 634.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 120.78 634.25 Td (sensitive ) Tj ET Q q 0 0 0 rg BT 158.25 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 168.51 634.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 203.19 634.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.45 634.25 Td (market ) Tj ET Q q 0 0 0 rg BT 243.68 634.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 290.33 634.25 Td (we ) Tj ET Q q 0 0 0 rg BT 304.46 634.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 341.37 634.25 Td (to ) Tj ET Q q 0 0 0 rg BT 351.62 634.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 375.76 634.25 Td (on ) Tj ET Q q 0 0 0 rg BT 388.24 634.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 434.59 634.25 Td (overhead ) Tj ET Q q 0 0 0 rg BT 473.71 634.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 510.05 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 526.97 634.25 Td (carefully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 91.43 622.25 Td (our ) Tj ET Q q 0 0 0 rg BT 107.26 622.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 153.65 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 163.92 622.25 Td (land ) Tj ET Q q 0 0 0 rg BT 183.64 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 200.58 622.25 Td (land ) Tj ET Q q 0 0 0 rg BT 220.30 622.25 Td (development ) Tj ET Q q 0 0 0 rg BT 274.45 622.25 Td (spending. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 600.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.21 600.25 Td (are ) Tj ET Q q 0 0 0 rg BT 80.04 600.25 Td (also ) Tj ET Q q 0 0 0 rg BT 98.78 600.25 Td (closely ) Tj ET Q q 0 0 0 rg BT 129.73 600.25 Td (monitoring ) Tj ET Q q 0 0 0 rg BT 176.81 600.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 217.20 600.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 264.81 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 281.88 600.25 Td (a ) Tj ET Q q 0 0 0 rg BT 288.95 600.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 316.00 600.25 Td (tightening ) Tj ET Q q 0 0 0 rg BT 359.19 600.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.14 600.25 Td (lending ) Tj ET Q q 0 0 0 rg BT 402.77 600.25 Td (standards ) Tj ET Q q 0 0 0 rg BT 443.17 600.25 Td (related ) Tj ET Q q 0 0 0 rg BT 473.00 600.25 Td (to ) Tj ET Q q 0 0 0 rg BT 483.41 600.25 Td (an ) Tj ET Q q 0 0 0 rg BT 495.47 600.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 533.64 600.25 Td (decline ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.57 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.08 588.25 Td (economy) Tj ET Q q 0 0 0 rg BT 110.09 588.25 Td (. ) Tj ET Q q 0 0 0 rg BT 114.89 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 116.67 588.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 156.75 588.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 188.48 588.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 209.65 588.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 239.71 588.25 Td (at ) Tj ET Q q 0 0 0 rg BT 249.22 588.25 Td (historic ) Tj ET Q q 0 0 0 rg BT 281.51 588.25 Td (lows, ) Tj ET Q q 0 0 0 rg BT 305.19 588.25 Td (we ) Tj ET Q q 0 0 0 rg BT 319.15 588.25 Td (have ) Tj ET Q q 0 0 0 rg BT 340.32 588.25 Td (seen ) Tj ET Q q 0 0 0 rg BT 360.39 588.25 Td (a ) Tj ET Q q 0 0 0 rg BT 367.12 588.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 398.29 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 408.36 588.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 448.42 588.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 495.70 588.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 537.99 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 548.06 588.25 Td (late ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (March ) Tj ET Q q 0 0 0 rg BT 77.87 576.25 Td (including ) Tj ET Q q 0 0 0 rg BT 117.91 576.25 Td (a ) Tj ET Q q 0 0 0 rg BT 124.61 576.25 Td (tightening ) Tj ET Q q 0 0 0 rg BT 167.43 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 178.03 576.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 231.96 576.25 Td (standards. ) Tj ET Q q 0 0 0 rg BT 274.49 576.25 Td ( ) Tj ET Q q 0 0 0 rg BT 276.60 576.25 Td (T) Tj ET Q q 0 0 0 rg BT 282.01 576.25 Td (o ) Tj ET Q q 0 0 0 rg BT 289.27 576.25 Td (date, ) Tj ET Q q 0 0 0 rg BT 310.70 576.25 Td (this ) Tj ET Q q 0 0 0 rg BT 327.41 576.25 Td (tightening ) Tj ET Q q 0 0 0 rg BT 370.23 576.25 Td (has ) Tj ET Q q 0 0 0 rg BT 385.83 576.25 Td (not ) Tj ET Q q 0 0 0 rg BT 400.88 576.25 Td (had ) Tj ET Q q 0 0 0 rg BT 417.59 576.25 Td (a ) Tj ET Q q 0 0 0 rg BT 424.29 576.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 468.77 576.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 498.25 576.25 Td (on ) Tj ET Q q 0 0 0 rg BT 510.52 576.25 Td (our ) Tj ET Q q 0 0 0 rg BT 526.12 576.25 Td (business, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (although ) Tj ET Q q 0 0 0 rg BT 87.28 564.25 Td (it ) Tj ET Q q 0 0 0 rg BT 95.63 564.25 Td (has ) Tj ET Q q 0 0 0 rg BT 111.74 564.25 Td (had ) Tj ET Q q 0 0 0 rg BT 128.97 564.25 Td (some ) Tj ET Q q 0 0 0 rg BT 152.86 564.25 Td (ef) Tj ET Q q 0 0 0 rg BT 160.45 564.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 178.22 564.25 Td (on ) Tj ET Q q 0 0 0 rg BT 191.01 564.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 216.57 564.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 242.12 564.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 272.68 564.25 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 316.01 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 333.23 564.25 Td (those ) Tj ET Q q 0 0 0 rg BT 357.13 564.25 Td (using ) Tj ET Q q 0 0 0 rg BT 381.59 564.25 Td (non-agency ) Tj ET Q q 0 0 0 rg BT 431.02 564.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 451.02 564.25 Td (programs. ) Tj ET Q q 0 0 0 rg BT 493.88 564.25 Td (W) Tj ET Q q 0 0 0 rg BT 502.51 564.25 Td (e ) Tj ET Q q 0 0 0 rg BT 509.74 564.25 Td (are ) Tj ET Q q 0 0 0 rg BT 524.73 564.25 Td (seeing ) Tj ET Q q 0 0 0 rg BT 553.07 564.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.34 552.25 Td (due ) Tj ET Q q 0 0 0 rg BT 96.40 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 106.80 552.25 Td (layof) Tj ET Q q 0 0 0 rg BT 127.17 552.25 Td (fs ) Tj ET Q q 0 0 0 rg BT 137.01 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 154.07 552.25 Td (concerns ) Tj ET Q q 0 0 0 rg BT 192.23 552.25 Td (about ) Tj ET Q q 0 0 0 rg BT 217.07 552.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 269.69 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.75 552.25 Td (business ) Tj ET Q q 0 0 0 rg BT 323.26 552.25 Td (shutdowns, ) Tj ET Q q 0 0 0 rg BT 371.17 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 388.23 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 398.64 552.25 Td (address ) Tj ET Q q 0 0 0 rg BT 431.25 552.25 Td (these ) Tj ET Q q 0 0 0 rg BT 454.42 552.25 Td (concerns, ) Tj ET Q q 0 0 0 rg BT 495.08 552.25 Td (we ) Tj ET Q q 0 0 0 rg BT 509.36 552.25 Td (have ) Tj ET Q q 0 0 0 rg BT 530.86 552.25 Td (reduced ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.32 540.25 Td (time ) Tj ET Q q 0 0 0 rg BT 86.69 540.25 Td (frames ) Tj ET Q q 0 0 0 rg BT 117.50 540.25 Td (for ) Tj ET Q q 0 0 0 rg BT 132.76 540.25 Td (verifying ) Tj ET Q q 0 0 0 rg BT 173.01 540.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 226.60 540.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.64 540.25 Td (we ) Tj ET Q q 0 0 0 rg BT 259.90 540.25 Td (are ) Tj ET Q q 0 0 0 rg BT 275.71 540.25 Td (following ) Tj ET Q q 0 0 0 rg BT 318.20 540.25 Td (agency ) Tj ET Q q 0 0 0 rg BT 350.11 540.25 Td (recommendations ) Tj ET Q q 0 0 0 rg BT 424.80 540.25 Td (for ) Tj ET Q q 0 0 0 rg BT 440.06 540.25 Td (pre-closing ) Tj ET Q q 0 0 0 rg BT 488.65 540.25 Td (documentation. ) Tj ET Q q 0 0 0 rg BT 554.18 540.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 87.27 528.25 Td (we ) Tj ET Q q 0 0 0 rg BT 101.43 528.25 Td (are ) Tj ET Q q 0 0 0 rg BT 116.14 528.25 Td (aggressively ) Tj ET Q q 0 0 0 rg BT 168.63 528.25 Td (working ) Tj ET Q q 0 0 0 rg BT 204.46 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 214.73 528.25 Td (deliver ) Tj ET Q q 0 0 0 rg BT 245.00 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 261.94 528.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 282.77 528.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 306.38 528.25 Td (with ) Tj ET Q q 0 0 0 rg BT 326.65 528.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 365.26 528.25 Td (more ) Tj ET Q q 0 0 0 rg BT 388.31 528.25 Td (quickly) Tj ET Q q 0 0 0 rg BT 417.65 528.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 506.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 506.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 93.67 506.25 Td (to ) Tj ET Q q 0 0 0 rg BT 103.95 506.25 Td (emphasize ) Tj ET Q q 0 0 0 rg BT 148.65 506.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.37 506.25 Td (following ) Tj ET Q q 0 0 0 rg BT 204.75 506.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 241.13 506.25 Td (business ) Tj ET Q q 0 0 0 rg BT 277.52 506.25 Td (objectives ) Tj ET Q q 0 0 0 rg BT 320.56 506.25 Td (throughout ) Tj ET Q q 0 0 0 rg BT 366.95 506.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.66 506.25 Td (remainder ) Tj ET Q q 0 0 0 rg BT 424.70 506.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.53 506.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.53 506.25 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 484.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 484.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 127.43 484.25 Td (our ) Tj ET Q q 0 0 0 rg BT 143.26 484.25 Td (land ) Tj ET Q q 0 0 0 rg BT 162.98 484.25 Td (spend ) Tj ET Q q 0 0 0 rg BT 188.81 484.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.75 484.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 246.57 484.25 Td (levels;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 472.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 472.25 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 135.77 472.25 Td (a ) Tj ET Q q 0 0 0 rg BT 142.71 472.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 170.21 472.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 203.24 472.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 226.29 472.25 Td (and ) Tj ET Q q 0 0 0 rg BT 243.22 472.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 279.62 472.25 Td (levels; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 460.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 460.25 Td (expanding ) Tj ET Q q 0 0 0 rg BT 129.66 460.25 Td (the ) Tj ET Q q 0 0 0 rg BT 144.37 460.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 191.86 460.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.69 460.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.52 460.25 Td (more ) Tj ET Q q 0 0 0 rg BT 241.56 460.25 Td (af) Tj ET Q q 0 0 0 rg BT 249.15 460.25 Td (fordable ) Tj ET Q q 0 0 0 rg BT 284.97 460.25 Td (Smart ) Tj ET Q q 0 0 0 rg BT 311.35 460.25 Td (Series ) Tj ET Q q 0 0 0 rg BT 338.29 460.25 Td (homes; ) Tj ET Q q 0 0 0 rg BT 369.68 460.25 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 448.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 448.25 Td (emphasizing ) Tj ET Q q 0 0 0 rg BT 138.54 448.25 Td (customer ) Tj ET Q q 0 0 0 rg BT 177.70 448.25 Td (service, ) Tj ET Q q 0 0 0 rg BT 211.01 448.25 Td (product ) Tj ET Q q 0 0 0 rg BT 244.06 448.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 274.33 448.25 Td (and ) Tj ET Q q 0 0 0 rg BT 291.27 448.25 Td (design, ) Tj ET Q q 0 0 0 rg BT 322.38 448.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.32 448.25 Td (premier ) Tj ET Q q 0 0 0 rg BT 372.91 448.25 Td (locations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.25 Td (During ) Tj ET Q q 0 0 0 rg BT 80.16 426.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.70 426.25 Td (first ) Tj ET Q q 0 0 0 rg BT 113.14 426.25 Td (three ) Tj ET Q q 0 0 0 rg BT 135.45 426.25 Td (months ) Tj ET Q q 0 0 0 rg BT 167.23 426.25 Td (of ) Tj ET Q q 0 0 0 rg BT 177.89 426.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.89 426.25 Td (, ) Tj ET Q q 0 0 0 rg BT 202.72 426.25 Td (we ) Tj ET Q q 0 0 0 rg BT 216.70 426.25 Td (invested ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.36 426.25 Td ($75.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.25 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 308.58 426.25 Td (in ) Tj ET Q q 0 0 0 rg BT 318.68 426.25 Td (land ) Tj ET Q q 0 0 0 rg BT 338.23 426.25 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 388.33 426.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.10 426.25 Td ($62.0 ) Tj ET Q q 0 0 0 rg BT 429.92 426.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.82 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 461.14 426.25 Td (in ) Tj ET Q q 0 0 0 rg BT 471.25 426.25 Td (land ) Tj ET Q q 0 0 0 rg BT 490.80 426.25 Td (development. ) Tj ET Q q 0 0 0 rg BT 547.27 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 549.43 426.25 Td (W) Tj ET Q q 0 0 0 rg BT 558.07 426.25 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.25 Td (are ) Tj ET Q q 0 0 0 rg BT 65.28 414.25 Td (carefully ) Tj ET Q q 0 0 0 rg BT 104.39 414.25 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 147.94 414.25 Td (all ) Tj ET Q q 0 0 0 rg BT 161.51 414.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.42 414.25 Td (our ) Tj ET Q q 0 0 0 rg BT 190.32 414.25 Td (land ) Tj ET Q q 0 0 0 rg BT 211.11 414.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 258.56 414.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.58 414.25 Td (land ) Tj ET Q q 0 0 0 rg BT 297.37 414.25 Td (development ) Tj ET Q q 0 0 0 rg BT 352.59 414.25 Td (spending, ) Tj ET Q q 0 0 0 rg BT 394.77 414.25 Td (and ) Tj ET Q q 0 0 0 rg BT 412.78 414.25 Td (due ) Tj ET Q q 0 0 0 rg BT 430.79 414.25 Td (to ) Tj ET Q q 0 0 0 rg BT 442.15 414.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.94 414.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 506.49 414.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.39 414.25 Td (the ) Tj ET Q q 0 0 0 rg BT 534.18 414.25 Td (current ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 402.25 Td (environment, ) Tj ET Q q 0 0 0 rg BT 104.82 402.25 Td ( ) Tj ET Q q 0 0 0 rg BT 107.10 402.25 Td (we ) Tj ET Q q 0 0 0 rg BT 121.04 402.25 Td (have ) Tj ET Q q 0 0 0 rg BT 142.20 402.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 166.14 402.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 205.62 402.25 Td (to ) Tj ET Q q 0 0 0 rg BT 215.68 402.25 Td (extend ) Tj ET Q q 0 0 0 rg BT 244.62 402.25 Td (or ) Tj ET Q q 0 0 0 rg BT 255.23 402.25 Td (delay ) Tj ET Q q 0 0 0 rg BT 279.16 402.25 Td (a ) Tj ET Q q 0 0 0 rg BT 285.88 402.25 Td (substantial ) Tj ET Q q 0 0 0 rg BT 330.94 402.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 363.21 402.25 Td (of ) Tj ET Q q 0 0 0 rg BT 373.82 402.25 Td (future ) Tj ET Q q 0 0 0 rg BT 399.98 402.25 Td (land ) Tj ET Q q 0 0 0 rg BT 419.48 402.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 461.18 402.25 Td (and ) Tj ET Q q 0 0 0 rg BT 477.90 402.25 Td (delayed ) Tj ET Q q 0 0 0 rg BT 511.28 402.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.77 402.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 554.17 402.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 390.25 Td (land ) Tj ET Q q 0 0 0 rg BT 68.79 390.25 Td (development. ) Tj ET Q q 0 0 0 rg BT 125.01 390.25 Td ( ) Tj ET Q q 0 0 0 rg BT 126.94 390.25 Td (W) Tj ET Q q 0 0 0 rg BT 135.57 390.25 Td (e ) Tj ET Q q 0 0 0 rg BT 142.08 390.25 Td (will ) Tj ET Q q 0 0 0 rg BT 159.71 390.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 196.22 390.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.07 390.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 239.81 390.25 Td (market ) Tj ET Q q 0 0 0 rg BT 269.65 390.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 313.38 390.25 Td (and ) Tj ET Q q 0 0 0 rg BT 329.89 390.25 Td (our ) Tj ET Q q 0 0 0 rg BT 345.30 390.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 380.15 390.25 Td (pace ) Tj ET Q q 0 0 0 rg BT 400.54 390.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.94 390.25 Td (home ) Tj ET Q q 0 0 0 rg BT 435.23 390.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 456.74 390.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.25 390.25 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 516.70 390.25 Td (and ) Tj ET Q q 0 0 0 rg BT 533.21 390.25 Td (we ) Tj ET Q q 0 0 0 rg BT 546.94 390.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 86.86 378.25 Td (to ) Tj ET Q q 0 0 0 rg BT 97.56 378.25 Td (adjust ) Tj ET Q q 0 0 0 rg BT 124.37 378.25 Td (our ) Tj ET Q q 0 0 0 rg BT 140.62 378.25 Td (land ) Tj ET Q q 0 0 0 rg BT 160.76 378.25 Td (and ) Tj ET Q q 0 0 0 rg BT 178.12 378.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 219.37 378.25 Td (home ) Tj ET Q q 0 0 0 rg BT 244.50 378.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 291.31 378.25 Td (spend ) Tj ET Q q 0 0 0 rg BT 317.56 378.25 Td (accordingly) Tj ET Q q 0 0 0 rg BT 364.11 378.25 Td (. ) Tj ET Q q 0 0 0 rg BT 369.54 378.25 Td ( ) Tj ET Q q 0 0 0 rg BT 371.81 378.25 Td (As ) Tj ET Q q 0 0 0 rg BT 385.85 378.25 Td (a ) Tj ET Q q 0 0 0 rg BT 393.21 378.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 420.85 378.25 Td (we ) Tj ET Q q 0 0 0 rg BT 435.43 378.25 Td (are ) Tj ET Q q 0 0 0 rg BT 450.56 378.25 Td (withdrawing ) Tj ET Q q 0 0 0 rg BT 504.03 378.25 Td (our ) Tj ET Q q 0 0 0 rg BT 520.28 378.25 Td (previously ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 77.01 366.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 115.61 366.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 156.43 366.25 Td (our ) Tj ET Q q 0 0 0 rg BT 172.26 366.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 213.63 366.25 Td (land ) Tj ET Q q 0 0 0 rg BT 233.36 366.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 279.74 366.25 Td (and ) Tj ET Q q 0 0 0 rg BT 296.69 366.25 Td (land ) Tj ET Q q 0 0 0 rg BT 316.41 366.25 Td (development ) Tj ET Q q 0 0 0 rg BT 370.57 366.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 424.17 366.25 Td (in ) Tj ET Q q 0 0 0 rg BT 434.45 366.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 456.96 366.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.91 366.25 Td (are ) Tj ET Q q 0 0 0 rg BT 488.62 366.25 Td (not ) Tj ET Q q 0 0 0 rg BT 503.90 366.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 545.30 366.25 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td (spending ) Tj ET Q q 0 0 0 rg BT 88.11 354.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 127.82 354.25 Td (for ) Tj ET Q q 0 0 0 rg BT 141.98 354.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 164.48 354.25 Td (at ) Tj ET Q q 0 0 0 rg BT 174.20 354.25 Td (this ) Tj ET Q q 0 0 0 rg BT 191.15 354.25 Td (time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 332.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.54 332.25 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.39 332.25 Td (17) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.39 332.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.36 332.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 164.99 332.25 Td (and ) Tj ET Q q 0 0 0 rg BT 182.40 332.25 Td (closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.91 332.25 Td (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.91 332.25 Td ( ) Tj ET Q q 0 0 0 rg BT 223.88 332.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 278.51 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 289.26 332.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.44 332.25 Td (first ) Tj ET Q q 0 0 0 rg BT 323.52 332.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 354.80 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 366.10 332.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.10 332.25 Td (, ) Tj ET Q q 0 0 0 rg BT 391.57 332.25 Td (ending ) Tj ET Q q 0 0 0 rg BT 421.76 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 436.94 332.25 Td (first ) Tj ET Q q 0 0 0 rg BT 456.02 332.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 487.30 332.25 Td (with ) Tj ET Q q 0 0 0 rg BT 508.05 332.25 Td (a ) Tj ET Q q 0 0 0 rg BT 515.46 332.25 Td (total ) Tj ET Q q 0 0 0 rg BT 536.20 332.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.50 332.25 Td (223) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 332.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 102.70 320.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 143.66 320.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.98 320.25 Td (214) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.98 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 169.52 320.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 222.72 320.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.48 320.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 274.11 320.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.11 320.25 Td (. ) Tj ET Q q 0 0 0 rg BT 298.15 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 299.69 320.25 Td (Due ) Tj ET Q q 0 0 0 rg BT 317.89 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 327.21 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 340.97 320.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 387.49 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 397.36 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.11 320.25 Td (current ) Tj ET Q q 0 0 0 rg BT 440.97 320.25 Td (environment, ) Tj ET Q q 0 0 0 rg BT 495.55 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.53 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.28 320.25 Td (unknown ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 308.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 78.70 308.25 Td (on ) Tj ET Q q 0 0 0 rg BT 91.43 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.37 308.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 140.20 308.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 169.04 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 180.10 308.25 Td (opening ) Tj ET Q q 0 0 0 rg BT 215.05 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.22 308.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 263.84 308.25 Td (out ) Tj ET Q q 0 0 0 rg BT 279.35 308.25 Td (communities, ) Tj ET Q q 0 0 0 rg BT 336.24 308.25 Td (we ) Tj ET Q q 0 0 0 rg BT 350.63 308.25 Td (are ) Tj ET Q q 0 0 0 rg BT 365.57 308.25 Td (also ) Tj ET Q q 0 0 0 rg BT 384.41 308.25 Td (withdrawing ) Tj ET Q q 0 0 0 rg BT 437.69 308.25 Td (our ) Tj ET Q q 0 0 0 rg BT 453.75 308.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 498.69 308.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 526.43 308.25 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 89.89 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 105.29 296.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 127.36 296.25 Td (average ) Tj ET Q q 0 0 0 rg BT 160.52 296.25 Td (community ) Tj ET Q q 0 0 0 rg BT 208.14 296.25 Td (count ) Tj ET Q q 0 0 0 rg BT 232.43 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 248.94 296.25 Td (are ) Tj ET Q q 0 0 0 rg BT 263.22 296.25 Td (not ) Tj ET Q q 0 0 0 rg BT 278.07 296.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 319.03 296.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 359.42 296.25 Td (community ) Tj ET Q q 0 0 0 rg BT 407.04 296.25 Td (count ) Tj ET Q q 0 0 0 rg BT 431.33 296.25 Td (information ) Tj ET Q q 0 0 0 rg BT 480.61 296.25 Td (for ) Tj ET Q q 0 0 0 rg BT 494.35 296.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 516.42 296.25 Td (at ) Tj ET Q q 0 0 0 rg BT 525.71 296.25 Td (this ) Tj ET Q q 0 0 0 rg BT 542.23 296.25 Td (time.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 274.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.32 274.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 94.94 274.25 Td (our ) Tj ET Q q 0 0 0 rg BT 110.02 274.25 Td (abilities ) Tj ET Q q 0 0 0 rg BT 143.42 274.25 Td (to ) Tj ET Q q 0 0 0 rg BT 152.94 274.25 Td (design ) Tj ET Q q 0 0 0 rg BT 180.80 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.98 274.25 Td (develop ) Tj ET Q q 0 0 0 rg BT 230.38 274.25 Td (attractive ) Tj ET Q q 0 0 0 rg BT 269.33 274.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 297.18 274.25 Td (in ) Tj ET Q q 0 0 0 rg BT 306.70 274.25 Td (desirable ) Tj ET Q q 0 0 0 rg BT 344.54 274.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 382.39 274.25 Td (at ) Tj ET Q q 0 0 0 rg BT 391.36 274.25 Td (an ) Tj ET Q q 0 0 0 rg BT 402.54 274.25 Td (af) Tj ET Q q 0 0 0 rg BT 410.13 274.25 Td (fordable ) Tj ET Q q 0 0 0 rg BT 445.19 274.25 Td (cost, ) Tj ET Q q 0 0 0 rg BT 465.54 274.25 Td (and ) Tj ET Q q 0 0 0 rg BT 481.73 274.25 Td (to ) Tj ET Q q 0 0 0 rg BT 491.25 274.25 Td (grow ) Tj ET Q q 0 0 0 rg BT 513.55 274.25 Td (our ) Tj ET Q q 0 0 0 rg BT 528.62 274.25 Td (business ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.25 Td (while ) Tj ET Q q 0 0 0 rg BT 74.04 262.25 Td (also ) Tj ET Q q 0 0 0 rg BT 92.46 262.25 Td (leveraging ) Tj ET Q q 0 0 0 rg BT 136.98 262.25 Td (our ) Tj ET Q q 0 0 0 rg BT 152.63 262.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 175.50 262.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 200.31 262.25 Td (has ) Tj ET Q q 0 0 0 rg BT 215.96 262.25 Td (enabled ) Tj ET Q q 0 0 0 rg BT 249.38 262.25 Td (us ) Tj ET Q q 0 0 0 rg BT 260.58 262.25 Td (to ) Tj ET Q q 0 0 0 rg BT 270.68 262.25 Td (maintain ) Tj ET Q q 0 0 0 rg BT 307.99 262.25 Td (and ) Tj ET Q q 0 0 0 rg BT 324.75 262.25 Td (improve ) Tj ET Q q 0 0 0 rg BT 360.39 262.25 Td (our ) Tj ET Q q 0 0 0 rg BT 376.04 262.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 403.36 262.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 440.66 262.25 Td (results. ) Tj ET Q q 0 0 0 rg BT 471.42 262.25 Td (W) Tj ET Q q 0 0 0 rg BT 480.05 262.25 Td (e ) Tj ET Q q 0 0 0 rg BT 486.81 262.25 Td (further ) Tj ET Q q 0 0 0 rg BT 516.33 262.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 547.53 262.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.68 250.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 114.83 250.25 Td (management ) Tj ET Q q 0 0 0 rg BT 167.76 250.25 Td (team ) Tj ET Q q 0 0 0 rg BT 189.05 250.25 Td (will ) Tj ET Q q 0 0 0 rg BT 206.45 250.25 Td (navigate, ) Tj ET Q q 0 0 0 rg BT 244.67 250.25 Td (make ) Tj ET Q q 0 0 0 rg BT 268.17 250.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 308.89 250.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 358.51 250.25 Td (and ) Tj ET Q q 0 0 0 rg BT 374.80 250.25 Td (guide ) Tj ET Q q 0 0 0 rg BT 398.86 250.25 Td (our ) Tj ET Q q 0 0 0 rg BT 414.04 250.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 454.78 250.25 Td (through ) Tj ET Q q 0 0 0 rg BT 487.73 250.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.80 250.25 Td (current ) Tj ET Q q 0 0 0 rg BT 531.96 250.25 Td (adverse ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (market ) Tj ET Q q 0 0 0 rg BT 78.88 238.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 122.16 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 138.21 238.25 Td (that ) Tj ET Q q 0 0 0 rg BT 154.82 238.25 Td (we ) Tj ET Q q 0 0 0 rg BT 168.09 238.25 Td (are ) Tj ET Q q 0 0 0 rg BT 181.91 238.25 Td (well ) Tj ET Q q 0 0 0 rg BT 200.74 238.25 Td (positioned ) Tj ET Q q 0 0 0 rg BT 244.02 238.25 Td (with ) Tj ET Q q 0 0 0 rg BT 263.41 238.25 Td (a ) Tj ET Q q 0 0 0 rg BT 269.47 238.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 296.08 238.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 328.23 238.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 350.39 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 359.78 238.25 Td (manage ) Tj ET Q q 0 0 0 rg BT 392.49 238.25 Td (through ) Tj ET Q q 0 0 0 rg BT 425.21 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.04 238.25 Td (current ) Tj ET Q q 0 0 0 rg BT 468.97 238.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 509.45 238.25 Td (environment. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (However) Tj ET Q q 0 0 0 rg BT 85.75 226.25 Td (, ) Tj ET Q q 0 0 0 rg BT 91.00 226.25 Td (in ) Tj ET Q q 0 0 0 rg BT 101.52 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.49 226.25 Td (foreseeable ) Tj ET Q q 0 0 0 rg BT 164.76 226.25 Td (future ) Tj ET Q q 0 0 0 rg BT 191.38 226.25 Td (we ) Tj ET Q q 0 0 0 rg BT 205.79 226.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 237.41 226.25 Td (our ) Tj ET Q q 0 0 0 rg BT 253.49 226.25 Td (positive ) Tj ET Q q 0 0 0 rg BT 287.90 226.25 Td (trends ) Tj ET Q q 0 0 0 rg BT 315.09 226.25 Td (will ) Tj ET Q q 0 0 0 rg BT 333.40 226.25 Td (be ) Tj ET Q q 0 0 0 rg BT 345.58 226.25 Td (negatively ) Tj ET Q q 0 0 0 rg BT 389.98 226.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 429.38 226.25 Td (and ) Tj ET Q q 0 0 0 rg BT 446.57 226.25 Td (we ) Tj ET Q q 0 0 0 rg BT 460.97 226.25 Td (can ) Tj ET Q q 0 0 0 rg BT 477.60 226.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 510.89 226.25 Td (no ) Tj ET Q q 0 0 0 rg BT 523.64 226.25 Td (assurance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 214.25 Td (when ) Tj ET Q q 0 0 0 rg BT 84.49 214.25 Td (those ) Tj ET Q q 0 0 0 rg BT 108.10 214.25 Td (positive ) Tj ET Q q 0 0 0 rg BT 142.26 214.25 Td (trends ) Tj ET Q q 0 0 0 rg BT 169.20 214.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 206.67 214.25 Td (in ) Tj ET Q q 0 0 0 rg BT 216.95 214.25 Td (our ) Tj ET Q q 0 0 0 rg BT 232.78 214.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 270.26 214.25 Td (and ) Tj ET Q q 0 0 0 rg BT 287.20 214.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 327.46 214.25 Td (metrics ) Tj ET Q q 0 0 0 rg BT 359.40 214.25 Td (will ) Tj ET Q q 0 0 0 rg BT 377.45 214.25 Td (return. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (See ) Tj ET Q q 0 0 0 rg BT 66.47 192.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 85.12 192.25 Td (II, ) Tj ET Q q 0 0 0 rg BT 96.81 192.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 117.67 192.25 Td (1A., ) Tj ET Q q 0 0 0 rg BT 137.42 192.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 162.74 192.25 Td (Factors, ) Tj ET Q q 0 0 0 rg BT 201.65 192.25 Td (for ) Tj ET Q q 0 0 0 rg BT 215.84 192.25 Td (further ) Tj ET Q q 0 0 0 rg BT 245.58 192.25 Td (information ) Tj ET Q q 0 0 0 rg BT 295.33 192.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 336.18 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 350.93 192.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 388.46 192.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 422.09 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 432.96 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.71 192.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 495.24 192.25 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 536.64 192.25 Td (on ) Tj ET Q q 0 0 0 rg BT 549.18 192.25 Td (our ) Tj ET Q q 0 0 0 rg BT 565.01 192.25 Td ( ) Tj ET Q q 0 0 0 rg BT 567.51 192.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 88.39 180.25 Td (results ) Tj ET Q q 0 0 0 rg BT 117.00 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.83 180.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 174.49 180.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 211.97 180.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 252.24 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.18 180.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 289.45 180.25 Td (flows.) Tj ET Q endstream endobj 71 0 obj <> endobj 72 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.16 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.15 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 132.70 740.10 Td (shows, ) Tj ET Q q 0 0 0 rg BT 163.31 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 176.42 740.10 Td (segment: ) Tj ET Q q 0 0 0 rg BT 215.64 740.10 Td (revenue; ) Tj ET Q q 0 0 0 rg BT 253.17 740.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 277.40 740.10 Td (mar) Tj ET Q q 0 0 0 rg BT 292.76 740.10 Td (gin; ) Tj ET Q q 0 0 0 rg BT 311.43 740.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 343.70 740.10 Td (general ) Tj ET Q q 0 0 0 rg BT 376.24 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.79 740.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 454.10 740.10 Td (expense; ) Tj ET Q q 0 0 0 rg BT 492.20 740.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 533.07 740.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (\(loss\); ) Tj ET Q q 0 0 0 rg BT 77.00 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.94 728.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 125.87 728.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 160.58 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 174.74 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.46 728.10 Td (three ) Tj ET Q q 0 0 0 rg BT 211.94 728.10 Td (months ) Tj ET Q q 0 0 0 rg BT 243.89 728.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 270.27 728.10 Td (March ) Tj ET Q q 0 0 0 rg BT 298.87 728.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 313.87 728.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 336.37 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.30 728.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.30 728.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 704.6 m 497.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 704.6 m 504.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 704.6 m 561.5 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 692.6 m 440.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 692.6 m 497.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 692.6 m 504.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 692.6 m 561.5 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 644.6 m 504.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 644.6 m 561.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 644.6 m 440.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 632.6 m 440.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 644.6 m 497.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 632.6 m 497.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 644.6 m 504.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 632.6 m 504.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 644.6 m 561.5 644.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 632.6 m 561.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 632.6 m 440.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 632.6 m 497.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 632.6 m 504.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 632.6 m 561.5 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 579.6 m 440.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 579.6 m 497.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 579.6 m 504.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 579.6 m 561.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 579.6 m 440.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 567.6 m 440.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 579.6 m 497.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 567.6 m 497.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 579.6 m 504.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 567.6 m 504.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 579.6 m 561.5 579.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 567.6 m 561.5 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 502.6 m 440.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 490.6 m 440.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 502.6 m 497.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 490.6 m 497.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 502.6 m 504.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 490.6 m 504.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 502.6 m 561.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 490.6 m 561.5 490.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 425.6 m 440.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 425.6 m 497.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 425.6 m 504.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 425.6 m 561.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 425.6 m 440.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 413.6 m 440.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 425.6 m 497.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 413.6 m 497.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 425.6 m 504.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 413.6 m 504.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 425.6 m 561.5 425.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 413.6 m 561.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 413.6 m 440.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 413.6 m 497.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 413.6 m 504.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 413.6 m 561.5 413.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 360.6 m 440.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 360.6 m 497.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 360.6 m 504.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 360.6 m 561.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 360.6 m 440.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 348.6 m 440.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 360.6 m 497.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 348.6 m 497.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 360.6 m 504.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 348.6 m 504.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 360.6 m 561.5 360.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 348.6 m 561.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 348.6 m 440.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 348.6 m 497.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 348.6 m 504.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 348.6 m 561.5 348.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 331.6 m 440.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 331.6 m 497.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 331.6 m 504.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 331.6 m 561.5 331.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 312.6 m 440.5 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 312.6 m 497.5 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 312.6 m 504.5 312.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 312.6 m 561.5 312.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 708.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 458.86 708.83 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 535.38 708.83 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 696.55 Td (\(In ) Tj ET Q q 0 0 0 rg BT 63.33 696.55 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.50 696.68 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.50 696.55 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 684.68 Td (Revenue:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 672.55 Td (Northern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 672.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 672.68 Td (240,270) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 672.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 672.55 Td (200,362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 660.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 660.68 Td (323,866) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 660.55 Td (268,964) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 648.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.54 652.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 648.68 Td (13,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 648.55 Td (1) Tj ET Q q 0 0 0 rg BT 540.30 648.55 Td (1,783) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 636.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.61 636.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 70.32 636.55 Td (revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 636.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 636.68 Td (577,603) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 636.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 636.55 Td (481,109) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 619.68 Td (Gr) Tj ET Q q 0 0 0 rg BT 61.70 619.68 Td (oss ) Tj ET Q q 0 0 0 rg BT 73.86 619.68 Td (margin:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 607.55 Td (Northern homebuilding) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 133.32 611.18 Td ( \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 607.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 607.68 Td (42,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 607.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 607.55 Td (34,554) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 595.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 595.68 Td (60,654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 595.55 Td (46,305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 583.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.54 587.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 583.68 Td (13,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 583.55 Td (1) Tj ET Q q 0 0 0 rg BT 540.30 583.55 Td (1,783) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 571.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.33 571.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 70.32 571.55 Td (gross ) Tj ET Q q 0 0 0 rg BT 89.21 571.55 Td (mar) Tj ET Q q 0 0 0 rg BT 101.51 571.55 Td (gin ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 113.73 575.18 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 571.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 571.68 Td (1) Tj ET Q q 0 0 0 rg BT 472.25 571.68 Td (16,679) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 571.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 571.55 Td (92,642) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 554.68 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 79.12 554.68 Td (general ) Tj ET Q q 0 0 0 rg BT 106.44 554.68 Td (and ) Tj ET Q q 0 0 0 rg BT 121.34 554.68 Td (administrative ) Tj ET Q q 0 0 0 rg BT 173.11 554.68 Td (expense:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 542.55 Td (Northern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 542.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 542.68 Td (21,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 542.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 542.55 Td (18,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 530.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 530.68 Td (31,797) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 530.55 Td (28,71) Tj ET Q q 0 0 0 rg BT 554.30 530.55 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 518.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.54 522.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 518.68 Td (7,105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 518.55 Td (6,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 506.55 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 506.68 Td (10,096) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 506.55 Td (9,432) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 494.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.61 494.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 70.32 494.55 Td (selling, ) Tj ET Q q 0 0 0 rg BT 95.66 494.55 Td (general ) Tj ET Q q 0 0 0 rg BT 121.20 494.55 Td (and ) Tj ET Q q 0 0 0 rg BT 134.75 494.55 Td (administrative ) Tj ET Q q 0 0 0 rg BT 182.51 494.55 Td (expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 494.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 494.68 Td (70,675) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 494.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 494.55 Td (62,250) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 477.68 Td (Operating ) Tj ET Q q 0 0 0 rg BT 89.11 477.68 Td (income ) Tj ET Q q 0 0 0 rg BT 115.55 477.68 Td (\(loss\):) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 465.55 Td (Northern homebuilding ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 135.32 469.18 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 465.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 465.68 Td (20,881) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 465.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 465.55 Td (16,535) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 453.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 453.68 Td (28,857) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 453.55 Td (17,594) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 441.55 Td (Financial services) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 115.54 445.18 Td ( \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 441.68 Td (6,362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 441.55 Td (5,695) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 429.55 Td (Less: Corporate selling, general and administrative expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.60 429.68 Td (\(10,096) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.30 429.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 429.55 Td (\(9,432) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 429.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 417.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.33 417.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 70.32 417.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 102.54 417.55 Td (income ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 128.08 421.18 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 417.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 417.68 Td (46,004) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 417.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 417.55 Td (30,392) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 400.68 Td (Inter) Tj ET Q q 0 0 0 rg BT 69.18 400.68 Td (est ) Tj ET Q q 0 0 0 rg BT 80.51 400.68 Td (expense:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 388.55 Td (Northern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 388.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 388.68 Td (1,81) Tj ET Q q 0 0 0 rg BT 490.30 388.68 Td (1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 388.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 388.55 Td (2,481) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 376.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 376.68 Td (2,158) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 376.55 Td (3,568) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 364.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.54 368.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 364.68 Td (731) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 364.55 Td (743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 352.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.61 352.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 70.32 352.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 95.87 352.55 Td (expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 352.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 352.68 Td (4,700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 352.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 352.55 Td (6,792) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 335.55 Td (Equity in \(income\) loss of joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.60 335.68 Td (\(52) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.30 335.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 335.55 Td (121) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 316.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 77.99 316.55 Td (before ) Tj ET Q q 0 0 0 rg BT 100.42 316.55 Td (income ) Tj ET Q q 0 0 0 rg BT 125.96 316.55 Td (taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 316.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 316.68 Td (41,356) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 316.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 316.55 Td (23,479) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 297.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 297.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.89 297.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.82 297.50 Td (services ) Tj ET Q q 0 0 0 rg BT 139.53 297.50 Td (operational ) Tj ET Q q 0 0 0 rg BT 177.46 297.50 Td (results ) Tj ET Q q 0 0 0 rg BT 200.30 297.50 Td (should ) Tj ET Q q 0 0 0 rg BT 223.58 297.50 Td (be ) Tj ET Q q 0 0 0 rg BT 233.08 297.50 Td (viewed ) Tj ET Q q 0 0 0 rg BT 258.13 297.50 Td (in ) Tj ET Q q 0 0 0 rg BT 266.30 297.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 303.34 297.50 Td (with ) Tj ET Q q 0 0 0 rg BT 319.51 297.50 Td (our ) Tj ET Q q 0 0 0 rg BT 332.13 297.50 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 378.51 297.50 Td (business ) Tj ET Q q 0 0 0 rg BT 407.57 297.50 Td (as ) Tj ET Q q 0 0 0 rg BT 416.19 297.50 Td (its ) Tj ET Q q 0 0 0 rg BT 425.69 297.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 460.96 297.50 Td (originate ) Tj ET Q q 0 0 0 rg BT 491.34 297.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 510.18 297.50 Td (and ) Tj ET Q q 0 0 0 rg BT 523.68 297.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.06 297.50 Td (title ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 287.90 Td (services ) Tj ET Q q 0 0 0 rg BT 95.27 287.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 127.04 287.90 Td (for ) Tj ET Q q 0 0 0 rg BT 138.36 287.90 Td (our ) Tj ET Q q 0 0 0 rg BT 151.03 287.90 Td (homebuying ) Tj ET Q q 0 0 0 rg BT 193.02 287.90 Td (customers, ) Tj ET Q q 0 0 0 rg BT 229.46 287.90 Td (with ) Tj ET Q q 0 0 0 rg BT 245.68 287.90 Td (the ) Tj ET Q q 0 0 0 rg BT 257.46 287.90 Td (exception ) Tj ET Q q 0 0 0 rg BT 290.55 287.90 Td (of ) Tj ET Q q 0 0 0 rg BT 299.22 287.90 Td (a ) Tj ET Q q 0 0 0 rg BT 304.77 287.90 Td (small ) Tj ET Q q 0 0 0 rg BT 324.10 287.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 350.10 287.90 Td (of ) Tj ET Q q 0 0 0 rg BT 358.76 287.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 390.97 287.90 Td (refinancing.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 272.30 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 272.30 Td (Includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.76 272.30 Td ($0.4million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.87 272.30 Td ( ) Tj ET Q q 0 0 0 rg BT 138.03 272.30 Td (of ) Tj ET Q q 0 0 0 rg BT 146.86 272.30 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 208.55 272.30 Td (char) Tj ET Q q 0 0 0 rg BT 222.17 272.30 Td (ges ) Tj ET Q q 0 0 0 rg BT 234.99 272.30 Td (taken ) Tj ET Q q 0 0 0 rg BT 254.47 272.30 Td (during ) Tj ET Q q 0 0 0 rg BT 277.52 272.30 Td (the ) Tj ET Q q 0 0 0 rg BT 289.45 272.30 Td (three ) Tj ET Q q 0 0 0 rg BT 307.60 272.30 Td (months ) Tj ET Q q 0 0 0 rg BT 333.32 272.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 354.58 272.30 Td (March ) Tj ET Q q 0 0 0 rg BT 377.62 272.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 389.78 272.30 Td (2019 ) Tj ET Q q 0 0 0 rg BT 407.94 272.30 Td (as ) Tj ET Q q 0 0 0 rg BT 416.76 272.30 Td (a ) Tj ET Q q 0 0 0 rg BT 422.47 272.30 Td (result ) Tj ET Q q 0 0 0 rg BT 442.40 272.30 Td (of ) Tj ET Q q 0 0 0 rg BT 451.22 272.30 Td (our ) Tj ET Q q 0 0 0 rg BT 464.05 272.30 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 501.31 272.30 Td (of ) Tj ET Q q 0 0 0 rg BT 510.14 272.30 Td (Pinnacle ) Tj ET Q q 0 0 0 rg BT 539.84 272.30 Td (Homes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 262.70 Td (in ) Tj ET Q q 0 0 0 rg BT 75.72 262.70 Td (Detroit, ) Tj ET Q q 0 0 0 rg BT 102.38 262.70 Td (Michigan ) Tj ET Q q 0 0 0 rg BT 135.04 262.70 Td (on ) Tj ET Q q 0 0 0 rg BT 145.04 262.70 Td (March ) Tj ET Q q 0 0 0 rg BT 167.92 262.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 175.92 262.70 Td (2018.) Tj ET Q endstream endobj 73 0 obj <> endobj 74 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (35) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.93 740.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 134.76 740.10 Td (show ) Tj ET Q q 0 0 0 rg BT 158.37 740.10 Td (total ) Tj ET Q q 0 0 0 rg BT 178.65 740.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 204.48 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 216.98 740.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 252.80 740.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.52 740.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 306.12 740.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.12 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.62 740.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.55 740.10 Td (December ) Tj ET Q q 0 0 0 rg BT 389.14 740.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 404.14 740.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.14 740.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 716.6 m 367 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 716.6 m 378 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 716.6 m 423 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 716.6 m 437 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 716.6 m 505 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 716.6 m 517 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 716.6 m 562 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 690.6 m 322 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 690.6 m 367 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 690.6 m 378 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 690.6 m 423 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 690.6 m 437 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 690.6 m 505 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 690.6 m 517 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 690.6 m 562 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 690.6 m 322 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 690.6 m 367 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 690.6 m 378 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 690.6 m 423 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 690.6 m 437 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 690.6 m 505 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 690.6 m 517 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 690.6 m 562 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 642.6 m 322 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 642.6 m 367 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 642.6 m 378 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 642.6 m 423 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 642.6 m 437 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 642.6 m 505 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 642.6 m 517 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 642.6 m 562 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 642.6 m 322 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 630.6 m 322 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 642.6 m 367 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 630.6 m 367 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 642.6 m 378 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 630.6 m 378 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 642.6 m 423 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 630.6 m 423 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 642.6 m 437 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 630.6 m 437 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 642.6 m 505 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 630.6 m 505 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 642.6 m 517 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 630.6 m 517 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 642.6 m 562 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 630.6 m 562 630.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 409.80 720.83 Td (At Mar) Tj ET Q q 0 0 0 rg BT 435.27 720.83 Td (ch 31, 2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 694.85 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 694.85 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 328.00 694.83 Td (Northern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.20 694.83 Td (Southern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.70 708.68 Td (Corporate,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.50 700.68 Td (Financial Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.60 692.73 Td (and Unallocated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.25 694.83 Td (T) Tj ET Q q 0 0 0 rg BT 534.85 694.83 Td (otal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 682.55 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 81.50 682.55 Td (on ) Tj ET Q q 0 0 0 rg BT 91.50 682.55 Td (real ) Tj ET Q q 0 0 0 rg BT 105.49 682.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 125.70 682.55 Td (under ) Tj ET Q q 0 0 0 rg BT 145.91 682.55 Td (option ) Tj ET Q q 0 0 0 rg BT 168.36 682.55 Td (or ) Tj ET Q q 0 0 0 rg BT 177.02 682.55 Td (contract) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 682.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.75 682.68 Td (4,407) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.50 682.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.75 682.68 Td (27,298) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.50 682.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 682.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.50 682.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 682.68 Td (31,705) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 670.55 Td (Inventory ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 84.60 674.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.75 670.68 Td (821,291) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.75 670.68 Td (969,535) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 670.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 670.68 Td (1,790,826) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 658.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.16 658.55 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 658.55 Td (joint ) Tj ET Q q 0 0 0 rg BT 117.05 658.55 Td (venture ) Tj ET Q q 0 0 0 rg BT 143.04 658.55 Td (arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.75 658.68 Td (1,688) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.75 658.68 Td (38,618) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 658.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 658.68 Td (40,306) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 646.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 71.71 646.55 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.75 646.68 Td (26,571) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 397.75 646.68 Td (52,959) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 425.50 650.96 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 646.68 Td (256,596) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 646.68 Td (336,126) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 634.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 634.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 634.55 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 324.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 337.75 634.68 Td (853,957) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.75 634.68 Td (1,088,410) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 634.68 Td (256,596) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 634.68 Td (2,198,963) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 607.6 m 367 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 607.6 m 378 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 607.6 m 423 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 607.6 m 437 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 607.6 m 505 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 607.6 m 517 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 607.6 m 562 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 580.6 m 322 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 580.6 m 367 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 580.6 m 378 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 580.6 m 423 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 580.6 m 437 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 580.6 m 505 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 580.6 m 517 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 580.6 m 562 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 580.6 m 322 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 580.6 m 367 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 580.6 m 378 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 580.6 m 423 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 580.6 m 437 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 580.6 m 505 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 580.6 m 517 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 580.6 m 562 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 531.6 m 322 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 531.6 m 367 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 531.6 m 378 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 531.6 m 423 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 531.6 m 437 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 531.6 m 505 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 531.6 m 517 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 531.6 m 562 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 531.6 m 322 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 519.6 m 322 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 531.6 m 367 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 322 519.6 m 367 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 531.6 m 378 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 367 519.6 m 378 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 531.6 m 423 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 378 519.6 m 423 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 531.6 m 437 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 423 519.6 m 437 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 531.6 m 505 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 437 519.6 m 505 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 531.6 m 517 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 519.6 m 517 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 531.6 m 562 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 519.6 m 562 519.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.05 611.85 Td (At December 31, 2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 584.85 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 584.85 Td (thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.55 584.85 Td (Northern) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.55 584.85 Td (Southern) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.50 599.55 Td (Corporate,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 441.05 591.55 Td (Financial Services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.40 583.55 Td (and Unallocated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 530.80 584.85 Td (T) Tj ET Q q 0 0 0 rg BT 535.13 584.85 Td (otal) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 571.85 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 81.50 571.85 Td (on ) Tj ET Q q 0 0 0 rg BT 91.50 571.85 Td (real ) Tj ET Q q 0 0 0 rg BT 105.49 571.85 Td (estate ) Tj ET Q q 0 0 0 rg BT 125.70 571.85 Td (under ) Tj ET Q q 0 0 0 rg BT 145.91 571.85 Td (option ) Tj ET Q q 0 0 0 rg BT 168.36 571.85 Td (or ) Tj ET Q q 0 0 0 rg BT 177.02 571.85 Td (contract) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.75 571.85 Td (3,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.75 571.85 Td (24,877) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 571.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 571.85 Td (28,532) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 559.55 Td (Inventory ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 84.60 563.18 Td (\(a\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.75 559.55 Td (783,972) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.75 559.55 Td (957,003) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 559.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 559.55 Td (1,740,975) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 547.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.16 547.55 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 547.55 Td (joint ) Tj ET Q q 0 0 0 rg BT 117.05 547.55 Td (venture ) Tj ET Q q 0 0 0 rg BT 143.04 547.55 Td (arrangements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 345.75 547.55 Td (1,672) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.75 547.55 Td (36,213) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.80 547.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 547.55 Td (37,885) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 535.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 71.71 535.55 Td (assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.75 535.55 Td (21,564) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 397.75 535.55 Td (52,662) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 425.50 539.96 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.80 535.55 Td (223,976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 535.55 Td (298,202) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 523.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 523.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 523.55 Td (assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.75 523.55 Td (810,863) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.75 523.55 Td (1,070,755) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.80 523.55 Td (223,976) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 523.55 Td (2,105,594) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 504.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 504.50 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 99.73 504.50 Td (includes ) Tj ET Q q 0 0 0 rg BT 127.53 504.50 Td (single-family ) Tj ET Q q 0 0 0 rg BT 171.32 504.50 Td (lots; ) Tj ET Q q 0 0 0 rg BT 186.23 504.50 Td (land ) Tj ET Q q 0 0 0 rg BT 201.14 504.50 Td (and ) Tj ET Q q 0 0 0 rg BT 213.82 504.50 Td (land ) Tj ET Q q 0 0 0 rg BT 228.73 504.50 Td (development ) Tj ET Q q 0 0 0 rg BT 271.18 504.50 Td (costs; ) Tj ET Q q 0 0 0 rg BT 290.54 504.50 Td (land ) Tj ET Q q 0 0 0 rg BT 305.44 504.50 Td (held ) Tj ET Q q 0 0 0 rg BT 320.35 504.50 Td (for ) Tj ET Q q 0 0 0 rg BT 330.81 504.50 Td (sale; ) Tj ET Q q 0 0 0 rg BT 346.60 504.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 368.62 504.50 Td (under ) Tj ET Q q 0 0 0 rg BT 387.97 504.50 Td (construction; ) Tj ET Q q 0 0 0 rg BT 430.87 504.50 Td (model ) Tj ET Q q 0 0 0 rg BT 452.00 504.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 474.02 504.50 Td (and ) Tj ET Q q 0 0 0 rg BT 486.70 504.50 Td (furnishings; ) Tj ET Q q 0 0 0 rg BT 526.06 504.50 Td (community ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 494.90 Td (development ) Tj ET Q q 0 0 0 rg BT 110.82 494.90 Td (district ) Tj ET Q q 0 0 0 rg BT 135.04 494.90 Td (infrastructure; ) Tj ET Q q 0 0 0 rg BT 182.35 494.90 Td (and ) Tj ET Q q 0 0 0 rg BT 195.90 494.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 238.34 494.90 Td (inventory ) Tj ET Q q 0 0 0 rg BT 271.00 494.90 Td (not ) Tj ET Q q 0 0 0 rg BT 283.22 494.90 Td (owned.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 479.30 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 479.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.60 479.30 Td (development ) Tj ET Q q 0 0 0 rg BT 139.92 479.30 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 193.02 479.30 Td (from ) Tj ET Q q 0 0 0 rg BT 210.57 479.30 Td (local ) Tj ET Q q 0 0 0 rg BT 228.12 479.30 Td (municipalities.) Tj ET Q endstream endobj 75 0 obj <> endobj 76 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (36) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Reportable ) Tj ET Q q 0 0 0 rg BT 99.77 740.25 Td (Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (The following table presents, by reportable segment, selected operating and financial information as of and for the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.07 718.25 Td (three months ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (ended March 31, 2020 and 2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.91 706.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 682.75 m 497.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 682.75 m 504.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 682.75 m 561.5 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 671.75 m 440.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 671.75 m 497.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 671.75 m 504.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 671.75 m 561.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 671.75 m 440.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 671.75 m 497.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 671.75 m 504.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 671.75 m 561.5 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 526.75 m 440.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 526.75 m 497.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 526.75 m 504.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 526.75 m 561.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 526.75 m 440.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 526.75 m 497.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 526.75 m 504.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 526.75 m 561.5 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 382.75 m 440.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 382.75 m 497.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 382.75 m 504.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 382.75 m 561.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 382.75 m 440.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 382.75 m 497.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 382.75 m 504.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 382.75 m 561.5 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 239.75 m 440.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 239.75 m 497.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 239.75 m 504.5 239.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 239.75 m 561.5 239.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 686.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 458.86 686.98 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 535.38 686.98 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 674.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.50 674.83 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.50 674.70 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 663.83 Td (Northern Region) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 652.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 652.83 Td (588) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 652.70 Td (474) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 641.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 641.83 Td (853) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 641.70 Td (702) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 630.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 630.83 Td (1,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 630.70 Td (1,158) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 619.70 Td (A) Tj ET Q q 0 0 0 rg BT 69.48 619.70 Td (verage sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 619.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 619.83 Td (407) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 619.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 619.70 Td (420) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 608.70 Td (A) Tj ET Q q 0 0 0 rg BT 69.48 608.70 Td (verage sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 608.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 608.83 Td (423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 608.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 608.70 Td (430) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 597.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 597.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 597.83 Td (596,138) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 597.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 597.70 Td (498,305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 586.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 586.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 586.83 Td (239,548) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 586.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 586.70 Td (199,277) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 575.70 Td (Land sale revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 575.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 575.83 Td (722) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 575.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 575.70 Td (1,085) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 564.70 Td (Operating income homes ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 146.42 568.33 Td (\(a\) \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 564.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 564.83 Td (20,835) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 564.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 564.70 Td (16,480) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 553.70 Td (Operating income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 553.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 553.83 Td (46) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 553.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 553.70 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 542.00 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 541.98 Td (97) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 542.00 Td (90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 529.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 529.83 Td (98) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 529.70 Td (90) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 518.83 Td (Southern Region) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 507.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 507.83 Td (907) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 507.70 Td (712) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 496.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 496.83 Td (1,236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 496.70 Td (942) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 485.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 485.83 Td (1,857) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 485.70 Td (1,494) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 474.70 Td (A) Tj ET Q q 0 0 0 rg BT 69.48 474.70 Td (verage sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 474.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 474.83 Td (353) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 474.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 474.70 Td (375) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 463.70 Td (A) Tj ET Q q 0 0 0 rg BT 69.48 463.70 Td (verage sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 463.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 463.83 Td (380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 463.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 463.70 Td (383) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 452.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 452.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 452.83 Td (705,188) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 452.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 452.70 Td (571,769) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 441.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 441.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 441.83 Td (319,901) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 441.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 441.70 Td (267,031) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 430.70 Td (Land sale revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 430.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 430.83 Td (3,965) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 430.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 430.70 Td (1,933) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 419.70 Td (Operating income homes ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 146.42 423.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 419.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 419.83 Td (28,834) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 419.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 419.70 Td (17,594) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 408.70 Td (Operating \(loss\) income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 408.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 408.83 Td (23) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 408.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 408.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 397.70 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 397.83 Td (127) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 397.70 Td (122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 386.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 386.83 Td (125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 386.70 Td (124) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 374.83 Td (T) Tj ET Q q 0 0 0 rg BT 56.60 374.83 Td (otal Homebuilding Regions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 363.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 363.83 Td (1,495) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 363.70 Td (1,186) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 352.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 352.83 Td (2,089) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 352.70 Td (1,644) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 341.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 341.83 Td (3,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 341.70 Td (2,652) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 330.70 Td (A) Tj ET Q q 0 0 0 rg BT 69.48 330.70 Td (verage sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 330.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 330.83 Td (374) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 330.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 330.70 Td (393) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 319.70 Td (A) Tj ET Q q 0 0 0 rg BT 69.48 319.70 Td (verage sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 319.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 319.83 Td (399) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 319.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 319.70 Td (403) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 308.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 308.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 462.25 308.83 Td (1,301,326) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 308.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.25 308.70 Td (1,070,074) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 297.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 297.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 297.83 Td (559,449) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 297.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 297.70 Td (466,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 286.70 Td (Land sale revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 286.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 286.83 Td (4,687) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 286.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 286.70 Td (3,018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 275.70 Td (Operating income homes ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 146.42 279.33 Td (\(a\) \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 275.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 275.83 Td (49,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 275.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 275.70 Td (34,074) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 264.70 Td (Operating income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 264.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.30 264.83 Td (69) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 264.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 264.70 Td (55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 253.70 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 253.83 Td (224) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 253.70 Td (212) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 242.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 242.83 Td (223) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 242.70 Td (214) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 227.65 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 227.65 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.64 227.65 Td (the ) Tj ET Q q 0 0 0 rg BT 108.45 227.65 Td (ef) Tj ET Q q 0 0 0 rg BT 114.52 227.65 Td (fect ) Tj ET Q q 0 0 0 rg BT 128.54 227.65 Td (of ) Tj ET Q q 0 0 0 rg BT 137.24 227.65 Td (total ) Tj ET Q q 0 0 0 rg BT 153.49 227.65 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 199.97 227.65 Td (selling, ) Tj ET Q q 0 0 0 rg BT 225.34 227.65 Td (general ) Tj ET Q q 0 0 0 rg BT 250.91 227.65 Td (and ) Tj ET Q q 0 0 0 rg BT 264.50 227.65 Td (administrative ) Tj ET Q q 0 0 0 rg BT 312.30 227.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 340.10 227.65 Td (for ) Tj ET Q q 0 0 0 rg BT 351.46 227.65 Td (the ) Tj ET Q q 0 0 0 rg BT 363.27 227.65 Td (region ) Tj ET Q q 0 0 0 rg BT 385.74 227.65 Td (as ) Tj ET Q q 0 0 0 rg BT 394.44 227.65 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 426.25 227.65 Td (in ) Tj ET Q q 0 0 0 rg BT 434.51 227.65 Td (the ) Tj ET Q q 0 0 0 rg BT 446.32 227.65 Td (first ) Tj ET Q q 0 0 0 rg BT 461.24 227.65 Td (table ) Tj ET Q q 0 0 0 rg BT 478.82 227.65 Td (set ) Tj ET Q q 0 0 0 rg BT 489.74 227.65 Td (forth ) Tj ET Q q 0 0 0 rg BT 507.33 227.65 Td (in ) Tj ET Q q 0 0 0 rg BT 515.59 227.65 Td (this ) Tj ET Q q 0 0 0 rg BT 529.18 227.65 Td (Outlook ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 218.05 Td (section.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 205.45 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 205.45 Td (Includes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 96.76 205.45 Td ($0.4million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.87 205.45 Td ( ) Tj ET Q q 0 0 0 rg BT 138.03 205.45 Td (of ) Tj ET Q q 0 0 0 rg BT 146.86 205.45 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 208.55 205.45 Td (char) Tj ET Q q 0 0 0 rg BT 222.17 205.45 Td (ges ) Tj ET Q q 0 0 0 rg BT 234.99 205.45 Td (taken ) Tj ET Q q 0 0 0 rg BT 254.47 205.45 Td (during ) Tj ET Q q 0 0 0 rg BT 277.52 205.45 Td (the ) Tj ET Q q 0 0 0 rg BT 289.45 205.45 Td (three ) Tj ET Q q 0 0 0 rg BT 307.60 205.45 Td (months ) Tj ET Q q 0 0 0 rg BT 333.32 205.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 354.58 205.45 Td (March ) Tj ET Q q 0 0 0 rg BT 377.62 205.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 389.78 205.45 Td (2019 ) Tj ET Q q 0 0 0 rg BT 407.94 205.45 Td (as ) Tj ET Q q 0 0 0 rg BT 416.76 205.45 Td (a ) Tj ET Q q 0 0 0 rg BT 422.47 205.45 Td (result ) Tj ET Q q 0 0 0 rg BT 442.40 205.45 Td (of ) Tj ET Q q 0 0 0 rg BT 451.22 205.45 Td (our ) Tj ET Q q 0 0 0 rg BT 464.05 205.45 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 501.31 205.45 Td (of ) Tj ET Q q 0 0 0 rg BT 510.14 205.45 Td (Pinnacle ) Tj ET Q q 0 0 0 rg BT 539.84 205.45 Td (Homes ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 195.85 Td (in ) Tj ET Q q 0 0 0 rg BT 75.72 195.85 Td (Detroit, ) Tj ET Q q 0 0 0 rg BT 102.38 195.85 Td (Michigan ) Tj ET Q q 0 0 0 rg BT 135.04 195.85 Td (on ) Tj ET Q q 0 0 0 rg BT 145.04 195.85 Td (March ) Tj ET Q q 0 0 0 rg BT 167.92 195.85 Td (1, ) Tj ET Q q 0 0 0 rg BT 175.92 195.85 Td (2018.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 172.35000000000002 m 497.5 172.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 172.35000000000002 m 504.5 172.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 172.35000000000002 m 561.5 172.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 161.35000000000002 m 440.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 161.35000000000002 m 497.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 161.35000000000002 m 504.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 161.35000000000002 m 561.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 161.35000000000002 m 440.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 161.35000000000002 m 497.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 161.35000000000002 m 504.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 161.35000000000002 m 561.5 161.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 91.35000000000002 m 497.5 91.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 91.35000000000002 m 504.5 91.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 91.35000000000002 m 561.5 91.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 91.35000000000002 m 440.5 91.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 76.35000000000002 m 440.5 76.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 76.35000000000002 m 497.5 76.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 76.35000000000002 m 504.5 76.35000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 76.35000000000002 m 561.5 76.35000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 176.58 Td (Thr) Tj ET Q q 0 0 0 rg BT 458.86 176.58 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 535.38 176.58 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 164.30 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.50 164.43 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.50 164.30 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.00 153.43 Td (Financial Services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 142.30 Td (Number of loans originated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 142.43 Td (1,131) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 142.30 Td (798) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 131.30 Td (V) Tj ET Q q 0 0 0 rg BT 69.33 131.30 Td (alue of loans originated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 131.43 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.25 131.43 Td (345,950) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 131.30 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 131.30 Td (251,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 116.30 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 116.43 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.30 116.43 Td (13,467) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 116.30 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.30 116.30 Td (1) Tj ET Q q 0 0 0 rg BT 540.30 116.30 Td (1,783) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 105.30 Td (Less: Selling, general and administrative expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 105.43 Td (7,105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 105.30 Td (6,088) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 70.00 94.30 Td (Less: Interest expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 94.43 Td (731) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 94.30 Td (743) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 79.30 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.00 79.43 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.30 79.43 Td (5,631) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.00 79.30 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 79.30 Td (4,952) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 77 0 obj <> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (37) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.10 740.10 Td (home ) Tj ET Q q 0 0 0 rg BT 84.25 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 93.85 740.10 Td (included ) Tj ET Q q 0 0 0 rg BT 131.21 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.92 740.10 Td (new ) Tj ET Q q 0 0 0 rg BT 165.95 740.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 209.42 740.10 Td (when ) Tj ET Q q 0 0 0 rg BT 234.01 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 250.27 740.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 287.08 740.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 309.45 740.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 344.58 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 354.18 740.10 Td (executed. ) Tj ET Q q 0 0 0 rg BT 395.15 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.08 740.10 Td (Homes ) Tj ET Q q 0 0 0 rg BT 433.78 740.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 478.35 740.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 521.82 740.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 550.86 740.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.32 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 90.92 728.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 122.19 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.90 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.50 728.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 165.43 728.10 Td (has ) Tj ET Q q 0 0 0 rg BT 181.15 728.10 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 221.00 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.39 728.10 Td (Backlog ) Tj ET Q q 0 0 0 rg BT 267.97 728.10 Td (represents ) Tj ET Q q 0 0 0 rg BT 310.89 728.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 339.38 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 353.43 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 380.25 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.85 728.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 431.11 728.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 452.93 728.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 487.51 728.10 Td (has ) Tj ET Q q 0 0 0 rg BT 503.23 728.10 Td (been ) Tj ET Q q 0 0 0 rg BT 524.49 728.10 Td (executed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (but ) Tj ET Q q 0 0 0 rg BT 64.64 716.10 Td (which ) Tj ET Q q 0 0 0 rg BT 91.44 716.10 Td (are ) Tj ET Q q 0 0 0 rg BT 106.01 716.10 Td (not ) Tj ET Q q 0 0 0 rg BT 121.15 716.10 Td (included ) Tj ET Q q 0 0 0 rg BT 157.94 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.08 716.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 196.55 716.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 236.11 716.10 Td (because ) Tj ET Q q 0 0 0 rg BT 270.12 716.10 Td (closings ) Tj ET Q q 0 0 0 rg BT 305.26 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 319.28 716.10 Td (these ) Tj ET Q q 0 0 0 rg BT 342.19 716.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 370.65 716.10 Td (have ) Tj ET Q q 0 0 0 rg BT 391.89 716.10 Td (not ) Tj ET Q q 0 0 0 rg BT 407.03 716.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 421.61 716.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 458.95 716.10 Td (as ) Tj ET Q q 0 0 0 rg BT 469.64 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.33 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.91 716.10 Td (end ) Tj ET Q q 0 0 0 rg BT 511.70 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.40 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.97 716.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (specified.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 682.10 Td (composition ) Tj ET Q q 0 0 0 rg BT 118.97 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 129.54 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 145.11 682.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 173.46 682.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 215.40 682.10 Td (new ) Tj ET Q q 0 0 0 rg BT 234.30 682.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 275.14 682.10 Td (net ) Tj ET Q q 0 0 0 rg BT 289.59 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 306.27 682.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 340.17 682.10 Td (is ) Tj ET Q q 0 0 0 rg BT 349.08 682.10 Td (constantly ) Tj ET Q q 0 0 0 rg BT 392.42 682.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 431.32 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 448.00 682.10 Td (may ) Tj ET Q q 0 0 0 rg BT 467.45 682.10 Td (be ) Tj ET Q q 0 0 0 rg BT 479.13 682.10 Td (based ) Tj ET Q q 0 0 0 rg BT 504.14 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 516.38 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.06 682.10 Td (dissimilar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 67.66 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.59 670.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 132.85 670.10 Td (between ) Tj ET Q q 0 0 0 rg BT 168.77 670.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 200.81 670.10 Td (as ) Tj ET Q q 0 0 0 rg BT 211.74 670.10 Td (new ) Tj ET Q q 0 0 0 rg BT 231.00 670.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 285.26 670.10 Td (open ) Tj ET Q q 0 0 0 rg BT 307.30 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 324.34 670.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 358.61 670.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 412.87 670.10 Td (wind ) Tj ET Q q 0 0 0 rg BT 435.47 670.10 Td (down. ) Tj ET Q q 0 0 0 rg BT 462.80 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.40 670.10 Td (Further) Tj ET Q q 0 0 0 rg BT 494.44 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 499.54 670.10 Td (home ) Tj ET Q q 0 0 0 rg BT 524.36 670.10 Td (types ) Tj ET Q q 0 0 0 rg BT 548.07 670.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (individual ) Tj ET Q q 0 0 0 rg BT 92.49 658.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 121.04 658.10 Td (within ) Tj ET Q q 0 0 0 rg BT 149.03 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 155.91 658.10 Td (community ) Tj ET Q q 0 0 0 rg BT 203.90 658.10 Td (can ) Tj ET Q q 0 0 0 rg BT 220.21 658.10 Td (range ) Tj ET Q q 0 0 0 rg BT 244.86 658.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 297.29 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.50 658.10 Td (price ) Tj ET Q q 0 0 0 rg BT 329.92 658.10 Td (due ) Tj ET Q q 0 0 0 rg BT 346.80 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.02 658.10 Td (dif) Tj ET Q q 0 0 0 rg BT 367.95 658.10 Td (fering ) Tj ET Q q 0 0 0 rg BT 394.26 658.10 Td (square ) Tj ET Q q 0 0 0 rg BT 422.80 658.10 Td (footage, ) Tj ET Q q 0 0 0 rg BT 457.72 658.10 Td (option ) Tj ET Q q 0 0 0 rg BT 485.71 658.10 Td (selections, ) Tj ET Q q 0 0 0 rg BT 530.09 658.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 543.08 658.10 Td (sizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.05 646.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 95.93 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 112.48 646.10 Td (location ) Tj ET Q q 0 0 0 rg BT 146.81 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 157.25 646.10 Td (lots. ) Tj ET Q q 0 0 0 rg BT 176.31 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.26 646.10 Td (These ) Tj ET Q q 0 0 0 rg BT 204.25 646.10 Td (variations ) Tj ET Q q 0 0 0 rg BT 245.80 646.10 Td (may ) Tj ET Q q 0 0 0 rg BT 265.12 646.10 Td (result ) Tj ET Q q 0 0 0 rg BT 289.45 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 299.34 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 305.89 646.10 Td (lack ) Tj ET Q q 0 0 0 rg BT 324.66 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.10 646.10 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 382.75 646.10 Td (comparability ) Tj ET Q q 0 0 0 rg BT 440.40 646.10 Td (between ) Tj ET Q q 0 0 0 rg BT 475.82 646.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 504.04 646.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 545.86 646.10 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 90.59 634.10 Td (net ) Tj ET Q q 0 0 0 rg BT 105.31 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.25 634.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 156.40 634.10 Td (due ) Tj ET Q q 0 0 0 rg BT 173.34 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.62 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.34 634.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 237.49 634.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 255.55 634.10 Td (between ) Tj ET Q q 0 0 0 rg BT 291.37 634.10 Td (periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (Cancellation ) Tj ET Q q 0 0 0 rg BT 105.89 612.10 Td (Rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.30 590.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.45 590.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.13 590.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 147.39 590.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 169.08 590.10 Td (the ) Tj ET Q q 0 0 0 rg BT 183.56 590.10 Td (cancellation ) Tj ET Q q 0 0 0 rg BT 234.12 590.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 255.25 590.10 Td (for ) Tj ET Q q 0 0 0 rg BT 269.17 590.10 Td (each ) Tj ET Q q 0 0 0 rg BT 289.74 590.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.33 590.10 Td (our ) Tj ET Q q 0 0 0 rg BT 315.91 590.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 373.72 590.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 413.19 590.10 Td (for ) Tj ET Q q 0 0 0 rg BT 427.11 590.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.58 590.10 Td (three ) Tj ET Q q 0 0 0 rg BT 463.82 590.10 Td (months ) Tj ET Q q 0 0 0 rg BT 495.53 590.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 521.66 590.10 Td (March ) Tj ET Q q 0 0 0 rg BT 550.01 590.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 72.00 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 578.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 578.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 554.6 m 497.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 554.6 m 504.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 554.6 m 561.5 554.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 542.6 m 440.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 542.6 m 497.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 542.6 m 504.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 542.6 m 561.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 542.6 m 440.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 542.6 m 497.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 542.6 m 504.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 542.6 m 561.5 542.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 518.6 m 440.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 518.6 m 497.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 518.6 m 504.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 518.6 m 561.5 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 502.6 m 440.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 440.5 502.6 m 497.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497.5 502.6 m 504.5 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504.5 502.6 m 561.5 502.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.60 558.83 Td (Thr) Tj ET Q q 0 0 0 rg BT 458.86 558.83 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 535.38 558.83 Td (ch 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.50 546.68 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 524.50 546.55 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 534.55 Td (Northern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.65 534.68 Td (9.7) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.95 534.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.65 534.55 Td (8.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 534.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 522.55 Td (Southern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.65 522.68 Td (12.4) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.95 522.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.65 522.55 Td (14.4) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 522.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 506.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.33 506.55 Td (otal cancellation rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.65 506.68 Td (1) Tj ET Q q 0 0 0 rg BT 478.65 506.68 Td (1.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.95 506.68 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.65 506.55 Td (12.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.30 506.55 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 479.10 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 457.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 457.10 Td (ypically) Tj ET Q q 0 0 0 rg BT 86.47 457.10 Td (, ) Tj ET Q q 0 0 0 rg BT 92.91 457.10 Td (our ) Tj ET Q q 0 0 0 rg BT 110.18 457.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 169.67 457.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 215.26 457.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 262.50 457.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 308.64 457.10 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 357.02 457.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.39 457.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 403.51 457.10 Td (-to-quarter ) Tj ET Q q 0 0 0 rg BT 450.20 457.10 Td (variability ) Tj ET Q q 0 0 0 rg BT 495.23 457.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.95 457.10 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 445.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 82.11 445.10 Td (levels. ) Tj ET Q q 0 0 0 rg BT 110.55 445.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.17 445.10 Td (In ) Tj ET Q q 0 0 0 rg BT 124.12 445.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 158.67 445.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 187.40 445.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 227.22 445.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 262.59 445.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 315.76 445.10 Td (in ) Tj ET Q q 0 0 0 rg BT 326.16 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 341.00 445.10 Td (second ) Tj ET Q q 0 0 0 rg BT 371.38 445.10 Td (half ) Tj ET Q q 0 0 0 rg BT 389.55 445.10 Td (of ) Tj ET Q q 0 0 0 rg BT 400.50 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 415.34 445.10 Td (year ) Tj ET Q q 0 0 0 rg BT 435.16 445.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 477.21 445.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.61 445.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.44 445.10 Td (first ) Tj ET Q q 0 0 0 rg BT 521.17 445.10 Td (half ) Tj ET Q q 0 0 0 rg BT 539.34 445.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 445.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 433.10 Td (year) Tj ET Q q 0 0 0 rg BT 66.16 433.10 Td (. ) Tj ET Q q 0 0 0 rg BT 71.20 433.10 Td ( ) Tj ET Q q 0 0 0 rg BT 73.56 433.10 Td (W) Tj ET Q q 0 0 0 rg BT 82.20 433.10 Td (e ) Tj ET Q q 0 0 0 rg BT 89.18 433.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 120.60 433.10 Td (that ) Tj ET Q q 0 0 0 rg BT 138.14 433.10 Td (this ) Tj ET Q q 0 0 0 rg BT 155.14 433.10 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 202.11 433.10 Td (reflects ) Tj ET Q q 0 0 0 rg BT 234.08 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.85 433.10 Td (tendency ) Tj ET Q q 0 0 0 rg BT 287.48 433.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.36 433.10 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 349.78 433.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.11 433.10 Td (shop ) Tj ET Q q 0 0 0 rg BT 381.54 433.10 Td (for ) Tj ET Q q 0 0 0 rg BT 395.75 433.10 Td (a ) Tj ET Q q 0 0 0 rg BT 402.73 433.10 Td (new ) Tj ET Q q 0 0 0 rg BT 421.94 433.10 Td (home ) Tj ET Q q 0 0 0 rg BT 446.70 433.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.02 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 471.79 433.10 Td (spring ) Tj ET Q q 0 0 0 rg BT 499.33 433.10 Td (with ) Tj ET Q q 0 0 0 rg BT 519.66 433.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.42 433.10 Td (goal ) Tj ET Q q 0 0 0 rg BT 554.18 433.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 80.59 421.10 Td (in ) Tj ET Q q 0 0 0 rg BT 90.58 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 105.00 421.10 Td (fall ) Tj ET Q q 0 0 0 rg BT 120.53 421.10 Td (or ) Tj ET Q q 0 0 0 rg BT 131.07 421.10 Td (winter) Tj ET Q q 0 0 0 rg BT 156.21 421.10 Td (, ) Tj ET Q q 0 0 0 rg BT 160.92 421.10 Td (as ) Tj ET Q q 0 0 0 rg BT 171.46 421.10 Td (well ) Tj ET Q q 0 0 0 rg BT 190.88 421.10 Td (as ) Tj ET Q q 0 0 0 rg BT 201.42 421.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.84 421.10 Td (scheduling ) Tj ET Q q 0 0 0 rg BT 261.37 421.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.91 421.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 323.54 421.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.53 421.10 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 391.26 421.10 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 427.35 421.10 Td (weather ) Tj ET Q q 0 0 0 rg BT 461.20 421.10 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 507.57 421.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.77 421.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 527.53 421.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.10 Td (services ) Tj ET Q q 0 0 0 rg BT 82.98 409.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 125.91 409.10 Td (also ) Tj ET Q q 0 0 0 rg BT 143.29 409.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 187.87 409.10 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 233.57 409.10 Td (because ) Tj ET Q q 0 0 0 rg BT 266.49 409.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 284.98 409.10 Td (originations ) Tj ET Q q 0 0 0 rg BT 334.03 409.10 Td (correspond ) Tj ET Q q 0 0 0 rg BT 379.73 409.10 Td (with ) Tj ET Q q 0 0 0 rg BT 398.78 409.10 Td (the ) Tj ET Q q 0 0 0 rg BT 412.27 409.10 Td (delivery ) Tj ET Q q 0 0 0 rg BT 446.31 409.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.91 409.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 483.29 409.10 Td (in ) Tj ET Q q 0 0 0 rg BT 492.35 409.10 Td (our ) Tj ET Q q 0 0 0 rg BT 506.95 409.10 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 96.23 397.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.23 397.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 148.13 397.10 Td (, ) Tj ET Q q 0 0 0 rg BT 153.21 397.10 Td (given ) Tj ET Q q 0 0 0 rg BT 178.00 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.78 397.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 235.91 397.10 Td (in ) Tj ET Q q 0 0 0 rg BT 246.26 397.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 287.71 397.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 320.27 397.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 350.05 397.10 Td (by ) Tj ET Q q 0 0 0 rg BT 362.62 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.41 397.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 424.98 397.10 Td (pandemic, ) Tj ET Q q 0 0 0 rg BT 468.92 397.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.83 397.10 Td (results ) Tj ET Q q 0 0 0 rg BT 513.51 397.10 Td (for ) Tj ET Q q 0 0 0 rg BT 527.74 397.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.53 397.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.10 Td (months ) Tj ET Q q 0 0 0 rg BT 81.45 385.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 107.83 385.10 Td (March ) Tj ET Q q 0 0 0 rg BT 136.42 385.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 151.42 385.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 173.92 385.10 Td (are ) Tj ET Q q 0 0 0 rg BT 188.63 385.10 Td (not ) Tj ET Q q 0 0 0 rg BT 203.91 385.10 Td (necessarily ) Tj ET Q q 0 0 0 rg BT 250.83 385.10 Td (indicative ) Tj ET Q q 0 0 0 rg BT 292.76 385.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.59 385.10 Td (the ) Tj ET Q q 0 0 0 rg BT 318.31 385.10 Td (results ) Tj ET Q q 0 0 0 rg BT 346.92 385.10 Td (that ) Tj ET Q q 0 0 0 rg BT 364.41 385.10 Td (we ) Tj ET Q q 0 0 0 rg BT 378.57 385.10 Td (may ) Tj ET Q q 0 0 0 rg BT 398.29 385.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 431.32 385.10 Td (in ) Tj ET Q q 0 0 0 rg BT 441.60 385.10 Td (future ) Tj ET Q q 0 0 0 rg BT 467.98 385.10 Td (periods.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 361.53505859375 m 170.505859375 361.53505859375 l s q 0 0 0 rg BT 49.50 363.10 Td (Y) Tj ET Q q 0 0 0 rg BT 55.61 363.10 Td (ear) Tj ET Q q 0 0 0 rg BT 69.31 363.10 Td ( Over) Tj ET Q q 0 0 0 rg BT 93.28 363.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.41 363.10 Td (Y) Tj ET Q q 0 0 0 rg BT 101.53 363.10 Td (ear) Tj ET Q q 0 0 0 rg BT 115.22 363.10 Td ( Comparison) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 341.10 Td (Thr) Tj ET Q q 0 0 0 rg BT 65.99 341.10 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 161.64 341.10 Td (ch 31, 2020) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.14 341.10 Td ( Compar) Tj ET Q q 0 0 0 rg BT 247.01 341.10 Td (ed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.16 341.10 Td (Thr) Tj ET Q q 0 0 0 rg BT 286.65 341.10 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 382.30 341.10 Td (ch 31, 2019) Tj ET Q BT /F2 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 317.10 Td (Northern ) Tj ET Q q 0 0 0 rg BT 90.40 317.10 Td (Region. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.90 317.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.45 317.10 Td (During ) Tj ET Q q 0 0 0 rg BT 158.33 317.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.10 317.10 Td (first ) Tj ET Q q 0 0 0 rg BT 191.76 317.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 222.62 317.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.50 317.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.50 317.10 Td (, ) Tj ET Q q 0 0 0 rg BT 258.56 317.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 316.66 317.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 350.85 317.10 Td (in ) Tj ET Q q 0 0 0 rg BT 361.18 317.10 Td (our ) Tj ET Q q 0 0 0 rg BT 377.07 317.10 Td (Northern ) Tj ET Q q 0 0 0 rg BT 415.72 317.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.81 317.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.57 317.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.12 317.10 Td ($39.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.01 317.10 Td (, ) Tj ET Q q 0 0 0 rg BT 543.06 317.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 305.10 Td ($200.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.24 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 123.87 305.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.94 305.10 Td (first ) Tj ET Q q 0 0 0 rg BT 159.89 305.10 Td (three ) Tj ET Q q 0 0 0 rg BT 183.73 305.10 Td (months ) Tj ET Q q 0 0 0 rg BT 217.03 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 229.21 305.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.21 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.06 305.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.68 305.10 Td ($240.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.58 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.42 305.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.05 305.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.12 305.10 Td (first ) Tj ET Q q 0 0 0 rg BT 375.08 305.10 Td (three ) Tj ET Q q 0 0 0 rg BT 398.91 305.10 Td (months ) Tj ET Q q 0 0 0 rg BT 432.21 305.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.39 305.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.39 305.10 Td (. ) Tj ET Q q 0 0 0 rg BT 470.74 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.31 305.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.94 305.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.27 305.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.12 305.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.87 305.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.72 305.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 108.05 293.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 142.69 293.10 Td (was ) Tj ET Q q 0 0 0 rg BT 161.23 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.44 293.10 Td (result ) Tj ET Q q 0 0 0 rg BT 201.66 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.98 293.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.41 293.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.74 293.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.74 293.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.49 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.49 293.10 Td (in ) Tj ET Q q 0 0 0 rg BT 288.26 293.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.47 293.10 Td (number ) Tj ET Q q 0 0 0 rg BT 337.01 293.10 Td (of ) Tj ET Q q 0 0 0 rg BT 348.34 293.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 377.44 293.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 417.64 293.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.97 293.10 Td (1) Tj ET Q q 0 0 0 rg BT 425.60 293.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.60 293.10 Td ( ) Tj ET Q q 0 0 0 rg BT 438.59 293.10 Td (units\), ) Tj ET Q q 0 0 0 rg BT 466.86 293.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 503.18 293.10 Td (of) Tj ET Q q 0 0 0 rg BT 511.33 293.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 528.76 293.10 Td (by ) Tj ET Q q 0 0 0 rg BT 541.76 293.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 549.19 293.10 Td (3%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.91 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.20 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.26 281.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.76 281.10 Td (average ) Tj ET Q q 0 0 0 rg BT 148.12 281.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 170.85 281.10 Td (price ) Tj ET Q q 0 0 0 rg BT 194.11 281.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.73 281.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 235.12 281.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 275.60 281.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.93 281.10 Td ($13,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.43 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.71 281.10 Td (per ) Tj ET Q q 0 0 0 rg BT 330.77 281.10 Td (home ) Tj ET Q q 0 0 0 rg BT 356.27 281.10 Td (delivered\) ) Tj ET Q q 0 0 0 rg BT 400.08 281.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.80 281.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.52 281.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.41 281.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.70 281.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.11 281.10 Td ( ) Tj ET Q q 0 0 0 rg BT 515.39 281.10 Td (in ) Tj ET Q q 0 0 0 rg BT 526.46 281.10 Td (land ) Tj ET Q q 0 0 0 rg BT 546.95 281.10 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 86.17 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 88.68 269.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.19 269.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.62 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.14 269.10 Td (in ) Tj ET Q q 0 0 0 rg BT 173.44 269.10 Td (our ) Tj ET Q q 0 0 0 rg BT 189.29 269.10 Td (Northern ) Tj ET Q q 0 0 0 rg BT 227.91 269.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.97 269.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.73 269.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.25 269.10 Td ($4.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.14 269.10 Td (, ) Tj ET Q q 0 0 0 rg BT 350.16 269.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.12 269.10 Td ($16.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.01 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.53 269.10 Td (during ) Tj ET Q q 0 0 0 rg BT 457.16 269.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.89 269.10 Td (first ) Tj ET Q q 0 0 0 rg BT 490.52 269.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 521.36 269.10 Td (of ) Tj ET Q q 0 0 0 rg BT 532.21 269.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.21 269.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.72 269.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.10 Td ($20.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.56 257.10 Td (during ) Tj ET Q q 0 0 0 rg BT 135.84 257.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.22 257.10 Td (three ) Tj ET Q q 0 0 0 rg BT 174.38 257.10 Td (months ) Tj ET Q q 0 0 0 rg BT 207.00 257.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 234.04 257.10 Td (March ) Tj ET Q q 0 0 0 rg BT 263.31 257.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 278.98 257.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.98 257.10 Td (. ) Tj ET Q q 0 0 0 rg BT 304.65 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.59 257.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.30 257.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.06 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 362.23 257.10 Td (in ) Tj ET Q q 0 0 0 rg BT 373.17 257.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.10 257.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.54 257.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.71 257.10 Td (was ) Tj ET Q q 0 0 0 rg BT 465.43 257.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 505.81 257.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.19 257.10 Td (result ) Tj ET Q q 0 0 0 rg BT 546.58 257.10 Td (of ) Tj ET Q q 0 0 0 rg BT 558.08 257.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.10 Td ($8.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 245.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.41 245.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.16 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.18 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 144.97 245.10 Td (our ) Tj ET Q q 0 0 0 rg BT 160.32 245.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 183.45 245.10 Td (mar) Tj ET Q q 0 0 0 rg BT 198.81 245.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 216.11 245.10 Td (of) Tj ET Q q 0 0 0 rg BT 224.25 245.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 243.21 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.00 245.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 273.07 245.10 Td (by ) Tj ET Q q 0 0 0 rg BT 285.08 245.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.54 245.10 Td ($3.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.43 245.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.44 245.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.20 245.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.21 245.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.01 245.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 418.19 245.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 452.13 245.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.58 245.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 527.80 245.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 565.01 245.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.54 233.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 70.76 233.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 100.74 233.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.18 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.18 233.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 182.40 233.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 205.17 233.10 Td (mar) Tj ET Q q 0 0 0 rg BT 220.54 233.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 237.48 233.10 Td (our ) Tj ET Q q 0 0 0 rg BT 252.48 233.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 285.81 233.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 308.59 233.10 Td (mar) Tj ET Q q 0 0 0 rg BT 323.96 233.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.40 233.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.73 233.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.39 233.10 Td ($8.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.28 233.10 Td (, ) Tj ET Q q 0 0 0 rg BT 431.45 233.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 470.33 233.10 Td (due ) Tj ET Q q 0 0 0 rg BT 486.43 233.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.87 233.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.75 233.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.08 233.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.75 233.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.57 221.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.08 221.10 Td (number ) Tj ET Q q 0 0 0 rg BT 106.92 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.55 221.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 145.95 221.10 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 187.95 221.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.24 221.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 208.09 221.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 242.05 221.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 265.46 221.10 Td (mar) Tj ET Q q 0 0 0 rg BT 280.82 221.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 295.90 221.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.49 221.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.82 221.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.11 221.10 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.11 221.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.40 221.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 416.70 221.10 Td (points ) Tj ET Q q 0 0 0 rg BT 443.44 221.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.17 221.10 Td (17.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.00 221.10 Td ( ) Tj ET Q q 0 0 0 rg BT 493.30 221.10 Td (in ) Tj ET Q q 0 0 0 rg BT 503.37 221.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.88 221.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 539.61 221.10 Td (year's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (first ) Tj ET Q q 0 0 0 rg BT 68.11 209.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.43 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 98.93 209.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.22 209.10 Td (17.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.05 209.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.55 209.10 Td (for ) Tj ET Q q 0 0 0 rg BT 151.72 209.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.44 209.10 Td (same ) Tj ET Q q 0 0 0 rg BT 189.49 209.10 Td (period ) Tj ET Q q 0 0 0 rg BT 217.54 209.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.83 209.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.83 209.10 Td (, ) Tj ET Q q 0 0 0 rg BT 252.83 209.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 292.55 209.10 Td (due ) Tj ET Q q 0 0 0 rg BT 309.49 209.10 Td (to ) Tj ET Q q 0 0 0 rg BT 319.77 209.10 Td (a ) Tj ET Q q 0 0 0 rg BT 326.72 209.10 Td (change ) Tj ET Q q 0 0 0 rg BT 357.54 209.10 Td (in ) Tj ET Q q 0 0 0 rg BT 367.82 209.10 Td (product ) Tj ET Q q 0 0 0 rg BT 400.87 209.10 Td (type ) Tj ET Q q 0 0 0 rg BT 420.59 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 437.54 209.10 Td (market ) Tj ET Q q 0 0 0 rg BT 467.81 209.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 485.87 209.10 Td (of ) Tj ET Q q 0 0 0 rg BT 496.70 209.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 525.32 209.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 90.47 197.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.79 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 113.54 197.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 134.53 197.10 Td (year ) Tj ET Q q 0 0 0 rg BT 153.27 197.10 Td (of) Tj ET Q q 0 0 0 rg BT 161.42 197.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 177.40 197.10 Td (by ) Tj ET Q q 0 0 0 rg BT 188.95 197.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 228.24 197.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 240.34 197.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 264.38 197.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.92 197.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 283.02 197.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 316.23 197.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 338.89 197.10 Td (mar) Tj ET Q q 0 0 0 rg BT 354.25 197.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 368.57 197.10 Td (for ) Tj ET Q q 0 0 0 rg BT 381.77 197.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.53 197.10 Td (first ) Tj ET Q q 0 0 0 rg BT 413.18 197.10 Td (three ) Tj ET Q q 0 0 0 rg BT 434.71 197.10 Td (months ) Tj ET Q q 0 0 0 rg BT 465.70 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.57 197.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.57 197.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.12 197.10 Td (was ) Tj ET Q q 0 0 0 rg BT 514.21 197.10 Td (unfavorably ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 88.43 185.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.71 185.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.60 185.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.88 185.10 Td (of ) Tj ET Q q 0 0 0 rg BT 162.48 185.10 Td (acquisition-related ) Tj ET Q q 0 0 0 rg BT 239.18 185.10 Td (char) Tj ET Q q 0 0 0 rg BT 256.20 185.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 271.81 185.10 Td (from ) Tj ET Q q 0 0 0 rg BT 293.53 185.10 Td (our ) Tj ET Q q 0 0 0 rg BT 309.13 185.10 Td (Detroit ) Tj ET Q q 0 0 0 rg BT 339.74 185.10 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 388.40 185.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.67 185.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 408.50 185.10 Td (land ) Tj ET Q q 0 0 0 rg BT 428.00 185.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 445.82 185.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 469.21 185.10 Td (mar) Tj ET Q q 0 0 0 rg BT 484.58 185.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 499.64 185.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 539.12 185.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 554.72 185.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 173.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 173.10 Td (first ) Tj ET Q q 0 0 0 rg BT 82.83 173.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 113.64 173.10 Td (of ) Tj ET Q q 0 0 0 rg BT 124.47 173.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.47 173.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.97 173.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 188.89 173.10 Td (to ) Tj ET Q q 0 0 0 rg BT 199.17 173.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.89 173.10 Td (same ) Tj ET Q q 0 0 0 rg BT 236.94 173.10 Td (period ) Tj ET Q q 0 0 0 rg BT 264.98 173.10 Td (in ) Tj ET Q q 0 0 0 rg BT 275.26 173.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.26 173.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 82.25 151.10 Td (general ) Tj ET Q q 0 0 0 rg BT 113.59 151.10 Td (and ) Tj ET Q q 0 0 0 rg BT 129.94 151.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 189.06 151.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.18 151.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.94 151.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.85 151.10 Td ($3.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.74 151.10 Td (, ) Tj ET Q q 0 0 0 rg BT 316.16 151.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.51 151.10 Td ($18.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.40 151.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.31 151.10 Td (for ) Tj ET Q q 0 0 0 rg BT 406.89 151.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.02 151.10 Td (three ) Tj ET Q q 0 0 0 rg BT 442.92 151.10 Td (months ) Tj ET Q q 0 0 0 rg BT 474.28 151.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 500.07 151.10 Td (March ) Tj ET Q q 0 0 0 rg BT 528.08 151.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 542.50 151.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 151.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.53 139.10 Td ($21.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.42 139.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.67 139.10 Td (for ) Tj ET Q q 0 0 0 rg BT 129.58 139.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.05 139.10 Td (three ) Tj ET Q q 0 0 0 rg BT 166.29 139.10 Td (months ) Tj ET Q q 0 0 0 rg BT 197.99 139.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 224.11 139.10 Td (March ) Tj ET Q q 0 0 0 rg BT 252.46 139.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 267.21 139.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.21 139.10 Td (, ) Tj ET Q q 0 0 0 rg BT 291.97 139.10 Td (but ) Tj ET Q q 0 0 0 rg BT 307.00 139.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 346.45 139.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 362.02 139.10 Td (as ) Tj ET Q q 0 0 0 rg BT 372.61 139.10 Td (a ) Tj ET Q q 0 0 0 rg BT 379.29 139.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 424.85 139.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.43 139.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 469.32 139.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.79 139.10 Td (9.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.62 139.10 Td ( ) Tj ET Q q 0 0 0 rg BT 501.87 139.10 Td (in ) Tj ET Q q 0 0 0 rg BT 511.90 139.10 Td (both ) Tj ET Q q 0 0 0 rg BT 531.93 139.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 139.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.22 127.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.96 127.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.96 127.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.37 127.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.21 127.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 152.62 127.10 Td (. ) Tj ET Q q 0 0 0 rg BT 157.53 127.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.76 127.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.71 127.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.47 127.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.88 127.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.06 127.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 254.63 127.10 Td (general ) Tj ET Q q 0 0 0 rg BT 286.46 127.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.31 127.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 362.92 127.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 397.54 127.10 Td (was ) Tj ET Q q 0 0 0 rg BT 415.50 127.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 465.94 127.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.13 127.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 496.58 127.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.77 127.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 127.10 Td ($2.9million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 115.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.29 115.10 Td (in ) Tj ET Q q 0 0 0 rg BT 98.10 115.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 128.80 115.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 165.04 115.10 Td (due ) Tj ET Q q 0 0 0 rg BT 183.51 115.10 Td (to ) Tj ET Q q 0 0 0 rg BT 195.32 115.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 211.01 115.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.49 115.10 Td ($1.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.38 115.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.41 115.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.16 115.10 Td ( ) Tj ET Q q 0 0 0 rg BT 309.20 115.10 Td (in ) Tj ET Q q 0 0 0 rg BT 321.01 115.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 357.24 115.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 387.94 115.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 428.07 115.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 467.10 115.10 Td (from ) Tj ET Q q 0 0 0 rg BT 490.57 115.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 531.25 115.10 Td (in ) Tj ET Q q 0 0 0 rg BT 543.06 115.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 103.95 103.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 143.39 103.10 Td (by ) Tj ET Q q 0 0 0 rg BT 155.62 103.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.06 103.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.61 103.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.84 103.10 Td (number ) Tj ET Q q 0 0 0 rg BT 230.61 103.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.17 103.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 269.51 103.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 311.44 103.10 Td (and ) Tj ET Q q 0 0 0 rg BT 328.10 103.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 341.99 103.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.66 103.10 Td ($1.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.55 103.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.78 103.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.53 103.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.76 103.10 Td (in ) Tj ET Q q 0 0 0 rg BT 444.77 103.10 Td (non-variable ) Tj ET Q q 0 0 0 rg BT 497.53 103.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 526.42 103.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.56 91.10 Td (related ) Tj ET Q q 0 0 0 rg BT 119.62 91.10 Td (to ) Tj ET Q q 0 0 0 rg BT 130.24 91.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 153.09 91.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 197.04 91.10 Td (with ) Tj ET Q q 0 0 0 rg BT 217.67 91.10 Td (our ) Tj ET Q q 0 0 0 rg BT 233.85 91.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 276.69 91.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 298.98 91.10 Td (of) Tj ET Q q 0 0 0 rg BT 307.13 91.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 328.86 91.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.14 91.10 Td (models ) Tj ET Q q 0 0 0 rg BT 377.88 91.10 Td (as ) Tj ET Q q 0 0 0 rg BT 389.06 91.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.35 91.10 Td (result ) Tj ET Q q 0 0 0 rg BT 421.42 91.10 Td (of ) Tj ET Q q 0 0 0 rg BT 432.60 91.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.78 91.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.53 91.10 Td (d ) Tj ET Q q 0 0 0 rg BT 489.38 91.10 Td (community ) Tj ET Q q 0 0 0 rg BT 537.79 91.10 Td (count. ) Tj ET Q q 0 0 0 rg BT 565.00 91.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.27 79.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.02 79.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.25 79.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.25 79.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 151.63 79.10 Td (general ) Tj ET Q q 0 0 0 rg BT 185.28 79.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.94 79.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 265.37 79.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 301.80 79.10 Td (was ) Tj ET Q q 0 0 0 rg BT 321.57 79.10 Td (also ) Tj ET Q q 0 0 0 rg BT 341.90 79.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 391.66 79.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.66 79.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.32 79.10 Td ($0.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.21 79.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.44 79.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.19 79.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.41 79.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.41 79.10 Td (general ) Tj ET Q q 0 0 0 rg BT 548.06 79.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 109.82 67.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 147.64 67.10 Td (which ) Tj ET Q q 0 0 0 rg BT 175.19 67.10 Td (was ) Tj ET Q q 0 0 0 rg BT 193.86 67.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 234.18 67.10 Td (related ) Tj ET Q q 0 0 0 rg BT 264.50 67.10 Td (to ) Tj ET Q q 0 0 0 rg BT 275.39 67.10 Td (an ) Tj ET Q q 0 0 0 rg BT 287.94 67.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 323.80 67.10 Td (in ) Tj ET Q q 0 0 0 rg BT 334.70 67.10 Td (compensation-related ) Tj ET Q q 0 0 0 rg BT 423.88 67.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 463.09 67.10 Td (as ) Tj ET Q q 0 0 0 rg BT 474.54 67.10 Td (well ) Tj ET Q q 0 0 0 rg BT 494.87 67.10 Td (as ) Tj ET Q q 0 0 0 rg BT 506.31 67.10 Td (an ) Tj ET Q q 0 0 0 rg BT 518.86 67.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 554.73 67.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 55.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 100.88 55.10 Td (fees.) Tj ET Q endstream endobj 79 0 obj <>] /Rotate 0 /Contents 80 0 R>> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 742.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.45 742.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.28 742.10 Td (three ) Tj ET Q q 0 0 0 rg BT 117.88 742.10 Td (months ) Tj ET Q q 0 0 0 rg BT 149.95 742.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 176.44 742.10 Td (March ) Tj ET Q q 0 0 0 rg BT 205.16 742.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 220.28 742.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.28 742.10 Td (, ) Tj ET Q q 0 0 0 rg BT 245.39 742.10 Td (we ) Tj ET Q q 0 0 0 rg BT 259.67 742.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 310.59 742.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.64 742.10 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 340.97 742.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.59 742.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.35 742.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.96 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 389.36 742.10 Td (new ) Tj ET Q q 0 0 0 rg BT 408.64 742.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 447.35 742.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.74 742.10 Td (our ) Tj ET Q q 0 0 0 rg BT 473.69 742.10 Td (Northern ) Tj ET Q q 0 0 0 rg BT 512.41 742.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 543.07 742.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.10 Td (702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 730.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.77 730.10 Td (in ) Tj ET Q q 0 0 0 rg BT 78.81 730.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.30 730.10 Td (three ) Tj ET Q q 0 0 0 rg BT 117.55 730.10 Td (months ) Tj ET Q q 0 0 0 rg BT 150.27 730.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 177.41 730.10 Td (March ) Tj ET Q q 0 0 0 rg BT 206.78 730.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 222.55 730.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.55 730.10 Td ( ) Tj ET Q q 0 0 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670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.92 670.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 336.52 670.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 371.91 670.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 416.18 670.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 433.21 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 443.05 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.43 670.10 Td (Northern ) Tj ET Q q 0 0 0 rg BT 496.58 670.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.18 670.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.78 658.10 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.28 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 74.78 658.10 Td (per ) Tj ET Q q 0 0 0 rg BT 90.05 658.10 Td (community ) Tj ET Q q 0 0 0 rg BT 138.10 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 148.38 658.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.09 658.10 Td (first ) Tj ET Q q 0 0 0 rg BT 181.70 658.10 Td (quarter ) Tj ET Q q 0 0 0 rg 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BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.39 600.10 Td (land ) Tj ET Q q 0 0 0 rg BT 78.71 600.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 96.36 600.10 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 132.62 600.10 Td (of) Tj ET Q q 0 0 0 rg BT 140.76 600.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 157.31 600.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 192.74 600.10 Td (by ) Tj ET Q q 0 0 0 rg BT 204.84 600.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.39 600.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.72 600.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.83 600.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.24 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 263.35 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 273.23 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 287.56 600.10 Td (average ) Tj ET Q q 0 0 0 rg BT 320.75 600.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 342.29 600.10 Td (price ) Tj ET Q q 0 0 0 rg BT 364.39 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 374.82 600.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 403.04 600.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 442.35 600.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.68 600.10 Td ($22,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.18 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.28 600.10 Td (per ) Tj ET Q q 0 0 0 rg BT 495.16 600.10 Td (home ) Tj ET Q q 0 0 0 rg BT 519.48 600.10 Td (delivered\). ) Tj ET Q q 0 0 0 rg BT 565.02 600.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.94 588.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.38 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.84 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 134.07 588.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.86 588.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 188.43 588.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.43 588.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.19 588.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.65 588.10 Td ($1) Tj ET Q q 0 0 0 rg BT 266.27 588.10 Td (1.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.17 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.63 588.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.52 588.10 Td ($17.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.41 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.87 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.11 588.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.78 588.10 Td (first ) Tj ET Q q 0 0 0 rg BT 434.35 588.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 465.13 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 475.91 588.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.91 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.37 588.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.61 588.10 Td ($28.9million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.61 576.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.82 576.10 Td (three ) Tj ET Q q 0 0 0 rg BT 113.80 576.10 Td (months ) Tj ET Q q 0 0 0 rg BT 145.25 576.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 171.12 576.10 Td (March ) Tj ET Q q 0 0 0 rg BT 199.22 576.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 213.71 576.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.71 576.10 Td (. ) Tj ET Q q 0 0 0 rg BT 238.21 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.06 576.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.84 576.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.59 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.59 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.37 576.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 344.13 576.10 Td (income ) Tj ET Q q 0 0 0 rg BT 375.56 576.10 Td (was ) Tj ET Q q 0 0 0 rg BT 393.11 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 407.32 576.10 Td (result ) Tj ET Q q 0 0 0 rg BT 431.53 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.86 576.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.30 576.10 Td ($14.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.19 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.18 576.10 Td (improvement) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.73 564.10 Td (our ) Tj ET Q q 0 0 0 rg BT 75.52 564.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 99.09 564.10 Td (mar) Tj ET Q q 0 0 0 rg BT 114.46 564.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 129.69 564.10 Td (of) Tj ET Q q 0 0 0 rg BT 137.84 564.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 157.23 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.47 564.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 187.97 564.10 Td (by ) Tj ET Q q 0 0 0 rg BT 200.43 564.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.32 564.10 Td ($3.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.21 564.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.67 564.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.42 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.88 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 304.11 564.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 335.74 564.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 370.12 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.01 564.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 446.67 564.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 483.84 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 486.11 564.10 Td (W) Tj ET Q q 0 0 0 rg BT 495.15 564.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 508.17 564.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 538.94 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 564.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 107.67 552.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 131.41 552.10 Td (mar) Tj ET Q q 0 0 0 rg BT 146.78 552.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 164.68 552.10 Td (our ) Tj ET Q q 0 0 0 rg BT 180.63 552.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 204.36 552.10 Td (mar) Tj ET Q q 0 0 0 rg BT 219.73 552.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 235.13 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 247.75 552.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 276.48 552.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.31 552.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.63 552.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.25 552.10 Td ($14.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.15 552.10 Td (, ) Tj ET Q q 0 0 0 rg BT 416.27 552.10 Td (due ) Tj ET Q q 0 0 0 rg BT 433.33 552.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 473.16 552.10 Td (to ) Tj ET Q q 0 0 0 rg BT 483.56 552.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.40 552.10 Td (27%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.73 552.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.35 552.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.11 552.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 552.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.72 540.10 Td (number ) Tj ET Q q 0 0 0 rg BT 96.26 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 106.59 540.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 134.70 540.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 173.90 540.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 198.11 540.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 226.49 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.49 540.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 246.04 540.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 279.71 540.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 302.82 540.10 Td (mar) Tj ET Q q 0 0 0 rg BT 318.18 540.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 332.96 540.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.26 540.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.58 540.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.58 540.10 Td (170) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.58 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 435.58 540.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 457.58 540.10 Td (points ) Tj ET Q q 0 0 0 rg BT 484.03 540.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.46 540.10 Td (17.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.29 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.29 540.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.07 540.10 Td (prior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (year's ) Tj ET Q q 0 0 0 rg BT 75.05 528.10 Td (first ) Tj ET Q q 0 0 0 rg BT 93.80 528.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.12 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 124.76 528.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.19 528.10 Td (19.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.02 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.67 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.09 528.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.95 528.10 Td (same ) Tj ET Q q 0 0 0 rg BT 212.15 528.10 Td (period ) Tj ET Q q 0 0 0 rg BT 240.34 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.76 528.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.76 528.10 Td (, ) Tj ET Q q 0 0 0 rg BT 275.91 528.10 Td (lar) Tj ET Q q 0 0 0 rg BT 286.28 528.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 306.14 528.10 Td (due ) Tj ET Q q 0 0 0 rg BT 323.23 528.10 Td (to ) Tj ET Q q 0 0 0 rg BT 333.65 528.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.51 528.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 366.72 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.69 528.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 432.00 528.10 Td (delivering ) Tj ET Q q 0 0 0 rg BT 475.19 528.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 503.94 528.10 Td (of) Tj ET Q q 0 0 0 rg BT 512.09 528.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 529.18 528.10 Td (partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (by ) Tj ET Q q 0 0 0 rg BT 61.80 516.10 Td (rising ) Tj ET Q q 0 0 0 rg BT 86.89 516.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 99.75 516.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 124.55 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.86 516.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 144.71 516.10 Td (land ) Tj ET Q q 0 0 0 rg BT 164.24 516.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 182.09 516.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 205.51 516.10 Td (mar) Tj ET Q q 0 0 0 rg BT 220.87 516.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 235.96 516.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 275.46 516.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 291.09 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 301.17 516.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.70 516.10 Td (first ) Tj ET Q q 0 0 0 rg BT 334.11 516.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 364.73 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 375.36 516.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.36 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 397.67 516.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 439.40 516.10 Td (to ) Tj ET Q q 0 0 0 rg BT 449.48 516.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.00 516.10 Td (same ) Tj ET Q q 0 0 0 rg BT 486.85 516.10 Td (period ) Tj ET Q q 0 0 0 rg BT 514.71 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.79 516.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.79 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 549.43 516.10 Td (W) Tj ET Q q 0 0 0 rg BT 558.06 516.10 Td (e ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (did ) Tj ET Q q 0 0 0 rg BT 64.84 504.10 Td (not ) Tj ET Q q 0 0 0 rg BT 80.18 504.10 Td (record ) Tj ET Q q 0 0 0 rg BT 108.28 504.10 Td (any ) Tj ET Q q 0 0 0 rg BT 125.28 504.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 167.83 504.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 205.93 504.10 Td (char) Tj ET Q q 0 0 0 rg BT 222.96 504.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 238.85 504.10 Td (for ) Tj ET Q q 0 0 0 rg BT 253.08 504.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 311.72 504.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 337.60 504.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 360.16 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.50 504.10 Td (our ) Tj ET Q q 0 0 0 rg BT 386.39 504.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 417.84 504.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 472.06 504.10 Td (during ) Tj ET Q q 0 0 0 rg BT 500.73 504.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.51 504.10 Td (first ) Tj ET Q q 0 0 0 rg BT 534.18 504.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.92 492.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.92 492.10 Td (. ) Tj ET Q q 0 0 0 rg BT 84.52 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.46 492.10 Td (W) Tj ET Q q 0 0 0 rg BT 95.50 492.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 108.15 492.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 138.56 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.43 492.10 Td (this ) Tj ET Q q 0 0 0 rg BT 164.97 492.10 Td (matter) Tj ET Q q 0 0 0 rg BT 190.11 492.10 Td (,during ) Tj ET Q q 0 0 0 rg BT 223.32 492.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.63 492.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 268.04 492.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 294.01 492.10 Td (March ) Tj ET Q q 0 0 0 rg BT 322.20 492.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 336.79 492.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.79 492.10 Td (, ) Tj ET Q q 0 0 0 rg BT 361.39 492.10 Td (we ) Tj ET Q q 0 0 0 rg BT 375.14 492.10 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.55 492.10 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.55 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.65 492.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 469.73 492.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 497.93 492.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.81 492.10 Td (need ) Tj ET Q q 0 0 0 rg BT 528.78 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 539.20 492.10 Td (repair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.75 480.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 111.21 480.10 Td (repairs ) Tj ET Q q 0 0 0 rg BT 141.23 480.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.04 480.10 Td (1) Tj ET Q q 0 0 0 rg BT 158.67 480.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.67 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.48 480.10 Td (homes, ) Tj ET Q q 0 0 0 rg BT 197.90 480.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 217.65 480.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.68 480.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 271.59 480.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.59 480.10 Td (, ) Tj ET Q q 0 0 0 rg BT 296.90 480.10 Td (wehave ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.75 480.10 Td (161) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.75 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.56 480.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 379.48 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.07 480.10 Td (various ) Tj ET Q q 0 0 0 rg BT 422.32 480.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 449.57 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.71 480.10 Td (repair) Tj ET Q q 0 0 0 rg BT 483.48 480.10 Td (. ) Tj ET Q q 0 0 0 rg BT 491.29 480.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.54 480.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 530.79 480.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.79 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.60 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.19 480.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 468.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 131.69 468.10 Td (for ) Tj ET Q q 0 0 0 rg BT 145.85 468.10 Td (further ) Tj ET Q q 0 0 0 rg BT 175.56 468.10 Td (information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 82.49 446.10 Td (general ) Tj ET Q q 0 0 0 rg BT 114.07 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.66 446.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 190.03 446.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.39 446.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.14 446.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.30 446.10 Td ($3.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.19 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.35 446.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.94 446.10 Td ($28.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.83 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.99 446.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.92 446.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.30 446.10 Td (first ) Tj ET Q q 0 0 0 rg BT 435.56 446.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 466.03 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.52 446.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.52 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.67 446.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.61 446.10 Td ($31.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 446.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.74 434.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.41 434.10 Td (first ) Tj ET Q q 0 0 0 rg BT 92.98 434.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 123.75 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.54 434.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.54 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.99 434.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.23 434.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.10 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.56 434.10 Td (as ) Tj ET Q q 0 0 0 rg BT 219.35 434.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.24 434.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 272.00 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.79 434.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 316.89 434.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.13 434.10 Td (9.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.96 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.42 434.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 392.30 434.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.53 434.10 Td (10.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.36 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.82 434.10 Td (for ) Tj ET Q q 0 0 0 rg BT 444.94 434.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.61 434.10 Td (first ) Tj ET Q q 0 0 0 rg BT 478.18 434.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 508.95 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.74 434.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.74 434.10 Td (. ) Tj ET Q q 0 0 0 rg BT 544.70 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.98 434.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.89 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.31 422.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 127.11 422.10 Td (general ) Tj ET Q q 0 0 0 rg BT 159.17 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.25 422.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 236.10 422.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 270.94 422.10 Td (was ) Tj ET Q q 0 0 0 rg BT 289.13 422.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 337.31 422.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.72 422.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.80 422.10 Td ($2.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.69 422.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.33 422.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.08 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 441.72 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.14 422.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 481.44 422.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 516.29 422.10 Td (due ) Tj ET Q q 0 0 0 rg BT 533.36 422.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.78 422.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 558.08 422.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td ($3.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 410.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.05 410.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.81 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.47 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.91 410.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 181.77 410.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 211.10 410.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 249.86 410.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 287.51 410.10 Td (from ) Tj ET Q q 0 0 0 rg BT 309.61 410.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 348.92 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.36 410.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 381.46 410.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 436.35 410.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 476.21 410.10 Td (by ) Tj ET Q q 0 0 0 rg BT 488.88 410.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.75 410.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.30 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 531.96 410.10 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.35 398.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 88.97 398.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 131.19 398.10 Td (of) Tj ET Q q 0 0 0 rg BT 139.34 398.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 156.29 398.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 192.13 398.10 Td (by ) Tj ET Q q 0 0 0 rg BT 204.65 398.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.60 398.10 Td ($0.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.49 398.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.01 398.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.42 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.94 398.10 Td (in ) Tj ET Q q 0 0 0 rg BT 310.23 398.10 Td (non-variable ) Tj ET Q q 0 0 0 rg BT 363.28 398.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 392.46 398.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 431.08 398.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 470.80 398.10 Td (related ) Tj ET Q q 0 0 0 rg BT 500.52 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.82 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 525.55 398.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 554.18 398.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (model ) Tj ET Q q 0 0 0 rg BT 77.20 386.10 Td (openings ) Tj ET Q q 0 0 0 rg BT 116.01 386.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.16 386.10 Td (marketing ) Tj ET Q q 0 0 0 rg BT 176.40 386.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 201.61 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 204.12 386.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.37 386.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.13 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.83 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 268.31 386.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 297.68 386.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 332.60 386.10 Td (was ) Tj ET Q q 0 0 0 rg BT 350.85 386.10 Td (also ) Tj ET Q q 0 0 0 rg BT 369.67 386.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 417.91 386.10 Td (to ) Tj ET Q q 0 0 0 rg BT 428.39 386.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.54 386.10 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.43 386.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.13 386.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.89 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 522.59 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 533.07 386.10 Td (general ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 374.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 126.15 374.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 163.35 374.10 Td (which ) Tj ET Q q 0 0 0 rg BT 190.29 374.10 Td (was ) Tj ET Q q 0 0 0 rg BT 208.34 374.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 248.05 374.10 Td (related ) Tj ET Q q 0 0 0 rg BT 277.76 374.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.04 374.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.97 374.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.73 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.23 374.10 Td (in ) Tj ET Q q 0 0 0 rg BT 345.51 374.10 Td (land ) Tj ET Q q 0 0 0 rg BT 365.22 374.10 Td (related ) Tj ET Q q 0 0 0 rg BT 394.92 374.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.70 352.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.78 352.10 Td (three ) Tj ET Q q 0 0 0 rg BT 118.63 352.10 Td (months ) Tj ET Q q 0 0 0 rg BT 150.95 352.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 177.69 352.10 Td (March ) Tj ET Q q 0 0 0 rg BT 206.65 352.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 222.02 352.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.02 352.10 Td (, ) Tj ET Q q 0 0 0 rg BT 247.39 352.10 Td (we ) Tj ET Q q 0 0 0 rg BT 261.91 352.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 313.08 352.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.38 352.10 Td (31%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.71 352.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.58 352.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.33 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.20 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.84 352.10 Td (new ) Tj ET Q q 0 0 0 rg BT 407.37 352.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 446.33 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 456.98 352.10 Td (our ) Tj ET Q q 0 0 0 rg BT 473.17 352.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 512.15 352.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 543.06 352.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (942) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.38 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 78.05 340.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.15 340.10 Td (three ) Tj ET Q q 0 0 0 rg BT 116.02 340.10 Td (months ) Tj ET Q q 0 0 0 rg BT 148.35 340.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 175.11 340.10 Td (March ) Tj ET Q q 0 0 0 rg BT 204.10 340.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 219.48 340.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.48 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.37 340.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.03 340.10 Td (1,236) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.53 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 278.42 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 289.08 340.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.18 340.10 Td (first ) Tj ET Q q 0 0 0 rg BT 323.17 340.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 354.37 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 365.59 340.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.59 340.10 Td (, ) Tj ET Q q 0 0 0 rg BT 390.97 340.10 Td (and ) Tj ET Q q 0 0 0 rg BT 408.30 340.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.62 340.10 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.95 340.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.83 340.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.59 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.47 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.14 340.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 517.68 340.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.00 340.10 Td (1,494) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 340.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 78.17 328.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.96 328.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 131.62 328.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.62 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.19 328.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.53 328.10 Td (1,857) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.03 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.60 328.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 218.27 328.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.05 328.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 271.72 328.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.72 328.10 Td (. ) Tj ET Q q 0 0 0 rg BT 296.79 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.17 328.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.28 328.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.03 328.10 Td (s ) Tj ET Q q 0 0 0 rg BT 356.49 328.10 Td (in ) Tj ET Q q 0 0 0 rg BT 366.83 328.10 Td (new ) Tj ET Q q 0 0 0 rg BT 386.06 328.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 424.72 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.72 328.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 475.95 328.10 Td (were ) Tj ET Q q 0 0 0 rg BT 497.94 328.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 537.72 328.10 Td (due ) Tj ET Q q 0 0 0 rg BT 554.72 328.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 84.44 316.10 Td (in ) Tj ET Q q 0 0 0 rg BT 94.95 316.10 Td (product ) Tj ET Q q 0 0 0 rg BT 128.23 316.10 Td (type ) Tj ET Q q 0 0 0 rg BT 148.18 316.10 Td (and ) Tj ET Q q 0 0 0 rg BT 165.35 316.10 Td (market ) Tj ET Q q 0 0 0 rg BT 195.84 316.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 214.13 316.10 Td (as ) Tj ET Q q 0 0 0 rg BT 225.19 316.10 Td (well ) Tj ET Q q 0 0 0 rg BT 245.14 316.10 Td (as ) Tj ET Q q 0 0 0 rg BT 256.20 316.10 Td (due ) Tj ET Q q 0 0 0 rg BT 273.37 316.10 Td (to ) Tj ET Q q 0 0 0 rg BT 283.88 316.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.06 316.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.81 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 331.54 316.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.05 316.10 Td (our ) Tj ET Q q 0 0 0 rg BT 358.11 316.10 Td (average ) Tj ET Q q 0 0 0 rg BT 391.93 316.10 Td (number ) Tj ET Q q 0 0 0 rg BT 425.21 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 436.27 316.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 490.66 316.10 Td (during ) Tj ET Q q 0 0 0 rg BT 519.50 316.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.45 316.10 Td (period. ) Tj ET Q q 0 0 0 rg BT 565.00 316.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (A) Tj ET Q q 0 0 0 rg BT 55.98 304.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 85.63 304.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 108.06 304.10 Td (price ) Tj ET Q q 0 0 0 rg BT 131.05 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.83 304.10 Td (backlog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.48 304.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.90 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 218.90 304.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.34 304.10 Td ($383,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.84 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.84 304.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.06 304.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 336.16 304.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.16 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.16 304.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.93 304.10 Td ($380,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.43 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.44 304.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.65 304.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 464.75 304.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.75 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.75 304.10 Td (due ) Tj ET Q q 0 0 0 rg BT 505.19 304.10 Td (to ) Tj ET Q q 0 0 0 rg BT 515.97 304.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.41 304.10 Td (change ) Tj ET Q q 0 0 0 rg BT 554.72 304.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (product ) Tj ET Q q 0 0 0 rg BT 82.43 292.10 Td (type ) Tj ET Q q 0 0 0 rg BT 102.03 292.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.85 292.10 Td (market ) Tj ET Q q 0 0 0 rg BT 149.00 292.10 Td (mix. ) Tj ET Q q 0 0 0 rg BT 169.44 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.83 292.10 Td (During ) Tj ET Q q 0 0 0 rg BT 202.54 292.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.14 292.10 Td (three ) Tj ET Q q 0 0 0 rg BT 239.51 292.10 Td (months ) Tj ET Q q 0 0 0 rg BT 271.35 292.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 297.61 292.10 Td (March ) Tj ET Q q 0 0 0 rg BT 326.09 292.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 340.97 292.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.97 292.10 Td (, ) Tj ET Q q 0 0 0 rg BT 365.86 292.10 Td (we ) Tj ET Q q 0 0 0 rg BT 379.90 292.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.16 292.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.16 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 418.55 292.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 472.59 292.10 Td (in ) Tj ET Q q 0 0 0 rg BT 482.76 292.10 Td (our ) Tj ET Q q 0 0 0 rg BT 498.47 292.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 536.96 292.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.52 280.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.89 280.10 Td (14) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.89 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.48 280.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.18 280.10 Td (2019's ) Tj ET Q q 0 0 0 rg BT 171.47 280.10 Td (first ) Tj ET Q q 0 0 0 rg BT 190.17 280.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.93 280.10 Td (. ) Tj ET Q q 0 0 0 rg BT 223.03 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.62 280.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 243.76 280.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 279.69 280.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 324.50 280.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 342.08 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 352.45 280.10 Td (our ) Tj ET Q q 0 0 0 rg BT 368.37 280.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 407.07 280.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.21 280.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.54 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.13 280.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.50 280.10 Td (3.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.00 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 501.59 280.10 Td (per ) Tj ET Q q 0 0 0 rg BT 516.96 280.10 Td (community ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 268.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.50 268.10 Td (first ) Tj ET Q q 0 0 0 rg BT 93.10 268.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 123.92 268.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.75 268.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.75 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.25 268.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.19 268.10 Td (2.6) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.69 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 194.19 268.10 Td (per ) Tj ET Q q 0 0 0 rg BT 209.46 268.10 Td (community ) Tj ET Q q 0 0 0 rg BT 257.51 268.10 Td (in ) Tj ET Q q 0 0 0 rg BT 267.79 268.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.50 268.10 Td (first ) Tj ET Q q 0 0 0 rg BT 301.11 268.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 331.93 268.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.76 268.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.76 268.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 246.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.45 246.10 Td (Services. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.22 246.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 168.59 246.10 Td (from ) Tj ET Q q 0 0 0 rg BT 190.42 246.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.14 246.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 246.29 246.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.11 246.10 Td (title ) Tj ET Q q 0 0 0 rg BT 281.05 246.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.10 246.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.85 246.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.24 246.10 Td ($1.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.13 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.52 246.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.85 246.10 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.18 246.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 443.89 246.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.72 246.10 Td ($1) Tj ET Q q 0 0 0 rg BT 475.35 246.10 Td (1.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.24 246.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.63 246.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.79 246.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 246.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.24 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.99 234.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.99 234.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.41 234.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.61 234.10 Td ($13.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.50 234.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.92 234.10 Td (in ) Tj ET Q q 0 0 0 rg BT 190.13 234.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.76 234.10 Td (first ) Tj ET Q q 0 0 0 rg BT 223.29 234.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 254.03 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.78 234.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.78 234.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.21 234.10 Td (due ) Tj ET Q q 0 0 0 rg BT 304.07 234.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.27 234.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.13 234.10 Td (42%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.46 234.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.88 234.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.63 234.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.05 234.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.25 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.89 234.10 Td (number ) Tj ET Q q 0 0 0 rg BT 434.86 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.61 234.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 465.25 234.10 Td (originations ) Tj ET Q q 0 0 0 rg BT 515.45 234.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.31 234.10 Td (798) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.31 234.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 234.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.59 222.10 Td (first ) Tj ET Q q 0 0 0 rg BT 81.58 222.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 111.77 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.98 222.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.98 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.85 222.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.51 222.10 Td (1,131) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.01 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 177.88 222.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.54 222.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.63 222.10 Td (first ) Tj ET Q q 0 0 0 rg BT 219.62 222.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 249.81 222.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.02 222.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.02 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.89 222.10 Td (of) Tj ET Q q 0 0 0 rg BT 290.04 222.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 306.36 222.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 341.55 222.10 Td (by ) Tj ET Q q 0 0 0 rg BT 353.43 222.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.74 222.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.16 222.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.04 222.10 Td (in ) Tj ET Q q 0 0 0 rg BT 405.69 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.78 222.10 Td (average ) Tj ET Q q 0 0 0 rg BT 452.74 222.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 471.84 222.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 503.71 222.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.02 222.10 Td ($315,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.77 210.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.47 210.10 Td (three ) Tj ET Q q 0 0 0 rg BT 96.94 210.10 Td (months ) Tj ET Q q 0 0 0 rg BT 128.88 210.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 155.24 210.10 Td (March ) Tj ET Q q 0 0 0 rg BT 183.83 210.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 198.82 210.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.82 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.31 210.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.57 210.10 Td ($306,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.07 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 271.56 210.10 Td (in ) Tj ET Q q 0 0 0 rg BT 281.83 210.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.53 210.10 Td (three ) Tj ET Q q 0 0 0 rg BT 319.00 210.10 Td (months ) Tj ET Q q 0 0 0 rg BT 350.94 210.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 377.31 210.10 Td (March ) Tj ET Q q 0 0 0 rg BT 405.89 210.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 420.88 210.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.88 210.10 Td (. ) Tj ET Q q 0 0 0 rg BT 445.87 210.10 Td ( ) Tj ET Q q 0 0 0 rg BT 448.18 210.10 Td (The ) Tj ET Q q 0 0 0 rg BT 466.21 210.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 500.34 210.10 Td (was ) Tj ET Q q 0 0 0 rg BT 518.38 210.10 Td (reduced ) Tj ET Q q 0 0 0 rg BT 552.52 210.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 198.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.49 198.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 76.54 198.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 105.43 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 107.98 198.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 156.63 198.10 Td (char) Tj ET Q q 0 0 0 rg BT 173.66 198.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 185.65 198.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.20 198.10 Td (on ) Tj ET Q q 0 0 0 rg BT 200.75 198.10 Td (our ) Tj ET Q q 0 0 0 rg BT 216.63 198.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 256.95 198.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 296.16 198.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 321.48 198.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 351.24 198.10 Td (by ) Tj ET Q q 0 0 0 rg BT 363.79 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.56 198.10 Td (disruption ) Tj ET Q q 0 0 0 rg BT 421.67 198.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.00 198.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.77 198.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 487.08 198.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 522.41 198.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.29 198.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.28 198.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 186.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 186.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 122.54 186.10 Td (pandemic.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 164.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.42 164.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 114.56 164.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.85 164.10 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.74 164.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.58 164.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.33 164.10 Td ( ) Tj ET Q q 0 0 0 rg BT 206.18 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 215.80 164.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 255.41 164.10 Td (income ) Tj ET Q q 0 0 0 rg BT 286.68 164.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.30 164.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.36 164.10 Td (first ) Tj ET Q q 0 0 0 rg BT 328.32 164.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 358.47 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.65 164.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.65 164.10 Td ( ) Tj ET Q q 0 0 0 rg BT 390.49 164.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 431.76 164.10 Td (to ) Tj ET Q q 0 0 0 rg BT 441.38 164.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.44 164.10 Td (first ) Tj ET Q q 0 0 0 rg BT 473.39 164.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 503.55 164.10 Td (of ) Tj ET Q q 0 0 0 rg BT 513.72 164.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.72 164.10 Td (, ) Tj ET Q q 0 0 0 rg BT 538.07 164.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.14 152.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 108.44 152.10 Td (due ) Tj ET Q q 0 0 0 rg BT 125.96 152.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.82 152.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.13 152.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.88 152.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.97 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 198.83 152.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 233.56 152.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 274.98 152.10 Td (above ) Tj ET Q q 0 0 0 rg BT 301.94 152.10 Td (of) Tj ET Q q 0 0 0 rg BT 310.09 152.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 327.62 152.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 364.02 152.10 Td (by ) Tj ET Q q 0 0 0 rg BT 377.11 152.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.63 152.10 Td ($1.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.52 152.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.61 152.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.36 152.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.45 152.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.31 152.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 515.56 152.10 Td (general ) Tj ET Q q 0 0 0 rg BT 548.07 152.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 108.66 140.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 142.82 140.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 184.19 140.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.92 140.10 Td (2019's ) Tj ET Q q 0 0 0 rg BT 221.57 140.10 Td (first ) Tj ET Q q 0 0 0 rg BT 239.63 140.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.39 140.10 Td (. ) Tj ET Q q 0 0 0 rg BT 271.85 140.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.66 140.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.16 140.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.91 140.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.86 140.10 Td (in ) Tj ET Q q 0 0 0 rg BT 335.59 140.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 366.71 140.10 Td (general ) Tj ET Q q 0 0 0 rg BT 398.09 140.10 Td (and ) Tj ET Q q 0 0 0 rg BT 414.48 140.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 473.64 140.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 507.80 140.10 Td (was ) Tj ET Q q 0 0 0 rg BT 525.30 140.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 97.98 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.71 128.10 Td (an ) Tj ET Q q 0 0 0 rg BT 121.09 128.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.04 128.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.79 128.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.74 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 170.47 128.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 228.96 128.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 264.11 128.10 Td (related ) Tj ET Q q 0 0 0 rg BT 294.26 128.10 Td (to ) Tj ET Q q 0 0 0 rg BT 304.98 128.10 Td (an ) Tj ET Q q 0 0 0 rg BT 317.37 128.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 353.07 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 363.79 128.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 405.61 128.10 Td (headcount ) Tj ET Q q 0 0 0 rg BT 449.65 128.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.04 128.10 Td (an ) Tj ET Q q 0 0 0 rg BT 479.42 128.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 515.13 128.10 Td (in ) Tj ET Q q 0 0 0 rg BT 525.85 128.10 Td (incentive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.54 116.10 Td (due ) Tj ET Q q 0 0 0 rg BT 124.48 116.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.76 116.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 175.58 116.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.86 94.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.31 94.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.31 94.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.17 94.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 147.52 94.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 187.09 94.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 224.99 94.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 265.11 94.10 Td (services ) Tj ET Q q 0 0 0 rg BT 299.68 94.10 Td (in ) Tj ET Q q 0 0 0 rg BT 309.81 94.10 Td (all ) Tj ET Q q 0 0 0 rg BT 322.16 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 332.85 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 348.53 94.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 385.04 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 386.88 94.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.78 94.10 Td (85%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.11 94.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.46 94.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.15 94.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.84 94.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 525.30 94.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 82.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.64 82.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.88 82.10 Td (first ) Tj ET Q q 0 0 0 rg BT 113.02 82.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 144.36 82.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.72 82.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.72 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.74 82.10 Td (were ) Tj ET Q q 0 0 0 rg BT 201.20 82.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 238.65 82.10 Td (through ) Tj ET Q q 0 0 0 rg BT 272.79 82.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 290.81 82.10 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 333.55 82.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 376.00 82.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.81 82.10 Td (79%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.14 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 408.17 82.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.97 82.10 Td (2019's ) Tj ET Q q 0 0 0 rg BT 447.69 82.10 Td (first ) Tj ET Q q 0 0 0 rg BT 466.83 82.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.59 82.10 Td (. ) Tj ET Q q 0 0 0 rg BT 500.12 82.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.15 82.10 Td (Capture ) Tj ET Q q 0 0 0 rg BT 537.83 82.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 555.84 82.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.10 Td (influenced ) Tj ET Q q 0 0 0 rg BT 94.20 70.10 Td (by ) Tj ET Q q 0 0 0 rg BT 106.70 70.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 146.97 70.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 194.45 70.10 Td (and ) Tj ET Q q 0 0 0 rg BT 211.39 70.10 Td (can ) Tj ET Q q 0 0 0 rg BT 227.77 70.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 265.25 70.10 Td (from ) Tj ET Q q 0 0 0 rg BT 287.19 70.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 318.00 70.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.28 70.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 356.04 70.10 Td (. ) Tj ET Q endstream endobj 81 0 obj <>] /Rotate 0 /Contents 82 0 R>> endobj 82 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (39) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 742.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 95.28 742.25 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 130.78 742.25 Td (General ) Tj ET Q q 0 0 0 rg BT 168.22 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.28 742.25 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 251.95 742.25 Td (Expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.45 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 293.56 742.25 Td ( ) Tj ET Q q 0 0 0 rg BT 297.67 742.25 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 341.76 742.25 Td (selling, ) Tj ET Q q 0 0 0 rg BT 375.04 742.25 Td (general ) Tj ET Q q 0 0 0 rg BT 408.57 742.25 Td (and ) Tj ET Q q 0 0 0 rg BT 427.11 742.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 488.43 742.25 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 742.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 730.25 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 730.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.63 730.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.31 730.25 Td ($9.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.20 730.25 Td ( ) Tj ET Q q 0 0 0 rg BT 173.44 730.25 Td (for ) Tj ET Q q 0 0 0 rg BT 187.34 730.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.79 730.25 Td (three ) Tj ET Q q 0 0 0 rg BT 224.02 730.25 Td (months ) Tj ET Q q 0 0 0 rg BT 255.70 730.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 281.82 730.25 Td (March ) Tj ET Q q 0 0 0 rg BT 310.16 730.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 324.90 730.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.90 730.25 Td ( ) Tj ET Q q 0 0 0 rg BT 347.13 730.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.15 730.25 Td ($10.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.04 730.25 Td ( ) Tj ET Q q 0 0 0 rg BT 413.28 730.25 Td (for ) Tj ET Q q 0 0 0 rg BT 427.18 730.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.64 730.25 Td (three ) Tj ET Q q 0 0 0 rg BT 463.86 730.25 Td (months ) Tj ET Q q 0 0 0 rg BT 495.55 730.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 521.66 730.25 Td (March ) Tj ET Q q 0 0 0 rg BT 550.00 730.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 718.25 Td (. ) Tj ET Q q 0 0 0 rg BT 73.89 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 75.64 718.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.07 718.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.83 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.71 718.25 Td (was ) Tj ET Q q 0 0 0 rg BT 145.15 718.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 184.25 718.25 Td (due ) Tj ET Q q 0 0 0 rg BT 200.58 718.25 Td (to ) Tj ET Q q 0 0 0 rg BT 210.24 718.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.57 718.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.32 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.21 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 265.88 718.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 304.41 718.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 361.84 718.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 395.94 718.25 Td (due ) Tj ET Q q 0 0 0 rg BT 412.26 718.25 Td (to ) Tj ET Q q 0 0 0 rg BT 421.93 718.25 Td (improved ) Tj ET Q q 0 0 0 rg BT 462.14 718.25 Td (results ) Tj ET Q q 0 0 0 rg BT 490.14 718.25 Td (during ) Tj ET Q q 0 0 0 rg BT 518.13 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.23 718.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 560.00 718.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 696.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 78.97 696.25 Td (in ) Tj ET Q q 0 0 0 rg BT 89.55 696.25 Td (\(Income\) ) Tj ET Q q 0 0 0 rg BT 129.56 696.25 Td (Loss ) Tj ET Q q 0 0 0 rg BT 150.69 696.25 Td (from ) Tj ET Q q 0 0 0 rg BT 172.93 696.25 Td (Joint ) Tj ET Q q 0 0 0 rg BT 196.29 696.25 Td (V) Tj ET Q q 0 0 0 rg BT 201.85 696.25 Td (enture ) Tj ET Q q 0 0 0 rg BT 230.43 696.25 Td (Arrangements. ) Tj ET Q q 0 0 0 rg BT 294.07 696.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.32 696.25 Td (Equity ) Tj ET Q q 0 0 0 rg BT 325.22 696.25 Td (in ) Tj ET Q q 0 0 0 rg BT 335.24 696.25 Td (income ) Tj ET Q q 0 0 0 rg BT 366.92 696.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 391.38 696.25 Td (from ) Tj ET Q q 0 0 0 rg BT 413.06 696.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 433.64 696.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 465.86 696.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 521.97 696.25 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 684.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.20 684.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 96.45 684.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.15 684.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 137.83 684.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 174.08 684.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 198.66 684.25 Td (from ) Tj ET Q q 0 0 0 rg BT 220.47 684.25 Td (our ) Tj ET Q q 0 0 0 rg BT 236.17 684.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 256.87 684.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 289.22 684.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 345.45 684.25 Td (where ) Tj ET Q q 0 0 0 rg BT 372.25 684.25 Td (a ) Tj ET Q q 0 0 0 rg BT 379.05 684.25 Td (special ) Tj ET Q q 0 0 0 rg BT 409.18 684.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 443.21 684.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 468.35 684.25 Td (is ) Tj ET Q q 0 0 0 rg BT 477.39 684.25 Td (established ) Tj ET Q q 0 0 0 rg BT 524.19 684.25 Td (\(LLCs\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.91 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.77 672.25 Td (other ) Tj ET Q q 0 0 0 rg BT 107.95 672.25 Td (partners. ) Tj ET Q q 0 0 0 rg BT 145.29 672.25 Td (During ) Tj ET Q q 0 0 0 rg BT 176.26 672.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.11 672.25 Td (three ) Tj ET Q q 0 0 0 rg BT 213.73 672.25 Td (months ) Tj ET Q q 0 0 0 rg BT 245.82 672.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 272.33 672.25 Td (March ) Tj ET Q q 0 0 0 rg BT 301.06 672.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 316.20 672.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.20 672.25 Td (, ) Tj ET Q q 0 0 0 rg BT 341.33 672.25 Td (the ) Tj ET Q q 0 0 0 rg BT 356.19 672.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 397.71 672.25 Td (earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.99 672.25 Td (less ) Tj ET Q q 0 0 0 rg BT 444.63 672.25 Td (than ) Tj ET Q q 0 0 0 rg BT 464.48 672.25 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 484.61 672.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.51 672.25 Td ( ) Tj ET Q q 0 0 0 rg BT 516.14 672.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.11 672.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 554.74 672.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (income ) Tj ET Q q 0 0 0 rg BT 81.43 660.25 Td (from ) Tj ET Q q 0 0 0 rg BT 103.37 660.25 Td (its ) Tj ET Q q 0 0 0 rg BT 115.32 660.25 Td (LLCs ) Tj ET Q q 0 0 0 rg BT 140.60 660.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 182.52 660.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.80 660.25 Td ($0.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.69 660.25 Td ( ) Tj ET Q q 0 0 0 rg BT 244.19 660.25 Td (of ) Tj ET Q q 0 0 0 rg BT 255.02 660.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 282.52 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.80 660.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 310.86 660.25 Td (during ) Tj ET Q q 0 0 0 rg BT 339.47 660.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.18 660.25 Td (three ) Tj ET Q q 0 0 0 rg BT 376.67 660.25 Td (months ) Tj ET Q q 0 0 0 rg BT 408.62 660.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 434.99 660.25 Td (March ) Tj ET Q q 0 0 0 rg BT 463.59 660.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 478.59 660.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.59 660.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 638.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 84.01 638.25 Td (Expense ) Tj ET Q q 0 0 0 rg BT 121.86 638.25 Td (- ) Tj ET Q q 0 0 0 rg BT 128.03 638.25 Td (Net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.97 638.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.81 638.25 Td ( ) Tj ET Q q 0 0 0 rg BT 150.65 638.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 183.48 638.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 218.53 638.25 Td (for ) Tj ET Q q 0 0 0 rg BT 233.04 638.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.10 638.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.83 638.25 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.24 638.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.08 638.25 Td ($2.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.98 638.25 Td ( ) Tj ET Q q 0 0 0 rg BT 383.82 638.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.10 638.25 Td ($6.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 454.99 638.25 Td ( ) Tj ET Q q 0 0 0 rg BT 457.84 638.25 Td (in ) Tj ET Q q 0 0 0 rg BT 468.46 638.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.52 638.25 Td (three ) Tj ET Q q 0 0 0 rg BT 506.35 638.25 Td (months ) Tj ET Q q 0 0 0 rg BT 538.64 638.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (March ) Tj ET Q q 0 0 0 rg BT 78.20 626.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 93.29 626.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.29 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 115.89 626.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.27 626.25 Td ($4.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.16 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 177.76 626.25 Td (in ) Tj ET Q q 0 0 0 rg BT 188.13 626.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.95 626.25 Td (three ) Tj ET Q q 0 0 0 rg BT 225.53 626.25 Td (months ) Tj ET Q q 0 0 0 rg BT 257.58 626.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 284.05 626.25 Td (March ) Tj ET Q q 0 0 0 rg BT 312.75 626.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 327.84 626.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.84 626.25 Td (. ) Tj ET Q q 0 0 0 rg BT 352.94 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.35 626.25 Td (This) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.63 626.25 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.04 626.25 Td (was ) Tj ET Q q 0 0 0 rg BT 430.69 626.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 470.50 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.32 626.25 Td (result ) Tj ET Q q 0 0 0 rg BT 510.13 626.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.06 626.25 Td (a ) Tj ET Q q 0 0 0 rg BT 528.10 626.25 Td (decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.19 614.25 Td (average ) Tj ET Q q 0 0 0 rg BT 94.19 614.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 142.66 614.25 Td (under ) Tj ET Q q 0 0 0 rg BT 168.34 614.25 Td (our ) Tj ET Q q 0 0 0 rg BT 184.59 614.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 212.50 614.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 245.96 614.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 260.54 614.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 293.44 614.25 Td (below\) ) Tj ET Q q 0 0 0 rg BT 324.12 614.25 Td (during ) Tj ET Q q 0 0 0 rg BT 353.15 614.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.28 614.25 Td (first ) Tj ET Q q 0 0 0 rg BT 387.30 614.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 418.53 614.25 Td (of ) Tj ET Q q 0 0 0 rg BT 429.78 614.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.78 614.25 Td ( ) Tj ET Q q 0 0 0 rg BT 452.69 614.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 495.03 614.25 Td (to ) Tj ET Q q 0 0 0 rg BT 505.73 614.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 528.08 614.25 Td (year) Tj ET Q q 0 0 0 rg BT 544.89 614.25 Td (, ) Tj ET Q q 0 0 0 rg BT 550.30 614.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td (redemption ) Tj ET Q q 0 0 0 rg BT 97.34 602.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.97 602.25 Td (our ) Tj ET Q q 0 0 0 rg BT 123.59 602.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 145.89 602.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 174.30 602.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 199.92 602.25 Td (at ) Tj ET Q q 0 0 0 rg BT 209.44 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 223.95 602.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 266.25 602.25 Td (of ) Tj ET Q q 0 0 0 rg BT 276.87 602.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.39 602.25 Td (first ) Tj ET Q q 0 0 0 rg BT 309.79 602.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 340.41 602.25 Td (of ) Tj ET Q q 0 0 0 rg BT 351.03 602.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.03 602.25 Td ( ) Tj ET Q q 0 0 0 rg BT 373.33 602.25 Td (and ) Tj ET Q q 0 0 0 rg BT 390.07 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.58 602.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 440.75 602.25 Td (of ) Tj ET Q q 0 0 0 rg BT 451.38 602.25 Td (our ) Tj ET Q q 0 0 0 rg BT 467.01 602.25 Td (new ) Tj ET Q q 0 0 0 rg BT 485.97 602.25 Td (2028 ) Tj ET Q q 0 0 0 rg BT 508.26 602.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 536.67 602.25 Td (Notes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (which ) Tj ET Q q 0 0 0 rg BT 76.60 590.25 Td (were ) Tj ET Q q 0 0 0 rg BT 98.70 590.25 Td (not ) Tj ET Q q 0 0 0 rg BT 114.14 590.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 163.47 590.25 Td (at ) Tj ET Q q 0 0 0 rg BT 173.36 590.25 Td (all ) Tj ET Q q 0 0 0 rg BT 186.02 590.25 Td (during ) Tj ET Q q 0 0 0 rg BT 214.79 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.68 590.25 Td (first ) Tj ET Q q 0 0 0 rg BT 248.45 590.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 279.43 590.25 Td (of ) Tj ET Q q 0 0 0 rg BT 290.43 590.25 Td (2019 ) Tj ET Q q 0 0 0 rg BT 313.09 590.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.20 590.25 Td (had ) Tj ET Q q 0 0 0 rg BT 347.30 590.25 Td (a ) Tj ET Q q 0 0 0 rg BT 354.41 590.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 379.84 590.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 411.94 590.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 429.59 590.25 Td (than ) Tj ET Q q 0 0 0 rg BT 449.48 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.36 590.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 487.02 590.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 515.80 590.25 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 544.29 590.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 590.25 Td (Our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 88.92 578.25 Td (average ) Tj ET Q q 0 0 0 rg BT 122.77 578.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 171.09 578.25 Td (decreased ) Tj ET Q q 0 0 0 rg BT 213.28 578.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.48 578.25 Td ($833.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.37 578.25 Td ( ) Tj ET Q q 0 0 0 rg BT 297.14 578.25 Td (in ) Tj ET Q q 0 0 0 rg BT 307.69 578.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.67 578.25 Td (first ) Tj ET Q q 0 0 0 rg BT 341.55 578.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 372.63 578.25 Td (of ) Tj ET Q q 0 0 0 rg BT 383.73 578.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.73 578.25 Td ( ) Tj ET Q q 0 0 0 rg BT 406.50 578.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.04 578.25 Td ($768.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.93 578.25 Td ( ) Tj ET Q q 0 0 0 rg BT 478.70 578.25 Td (in ) Tj ET Q q 0 0 0 rg BT 489.25 578.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.23 578.25 Td (first ) Tj ET Q q 0 0 0 rg BT 523.11 578.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 554.19 578.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 566.25 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 566.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.44 566.25 Td (our ) Tj ET Q q 0 0 0 rg BT 107.27 566.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 146.42 566.25 Td (average ) Tj ET Q q 0 0 0 rg BT 180.01 566.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 224.17 566.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 241.65 566.25 Td (declined ) Tj ET Q q 0 0 0 rg BT 278.03 566.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.96 566.25 Td (6.26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.79 566.25 Td ( ) Tj ET Q q 0 0 0 rg BT 328.29 566.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.57 566.25 Td (2019's ) Tj ET Q q 0 0 0 rg BT 366.77 566.25 Td (first ) Tj ET Q q 0 0 0 rg BT 385.37 566.25 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.69 566.25 Td ( ) Tj ET Q q 0 0 0 rg BT 416.19 566.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.47 566.25 Td (6.17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.30 566.25 Td ( ) Tj ET Q q 0 0 0 rg BT 454.80 566.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.08 566.25 Td (2020's ) Tj ET Q q 0 0 0 rg BT 493.27 566.25 Td (first ) Tj ET Q q 0 0 0 rg BT 511.88 566.25 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.64 566.25 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 544.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.76 544.25 Td (T) Tj ET Q q 0 0 0 rg BT 88.95 544.25 Td (axes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.78 544.25 Td ( ) Tj ET Q q 0 0 0 rg BT 112.93 544.25 Td ( ) Tj ET Q q 0 0 0 rg BT 116.07 544.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 134.77 544.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 165.69 544.25 Td (ef) Tj ET Q q 0 0 0 rg BT 173.27 544.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 203.63 544.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 218.99 544.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 237.12 544.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.82 544.25 Td (23.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.65 544.25 Td ( ) Tj ET Q q 0 0 0 rg BT 284.80 544.25 Td (for ) Tj ET Q q 0 0 0 rg BT 299.61 544.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.98 544.25 Td (three ) Tj ET Q q 0 0 0 rg BT 338.11 544.25 Td (months ) Tj ET Q q 0 0 0 rg BT 370.71 544.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 397.73 544.25 Td (March ) Tj ET Q q 0 0 0 rg BT 426.98 544.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 442.63 544.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.63 544.25 Td ( ) Tj ET Q q 0 0 0 rg BT 465.78 544.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.36 544.25 Td (24.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.19 544.25 Td ( ) Tj ET Q q 0 0 0 rg BT 512.34 544.25 Td (for ) Tj ET Q q 0 0 0 rg BT 527.15 544.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 544.25 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.25 Td (months ) Tj ET Q q 0 0 0 rg BT 82.31 532.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 109.54 532.25 Td (March ) Tj ET Q q 0 0 0 rg BT 139.00 532.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 154.86 532.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.86 532.25 Td (. ) Tj ET Q q 0 0 0 rg BT 180.72 532.25 Td ( ) Tj ET Q q 0 0 0 rg BT 183.84 532.25 Td (The ) Tj ET Q q 0 0 0 rg BT 202.74 532.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 240.52 532.25 Td (in ) Tj ET Q q 0 0 0 rg BT 251.65 532.25 Td (the ) Tj ET Q q 0 0 0 rg BT 267.23 532.25 Td (ef) Tj ET Q q 0 0 0 rg BT 274.82 532.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 305.38 532.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 323.73 532.25 Td (for ) Tj ET Q q 0 0 0 rg BT 338.74 532.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.32 532.25 Td (three ) Tj ET Q q 0 0 0 rg BT 377.67 532.25 Td (months ) Tj ET Q q 0 0 0 rg BT 410.47 532.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 437.71 532.25 Td (March ) Tj ET Q q 0 0 0 rg BT 467.17 532.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 483.03 532.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.03 532.25 Td ( ) Tj ET Q q 0 0 0 rg BT 506.39 532.25 Td (was ) Tj ET Q q 0 0 0 rg BT 525.30 532.25 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 98.86 520.25 Td (to ) Tj ET Q q 0 0 0 rg BT 110.47 520.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.74 520.25 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 140.06 520.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.95 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 172.78 520.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 188.83 520.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 220.42 520.25 Td (related ) Tj ET Q q 0 0 0 rg BT 251.45 520.25 Td (to ) Tj ET Q q 0 0 0 rg BT 263.05 520.25 Td (the ) Tj ET Q q 0 0 0 rg BT 279.09 520.25 Td (retroactive ) Tj ET Q q 0 0 0 rg BT 325.67 520.25 Td (reinstatement ) Tj ET Q q 0 0 0 rg BT 383.37 520.25 Td (of ) Tj ET Q q 0 0 0 rg BT 395.52 520.25 Td (ener) Tj ET Q q 0 0 0 rg BT 412.55 520.25 Td (gy ) Tj ET Q q 0 0 0 rg BT 426.38 520.25 Td (ef) Tj ET Q q 0 0 0 rg BT 433.96 520.25 Td (ficient ) Tj ET Q q 0 0 0 rg BT 463.33 520.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 493.27 520.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 509.31 520.25 Td (credits ) Tj ET Q q 0 0 0 rg BT 539.79 520.25 Td (and ) Tj ET Q q 0 0 0 rg BT 558.06 520.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.69 508.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 135.75 508.25 Td (in ) Tj ET Q q 0 0 0 rg BT 145.83 508.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 160.35 508.25 Td (benefit ) Tj ET Q q 0 0 0 rg BT 190.41 508.25 Td (from ) Tj ET Q q 0 0 0 rg BT 212.15 508.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 239.45 508.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 297.29 508.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 321.25 508.25 Td (during ) Tj ET Q q 0 0 0 rg BT 349.66 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 364.17 508.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 394.79 508.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 420.97 508.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 464.37 508.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.37 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 486.67 508.25 Td (\(see ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 505.0703125 506.9169921875 m 536.81005859375 506.9169921875 l s q 0 0 1 rg BT 505.07 508.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 526.81 508.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 536.81 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 539.11 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 549.19 508.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.98 496.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 131.69 496.25 Td (for ) Tj ET Q q 0 0 0 rg BT 145.85 496.25 Td (more ) Tj ET Q q 0 0 0 rg BT 168.90 496.25 Td (information\).) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 472.68505859375 m 237.0390625 472.68505859375 l s q 0 0 0 rg BT 49.50 474.25 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 103.59 474.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.54 474.25 Td (AND CAPIT) Tj ET Q q 0 0 0 rg BT 160.07 474.25 Td (AL) Tj ET Q q 0 0 0 rg BT 173.41 474.25 Td ( RESOURCES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (Overview ) Tj ET Q q 0 0 0 rg BT 93.09 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.92 452.25 Td (Capital ) Tj ET Q q 0 0 0 rg BT 138.09 452.25 Td (Resour) Tj ET Q q 0 0 0 rg BT 168.46 452.25 Td (ces ) Tj ET Q q 0 0 0 rg BT 183.73 452.25 Td (and ) Tj ET Q q 0 0 0 rg BT 202.36 452.25 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 241.82 452.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.14 430.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 103.88 430.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.88 430.25 Td (, ) Tj ET Q q 0 0 0 rg BT 128.02 430.25 Td (we ) Tj ET Q q 0 0 0 rg BT 141.32 430.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.40 430.25 Td ($21.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.29 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 212.93 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 222.90 430.25 Td (cash, ) Tj ET Q q 0 0 0 rg BT 244.80 430.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 264.21 430.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 311.39 430.25 Td (and ) Tj ET Q q 0 0 0 rg BT 327.47 430.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 366.31 430.25 Td (cash, ) Tj ET Q q 0 0 0 rg BT 388.22 430.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.64 430.25 Td ($20.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.53 430.25 Td ( ) Tj ET Q q 0 0 0 rg BT 463.17 430.25 Td (of ) Tj ET Q q 0 0 0 rg BT 473.14 430.25 Td (this ) Tj ET Q q 0 0 0 rg BT 489.23 430.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 520.86 430.25 Td (comprised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.80 418.25 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 108.97 418.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 128.70 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.11 418.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 164.85 418.25 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 214.86 418.25 Td (which ) Tj ET Q q 0 0 0 rg BT 241.26 418.25 Td (represents ) Tj ET Q q 0 0 0 rg BT 283.77 418.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.17 418.25 Td ($14.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.07 418.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.03 418.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.79 418.25 Td ( ) Tj ET Q q 0 0 0 rg BT 380.75 418.25 Td (in ) Tj ET Q q 0 0 0 rg BT 390.50 418.25 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 439.67 418.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 459.41 418.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.81 418.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 495.55 418.25 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 543.06 418.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.25 Td (December ) Tj ET Q q 0 0 0 rg BT 93.62 406.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 109.15 406.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.15 406.25 Td (. ) Tj ET Q q 0 0 0 rg BT 134.69 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 137.72 406.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 156.31 406.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 194.89 406.25 Td (uses ) Tj ET Q q 0 0 0 rg BT 215.14 406.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.51 406.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 247.31 406.25 Td (for ) Tj ET Q q 0 0 0 rg BT 262.00 406.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.26 406.25 Td (three ) Tj ET Q q 0 0 0 rg BT 300.28 406.25 Td (months ) Tj ET Q q 0 0 0 rg BT 332.76 406.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 359.67 406.25 Td (March ) Tj ET Q q 0 0 0 rg BT 388.80 406.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 404.34 406.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.34 406.25 Td ( ) Tj ET Q q 0 0 0 rg BT 427.37 406.25 Td (were ) Tj ET Q q 0 0 0 rg BT 449.84 406.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 496.75 406.25 Td (in ) Tj ET Q q 0 0 0 rg BT 507.57 406.25 Td (land ) Tj ET Q q 0 0 0 rg BT 527.82 406.25 Td (and ) Tj ET Q q 0 0 0 rg BT 545.29 406.25 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (development, ) Tj ET Q q 0 0 0 rg BT 106.95 394.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 159.67 394.25 Td (of ) Tj ET Q q 0 0 0 rg BT 171.30 394.25 Td (homes, ) Tj ET Q q 0 0 0 rg BT 203.20 394.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 244.26 394.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 264.77 394.25 Td (originations, ) Tj ET Q q 0 0 0 rg BT 318.34 394.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 365.52 394.25 Td (in ) Tj ET Q q 0 0 0 rg BT 376.59 394.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 398.22 394.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 437.89 394.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 478.95 394.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 520.84 394.25 Td (short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (working ) Tj ET Q q 0 0 0 rg BT 85.92 382.25 Td (capital, ) Tj ET Q q 0 0 0 rg BT 118.17 382.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 138.48 382.25 Td (service ) Tj ET Q q 0 0 0 rg BT 169.89 382.25 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 227.68 382.25 Td (including ) Tj ET Q q 0 0 0 rg BT 268.55 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 283.86 382.25 Td (redemption ) Tj ET Q q 0 0 0 rg BT 332.49 382.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.92 382.25 Td (our ) Tj ET Q q 0 0 0 rg BT 360.34 382.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 383.43 382.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 412.63 382.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 439.06 382.25 Td (and ) Tj ET Q q 0 0 0 rg BT 456.59 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 471.90 382.25 Td (repayment ) Tj ET Q q 0 0 0 rg BT 517.20 382.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.62 382.25 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.15 370.25 Td (under ) Tj ET Q q 0 0 0 rg BT 122.90 370.25 Td (our ) Tj ET Q q 0 0 0 rg BT 138.21 370.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 162.95 370.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 201.86 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.28 370.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.48 370.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 277.77 370.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.08 370.25 Td ($1.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.97 370.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.95 370.25 Td (ofour ) Tj ET Q q 0 0 0 rg BT 365.09 370.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 413.74 370.25 Td (common ) Tj ET Q q 0 0 0 rg BT 450.72 370.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 477.69 370.25 Td (under ) Tj ET Q q 0 0 0 rg BT 502.44 370.25 Td (our ) Tj ET Q q 0 0 0 rg BT 517.75 370.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 539.73 370.25 Td (Share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 98.52 358.25 Td (Program ) Tj ET Q q 0 0 0 rg BT 135.33 358.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 149.37 358.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 181.73 358.25 Td (below\). ) Tj ET Q q 0 0 0 rg BT 214.37 358.25 Td (In ) Tj ET Q q 0 0 0 rg BT 225.08 358.25 Td (order ) Tj ET Q q 0 0 0 rg BT 248.55 358.25 Td (to ) Tj ET Q q 0 0 0 rg BT 258.70 358.25 Td (fund ) Tj ET Q q 0 0 0 rg BT 279.41 358.25 Td (these ) Tj ET Q q 0 0 0 rg BT 302.33 358.25 Td (uses ) Tj ET Q q 0 0 0 rg BT 321.92 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 332.63 358.25 Td (cash, ) Tj ET Q q 0 0 0 rg BT 355.27 358.25 Td (we ) Tj ET Q q 0 0 0 rg BT 369.31 358.25 Td (used ) Tj ET Q q 0 0 0 rg BT 390.01 358.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 427.92 358.25 Td (from ) Tj ET Q q 0 0 0 rg BT 449.73 358.25 Td (home ) Tj ET Q q 0 0 0 rg BT 474.33 358.25 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 515.57 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 532.39 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 546.98 358.25 Td (sale ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.64 346.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 101.22 346.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 127.64 346.25 Td (as ) Tj ET Q q 0 0 0 rg BT 138.78 346.25 Td (well ) Tj ET Q q 0 0 0 rg BT 158.81 346.25 Td (as ) Tj ET Q q 0 0 0 rg BT 169.95 346.25 Td (excess ) Tj ET Q q 0 0 0 rg BT 198.86 346.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 219.44 346.25 Td (balances, ) Tj ET Q q 0 0 0 rg BT 259.17 346.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 297.52 346.25 Td (from ) Tj ET Q q 0 0 0 rg BT 319.77 346.25 Td (the ) Tj ET Q q 0 0 0 rg BT 334.80 346.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 371.49 346.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.63 346.25 Td (our ) Tj ET Q q 0 0 0 rg BT 398.77 346.25 Td (2028 ) Tj ET Q q 0 0 0 rg BT 421.58 346.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 450.50 346.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 476.65 346.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 491.12 346.25 Td (described ) Tj ET Q q 0 0 0 rg BT 532.24 346.25 Td (below\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 97.55 334.25 Td (under ) Tj ET Q q 0 0 0 rg BT 122.82 334.25 Td (our ) Tj ET Q q 0 0 0 rg BT 138.65 334.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 163.91 334.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 203.34 334.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.28 334.25 Td (other ) Tj ET Q q 0 0 0 rg BT 243.33 334.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 275.82 334.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.65 334.25 Td (liquidity) Tj ET Q q 0 0 0 rg BT 319.89 334.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.48 312.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.81 312.25 Td (is ) Tj ET Q q 0 0 0 rg BT 117.92 312.25 Td (a ) Tj ET Q q 0 0 0 rg BT 124.79 312.25 Td (party ) Tj ET Q q 0 0 0 rg BT 147.78 312.25 Td (to ) Tj ET Q q 0 0 0 rg BT 158.00 312.25 Td (three ) Tj ET Q q 0 0 0 rg BT 180.42 312.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 214.51 312.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 239.71 312.25 Td (agreements: ) Tj ET Q q 0 0 0 rg BT 290.46 312.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 304.56 312.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.44 312.25 Td ($500million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.83 312.25 Td ( ) Tj ET Q q 0 0 0 rg BT 365.27 312.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 408.24 312.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 449.00 312.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 474.21 312.25 Td (facility) Tj ET Q q 0 0 0 rg BT 501.88 312.25 Td (, ) Tj ET Q q 0 0 0 rg BT 506.81 312.25 Td (dated ) Tj ET Q q 0 0 0 rg BT 530.91 312.25 Td (July ) Tj ET Q q 0 0 0 rg BT 550.02 312.25 Td (18, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 74.14 300.25 Td (as ) Tj ET Q q 0 0 0 rg BT 84.62 300.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 125.35 300.25 Td (with ) Tj ET Q q 0 0 0 rg BT 145.28 300.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 162.42 300.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 195.39 300.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 212.81 300.25 Td (as ) Tj ET Q q 0 0 0 rg BT 223.28 300.25 Td (borrower ) Tj ET Q q 0 0 0 rg BT 262.07 300.25 Td (and ) Tj ET Q q 0 0 0 rg BT 278.66 300.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 324.66 300.25 Td (by ) Tj ET Q q 0 0 0 rg BT 336.80 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.17 300.25 Td (Company) Tj ET Q q 0 0 0 rg BT 392.83 300.25 Td (s ) Tj ET Q q 0 0 0 rg BT 398.87 300.25 Td (wholly ) Tj ET Q q 0 0 0 rg BT 428.79 300.25 Td (owned ) Tj ET Q q 0 0 0 rg BT 457.59 300.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 515.29 300.25 Td (subsidiaries) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 68.53 288.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 101.44 288.25 Td (Facility\); ) Tj ET Q q 0 0 0 rg BT 146.02 288.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 161.16 288.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.07 288.25 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.46 288.25 Td ( ) Tj ET Q q 0 0 0 rg BT 223.94 288.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 257.96 288.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 299.20 288.25 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 353.78 288.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 398.90 288.25 Td (\(which ) Tj ET Q q 0 0 0 rg BT 430.15 288.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 470.27 288.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.53 288.25 Td ($160million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 532.92 288.25 Td ( ) Tj ET Q q 0 0 0 rg BT 536.40 288.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 78.47 276.25 Td (periods\), ) Tj ET Q q 0 0 0 rg BT 115.51 276.25 Td (dated ) Tj ET Q q 0 0 0 rg BT 138.93 276.25 Td (June ) Tj ET Q q 0 0 0 rg BT 159.03 276.25 Td (24, ) Tj ET Q q 0 0 0 rg BT 173.29 276.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 197.56 276.25 Td (as ) Tj ET Q q 0 0 0 rg BT 207.66 276.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 248.02 276.25 Td (with ) Tj ET Q q 0 0 0 rg BT 267.57 276.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 284.33 276.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 323.31 276.25 Td (as ) Tj ET Q q 0 0 0 rg BT 333.41 276.25 Td (borrower ) Tj ET Q q 0 0 0 rg BT 371.83 276.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 389.14 276.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 413.13 276.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 453.65 276.25 Td (W) Tj ET Q q 0 0 0 rg BT 462.29 276.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 507.54 276.25 Td (Agreement\);) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.42 264.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 80.55 264.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.47 264.25 Td ($65 ) Tj ET Q q 0 0 0 rg BT 104.95 264.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.84 264.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.31 264.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 176.55 264.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 222.34 264.25 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 268.96 264.25 Td (dated ) Tj ET Q q 0 0 0 rg BT 293.09 264.25 Td (October ) Tj ET Q q 0 0 0 rg BT 327.77 264.25 Td (30, ) Tj ET Q q 0 0 0 rg BT 342.75 264.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 367.73 264.25 Td (as ) Tj ET Q q 0 0 0 rg BT 378.53 264.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 419.60 264.25 Td (with ) Tj ET Q q 0 0 0 rg BT 439.86 264.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 457.34 264.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 497.02 264.25 Td (as ) Tj ET Q q 0 0 0 rg BT 507.83 264.25 Td (borrower ) Tj ET Q q 0 0 0 rg BT 546.96 264.25 Td (\(the) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 74.22 252.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 115.60 252.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 164.74 252.25 Td (Facility\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (In ) Tj ET Q q 0 0 0 rg BT 59.62 228.25 Td (January ) Tj ET Q q 0 0 0 rg BT 92.51 228.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 116.79 228.25 Td (we ) Tj ET Q q 0 0 0 rg BT 130.24 228.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.03 228.25 Td ($400 ) Tj ET Q q 0 0 0 rg BT 178.82 228.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.71 228.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.50 228.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 250.15 228.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 287.48 228.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 319.27 228.25 Td (of ) Tj ET Q q 0 0 0 rg BT 329.38 228.25 Td (2028 ) Tj ET Q q 0 0 0 rg BT 351.17 228.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 379.07 228.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 404.19 228.25 Td (at ) Tj ET Q q 0 0 0 rg BT 413.19 228.25 Td (par) Tj ET Q q 0 0 0 rg BT 425.56 228.25 Td (, ) Tj ET Q q 0 0 0 rg BT 429.85 228.25 Td (for ) Tj ET Q q 0 0 0 rg BT 443.30 228.25 Td (net ) Tj ET Q q 0 0 0 rg BT 457.30 228.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 494.63 228.25 Td (of ) Tj ET Q q 0 0 0 rg BT 504.75 228.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td ($393.9 ) Tj ET Q q 0 0 0 rg BT 79.03 216.25 Td (million. ) Tj ET Q q 0 0 0 rg BT 112.46 216.25 Td ( ) Tj ET Q q 0 0 0 rg BT 114.34 216.25 Td (W) Tj ET Q q 0 0 0 rg BT 122.98 216.25 Td (e ) Tj ET Q q 0 0 0 rg BT 129.45 216.25 Td (used ) Tj ET Q q 0 0 0 rg BT 149.81 216.25 Td ($300.4 ) Tj ET Q q 0 0 0 rg BT 179.35 216.25 Td (million ) Tj ET Q q 0 0 0 rg BT 210.27 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.63 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.88 216.25 Td (net ) Tj ET Q q 0 0 0 rg BT 249.13 216.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 286.70 216.25 Td (to ) Tj ET Q q 0 0 0 rg BT 296.51 216.25 Td (redeem ) Tj ET Q q 0 0 0 rg BT 327.97 216.25 Td (all ) Tj ET Q q 0 0 0 rg BT 340.00 216.25 Td ($300.0 ) Tj ET Q q 0 0 0 rg BT 369.53 216.25 Td (million ) Tj ET Q q 0 0 0 rg BT 400.46 216.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 441.35 216.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 478.93 216.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 510.95 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.32 216.25 Td (our ) Tj ET Q q 0 0 0 rg BT 536.68 216.25 Td (6.75% ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.45 204.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 104.62 204.25 Td (due ) Tj ET Q q 0 0 0 rg BT 121.90 204.25 Td (2021, ) Tj ET Q q 0 0 0 rg BT 147.24 204.25 Td (at ) Tj ET Q q 0 0 0 rg BT 157.30 204.25 Td (par) Tj ET Q q 0 0 0 rg BT 169.67 204.25 Td (, ) Tj ET Q q 0 0 0 rg BT 175.01 204.25 Td (and ) Tj ET Q q 0 0 0 rg BT 192.29 204.25 Td (we ) Tj ET Q q 0 0 0 rg BT 206.79 204.25 Td (used ) Tj ET Q q 0 0 0 rg BT 227.96 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.02 204.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 286.40 204.25 Td (net ) Tj ET Q q 0 0 0 rg BT 301.46 204.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 339.83 204.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.45 204.25 Td (repay ) Tj ET Q q 0 0 0 rg BT 375.50 204.25 Td (a ) Tj ET Q q 0 0 0 rg BT 382.78 204.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 414.51 204.25 Td (of ) Tj ET Q q 0 0 0 rg BT 425.68 204.25 Td (our ) Tj ET Q q 0 0 0 rg BT 441.85 204.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 491.36 204.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 539.75 204.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.96 192.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 91.19 192.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 121.09 192.25 Td (. ) Tj ET Q q 0 0 0 rg BT 125.34 192.25 Td (As ) Tj ET Q q 0 0 0 rg BT 138.69 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.26 192.25 Td (March ) Tj ET Q q 0 0 0 rg BT 177.60 192.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 192.34 192.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 217.08 192.25 Td (there ) Tj ET Q q 0 0 0 rg BT 239.31 192.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.98 192.25 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 280.72 192.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.61 192.25 Td ( ) Tj ET Q q 0 0 0 rg BT 311.85 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 322.42 192.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 370.21 192.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 419.12 192.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.80 192.25 Td ($65.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.69 192.25 Td ( ) Tj ET Q q 0 0 0 rg BT 491.93 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.50 192.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 529.17 192.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.74 192.25 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.67 180.25 Td (under ) Tj ET Q q 0 0 0 rg BT 123.93 180.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.76 180.25 Td ($500million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.16 180.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.66 180.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 221.15 180.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 251.05 180.25 Td (, ) Tj ET Q q 0 0 0 rg BT 256.05 180.25 Td (leaving ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.99 180.25 Td ($427.3 ) Tj ET Q q 0 0 0 rg BT 317.99 180.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.88 180.25 Td ( ) Tj ET Q q 0 0 0 rg BT 349.38 180.25 Td (available.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.98 156.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 109.79 156.25 Td (impacts ) Tj ET Q q 0 0 0 rg BT 143.83 156.25 Td (from ) Tj ET Q q 0 0 0 rg BT 166.20 156.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.35 156.25 Td (COVID-19pandemic ) Tj ET Q q 0 0 0 rg BT 270.65 156.25 Td (have ) Tj ET Q q 0 0 0 rg BT 292.46 156.25 Td (created ) Tj ET Q q 0 0 0 rg BT 324.26 156.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 369.41 156.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 417.32 156.25 Td (as ) Tj ET Q q 0 0 0 rg BT 428.59 156.25 Td (to ) Tj ET Q q 0 0 0 rg BT 439.30 156.25 Td (general ) Tj ET Q q 0 0 0 rg BT 471.66 156.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 513.46 156.25 Td (and ) Tj ET Q q 0 0 0 rg BT 530.84 156.25 Td (housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (market ) Tj ET Q q 0 0 0 rg BT 80.69 144.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 125.77 144.25 Td (for ) Tj ET Q q 0 0 0 rg BT 140.86 144.25 Td (the ) Tj ET Q q 0 0 0 rg BT 156.50 144.25 Td (remainder ) Tj ET Q q 0 0 0 rg BT 200.45 144.25 Td (of ) Tj ET Q q 0 0 0 rg BT 212.21 144.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 235.63 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 253.49 144.25 Td (into ) Tj ET Q q 0 0 0 rg BT 272.47 144.25 Td (2021. ) Tj ET Q q 0 0 0 rg BT 298.14 144.25 Td (W) Tj ET Q q 0 0 0 rg BT 306.78 144.25 Td (e ) Tj ET Q q 0 0 0 rg BT 314.64 144.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 344.16 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 355.36 144.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 393.22 144.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 436.07 144.25 Td (our ) Tj ET Q q 0 0 0 rg BT 452.83 144.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 486.78 144.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 510.75 144.25 Td (and ) Tj ET Q q 0 0 0 rg BT 528.61 144.25 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (carefully) Tj ET Q q 0 0 0 rg BT 84.38 132.25 Td (, ) Tj ET Q q 0 0 0 rg BT 88.54 132.25 Td (by ) Tj ET Q q 0 0 0 rg BT 100.21 132.25 Td (managing ) Tj ET Q q 0 0 0 rg BT 141.30 132.25 Td (our ) Tj ET Q q 0 0 0 rg BT 156.29 132.25 Td (spending ) Tj ET Q q 0 0 0 rg BT 194.06 132.25 Td (on ) Tj ET Q q 0 0 0 rg BT 205.72 132.25 Td (land ) Tj ET Q q 0 0 0 rg BT 224.60 132.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 270.15 132.25 Td (and ) Tj ET Q q 0 0 0 rg BT 286.25 132.25 Td (development ) Tj ET Q q 0 0 0 rg BT 339.56 132.25 Td (and ) Tj ET Q q 0 0 0 rg BT 355.66 132.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 406.75 132.25 Td (of ) Tj ET Q q 0 0 0 rg BT 416.75 132.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 456.73 132.25 Td (homes, ) Tj ET Q q 0 0 0 rg BT 487.00 132.25 Td (as ) Tj ET Q q 0 0 0 rg BT 496.99 132.25 Td (well ) Tj ET Q q 0 0 0 rg BT 515.87 132.25 Td (as ) Tj ET Q q 0 0 0 rg BT 525.86 132.25 Td (overhead ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 105.25 120.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 137.38 120.25 Td (to ) Tj ET Q q 0 0 0 rg BT 147.31 120.25 Td (our ) Tj ET Q q 0 0 0 rg BT 162.79 120.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 197.72 120.25 Td (volume ) Tj ET Q q 0 0 0 rg BT 229.87 120.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.35 120.25 Td (home ) Tj ET Q q 0 0 0 rg BT 264.72 120.25 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 308.25 120.25 Td (in ) Tj ET Q q 0 0 0 rg BT 318.18 120.25 Td (order ) Tj ET Q q 0 0 0 rg BT 341.43 120.25 Td (to ) Tj ET Q q 0 0 0 rg BT 351.36 120.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 372.94 120.25 Td (our ) Tj ET Q q 0 0 0 rg BT 388.43 120.25 Td (current ) Tj ET Q q 0 0 0 rg BT 418.89 120.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.49 120.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 481.50 120.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 510.31 120.25 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.44 108.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 91.71 108.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 125.30 108.25 Td (and ) Tj ET Q q 0 0 0 rg BT 142.24 108.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 189.72 108.25 Td (under ) Tj ET Q q 0 0 0 rg BT 214.99 108.25 Td (our ) Tj ET Q q 0 0 0 rg BT 230.82 108.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 258.32 108.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 288.22 108.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (During ) Tj ET Q q 0 0 0 rg BT 80.40 84.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.19 84.25 Td (first ) Tj ET Q q 0 0 0 rg BT 113.87 84.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 144.76 84.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.66 84.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.66 84.25 Td (, ) Tj ET Q q 0 0 0 rg BT 180.73 84.25 Td (we ) Tj ET Q q 0 0 0 rg BT 194.97 84.25 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.74 84.25 Td (1,495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.24 84.25 Td ( ) Tj ET Q q 0 0 0 rg BT 259.81 84.25 Td (homes, ) Tj ET Q q 0 0 0 rg BT 290.99 84.25 Td (started ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.22 84.25 Td (1,777) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.72 84.25 Td ( ) Tj ET Q q 0 0 0 rg BT 345.29 84.25 Td (homes, ) Tj ET Q q 0 0 0 rg BT 376.47 84.25 Td (and ) Tj ET Q q 0 0 0 rg BT 393.49 84.25 Td (spent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.17 84.25 Td ($75.7 ) Tj ET Q q 0 0 0 rg BT 442.24 84.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.13 84.25 Td ( ) Tj ET Q q 0 0 0 rg BT 473.70 84.25 Td (on ) Tj ET Q q 0 0 0 rg BT 486.27 84.25 Td (land ) Tj ET Q q 0 0 0 rg BT 506.06 84.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 548.06 84.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td ($62.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 72.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.93 72.25 Td (on ) Tj ET Q q 0 0 0 rg BT 118.47 72.25 Td (land ) Tj ET Q q 0 0 0 rg BT 138.23 72.25 Td (development. ) Tj ET Q q 0 0 0 rg BT 194.92 72.25 Td ( ) Tj ET Q q 0 0 0 rg BT 197.28 72.25 Td (W) Tj ET Q q 0 0 0 rg BT 205.92 72.25 Td (e ) Tj ET Q q 0 0 0 rg BT 212.89 72.25 Td (are ) Tj ET Q q 0 0 0 rg BT 227.64 72.25 Td (selectively ) Tj ET Q q 0 0 0 rg BT 272.94 72.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 313.25 72.25 Td (and ) Tj ET Q q 0 0 0 rg BT 330.22 72.25 Td (developing ) Tj ET Q q 0 0 0 rg BT 377.20 72.25 Td (lots ) Tj ET Q q 0 0 0 rg BT 394.19 72.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.51 72.25 Td (our ) Tj ET Q q 0 0 0 rg BT 420.38 72.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 454.57 72.25 Td (to ) Tj ET Q q 0 0 0 rg BT 464.89 72.25 Td (replenish ) Tj ET Q q 0 0 0 rg BT 504.09 72.25 Td (our ) Tj ET Q q 0 0 0 rg BT 519.96 72.25 Td (lot ) Tj ET Q q 0 0 0 rg BT 533.06 72.25 Td (supply; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (however) Tj ET Q q 0 0 0 rg BT 83.53 60.25 Td (, ) Tj ET Q q 0 0 0 rg BT 89.62 60.25 Td (we ) Tj ET Q q 0 0 0 rg BT 104.88 60.25 Td (have ) Tj ET Q q 0 0 0 rg BT 127.35 60.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 152.61 60.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 193.41 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 204.78 60.25 Td (extend ) Tj ET Q q 0 0 0 rg BT 235.03 60.25 Td (or ) Tj ET Q q 0 0 0 rg BT 246.96 60.25 Td (delay ) Tj ET Q q 0 0 0 rg BT 272.21 60.25 Td (a ) Tj ET Q q 0 0 0 rg BT 280.25 60.25 Td (number ) Tj ET Q q 0 0 0 rg BT 314.39 60.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.32 60.25 Td (land ) Tj ET Q q 0 0 0 rg BT 347.13 60.25 Td (purchases ) Tj ET Q q 0 0 0 rg BT 390.15 60.25 Td (and ) Tj ET Q q 0 0 0 rg BT 408.19 60.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.00 60.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 453.71 60.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.64 60.25 Td (development ) Tj ET Q q 0 0 0 rg BT 520.88 60.25 Td (due ) Tj ET Q q 0 0 0 rg BT 538.92 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 60.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.25 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 96.76 48.25 Td (in ) Tj ET Q q 0 0 0 rg BT 106.81 48.25 Td (the ) Tj ET Q q 0 0 0 rg BT 121.30 48.25 Td (current ) Tj ET Q q 0 0 0 rg BT 151.89 48.25 Td (environment. ) Tj ET Q q 0 0 0 rg BT 207.21 48.25 Td ( ) Tj ET Q q 0 0 0 rg BT 209.32 48.25 Td (W) Tj ET Q q 0 0 0 rg BT 217.96 48.25 Td (e ) Tj ET Q q 0 0 0 rg BT 224.67 48.25 Td (will ) Tj ET Q q 0 0 0 rg BT 242.50 48.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 279.21 48.25 Td (to ) Tj ET Q q 0 0 0 rg BT 289.27 48.25 Td (monitor ) Tj ET Q q 0 0 0 rg BT 323.21 48.25 Td (market ) Tj ET Q q 0 0 0 rg BT 353.25 48.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 397.19 48.25 Td (and ) Tj ET Q q 0 0 0 rg BT 413.90 48.25 Td (our ) Tj ET Q q 0 0 0 rg BT 429.51 48.25 Td (pace ) Tj ET Q q 0 0 0 rg BT 450.10 48.25 Td (of ) Tj ET Q q 0 0 0 rg BT 460.70 48.25 Td (home ) Tj ET Q q 0 0 0 rg BT 485.19 48.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 506.91 48.25 Td (and ) Tj ET Q q 0 0 0 rg BT 523.62 48.25 Td (deliveries ) Tj ET Q endstream endobj 83 0 obj <>] /Rotate 0 /Contents 84 0 R>> endobj 84 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (40) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.65 740.10 Td (will ) Tj ET Q q 0 0 0 rg BT 84.91 740.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 111.51 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 127.55 740.10 Td (land ) Tj ET Q q 0 0 0 rg BT 147.47 740.10 Td (spending ) Tj ET Q q 0 0 0 rg BT 186.29 740.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 232.84 740.10 Td (. ) Tj ET Q q 0 0 0 rg BT 238.05 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.76 740.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 278.47 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.96 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 305.00 740.10 Td (land ) Tj ET Q q 0 0 0 rg BT 324.92 740.10 Td (option ) Tj ET Q q 0 0 0 rg BT 353.19 740.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 403.93 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 414.97 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.01 740.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 469.82 740.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.82 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 495.02 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 509.39 740.10 Td (had ) Tj ET Q q 0 0 0 rg BT 526.54 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 533.69 740.10 Td (total ) Tj ET Q q 0 0 0 rg BT 554.17 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (19,042) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 79.15 728.10 Td (lots ) Tj ET Q q 0 0 0 rg BT 95.74 728.10 Td (under ) Tj ET Q q 0 0 0 rg BT 120.66 728.10 Td (contract, ) Tj ET Q q 0 0 0 rg BT 157.51 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 177.43 728.10 Td (an ) Tj ET Q q 0 0 0 rg BT 189.02 728.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 230.03 728.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 267.71 728.10 Td (price ) Tj ET Q q 0 0 0 rg BT 289.85 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.33 728.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.23 728.10 Td ($720.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.12 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 421.27 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 431.20 728.10 Td (be ) Tj ET Q q 0 0 0 rg BT 442.78 728.10 Td (acquired ) Tj ET Q q 0 0 0 rg BT 479.35 728.10 Td (during ) Tj ET Q q 0 0 0 rg BT 507.61 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 728.10 Td (remainder ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 716.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.33 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.83 716.10 Td (through ) Tj ET Q q 0 0 0 rg BT 116.44 716.10 Td (2028.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 94.46 694.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 118.87 694.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 142.79 694.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 180.55 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 186.34 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.63 694.10 Td (During ) Tj ET Q q 0 0 0 rg BT 221.25 694.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.75 694.10 Td (three-month ) Tj ET Q q 0 0 0 rg BT 288.91 694.10 Td (period ) Tj ET Q q 0 0 0 rg BT 317.75 694.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 344.91 694.10 Td (March ) Tj ET Q q 0 0 0 rg BT 374.30 694.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 390.08 694.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.08 694.10 Td (, ) Tj ET Q q 0 0 0 rg BT 415.87 694.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.82 694.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.15 694.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.44 694.10 Td ($24.2 ) Tj ET Q q 0 0 0 rg BT 478.22 694.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.12 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.40 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 522.02 694.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.08 694.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 89.34 682.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 130.01 682.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 171.51 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.37 682.10 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.11 682.10 Td ($22.6 ) Tj ET Q q 0 0 0 rg BT 229.69 682.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.58 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.65 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 271.06 682.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 290.90 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 300.75 682.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 340.59 682.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 378.77 682.10 Td (during ) Tj ET Q q 0 0 0 rg BT 406.95 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.24 682.10 Td (first ) Tj ET Q q 0 0 0 rg BT 439.43 682.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 469.82 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.22 682.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.22 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 504.80 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.72 682.10 Td (The ) Tj ET Q q 0 0 0 rg BT 524.35 682.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.19 682.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.33 670.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 111.48 670.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 149.97 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.14 670.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.75 670.10 Td (first ) Tj ET Q q 0 0 0 rg BT 193.25 670.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 223.95 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 234.67 670.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.67 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.06 670.10 Td (was ) Tj ET Q q 0 0 0 rg BT 275.00 670.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 314.60 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 321.43 670.10 Td (result ) Tj ET Q q 0 0 0 rg BT 346.04 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 356.76 670.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.59 670.10 Td ($45.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.48 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.87 670.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 455.02 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.18 670.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 502.86 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 507.75 670.10 Td (an ) Tj ET Q q 0 0 0 rg BT 519.58 670.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 554.72 670.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.87 658.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 99.02 658.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.17 658.10 Td ($20.5 ) Tj ET Q q 0 0 0 rg BT 135.49 658.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.38 658.10 Td (, ) Tj ET Q q 0 0 0 rg BT 169.71 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 186.96 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 194.22 658.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 231.46 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.06 658.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 275.96 658.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 334.33 658.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.48 658.10 Td ($27.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.37 658.10 Td (, ) Tj ET Q q 0 0 0 rg BT 404.69 658.10 Td (of) Tj ET Q q 0 0 0 rg BT 412.84 658.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 430.10 658.10 Td (by ) Tj ET Q q 0 0 0 rg BT 442.92 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 450.18 658.10 Td (net ) Tj ET Q q 0 0 0 rg BT 465.22 658.10 Td (income ) Tj ET Q q 0 0 0 rg BT 497.48 658.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.63 658.10 Td ($31.7million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.85 646.10 Td (an ) Tj ET Q q 0 0 0 rg BT 79.21 646.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 114.88 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 125.58 646.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 163.48 646.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 197.49 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 214.84 646.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 254.41 646.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 290.11 646.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.58 646.10 Td ($35.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.47 646.10 Td (. ) Tj ET Q q 0 0 0 rg BT 382.89 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.59 646.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.05 646.10 Td ($22.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.95 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 460.86 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 472.11 646.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 492.79 646.10 Td (used ) Tj ET Q q 0 0 0 rg BT 514.04 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.74 646.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 86.92 634.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.02 634.10 Td (2019's ) Tj ET Q q 0 0 0 rg BT 123.03 634.10 Td (first ) Tj ET Q q 0 0 0 rg BT 140.46 634.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.77 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.09 634.10 Td (was ) Tj ET Q q 0 0 0 rg BT 186.96 634.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 225.50 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 231.25 634.10 Td (result ) Tj ET Q q 0 0 0 rg BT 254.79 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.44 634.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.20 634.10 Td ($60.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.09 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.41 634.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 359.48 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 368.58 634.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 408.23 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 423.99 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 429.74 634.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 465.48 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 474.58 634.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 506.98 634.10 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.33 622.10 Td ($24.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.22 622.10 Td (, ) Tj ET Q q 0 0 0 rg BT 119.22 622.10 Td (of) Tj ET Q q 0 0 0 rg BT 127.37 622.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 144.30 622.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 180.12 622.10 Td (by ) Tj ET Q q 0 0 0 rg BT 192.62 622.10 Td (net ) Tj ET Q q 0 0 0 rg BT 207.33 622.10 Td (income ) Tj ET Q q 0 0 0 rg BT 239.26 622.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.09 622.10 Td ($17.7 ) Tj ET Q q 0 0 0 rg BT 275.09 622.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.98 622.10 Td (, ) Tj ET Q q 0 0 0 rg BT 308.98 622.10 Td (along ) Tj ET Q q 0 0 0 rg BT 333.69 622.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.97 622.10 Td ($48.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.86 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.36 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.18 622.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 459.22 622.10 Td (from ) Tj ET Q q 0 0 0 rg BT 481.16 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 495.87 622.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 513.91 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 524.74 622.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 73.11 610.10 Td (net ) Tj ET Q q 0 0 0 rg BT 87.83 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 98.66 610.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 138.92 610.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 158.64 610.10 Td (originations.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 90.11 586.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 113.49 586.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 136.54 586.10 Td (Activities. ) Tj ET Q q 0 0 0 rg BT 179.08 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.34 586.10 Td (During ) Tj ET Q q 0 0 0 rg BT 211.94 586.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.42 586.10 Td (first ) Tj ET Q q 0 0 0 rg BT 244.79 586.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 275.37 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.97 586.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.97 586.10 Td (, ) Tj ET Q q 0 0 0 rg BT 310.74 586.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.66 586.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.99 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.26 586.10 Td ($6.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.15 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.41 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.01 586.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.04 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 437.09 586.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 476.02 586.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 516.88 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.37 586.10 Td (same ) Tj ET Q q 0 0 0 rg BT 554.18 586.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (used ) Tj ET Q q 0 0 0 rg BT 70.47 574.10 Td (during ) Tj ET Q q 0 0 0 rg BT 99.23 574.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.09 574.10 Td (first ) Tj ET Q q 0 0 0 rg BT 132.84 574.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 163.80 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 174.77 574.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.77 574.10 Td (. ) Tj ET Q q 0 0 0 rg BT 199.92 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.37 574.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.56 574.10 Td ($6.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.45 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.10 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.07 574.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.48 574.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.81 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.46 574.10 Td (during ) Tj ET Q q 0 0 0 rg BT 353.21 574.10 Td (both ) Tj ET Q q 0 0 0 rg BT 373.63 574.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 405.72 574.10 Td (was ) Tj ET Q q 0 0 0 rg BT 423.91 574.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 463.77 574.10 Td (due ) Tj ET Q q 0 0 0 rg BT 480.85 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.27 574.10 Td (an ) Tj ET Q q 0 0 0 rg BT 503.35 574.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 538.75 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.17 574.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.88 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 106.16 562.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 127.00 562.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 159.48 562.10 Td (arrangements.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 96.28 538.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 120.84 538.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 144.88 538.10 Td (Activities. ) Tj ET Q q 0 0 0 rg BT 188.59 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.02 538.10 Td (During ) Tj ET Q q 0 0 0 rg BT 223.78 538.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.44 538.10 Td (three ) Tj ET Q q 0 0 0 rg BT 262.85 538.10 Td (months ) Tj ET Q q 0 0 0 rg BT 295.74 538.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 323.05 538.10 Td (March ) Tj ET Q q 0 0 0 rg BT 352.58 538.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 368.51 538.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.51 538.10 Td (, ) Tj ET Q q 0 0 0 rg BT 394.45 538.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.54 538.10 Td (generated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.41 538.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.84 538.10 Td ($45.9 ) Tj ET Q q 0 0 0 rg BT 477.77 538.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.67 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.10 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.86 538.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.07 538.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 89.43 526.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 130.19 526.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 171.78 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.72 526.10 Td (generating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.08 526.10 Td ($49.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.97 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.14 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 292.63 526.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 312.56 526.10 Td (during ) Tj ET Q q 0 0 0 rg BT 340.83 526.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.21 526.10 Td (first ) Tj ET Q q 0 0 0 rg BT 373.48 526.10 Td (three ) Tj ET Q q 0 0 0 rg BT 395.63 526.10 Td (months ) Tj ET Q q 0 0 0 rg BT 427.24 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.74 526.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.74 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 462.40 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.41 526.10 Td (The ) Tj ET Q q 0 0 0 rg BT 482.12 526.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 502.05 526.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 543.07 526.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 89.35 514.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 127.53 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 137.40 514.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 159.48 514.10 Td (was ) Tj ET Q q 0 0 0 rg BT 177.12 514.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 216.41 514.10 Td (due ) Tj ET Q q 0 0 0 rg BT 232.94 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 242.80 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.10 514.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 293.06 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.48 514.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.89 514.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 340.98 514.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 369.17 514.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 397.09 514.10 Td (net ) Tj ET Q q 0 0 0 rg BT 411.39 514.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.80 514.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 441.11 514.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 463.19 514.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 487.78 514.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.52 514.10 Td ($393.9 ) Tj ET Q q 0 0 0 rg BT 531.11 514.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.00 514.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 502.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 73.86 502.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 108.95 502.10 Td (by ) Tj ET Q q 0 0 0 rg BT 120.72 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 134.71 502.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 182.02 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 192.13 502.10 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.89 502.10 Td ($300.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.78 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.56 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.66 502.10 Td (our ) Tj ET Q q 0 0 0 rg BT 289.76 502.10 Td (then ) Tj ET Q q 0 0 0 rg BT 308.75 502.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 357.18 502.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 378.96 502.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 406.83 502.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 434.44 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 450.65 502.10 Td (repayments ) Tj ET Q q 0 0 0 rg BT 498.51 502.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.61 502.10 Td ($59.1million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (\(net ) Tj ET Q q 0 0 0 rg BT 67.59 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.46 490.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 116.54 490.10 Td (from ) Tj ET Q q 0 0 0 rg BT 138.52 490.10 Td (borrowings\) ) Tj ET Q q 0 0 0 rg BT 189.95 490.10 Td (under ) Tj ET Q q 0 0 0 rg BT 215.26 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 231.13 490.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 258.67 490.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 291.77 490.10 Td (during ) Tj ET Q q 0 0 0 rg BT 320.42 490.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.18 490.10 Td (first ) Tj ET Q q 0 0 0 rg BT 353.83 490.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 384.69 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 395.56 490.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.56 490.10 Td (. ) Tj ET Q q 0 0 0 rg BT 420.60 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.96 490.10 Td (The ) Tj ET Q q 0 0 0 rg BT 441.05 490.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 461.36 490.10 Td (generated ) Tj ET Q q 0 0 0 rg BT 502.77 490.10 Td (from ) Tj ET Q q 0 0 0 rg BT 524.75 490.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.10 478.10 Td (during ) Tj ET Q q 0 0 0 rg BT 116.71 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.43 478.10 Td (first ) Tj ET Q q 0 0 0 rg BT 150.04 478.10 Td (three ) Tj ET Q q 0 0 0 rg BT 172.53 478.10 Td (months ) Tj ET Q q 0 0 0 rg BT 204.48 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.31 478.10 Td (2019 ) Tj ET Q q 0 0 0 rg BT 237.82 478.10 Td (was ) Tj ET Q q 0 0 0 rg BT 255.87 478.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 295.58 478.10 Td (due ) Tj ET Q q 0 0 0 rg BT 312.52 478.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.81 478.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 370.86 478.10 Td (\(net ) Tj ET Q q 0 0 0 rg BT 388.91 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 399.74 478.10 Td (repayments\) ) Tj ET Q q 0 0 0 rg BT 451.67 478.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.50 478.10 Td ($101.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.39 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.89 478.10 Td (under ) Tj ET Q q 0 0 0 rg BT 549.17 478.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 76.85 466.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 106.75 466.10 Td (, ) Tj ET Q q 0 0 0 rg BT 111.61 466.10 Td (of) Tj ET Q q 0 0 0 rg BT 119.76 466.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 136.56 466.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 172.24 466.10 Td (by ) Tj ET Q q 0 0 0 rg BT 184.59 466.10 Td (repayments ) Tj ET Q q 0 0 0 rg BT 233.04 466.10 Td (\(net ) Tj ET Q q 0 0 0 rg BT 250.95 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.64 466.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 299.53 466.10 Td (from ) Tj ET Q q 0 0 0 rg BT 321.33 466.10 Td (borrowings\) ) Tj ET Q q 0 0 0 rg BT 372.57 466.10 Td (under ) Tj ET Q q 0 0 0 rg BT 397.69 466.10 Td (our ) Tj ET Q q 0 0 0 rg BT 413.38 466.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 433.52 466.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 458.64 466.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 495.43 466.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.11 466.10 Td ($49.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 466.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.43 454.10 Td ($5.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.32 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.81 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 128.63 454.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 178.31 454.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.13 454.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.95 454.10 Td (common ) Tj ET Q q 0 0 0 rg BT 242.44 454.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 269.92 454.10 Td (under ) Tj ET Q q 0 0 0 rg BT 295.17 454.10 Td (our ) Tj ET Q q 0 0 0 rg BT 310.99 454.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 333.48 454.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 358.74 454.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 407.88 454.10 Td (Program ) Tj ET Q q 0 0 0 rg BT 444.80 454.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 458.95 454.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 491.43 454.10 Td (below\) ) Tj ET Q q 0 0 0 rg BT 521.69 454.10 Td (during ) Tj ET Q q 0 0 0 rg BT 550.28 454.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (first ) Tj ET Q q 0 0 0 rg BT 68.11 442.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 98.92 442.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.75 442.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.75 442.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (On) Tj ET Q q 0 0 0 rg BT 63.67 420.10 Td (August ) Tj ET Q q 0 0 0 rg BT 96.40 420.10 Td (14, ) Tj ET Q q 0 0 0 rg BT 112.73 420.10 Td (2018,the ) Tj ET Q q 0 0 0 rg BT 153.78 420.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 196.51 420.10 Td (announced ) Tj ET Q q 0 0 0 rg BT 243.66 420.10 Td (that ) Tj ET Q q 0 0 0 rg BT 262.49 420.10 Td (its ) Tj ET Q q 0 0 0 rg BT 275.77 420.10 Td (Board ) Tj ET Q q 0 0 0 rg BT 304.05 420.10 Td (of ) Tj ET Q q 0 0 0 rg BT 316.21 420.10 Td (Directors ) Tj ET Q q 0 0 0 rg BT 357.25 420.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 403.29 420.10 Td (ashare ) Tj ET Q q 0 0 0 rg BT 435.16 420.10 Td (repurchaseprogram ) Tj ET Q q 0 0 0 rg BT 518.68 420.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 538.06 420.10 Td (2018 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 99.08 408.10 Td (Program\) ) Tj ET Q q 0 0 0 rg BT 144.21 408.10 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 181.58 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.29 408.10 Td (which ) Tj ET Q q 0 0 0 rg BT 219.66 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.80 408.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 276.62 408.10 Td (may ) Tj ET Q q 0 0 0 rg BT 296.77 408.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 335.23 408.10 Td (up ) Tj ET Q q 0 0 0 rg BT 348.16 408.10 Td (to) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.44 408.10 Td ($50million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 404.83 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 418.59 408.10 Td (its ) Tj ET Q q 0 0 0 rg BT 430.97 408.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 480.56 408.10 Td (common ) Tj ET Q q 0 0 0 rg BT 518.49 408.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 546.41 408.10 Td (\(see ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 394.7669921875 m 81.41552734375 394.7669921875 l s q 0 0 1 rg BT 49.50 396.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 71.42 396.10 Td (13) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 81.42 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.89 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.15 396.10 Td (our ) Tj ET Q q 0 0 0 rg BT 109.96 396.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 147.41 396.10 Td (statements\). ) Tj ET Q q 0 0 0 rg BT 197.93 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.41 396.10 Td (During ) Tj ET Q q 0 0 0 rg BT 231.22 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.91 396.10 Td (first ) Tj ET Q q 0 0 0 rg BT 264.50 396.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 295.29 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.09 396.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 331.07 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.77 396.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 387.13 396.10 Td (repurchased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.91 396.10 Td (80,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.41 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 467.89 396.10 Td (common ) Tj ET Q q 0 0 0 rg BT 505.36 396.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 532.83 396.10 Td (with ) Tj ET Q q 0 0 0 rg BT 553.08 396.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 91.31 384.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 129.79 384.10 Td (price ) Tj ET Q q 0 0 0 rg BT 152.72 384.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.99 384.10 Td ($1.9 ) Tj ET Q q 0 0 0 rg BT 184.44 384.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.33 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.27 384.10 Td (which ) Tj ET Q q 0 0 0 rg BT 243.66 384.10 Td (was ) Tj ET Q q 0 0 0 rg BT 262.15 384.10 Td (funded ) Tj ET Q q 0 0 0 rg BT 292.86 384.10 Td (with ) Tj ET Q q 0 0 0 rg BT 313.59 384.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 334.30 384.10 Td (on ) Tj ET Q q 0 0 0 rg BT 347.24 384.10 Td (hand ) Tj ET Q q 0 0 0 rg BT 369.63 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 387.01 384.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 435.51 384.10 Td (under ) Tj ET Q q 0 0 0 rg BT 461.22 384.10 Td (our ) Tj ET Q q 0 0 0 rg BT 477.49 384.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 505.43 384.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 535.33 384.10 Td (. ) Tj ET Q q 0 0 0 rg BT 540.13 384.10 Td (As ) Tj ET Q q 0 0 0 rg BT 554.19 384.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.46 372.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.46 372.10 Td (, ) Tj ET Q q 0 0 0 rg BT 118.82 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.90 372.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 175.65 372.10 Td (is ) Tj ET Q q 0 0 0 rg BT 185.18 372.10 Td (authorized ) Tj ET Q q 0 0 0 rg BT 230.24 372.10 Td (torepurchasean ) Tj ET Q q 0 0 0 rg BT 298.63 372.10 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.48 372.10 Td ($17.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.37 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.23 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.42 372.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 458.95 372.10 Td (common ) Tj ET Q q 0 0 0 rg BT 496.80 372.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 524.66 372.10 Td (under ) Tj ET Q q 0 0 0 rg BT 550.29 372.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 72.00 360.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 97.27 360.10 Td (RepurchaseProgram. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.84 336.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.27 336.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.27 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.60 336.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.38 336.10 Td (December ) Tj ET Q q 0 0 0 rg BT 187.80 336.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 202.63 336.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.63 336.10 Td (, ) Tj ET Q q 0 0 0 rg BT 227.47 336.10 Td (our ) Tj ET Q q 0 0 0 rg BT 243.13 336.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 263.80 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.46 336.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 332.35 336.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 351.90 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.01 336.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 391.00 336.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.89 336.10 Td (39%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.22 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.55 336.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.33 336.10 Td (38%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.66 336.10 Td (, ) Tj ET Q q 0 0 0 rg BT 469.49 336.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 517.15 336.10 Td (, ) Tj ET Q q 0 0 0 rg BT 521.99 336.10 Td (calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (as ) Tj ET Q q 0 0 0 rg BT 59.24 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 72.86 324.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 107.58 324.10 Td (value ) Tj ET Q q 0 0 0 rg BT 130.64 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.38 324.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.12 324.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 203.19 324.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 260.14 324.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 278.77 324.10 Td (divided ) Tj ET Q q 0 0 0 rg BT 310.17 324.10 Td (by ) Tj ET Q q 0 0 0 rg BT 321.58 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.20 324.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 353.27 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.01 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.63 324.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 411.36 324.10 Td (value ) Tj ET Q q 0 0 0 rg BT 434.42 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.15 324.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.89 324.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 506.96 324.10 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 68.95 312.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 87.85 312.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 140.98 312.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.21 312.10 Td (equity) Tj ET Q q 0 0 0 rg BT 167.56 312.10 Td (. ) Tj ET Q q 0 0 0 rg BT 172.29 312.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.37 312.10 Td (W) Tj ET Q q 0 0 0 rg BT 183.00 312.10 Td (e ) Tj ET Q q 0 0 0 rg BT 189.68 312.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 220.78 312.10 Td (that ) Tj ET Q q 0 0 0 rg BT 238.01 312.10 Td (this ) Tj ET Q q 0 0 0 rg BT 254.69 312.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 275.25 312.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 311.92 312.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 338.60 312.10 Td (information ) Tj ET Q q 0 0 0 rg BT 388.04 312.10 Td (for ) Tj ET Q q 0 0 0 rg BT 401.94 312.10 Td (understanding ) Tj ET Q q 0 0 0 rg BT 460.83 312.10 Td (our ) Tj ET Q q 0 0 0 rg BT 476.39 312.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 513.60 312.10 Td (position ) Tj ET Q q 0 0 0 rg BT 548.06 312.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 300.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 100.58 300.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 142.51 300.10 Td (in ) Tj ET Q q 0 0 0 rg BT 152.79 300.10 Td (our ) Tj ET Q q 0 0 0 rg BT 168.62 300.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 215.28 300.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.21 300.10 Td (for ) Tj ET Q q 0 0 0 rg BT 246.38 300.10 Td (comparing ) Tj ET Q q 0 0 0 rg BT 291.64 300.10 Td (us ) Tj ET Q q 0 0 0 rg BT 303.03 300.10 Td (with ) Tj ET Q q 0 0 0 rg BT 323.31 300.10 Td (other ) Tj ET Q q 0 0 0 rg BT 346.36 300.10 Td (homebuilders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 278.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.54 278.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 86.84 278.10 Td (our ) Tj ET Q q 0 0 0 rg BT 103.14 278.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 147.76 278.10 Td (with ) Tj ET Q q 0 0 0 rg BT 168.50 278.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 189.24 278.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 214.42 278.10 Td (from ) Tj ET Q q 0 0 0 rg BT 236.83 278.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 277.56 278.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 319.12 278.10 Td (including ) Tj ET Q q 0 0 0 rg BT 359.86 278.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 398.37 278.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.77 278.10 Td (home ) Tj ET Q q 0 0 0 rg BT 445.96 278.10 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 490.29 278.10 Td (land ) Tj ET Q q 0 0 0 rg BT 510.48 278.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 532.88 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 278.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 67.85 266.10 Td (of ) Tj ET Q q 0 0 0 rg BT 78.98 266.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 119.54 266.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 145.95 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.55 266.10 Td (While ) Tj ET Q q 0 0 0 rg BT 175.78 266.10 Td (it ) Tj ET Q q 0 0 0 rg BT 184.14 266.10 Td (is ) Tj ET Q q 0 0 0 rg BT 193.61 266.10 Td (dif) Tj ET Q q 0 0 0 rg BT 204.54 266.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 228.44 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 239.02 266.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 275.14 266.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 295.71 266.10 Td (receipts ) Tj ET Q q 0 0 0 rg BT 329.60 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 346.84 266.10 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 400.74 266.10 Td (in ) Tj ET Q q 0 0 0 rg BT 411.31 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 426.33 266.10 Td (current ) Tj ET Q q 0 0 0 rg BT 457.45 266.10 Td (environment ) Tj ET Q q 0 0 0 rg BT 510.79 266.10 Td (as ) Tj ET Q q 0 0 0 rg BT 521.92 266.10 Td (a ) Tj ET Q q 0 0 0 rg BT 529.16 266.10 Td (result ) Tj ET Q q 0 0 0 rg BT 554.18 266.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.04 254.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 113.36 254.10 Td (pandemic, ) Tj ET Q q 0 0 0 rg BT 158.05 254.10 Td (including ) Tj ET Q q 0 0 0 rg BT 199.15 254.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 247.45 254.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 289.09 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 304.63 254.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 341.28 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.04 254.10 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 404.57 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.23 254.10 Td (the ) Tj ET Q q 0 0 0 rg BT 431.77 254.10 Td (pandemic, ) Tj ET Q q 0 0 0 rg BT 476.46 254.10 Td (we ) Tj ET Q q 0 0 0 rg BT 491.44 254.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 523.64 254.10 Td (that ) Tj ET Q q 0 0 0 rg BT 541.96 254.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 81.74 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.33 242.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 114.85 242.10 Td (along ) Tj ET Q q 0 0 0 rg BT 139.32 242.10 Td (with ) Tj ET Q q 0 0 0 rg BT 159.35 242.10 Td (our ) Tj ET Q q 0 0 0 rg BT 174.93 242.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 207.72 242.10 Td (of ) Tj ET Q q 0 0 0 rg BT 218.30 242.10 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 267.76 242.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 287.78 242.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.47 242.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 352.28 242.10 Td (available ) Tj ET Q q 0 0 0 rg BT 390.62 242.10 Td (under ) Tj ET Q q 0 0 0 rg BT 415.64 242.10 Td (our ) Tj ET Q q 0 0 0 rg BT 431.23 242.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 456.24 242.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 495.43 242.10 Td (will ) Tj ET Q q 0 0 0 rg BT 513.24 242.10 Td (be ) Tj ET Q q 0 0 0 rg BT 524.93 242.10 Td (suf) Tj ET Q q 0 0 0 rg BT 536.97 242.10 Td (ficient ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.02 230.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 79.08 230.10 Td (our ) Tj ET Q q 0 0 0 rg BT 94.15 230.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 131.98 230.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 177.59 230.10 Td (working ) Tj ET Q q 0 0 0 rg BT 212.65 230.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 241.04 230.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 268.05 230.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 313.67 230.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.18 230.10 Td (land ) Tj ET Q q 0 0 0 rg BT 342.14 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.31 230.10 Td (land ) Tj ET Q q 0 0 0 rg BT 377.27 230.10 Td (development, ) Tj ET Q q 0 0 0 rg BT 433.15 230.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 484.32 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 494.39 230.10 Td (homes, ) Tj ET Q q 0 0 0 rg BT 524.74 230.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 218.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 90.66 218.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 124.88 218.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 154.09 218.10 Td (spending, ) Tj ET Q q 0 0 0 rg BT 195.27 218.10 Td (and ) Tj ET Q q 0 0 0 rg BT 212.27 218.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 232.05 218.10 Td (service ) Tj ET Q q 0 0 0 rg BT 262.93 218.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 317.69 218.10 Td (for ) Tj ET Q q 0 0 0 rg BT 331.92 218.10 Td (at ) Tj ET Q q 0 0 0 rg BT 341.70 218.10 Td (least ) Tj ET Q q 0 0 0 rg BT 362.59 218.10 Td (the ) Tj ET Q q 0 0 0 rg BT 377.37 218.10 Td (next ) Tj ET Q q 0 0 0 rg BT 397.15 218.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 426.37 218.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 460.88 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 463.44 218.10 Td (In ) Tj ET Q q 0 0 0 rg BT 474.33 218.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 512.17 218.10 Td (we ) Tj ET Q q 0 0 0 rg BT 526.39 218.10 Td (routinely ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 206.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 83.83 206.10 Td (current ) Tj ET Q q 0 0 0 rg BT 114.82 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.92 206.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 178.46 206.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 226.11 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.22 206.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 263.10 206.10 Td (service ) Tj ET Q q 0 0 0 rg BT 294.08 206.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 351.46 206.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 389.10 206.10 Td (market ) Tj ET Q q 0 0 0 rg BT 419.54 206.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 466.37 206.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.48 206.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 508.91 206.10 Td (relationships, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (and ) Tj ET Q q 0 0 0 rg BT 65.60 194.10 Td (we ) Tj ET Q q 0 0 0 rg BT 78.91 194.10 Td (may ) Tj ET Q q 0 0 0 rg BT 97.79 194.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 127.21 194.10 Td (to ) Tj ET Q q 0 0 0 rg BT 136.65 194.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 156.08 194.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 197.73 194.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 226.03 194.10 Td (by ) Tj ET Q q 0 0 0 rg BT 237.69 194.10 Td (issuing ) Tj ET Q q 0 0 0 rg BT 267.69 194.10 Td (new ) Tj ET Q q 0 0 0 rg BT 286.01 194.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 304.88 194.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 332.09 194.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 358.74 194.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 398.16 194.10 Td (or ) Tj ET Q q 0 0 0 rg BT 408.15 194.10 Td (engaging ) Tj ET Q q 0 0 0 rg BT 446.46 194.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.90 194.10 Td (other ) Tj ET Q q 0 0 0 rg BT 478.10 194.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 514.74 194.10 Td (transactions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.60 182.10 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 105.57 182.10 Td (our ) Tj ET Q q 0 0 0 rg BT 122.22 182.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 159.44 182.10 Td (or ) Tj ET Q q 0 0 0 rg BT 171.09 182.10 Td (our ) Tj ET Q q 0 0 0 rg BT 187.74 182.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 230.49 182.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 260.46 182.10 Td (structure. ) Tj ET Q q 0 0 0 rg BT 301.03 182.10 Td (The ) Tj ET Q q 0 0 0 rg BT 319.90 182.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 360.98 182.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 387.07 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 398.72 182.10 Td (our ) Tj ET Q q 0 0 0 rg BT 415.37 182.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 474.24 182.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.00 182.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.30 182.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 93.95 170.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 125.62 170.10 Td (on ) Tj ET Q q 0 0 0 rg BT 138.41 170.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 185.07 170.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 207.30 170.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 240.08 170.10 Td (in ) Tj ET Q q 0 0 0 rg BT 250.66 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 265.66 170.10 Td (current ) Tj ET Q q 0 0 0 rg BT 296.77 170.10 Td (year ) Tj ET Q q 0 0 0 rg BT 316.77 170.10 Td (as ) Tj ET Q q 0 0 0 rg BT 327.89 170.10 Td (well ) Tj ET Q q 0 0 0 rg BT 347.90 170.10 Td (as ) Tj ET Q q 0 0 0 rg BT 359.02 170.10 Td (future ) Tj ET Q q 0 0 0 rg BT 385.69 170.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 412.08 170.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 453.20 170.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 479.32 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.55 170.10 Td (related ) Tj ET Q q 0 0 0 rg BT 526.54 170.10 Td (turnover) Tj ET Q q 0 0 0 rg BT 560.02 170.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 93.19 158.10 Td (land ) Tj ET Q q 0 0 0 rg BT 113.02 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.06 158.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 143.23 158.10 Td (purchases, ) Tj ET Q q 0 0 0 rg BT 187.76 158.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 207.59 158.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 244.08 158.10 Td (dates, ) Tj ET Q q 0 0 0 rg BT 269.73 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 286.78 158.10 Td (other ) Tj ET Q q 0 0 0 rg BT 309.93 158.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 342.24 158.10 Td ( ) Tj ET Q q 0 0 0 rg BT 344.85 158.10 Td (If ) Tj ET Q q 0 0 0 rg BT 354.12 158.10 Td (we ) Tj ET Q q 0 0 0 rg BT 368.39 158.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 388.76 158.10 Td (such ) Tj ET Q q 0 0 0 rg BT 409.70 158.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 452.30 158.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 481.56 158.10 Td (or ) Tj ET Q q 0 0 0 rg BT 492.49 158.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.88 158.10 Td (engage ) Tj ET Q q 0 0 0 rg BT 533.80 158.10 Td (in ) Tj ET Q q 0 0 0 rg BT 544.19 158.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.17 146.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 109.26 146.10 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 161.65 146.10 Td (there ) Tj ET Q q 0 0 0 rg BT 183.75 146.10 Td (can ) Tj ET Q q 0 0 0 rg BT 199.74 146.10 Td (be ) Tj ET Q q 0 0 0 rg BT 211.30 146.10 Td (no ) Tj ET Q q 0 0 0 rg BT 223.42 146.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 264.40 146.10 Td (that ) Tj ET Q q 0 0 0 rg BT 281.52 146.10 Td (we ) Tj ET Q q 0 0 0 rg BT 295.30 146.10 Td (would ) Tj ET Q q 0 0 0 rg BT 322.41 146.10 Td (be ) Tj ET Q q 0 0 0 rg BT 333.97 146.10 Td (able ) Tj ET Q q 0 0 0 rg BT 352.74 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.64 146.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 389.75 146.10 Td (such ) Tj ET Q q 0 0 0 rg BT 410.20 146.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 452.31 146.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 481.08 146.10 Td (or ) Tj ET Q q 0 0 0 rg BT 491.53 146.10 Td (consummate ) Tj ET Q q 0 0 0 rg BT 544.19 146.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (other ) Tj ET Q q 0 0 0 rg BT 73.32 134.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.57 134.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 162.60 134.10 Td (on ) Tj ET Q q 0 0 0 rg BT 175.87 134.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 201.36 134.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 246.82 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.87 134.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 272.53 134.10 Td (if ) Tj ET Q q 0 0 0 rg BT 281.91 134.10 Td (at ) Tj ET Q q 0 0 0 rg BT 292.40 134.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 308.16 134.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.87 134.10 Td (such ) Tj ET Q q 0 0 0 rg BT 347.47 134.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 390.73 134.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 419.00 134.10 Td (or ) Tj ET Q q 0 0 0 rg BT 430.60 134.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 451.08 134.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 492.12 134.10 Td (or ) Tj ET Q q 0 0 0 rg BT 503.72 134.10 Td (other ) Tj ET Q q 0 0 0 rg BT 527.54 134.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 99.92 122.10 Td (could ) Tj ET Q q 0 0 0 rg BT 124.80 122.10 Td (dilute ) Tj ET Q q 0 0 0 rg BT 150.24 122.10 Td (the ) Tj ET Q q 0 0 0 rg BT 165.12 122.10 Td (interests ) Tj ET Q q 0 0 0 rg BT 201.10 122.10 Td (of ) Tj ET Q q 0 0 0 rg BT 212.09 122.10 Td (our ) Tj ET Q q 0 0 0 rg BT 228.08 122.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 262.41 122.10 Td (shareholders, ) Tj ET Q q 0 0 0 rg BT 318.11 122.10 Td (add ) Tj ET Q q 0 0 0 rg BT 335.21 122.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 382.85 122.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 428.29 122.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 456.50 122.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 491.91 122.10 Td (our ) Tj ET Q q 0 0 0 rg BT 507.90 122.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 540.00 122.10 Td (costs, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 98.81 110.10 Td (given ) Tj ET Q q 0 0 0 rg BT 124.25 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 139.69 110.10 Td (current ) Tj ET Q q 0 0 0 rg BT 171.22 110.10 Td (uncertainty ) Tj ET Q q 0 0 0 rg BT 219.43 110.10 Td (created ) Tj ET Q q 0 0 0 rg BT 251.51 110.10 Td (by ) Tj ET Q q 0 0 0 rg BT 264.73 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 280.17 110.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 328.39 110.10 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 370.48 110.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.14 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.58 110.10 Td (volatile ) Tj ET Q q 0 0 0 rg BT 436.79 110.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 478.89 110.10 Td (and ) Tj ET Q q 0 0 0 rg BT 496.55 110.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 534.75 110.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (conditions. ) Tj ET Q endstream endobj 85 0 obj <>] /Rotate 0 /Contents 86 0 R>> endobj 86 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (41) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Included ) Tj ET Q q 0 0 0 rg BT 86.47 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.23 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 110.44 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 131.85 740.10 Td (below ) Tj ET Q q 0 0 0 rg BT 158.28 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 166.93 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 173.35 740.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 212.56 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 222.87 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 238.19 740.10 Td (available ) Tj ET Q q 0 0 0 rg BT 276.26 740.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 308.24 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 318.55 740.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 338.30 740.10 Td (from ) Tj ET Q q 0 0 0 rg BT 359.73 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 373.93 740.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 400.91 740.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 430.81 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 435.30 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.50 740.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 469.27 740.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 509.98 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 518.62 740.10 Td (arehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 96.42 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 113.36 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.08 728.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 148.36 728.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 189.74 728.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 238.88 728.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 271.94 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 282.77 728.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.60 728.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 337.20 728.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.20 728.10 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 697.6 m 392 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 697.6 m 455 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 697.6 m 509 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 697.6 m 562 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 697.6 m 455 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 697.6 m 509 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 697.6 m 562 697.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 673.6 m 392 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 673.6 m 455 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 673.6 m 509 673.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 673.6 m 562 673.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 701.85 Td (\(In thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.10 709.55 Td (Expiration) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 415.40 701.55 Td (Date) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.90 709.55 Td (Outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.60 701.55 Td (Balance) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.70 709.55 Td (A) Tj ET Q q 0 0 0 rg BT 524.88 709.55 Td (vailable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.85 701.55 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 689.55 Td (Notes payable homebuilding) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 149.48 693.18 Td ( \(a\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.75 689.55 Td (7/18/2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 689.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 689.55 Td (6,900) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 689.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 689.55 Td (427,279) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 677.55 Td (Notes payable financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 162.79 681.18 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 418.30 677.55 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 677.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 677.55 Td (145,055) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 677.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 677.55 Td (3,084) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 658.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 658.50 Td (The ) Tj ET Q q 0 0 0 rg BT 81.39 658.50 Td (available ) Tj ET Q q 0 0 0 rg BT 111.71 658.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.16 658.50 Td (under ) Tj ET Q q 0 0 0 rg BT 156.82 658.50 Td (the ) Tj ET Q q 0 0 0 rg BT 168.04 658.50 Td (Credit ) Tj ET Q q 0 0 0 rg BT 189.49 658.50 Td (Facility ) Tj ET Q q 0 0 0 rg BT 215.38 658.50 Td (is ) Tj ET Q q 0 0 0 rg BT 222.17 658.50 Td (computed ) Tj ET Q q 0 0 0 rg BT 255.17 658.50 Td (in ) Tj ET Q q 0 0 0 rg BT 262.84 658.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 300.26 658.50 Td (with ) Tj ET Q q 0 0 0 rg BT 315.93 658.50 Td (the ) Tj ET Q q 0 0 0 rg BT 327.15 658.50 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 361.93 658.50 Td (base ) Tj ET Q q 0 0 0 rg BT 377.60 658.50 Td (calculation ) Tj ET Q q 0 0 0 rg BT 414.14 658.50 Td (under ) Tj ET Q q 0 0 0 rg BT 433.81 658.50 Td (the ) Tj ET Q q 0 0 0 rg BT 445.03 658.50 Td (Credit ) Tj ET Q q 0 0 0 rg BT 466.48 658.50 Td (Facility) Tj ET Q q 0 0 0 rg BT 490.40 658.50 Td (, ) Tj ET Q q 0 0 0 rg BT 493.85 658.50 Td (which ) Tj ET Q q 0 0 0 rg BT 514.85 658.50 Td (applies ) Tj ET Q q 0 0 0 rg BT 538.96 658.50 Td (various ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 648.90 Td (advance ) Tj ET Q q 0 0 0 rg BT 95.94 648.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 113.27 648.90 Td (for ) Tj ET Q q 0 0 0 rg BT 124.83 648.90 Td (dif) Tj ET Q q 0 0 0 rg BT 133.57 648.90 Td (ferent ) Tj ET Q q 0 0 0 rg BT 154.46 648.90 Td (categories ) Tj ET Q q 0 0 0 rg BT 189.12 648.90 Td (of ) Tj ET Q q 0 0 0 rg BT 198.01 648.90 Td (inventory ) Tj ET Q q 0 0 0 rg BT 230.90 648.90 Td (and ) Tj ET Q q 0 0 0 rg BT 244.69 648.90 Td (totaled ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 268.69 648.90 Td ($626.6million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.80 648.90 Td ( ) Tj ET Q q 0 0 0 rg BT 318.04 648.90 Td (of ) Tj ET Q q 0 0 0 rg BT 326.93 648.90 Td (availability ) Tj ET Q q 0 0 0 rg BT 365.15 648.90 Td (for ) Tj ET Q q 0 0 0 rg BT 376.71 648.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 410.94 648.90 Td (senior ) Tj ET Q q 0 0 0 rg BT 432.72 648.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 448.73 648.90 Td (at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 456.73 648.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 491.84 648.90 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.84 648.90 Td (. ) Tj ET Q q 0 0 0 rg BT 512.08 648.90 Td ( ) Tj ET Q q 0 0 0 rg BT 513.82 648.90 Td (As ) Tj ET Q q 0 0 0 rg BT 524.94 648.90 Td (a ) Tj ET Q q 0 0 0 rg BT 530.72 648.90 Td (result, ) Tj ET Q q 0 0 0 rg BT 552.73 648.90 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 639.30 Td (full ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 79.75 639.30 Td ($500million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 120.87 639.30 Td ( ) Tj ET Q q 0 0 0 rg BT 122.01 639.30 Td (commitment ) Tj ET Q q 0 0 0 rg BT 163.59 639.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 188.73 639.30 Td (of ) Tj ET Q q 0 0 0 rg BT 196.54 639.30 Td (the ) Tj ET Q q 0 0 0 rg BT 207.46 639.30 Td (facility ) Tj ET Q q 0 0 0 rg BT 231.26 639.30 Td (was ) Tj ET Q q 0 0 0 rg BT 244.85 639.30 Td (available, ) Tj ET Q q 0 0 0 rg BT 276.86 639.30 Td (less ) Tj ET Q q 0 0 0 rg BT 290.01 639.30 Td (any ) Tj ET Q q 0 0 0 rg BT 302.70 639.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 340.29 639.30 Td (and ) Tj ET Q q 0 0 0 rg BT 352.98 639.30 Td (letters ) Tj ET Q q 0 0 0 rg BT 373.68 639.30 Td (of ) Tj ET Q q 0 0 0 rg BT 381.48 639.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 400.84 639.30 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 441.32 639.30 Td ( ) Tj ET Q q 0 0 0 rg BT 442.38 639.30 Td (There ) Tj ET Q q 0 0 0 rg BT 462.18 639.30 Td (were ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 478.86 639.30 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 494.01 639.30 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.12 639.30 Td ( ) Tj ET Q q 0 0 0 rg BT 518.27 639.30 Td (of ) Tj ET Q q 0 0 0 rg BT 526.07 639.30 Td (borrowings ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 629.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 106.54 629.70 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 119.81 629.70 Td ($65.8million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 162.92 629.70 Td ( ) Tj ET Q q 0 0 0 rg BT 164.63 629.70 Td (of ) Tj ET Q q 0 0 0 rg BT 173.01 629.70 Td (letters ) Tj ET Q q 0 0 0 rg BT 194.27 629.70 Td (of ) Tj ET Q q 0 0 0 rg BT 202.65 629.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 222.57 629.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 261.62 629.70 Td (at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.10 629.70 Td (March31, ) Tj ET Q q 0 0 0 rg BT 303.70 629.70 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 319.70 629.70 Td (, ) Tj ET Q q 0 0 0 rg BT 323.41 629.70 Td (leaving ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 348.67 629.70 Td ($427.3 ) Tj ET Q q 0 0 0 rg BT 372.38 629.70 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.49 629.70 Td ( ) Tj ET Q q 0 0 0 rg BT 397.21 629.70 Td (available. ) Tj ET Q q 0 0 0 rg BT 429.79 629.70 Td ( ) Tj ET Q q 0 0 0 rg BT 431.38 629.70 Td (The ) Tj ET Q q 0 0 0 rg BT 445.53 629.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 467.24 629.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 493.39 629.70 Td (has ) Tj ET Q q 0 0 0 rg BT 505.77 629.70 Td (an ) Tj ET Q q 0 0 0 rg BT 515.03 629.70 Td (expiration ) Tj ET Q q 0 0 0 rg BT 549.18 629.70 Td (date ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 620.10 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 76.16 620.10 Td (July18, ) Tj ET Q q 0 0 0 rg BT 103.50 620.10 Td (2021) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 119.50 620.10 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 604.50 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 604.50 Td (The ) Tj ET Q q 0 0 0 rg BT 82.70 604.50 Td (available ) Tj ET Q q 0 0 0 rg BT 114.34 604.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 141.10 604.50 Td (is ) Tj ET Q q 0 0 0 rg BT 149.20 604.50 Td (computed ) Tj ET Q q 0 0 0 rg BT 183.51 604.50 Td (in ) Tj ET Q q 0 0 0 rg BT 192.49 604.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 231.22 604.50 Td (with ) Tj ET Q q 0 0 0 rg BT 248.21 604.50 Td (the ) Tj ET Q q 0 0 0 rg BT 260.75 604.50 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 296.84 604.50 Td (base ) Tj ET Q q 0 0 0 rg BT 313.82 604.50 Td (calculations ) Tj ET Q q 0 0 0 rg BT 354.79 604.50 Td (under ) Tj ET Q q 0 0 0 rg BT 375.77 604.50 Td (the ) Tj ET Q q 0 0 0 rg BT 388.30 604.50 Td (MIF ) Tj ET Q q 0 0 0 rg BT 405.29 604.50 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 438.96 604.50 Td (W) Tj ET Q q 0 0 0 rg BT 445.87 604.50 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 483.13 604.50 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 521.43 604.50 Td (and ) Tj ET Q q 0 0 0 rg BT 535.74 604.50 Td (the ) Tj ET Q q 0 0 0 rg BT 548.28 604.50 Td (MIF ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 594.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 100.60 594.90 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 139.92 594.90 Td (Facility) Tj ET Q q 0 0 0 rg BT 163.85 594.90 Td (, ) Tj ET Q q 0 0 0 rg BT 167.85 594.90 Td (each ) Tj ET Q q 0 0 0 rg BT 184.50 594.90 Td (of ) Tj ET Q q 0 0 0 rg BT 193.17 594.90 Td (which ) Tj ET Q q 0 0 0 rg BT 214.72 594.90 Td (may ) Tj ET Q q 0 0 0 rg BT 230.50 594.90 Td (be ) Tj ET Q q 0 0 0 rg BT 240.05 594.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 272.26 594.90 Td (by ) Tj ET Q q 0 0 0 rg BT 282.26 594.90 Td (pledging ) Tj ET Q q 0 0 0 rg BT 312.26 594.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 346.26 594.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 378.47 594.90 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 414.09 594.90 Td (The ) Tj ET Q q 0 0 0 rg BT 428.53 594.90 Td (maximum ) Tj ET Q q 0 0 0 rg BT 462.97 594.90 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 496.07 594.90 Td (commitment ) Tj ET Q q 0 0 0 rg BT 538.51 594.90 Td (amount ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 585.30 Td (of ) Tj ET Q q 0 0 0 rg BT 76.21 585.30 Td (M/I ) Tj ET Q q 0 0 0 rg BT 90.26 585.30 Td (Financial) Tj ET Q q 0 0 0 rg BT 122.25 585.30 Td (s ) Tj ET Q q 0 0 0 rg BT 127.41 585.30 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 170.33 585.30 Td (agreements ) Tj ET Q q 0 0 0 rg BT 208.80 585.30 Td (as ) Tj ET Q q 0 0 0 rg BT 217.51 585.30 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.22 585.30 Td (March31, ) Tj ET Q q 0 0 0 rg BT 261.15 585.30 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.15 585.30 Td ( ) Tj ET Q q 0 0 0 rg BT 279.19 585.30 Td (was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 293.68 585.30 Td ($190 ) Tj ET Q q 0 0 0 rg BT 311.73 585.30 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.84 585.30 Td (. ) Tj ET Q q 0 0 0 rg BT 338.74 585.30 Td (The ) Tj ET Q q 0 0 0 rg BT 353.22 585.30 Td (MIF ) Tj ET Q q 0 0 0 rg BT 369.49 585.30 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 402.49 585.30 Td (W) Tj ET Q q 0 0 0 rg BT 409.40 585.30 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 446.10 585.30 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 483.69 585.30 Td (has ) Tj ET Q q 0 0 0 rg BT 496.40 585.30 Td (an ) Tj ET Q q 0 0 0 rg BT 505.99 585.30 Td (expiration ) Tj ET Q q 0 0 0 rg BT 540.47 585.30 Td (date ) Tj ET Q q 0 0 0 rg BT 555.84 585.30 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 575.70 Td (June19, ) Tj ET Q q 0 0 0 rg BT 96.16 575.70 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.16 575.70 Td ( ) Tj ET Q q 0 0 0 rg BT 114.16 575.70 Td (and ) Tj ET Q q 0 0 0 rg BT 127.71 575.70 Td (the ) Tj ET Q q 0 0 0 rg BT 139.49 575.70 Td (MIF ) Tj ET Q q 0 0 0 rg BT 155.71 575.70 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 188.82 575.70 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 228.13 575.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 254.57 575.70 Td (has ) Tj ET Q q 0 0 0 rg BT 267.24 575.70 Td (an ) Tj ET Q q 0 0 0 rg BT 276.79 575.70 Td (expiration ) Tj ET Q q 0 0 0 rg BT 311.22 575.70 Td (date ) Tj ET Q q 0 0 0 rg BT 326.55 575.70 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.21 575.70 Td (October26, ) Tj ET Q q 0 0 0 rg BT 374.98 575.70 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.98 575.70 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 551.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.88 551.70 Td (Payable ) Tj ET Q q 0 0 0 rg BT 112.27 551.70 Td (- ) Tj ET Q q 0 0 0 rg BT 118.10 551.70 Td (Homebuilding.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.73 551.70 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 527.70 Td (Homebuilding ) Tj ET Q q 0 0 0 rg BT 111.77 527.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 140.14 527.70 Td (Facility) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 171.80 527.70 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.30 527.70 Td ( ) Tj ET Q q 0 0 0 rg BT 176.92 527.70 Td (The ) Tj ET Q q 0 0 0 rg BT 195.28 527.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 223.10 527.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 256.46 527.70 Td (provides ) Tj ET Q q 0 0 0 rg BT 293.72 527.70 Td (for ) Tj ET Q q 0 0 0 rg BT 308.20 527.70 Td (an ) Tj ET Q q 0 0 0 rg BT 320.45 527.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 362.13 527.70 Td (commitment ) Tj ET Q q 0 0 0 rg BT 415.50 527.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 448.31 527.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.46 527.70 Td ($500 ) Tj ET Q q 0 0 0 rg BT 482.27 527.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.17 527.70 Td (, ) Tj ET Q q 0 0 0 rg BT 516.48 527.70 Td (including ) Tj ET Q q 0 0 0 rg BT 557.07 527.70 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 515.70 Td ($125 ) Tj ET Q q 0 0 0 rg BT 71.81 515.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.70 515.70 Td ( ) Tj ET Q q 0 0 0 rg BT 103.01 515.70 Td (sub-facility ) Tj ET Q q 0 0 0 rg BT 150.86 515.70 Td (for ) Tj ET Q q 0 0 0 rg BT 164.83 515.70 Td (letters ) Tj ET Q q 0 0 0 rg BT 191.57 515.70 Td (of ) Tj ET Q q 0 0 0 rg BT 202.21 515.70 Td (credit. ) Tj ET Q q 0 0 0 rg BT 229.78 515.70 Td ( ) Tj ET Q q 0 0 0 rg BT 231.92 515.70 Td (The ) Tj ET Q q 0 0 0 rg BT 249.78 515.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 277.08 515.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 309.94 515.70 Td (matures ) Tj ET Q q 0 0 0 rg BT 343.91 515.70 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.21 515.70 Td (July18, ) Tj ET Q q 0 0 0 rg BT 390.19 515.70 Td (2021) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.19 515.70 Td (. ) Tj ET Q q 0 0 0 rg BT 415.00 515.70 Td ( ) Tj ET Q q 0 0 0 rg BT 417.31 515.70 Td (Interest ) Tj ET Q q 0 0 0 rg BT 449.60 515.70 Td (on ) Tj ET Q q 0 0 0 rg BT 461.91 515.70 Td (amounts ) Tj ET Q q 0 0 0 rg BT 498.11 515.70 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 538.74 515.70 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 503.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.03 503.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 91.34 503.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 124.21 503.70 Td (is ) Tj ET Q q 0 0 0 rg BT 133.19 503.70 Td (payable ) Tj ET Q q 0 0 0 rg BT 166.60 503.70 Td (at ) Tj ET Q q 0 0 0 rg BT 176.13 503.70 Td (a ) Tj ET Q q 0 0 0 rg BT 182.88 503.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 200.18 503.70 Td (which ) Tj ET Q q 0 0 0 rg BT 226.94 503.70 Td (is ) Tj ET Q q 0 0 0 rg BT 235.92 503.70 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 271.56 503.70 Td (daily ) Tj ET Q q 0 0 0 rg BT 293.87 503.70 Td (and ) Tj ET Q q 0 0 0 rg BT 310.62 503.70 Td (is ) Tj ET Q q 0 0 0 rg BT 319.61 503.70 Td (equal ) Tj ET Q q 0 0 0 rg BT 343.58 503.70 Td (to ) Tj ET Q q 0 0 0 rg BT 353.67 503.70 Td (the ) Tj ET Q q 0 0 0 rg BT 368.20 503.70 Td (sum ) Tj ET Q q 0 0 0 rg BT 387.19 503.70 Td (of ) Tj ET Q q 0 0 0 rg BT 397.83 503.70 Td (the ) Tj ET Q q 0 0 0 rg BT 412.36 503.70 Td (one-month ) Tj ET Q q 0 0 0 rg BT 458.00 503.70 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 490.32 503.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 507.62 503.70 Td (plus ) Tj ET Q q 0 0 0 rg BT 526.60 503.70 Td (a ) Tj ET Q q 0 0 0 rg BT 533.35 503.70 Td (mar) Tj ET Q q 0 0 0 rg BT 548.72 503.70 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 491.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.26 491.70 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.26 491.70 Td ( ) Tj ET Q q 0 0 0 rg BT 77.69 491.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 100.12 491.70 Td (points. ) Tj ET Q q 0 0 0 rg BT 129.50 491.70 Td ( ) Tj ET Q q 0 0 0 rg BT 131.75 491.70 Td (The ) Tj ET Q q 0 0 0 rg BT 149.72 491.70 Td (mar) Tj ET Q q 0 0 0 rg BT 165.09 491.70 Td (gin ) Tj ET Q q 0 0 0 rg BT 180.30 491.70 Td (is ) Tj ET Q q 0 0 0 rg BT 189.40 491.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 220.15 491.70 Td (to ) Tj ET Q q 0 0 0 rg BT 230.36 491.70 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 276.67 491.70 Td (in ) Tj ET Q q 0 0 0 rg BT 286.88 491.70 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 333.75 491.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 372.27 491.70 Td (periods ) Tj ET Q q 0 0 0 rg BT 404.14 491.70 Td (based ) Tj ET Q q 0 0 0 rg BT 429.33 491.70 Td (on ) Tj ET Q q 0 0 0 rg BT 441.76 491.70 Td (the ) Tj ET Q q 0 0 0 rg BT 456.41 491.70 Td (Company) Tj ET Q q 0 0 0 rg BT 498.07 491.70 Td (s ) Tj ET Q q 0 0 0 rg BT 504.40 491.70 Td (leverage ) Tj ET Q q 0 0 0 rg BT 540.69 491.70 Td (ratio.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 467.70 Td (Borrowings ) Tj ET Q q 0 0 0 rg BT 99.11 467.70 Td (under ) Tj ET Q q 0 0 0 rg BT 124.27 467.70 Td (the ) Tj ET Q q 0 0 0 rg BT 138.87 467.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 166.26 467.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 199.20 467.70 Td (constitute ) Tj ET Q q 0 0 0 rg BT 240.47 467.70 Td (senior) Tj ET Q q 0 0 0 rg BT 264.51 467.70 Td (, ) Tj ET Q q 0 0 0 rg BT 269.40 467.70 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 312.32 467.70 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 366.37 467.70 Td (and ) Tj ET Q q 0 0 0 rg BT 383.20 467.70 Td (availability ) Tj ET Q q 0 0 0 rg BT 430.57 467.70 Td (is ) Tj ET Q q 0 0 0 rg BT 439.63 467.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 470.34 467.70 Td (to, ) Tj ET Q q 0 0 0 rg BT 483.01 467.70 Td (among ) Tj ET Q q 0 0 0 rg BT 512.62 467.70 Td (other ) Tj ET Q q 0 0 0 rg BT 535.55 467.70 Td (things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 455.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.01 455.70 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 99.73 455.70 Td (base ) Tj ET Q q 0 0 0 rg BT 119.57 455.70 Td (calculated ) Tj ET Q q 0 0 0 rg BT 162.17 455.70 Td (using ) Tj ET Q q 0 0 0 rg BT 185.90 455.70 Td (various ) Tj ET Q q 0 0 0 rg BT 217.41 455.70 Td (advance ) Tj ET Q q 0 0 0 rg BT 252.23 455.70 Td (rates ) Tj ET Q q 0 0 0 rg BT 273.18 455.70 Td (for ) Tj ET Q q 0 0 0 rg BT 286.90 455.70 Td (dif) Tj ET Q q 0 0 0 rg BT 297.83 455.70 Td (ferent ) Tj ET Q q 0 0 0 rg BT 323.22 455.70 Td (categories ) Tj ET Q q 0 0 0 rg BT 365.82 455.70 Td (of ) Tj ET Q q 0 0 0 rg BT 376.21 455.70 Td (inventory) Tj ET Q q 0 0 0 rg BT 413.89 455.70 Td (. ) Tj ET Q q 0 0 0 rg BT 418.46 455.70 Td ( ) Tj ET Q q 0 0 0 rg BT 420.38 455.70 Td (The ) Tj ET Q q 0 0 0 rg BT 437.99 455.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 465.05 455.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 497.67 455.70 Td (contains ) Tj ET Q q 0 0 0 rg BT 533.07 455.70 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 443.70 Td (representations, ) Tj ET Q q 0 0 0 rg BT 114.89 443.70 Td (warranties ) Tj ET Q q 0 0 0 rg BT 158.89 443.70 Td (and ) Tj ET Q q 0 0 0 rg BT 175.69 443.70 Td (covenants ) Tj ET Q q 0 0 0 rg BT 218.04 443.70 Td (which ) Tj ET Q q 0 0 0 rg BT 244.83 443.70 Td (require, ) Tj ET Q q 0 0 0 rg BT 278.01 443.70 Td (among ) Tj ET Q q 0 0 0 rg BT 307.58 443.70 Td (other ) Tj ET Q q 0 0 0 rg BT 330.49 443.70 Td (things, ) Tj ET Q q 0 0 0 rg BT 359.79 443.70 Td (that ) Tj ET Q q 0 0 0 rg BT 377.15 443.70 Td (the ) Tj ET Q q 0 0 0 rg BT 391.72 443.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 432.97 443.70 Td (maintain ) Tj ET Q q 0 0 0 rg BT 470.32 443.70 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 484.33 443.70 Td (a ) Tj ET Q q 0 0 0 rg BT 491.13 443.70 Td (minimum ) Tj ET Q q 0 0 0 rg BT 532.38 443.70 Td (level ) Tj ET Q q 0 0 0 rg BT 554.17 443.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 431.70 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 105.01 431.70 Td (T) Tj ET Q q 0 0 0 rg BT 110.42 431.70 Td (angible ) Tj ET Q q 0 0 0 rg BT 142.81 431.70 Td (Net ) Tj ET Q q 0 0 0 rg BT 159.98 431.70 Td (W) Tj ET Q q 0 0 0 rg BT 168.62 431.70 Td (orth ) Tj ET Q q 0 0 0 rg BT 187.68 431.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.96 431.70 Td ($599.8 ) Tj ET Q q 0 0 0 rg BT 229.42 431.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.31 431.70 Td ( ) Tj ET Q q 0 0 0 rg BT 261.26 431.70 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 295.87 431.70 Td (to ) Tj ET Q q 0 0 0 rg BT 306.60 431.70 Td (increase ) Tj ET Q q 0 0 0 rg BT 342.30 431.70 Td (over ) Tj ET Q q 0 0 0 rg BT 363.02 431.70 Td (time ) Tj ET Q q 0 0 0 rg BT 383.75 431.70 Td (based ) Tj ET Q q 0 0 0 rg BT 409.47 431.70 Td (on ) Tj ET Q q 0 0 0 rg BT 422.42 431.70 Td (earnings ) Tj ET Q q 0 0 0 rg BT 459.25 431.70 Td (and ) Tj ET Q q 0 0 0 rg BT 476.64 431.70 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 515.13 431.70 Td (from ) Tj ET Q q 0 0 0 rg BT 537.52 431.70 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 419.70 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 419.70 Td (ferings\), ) Tj ET Q q 0 0 0 rg BT 93.42 419.70 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 107.26 419.70 Td (a ) Tj ET Q q 0 0 0 rg BT 113.88 419.70 Td (leverage ) Tj ET Q q 0 0 0 rg BT 149.92 419.70 Td (ratio ) Tj ET Q q 0 0 0 rg BT 170.42 419.70 Td (not ) Tj ET Q q 0 0 0 rg BT 185.37 419.70 Td (in ) Tj ET Q q 0 0 0 rg BT 195.33 419.70 Td (excess ) Tj ET Q q 0 0 0 rg BT 223.60 419.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.11 419.70 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.44 419.70 Td (, ) Tj ET Q q 0 0 0 rg BT 257.12 419.70 Td (and ) Tj ET Q q 0 0 0 rg BT 273.73 419.70 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 287.57 419.70 Td (either ) Tj ET Q q 0 0 0 rg BT 312.51 419.70 Td (a ) Tj ET Q q 0 0 0 rg BT 319.13 419.70 Td (minimum ) Tj ET Q q 0 0 0 rg BT 360.19 419.70 Td (Interest ) Tj ET Q q 0 0 0 rg BT 392.36 419.70 Td (Coverage ) Tj ET Q q 0 0 0 rg BT 432.85 419.70 Td (Ratio ) Tj ET Q q 0 0 0 rg BT 456.69 419.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.20 419.70 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 481.87 419.70 Td (to ) Tj ET Q q 0 0 0 rg BT 491.83 419.70 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.33 419.70 Td ( ) Tj ET Q q 0 0 0 rg BT 506.50 419.70 Td (or ) Tj ET Q q 0 0 0 rg BT 517.01 419.70 Td (a ) Tj ET Q q 0 0 0 rg BT 523.63 419.70 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 407.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.88 407.70 Td (of ) Tj ET Q q 0 0 0 rg BT 94.60 407.70 Td (available ) Tj ET Q q 0 0 0 rg BT 134.08 407.70 Td (liquidity) Tj ET Q q 0 0 0 rg BT 167.32 407.70 Td (. ) Tj ET Q q 0 0 0 rg BT 173.21 407.70 Td ( ) Tj ET Q q 0 0 0 rg BT 176.59 407.70 Td (In ) Tj ET Q q 0 0 0 rg BT 188.31 407.70 Td (addition, ) Tj ET Q q 0 0 0 rg BT 226.97 407.70 Td (the ) Tj ET Q q 0 0 0 rg BT 242.58 407.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 270.96 407.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 304.90 407.70 Td (contains ) Tj ET Q q 0 0 0 rg BT 341.61 407.70 Td (covenants ) Tj ET Q q 0 0 0 rg BT 384.99 407.70 Td (that ) Tj ET Q q 0 0 0 rg BT 403.37 407.70 Td (limit ) Tj ET Q q 0 0 0 rg BT 425.65 407.70 Td (the ) Tj ET Q q 0 0 0 rg BT 441.25 407.70 Td (Company) Tj ET Q q 0 0 0 rg BT 482.92 407.70 Td (s ) Tj ET Q q 0 0 0 rg BT 490.20 407.70 Td (number ) Tj ET Q q 0 0 0 rg BT 524.13 407.70 Td (of ) Tj ET Q q 0 0 0 rg BT 535.85 407.70 Td (unsold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 395.70 Td (housing ) Tj ET Q q 0 0 0 rg BT 84.14 395.70 Td (units ) Tj ET Q q 0 0 0 rg BT 106.55 395.70 Td (and ) Tj ET Q q 0 0 0 rg BT 123.96 395.70 Td (model ) Tj ET Q q 0 0 0 rg BT 151.92 395.70 Td (homes, ) Tj ET Q q 0 0 0 rg BT 183.50 395.70 Td (as ) Tj ET Q q 0 0 0 rg BT 194.80 395.70 Td (well ) Tj ET Q q 0 0 0 rg BT 214.98 395.70 Td (as ) Tj ET Q q 0 0 0 rg BT 226.28 395.70 Td (the ) Tj ET Q q 0 0 0 rg BT 241.46 395.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 274.43 395.70 Td (of ) Tj ET Q q 0 0 0 rg BT 285.72 395.70 Td (Investments ) Tj ET Q q 0 0 0 rg BT 337.02 395.70 Td (in ) Tj ET Q q 0 0 0 rg BT 347.76 395.70 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 400.16 395.70 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 452.01 395.70 Td (and ) Tj ET Q q 0 0 0 rg BT 469.42 395.70 Td (Joint ) Tj ET Q q 0 0 0 rg BT 491.62 395.70 Td (V) Tj ET Q q 0 0 0 rg BT 497.73 395.70 Td (entures ) Tj ET Q q 0 0 0 rg BT 529.58 395.70 Td (\(each ) Tj ET Q q 0 0 0 rg BT 554.19 395.70 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 383.70 Td (defined ) Tj ET Q q 0 0 0 rg BT 81.99 383.70 Td (in ) Tj ET Q q 0 0 0 rg BT 92.26 383.70 Td (the ) Tj ET Q q 0 0 0 rg BT 106.98 383.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 134.48 383.70 Td (Facility\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 361.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 361.70 Td (Company) Tj ET Q q 0 0 0 rg BT 109.37 361.70 Td (s ) Tj ET Q q 0 0 0 rg BT 115.92 361.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 163.02 361.70 Td (under ) Tj ET Q q 0 0 0 rg BT 188.45 361.70 Td (the ) Tj ET Q q 0 0 0 rg BT 203.32 361.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 230.97 361.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 264.18 361.70 Td (are ) Tj ET Q q 0 0 0 rg BT 279.05 361.70 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 325.57 361.70 Td (by ) Tj ET Q q 0 0 0 rg BT 338.23 361.70 Td (all ) Tj ET Q q 0 0 0 rg BT 350.88 361.70 Td (of ) Tj ET Q q 0 0 0 rg BT 361.87 361.70 Td (the ) Tj ET Q q 0 0 0 rg BT 376.74 361.70 Td (Company) Tj ET Q q 0 0 0 rg BT 418.41 361.70 Td (s ) Tj ET Q q 0 0 0 rg BT 424.96 361.70 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 477.33 361.70 Td (with ) Tj ET Q q 0 0 0 rg BT 497.77 361.70 Td (the ) Tj ET Q q 0 0 0 rg BT 512.64 361.70 Td (exception ) Tj ET Q q 0 0 0 rg BT 554.17 361.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 349.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 98.49 349.70 Td (that ) Tj ET Q q 0 0 0 rg BT 115.25 349.70 Td (are ) Tj ET Q q 0 0 0 rg BT 129.23 349.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 168.21 349.70 Td (engaged ) Tj ET Q q 0 0 0 rg BT 203.30 349.70 Td (in ) Tj ET Q q 0 0 0 rg BT 212.84 349.70 Td (the ) Tj ET Q q 0 0 0 rg BT 226.83 349.70 Td (business ) Tj ET Q q 0 0 0 rg BT 262.49 349.70 Td (of ) Tj ET Q q 0 0 0 rg BT 272.59 349.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 312.13 349.70 Td (financing, ) Tj ET Q q 0 0 0 rg BT 354.16 349.70 Td (title ) Tj ET Q q 0 0 0 rg BT 371.48 349.70 Td (insurance ) Tj ET Q q 0 0 0 rg BT 411.57 349.70 Td (or ) Tj ET Q q 0 0 0 rg BT 421.67 349.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.21 349.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.96 349.70 Td (businesses ) Tj ET Q q 0 0 0 rg BT 531.95 349.70 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 337.70 Td (to ) Tj ET Q q 0 0 0 rg BT 59.22 337.70 Td (the ) Tj ET Q q 0 0 0 rg BT 73.37 337.70 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 130.86 337.70 Td (and ) Tj ET Q q 0 0 0 rg BT 147.24 337.70 Td (home ) Tj ET Q q 0 0 0 rg BT 171.39 337.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 192.77 337.70 Td (business, ) Tj ET Q q 0 0 0 rg BT 231.09 337.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 260.23 337.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 309.39 337.70 Td (that ) Tj ET Q q 0 0 0 rg BT 326.32 337.70 Td (are ) Tj ET Q q 0 0 0 rg BT 340.47 337.70 Td (not ) Tj ET Q q 0 0 0 rg BT 355.18 337.70 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 410.44 337.70 Td (by ) Tj ET Q q 0 0 0 rg BT 422.38 337.70 Td (the ) Tj ET Q q 0 0 0 rg BT 436.53 337.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 477.36 337.70 Td (or ) Tj ET Q q 0 0 0 rg BT 487.62 337.70 Td (another ) Tj ET Q q 0 0 0 rg BT 519.55 337.70 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 560.00 337.70 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 325.70 Td (and ) Tj ET Q q 0 0 0 rg BT 66.01 325.70 Td (other ) Tj ET Q q 0 0 0 rg BT 88.63 325.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 137.92 325.70 Td (designated ) Tj ET Q q 0 0 0 rg BT 182.76 325.70 Td (by ) Tj ET Q q 0 0 0 rg BT 194.83 325.70 Td (the ) Tj ET Q q 0 0 0 rg BT 209.12 325.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 250.08 325.70 Td (as ) Tj ET Q q 0 0 0 rg BT 260.48 325.70 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 311.98 325.70 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 362.94 325.70 Td (\(as ) Tj ET Q q 0 0 0 rg BT 376.67 325.70 Td (defined ) Tj ET Q q 0 0 0 rg BT 408.73 325.70 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 418.57958984375 324.3669921875 m 450.0908203125 324.3669921875 l s q 0 0 1 rg BT 418.58 325.70 Td (Note ) Tj ET Q q 0 0 1 rg BT 440.09 325.70 Td (12) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 450.09 325.70 Td ( ) Tj ET Q q 0 0 0 rg BT 452.16 325.70 Td (to ) Tj ET Q q 0 0 0 rg BT 462.01 325.70 Td (our ) Tj ET Q q 0 0 0 rg BT 477.42 325.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 514.47 325.70 Td (statements\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 313.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 80.37 313.70 Td (to ) Tj ET Q q 0 0 0 rg BT 90.69 313.70 Td (limitations ) Tj ET Q q 0 0 0 rg BT 136.02 313.70 Td (on ) Tj ET Q q 0 0 0 rg BT 148.56 313.70 Td (the ) Tj ET Q q 0 0 0 rg BT 163.33 313.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 204.73 313.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 237.27 313.70 Td (invested ) Tj ET Q q 0 0 0 rg BT 273.14 313.70 Td (in ) Tj ET Q q 0 0 0 rg BT 283.47 313.70 Td (such ) Tj ET Q q 0 0 0 rg BT 304.34 313.70 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 356.31 313.70 Td (Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 410.25 313.70 Td ( ) Tj ET Q q 0 0 0 rg BT 412.61 313.70 Td (The ) Tj ET Q q 0 0 0 rg BT 430.70 313.70 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 475.45 313.70 Td (for ) Tj ET Q q 0 0 0 rg BT 489.66 313.70 Td (the ) Tj ET Q q 0 0 0 rg BT 504.42 313.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 531.96 313.70 Td (Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 301.70 Td (are ) Tj ET Q q 0 0 0 rg BT 63.54 301.70 Td (the ) Tj ET Q q 0 0 0 rg BT 77.59 301.70 Td (same ) Tj ET Q q 0 0 0 rg BT 99.97 301.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 149.02 301.70 Td (that ) Tj ET Q q 0 0 0 rg BT 165.85 301.70 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 206.54 301.70 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.70 301.70 Td ($400.0 ) Tj ET Q q 0 0 0 rg BT 251.04 301.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.93 301.70 Td ( ) Tj ET Q q 0 0 0 rg BT 281.76 301.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 322.45 301.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 359.83 301.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 391.66 301.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.82 301.70 Td (4.95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.65 301.70 Td ( ) Tj ET Q q 0 0 0 rg BT 429.48 301.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 457.42 301.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 482.58 301.70 Td (due ) Tj ET Q q 0 0 0 rg BT 498.86 301.70 Td (2028 ) Tj ET Q q 0 0 0 rg BT 520.69 301.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 538.07 301.70 Td (2028 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 289.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.08 289.70 Td (Notes\) ) Tj ET Q q 0 0 0 rg BT 111.65 289.70 Td (and ) Tj ET Q q 0 0 0 rg BT 128.56 289.70 Td (our ) Tj ET Q q 0 0 0 rg BT 144.37 289.70 Td ($250.0 ) Tj ET Q q 0 0 0 rg BT 174.34 289.70 Td (million ) Tj ET Q q 0 0 0 rg BT 205.71 289.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 247.04 289.70 Td (principal ) Tj ET Q q 0 0 0 rg BT 285.06 289.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 317.52 289.70 Td (of ) Tj ET Q q 0 0 0 rg BT 328.33 289.70 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 361.63 289.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 390.21 289.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 416.02 289.70 Td (due ) Tj ET Q q 0 0 0 rg BT 432.93 289.70 Td (2025 ) Tj ET Q q 0 0 0 rg BT 455.40 289.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 473.42 289.70 Td (2025 ) Tj ET Q q 0 0 0 rg BT 500.33 289.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 528.91 289.70 Td (Notes\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.70 Td (As ) Tj ET Q q 0 0 0 rg BT 63.31 267.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.33 267.70 Td (March31, ) Tj ET Q q 0 0 0 rg BT 118.13 267.70 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.13 267.70 Td (, ) Tj ET Q q 0 0 0 rg BT 143.32 267.70 Td (the ) Tj ET Q q 0 0 0 rg BT 158.23 267.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 199.81 267.70 Td (was ) Tj ET Q q 0 0 0 rg BT 218.06 267.70 Td (in ) Tj ET Q q 0 0 0 rg BT 228.53 267.70 Td (compliance ) Tj ET Q q 0 0 0 rg BT 277.31 267.70 Td (with ) Tj ET Q q 0 0 0 rg BT 297.79 267.70 Td (all ) Tj ET Q q 0 0 0 rg BT 310.48 267.70 Td (covenants ) Tj ET Q q 0 0 0 rg BT 353.16 267.70 Td (of ) Tj ET Q q 0 0 0 rg BT 364.18 267.70 Td (the ) Tj ET Q q 0 0 0 rg BT 379.09 267.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 406.78 267.70 Td (Facility) Tj ET Q q 0 0 0 rg BT 436.68 267.70 Td (, ) Tj ET Q q 0 0 0 rg BT 441.88 267.70 Td (including ) Tj ET Q q 0 0 0 rg BT 482.34 267.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.02 267.70 Td (covenants. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.70 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 255.70 Td (following ) Tj ET Q q 0 0 0 rg BT 108.42 255.70 Td (table ) Tj ET Q q 0 0 0 rg BT 130.10 255.70 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 180.11 255.70 Td (the ) Tj ET Q q 0 0 0 rg BT 194.57 255.70 Td (most ) Tj ET Q q 0 0 0 rg BT 216.27 255.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 260.72 255.70 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 302.95 255.70 Td (covenant ) Tj ET Q q 0 0 0 rg BT 341.29 255.70 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 384.64 255.70 Td (under ) Tj ET Q q 0 0 0 rg BT 409.66 255.70 Td (the ) Tj ET Q q 0 0 0 rg BT 424.12 255.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 451.36 255.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 484.15 255.70 Td (and ) Tj ET Q q 0 0 0 rg BT 500.84 255.70 Td (our ) Tj ET Q q 0 0 0 rg BT 516.41 255.70 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.70 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 243.70 Td (such ) Tj ET Q q 0 0 0 rg BT 90.61 243.70 Td (covenants ) Tj ET Q q 0 0 0 rg BT 133.09 243.70 Td (as ) Tj ET Q q 0 0 0 rg BT 143.92 243.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.75 243.70 Td (March31, ) Tj ET Q q 0 0 0 rg BT 198.35 243.70 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.35 243.70 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 212.20000000000005 m 398 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 212.20000000000005 m 421 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 212.20000000000005 m 487 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 212.20000000000005 m 496 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 212.20000000000005 m 562 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 212.20000000000005 m 398 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 212.20000000000005 m 421 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 212.20000000000005 m 487 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 212.20000000000005 m 496 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 212.20000000000005 m 562 212.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 140.20000000000005 m 398 140.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 140.20000000000005 m 421 140.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 140.20000000000005 m 487 140.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 140.20000000000005 m 496 140.20000000000005 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 140.20000000000005 m 562 140.20000000000005 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.75 216.45 Td (Financial Covenant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.15 224.45 Td (Covenant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 216.45 Td (Requirement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.80 216.45 Td (Actual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.30 204.15 Td ( \(Dollars in millions\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 192.15 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 95.65 192.15 Td (T) Tj ET Q q 0 0 0 rg BT 100.18 192.15 Td (angible ) Tj ET Q q 0 0 0 rg BT 125.45 192.15 Td (Net ) Tj ET Q q 0 0 0 rg BT 138.93 192.15 Td (W) Tj ET Q q 0 0 0 rg BT 146.09 192.15 Td (orth) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 190.43 cm /I16 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 192.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 192.15 Td (599.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 192.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 192.15 Td (969.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 180.15 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 83.25 180.15 Td (Ratio) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 178.43 cm /I17 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.50 180.15 Td (0.60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.50 180.15 Td (0.41) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 168.15 Td (Interest ) Tj ET Q q 0 0 0 rg BT 77.49 168.15 Td (Coverage ) Tj ET Q q 0 0 0 rg BT 110.14 168.15 Td (Ratio) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 166.43 cm /I18 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.25 168.15 Td (1.5 to 1.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 168.15 Td (5.5 to 1.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 156.15 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.16 156.15 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 156.15 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 141.92 156.15 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 183.03 156.15 Td (and ) Tj ET Q q 0 0 0 rg BT 196.58 156.15 Td (Joint ) Tj ET Q q 0 0 0 rg BT 214.07 156.15 Td (V) Tj ET Q q 0 0 0 rg BT 219.33 156.15 Td (entures) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 154.43 cm /I19 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 156.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 156.15 Td (290.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 156.15 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.80 156.15 Td (2.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 144.15 Td (Unsold ) Tj ET Q q 0 0 0 rg BT 76.61 144.15 Td (Housing ) Tj ET Q q 0 0 0 rg BT 105.73 144.15 Td (Units ) Tj ET Q q 0 0 0 rg BT 125.06 144.15 Td (and ) Tj ET Q q 0 0 0 rg BT 138.61 144.15 Td (Model ) Tj ET Q q 0 0 0 rg BT 161.50 144.15 Td (Homes) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 142.43 cm /I20 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 144.15 Td (2,391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 144.15 Td (1,248) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 116.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.88 116.70 Td (Payable ) Tj ET Q q 0 0 0 rg BT 112.27 116.70 Td (- ) Tj ET Q q 0 0 0 rg BT 118.10 116.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 160.60 116.70 Td (Services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 92.70 Td (MIF) Tj ET Q q 0 0 0 rg BT 68.77 92.70 Td ( ) Tj ET Q q 0 0 0 rg BT 72.11 92.70 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 115.22 92.70 Td (W) Tj ET Q q 0 0 0 rg BT 123.36 92.70 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 172.90 92.70 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.39 92.70 Td ( ) Tj ET Q q 0 0 0 rg BT 223.73 92.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.08 92.70 Td (The ) Tj ET Q q 0 0 0 rg BT 245.96 92.70 Td (MIF ) Tj ET Q q 0 0 0 rg BT 267.09 92.70 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 309.07 92.70 Td (W) Tj ET Q q 0 0 0 rg BT 317.71 92.70 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 364.19 92.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 411.95 92.70 Td (is ) Tj ET Q q 0 0 0 rg BT 421.96 92.70 Td (used ) Tj ET Q q 0 0 0 rg BT 443.64 92.70 Td (to ) Tj ET Q q 0 0 0 rg BT 454.76 92.70 Td (finance ) Tj ET Q q 0 0 0 rg BT 487.52 92.70 Td (eligible ) Tj ET Q q 0 0 0 rg BT 520.86 92.70 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 91.27 80.70 Td (loans ) Tj ET Q q 0 0 0 rg BT 116.39 80.70 Td (originated ) Tj ET Q q 0 0 0 rg BT 160.93 80.70 Td (by ) Tj ET Q q 0 0 0 rg BT 174.94 80.70 Td (M/I ) Tj ET Q q 0 0 0 rg BT 193.95 80.70 Td (Financial. ) Tj ET Q q 0 0 0 rg BT 237.67 80.70 Td ( ) Tj ET Q q 0 0 0 rg BT 241.38 80.70 Td (The ) Tj ET Q q 0 0 0 rg BT 260.94 80.70 Td (MIF ) Tj ET Q q 0 0 0 rg BT 282.73 80.70 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 325.32 80.70 Td (W) Tj ET Q q 0 0 0 rg BT 333.96 80.70 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 380.96 80.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 429.39 80.70 Td (provides ) Tj ET Q q 0 0 0 rg BT 467.84 80.70 Td (a ) Tj ET Q q 0 0 0 rg BT 476.28 80.70 Td (maximum ) Tj ET Q q 0 0 0 rg BT 520.84 80.70 Td (borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.70 Td (availability ) Tj ET Q q 0 0 0 rg BT 97.34 68.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.52 68.70 Td ($125 ) Tj ET Q q 0 0 0 rg BT 131.38 68.70 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.27 68.70 Td (, ) Tj ET Q q 0 0 0 rg BT 165.62 68.70 Td (which ) Tj ET Q q 0 0 0 rg BT 192.92 68.70 Td (increased ) Tj ET Q q 0 0 0 rg BT 233.52 68.70 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.16 68.70 Td ($160million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.55 68.70 Td ( ) Tj ET Q q 0 0 0 rg BT 298.40 68.70 Td (from ) Tj ET Q q 0 0 0 rg BT 320.69 68.70 Td (November ) Tj ET Q q 0 0 0 rg BT 365.75 68.70 Td (15, ) Tj ET Q q 0 0 0 rg BT 381.11 68.70 Td (2019 ) Tj ET Q q 0 0 0 rg BT 403.96 68.70 Td (to ) Tj ET Q q 0 0 0 rg BT 414.60 68.70 Td (February ) Tj ET Q q 0 0 0 rg BT 453.55 68.70 Td (4, ) Tj ET Q q 0 0 0 rg BT 463.90 68.70 Td (2020 ) Tj ET Q q 0 0 0 rg BT 486.76 68.70 Td (\(a ) Tj ET Q q 0 0 0 rg BT 497.38 68.70 Td (period ) Tj ET Q q 0 0 0 rg BT 525.78 68.70 Td (of ) Tj ET Q q 0 0 0 rg BT 536.96 68.70 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.70 Td (volume ) Tj ET Q q 0 0 0 rg BT 82.24 56.70 Td (of ) Tj ET Q q 0 0 0 rg BT 93.31 56.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 133.81 56.70 Td (originations\). ) Tj ET Q q 0 0 0 rg BT 190.16 56.70 Td ( ) Tj ET Q q 0 0 0 rg BT 192.70 56.70 Td (The ) Tj ET Q q 0 0 0 rg BT 210.99 56.70 Td (MIF ) Tj ET Q q 0 0 0 rg BT 231.51 56.70 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 272.93 56.70 Td (W) Tj ET Q q 0 0 0 rg BT 281.57 56.70 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 327.58 56.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 374.74 56.70 Td (expires ) Tj ET Q q 0 0 0 rg BT 406.36 56.70 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.10 56.70 Td (June19, ) Tj ET Q q 0 0 0 rg BT 455.17 56.70 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 475.17 56.70 Td (. ) Tj ET Q q 0 0 0 rg BT 480.41 56.70 Td ( ) Tj ET Q q 0 0 0 rg BT 483.15 56.70 Td (Interest ) Tj ET Q q 0 0 0 rg BT 515.88 56.70 Td (on ) Tj ET Q q 0 0 0 rg BT 528.62 56.70 Td (amounts ) Tj ET Q endstream endobj 87 0 obj <> endobj 88 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (42) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 90.22 740.10 Td (under ) Tj ET Q q 0 0 0 rg BT 115.39 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.01 740.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 150.19 740.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 191.29 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 199.93 740.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 245.68 740.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 292.50 740.10 Td (is ) Tj ET Q q 0 0 0 rg BT 301.57 740.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 335.06 740.10 Td (at ) Tj ET Q q 0 0 0 rg BT 344.68 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 351.52 740.10 Td (per ) Tj ET Q q 0 0 0 rg BT 366.69 740.10 Td (annum ) Tj ET Q q 0 0 0 rg BT 396.30 740.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 413.69 740.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 437.74 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.92 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.54 740.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 496.04 740.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 528.44 740.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 545.83 740.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 728.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 85.04 728.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.87 728.10 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.87 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.37 728.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 135.87 728.10 Td (points.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (As ) Tj ET Q q 0 0 0 rg BT 64.12 706.10 Td (is ) Tj ET Q q 0 0 0 rg BT 74.29 706.10 Td (typical ) Tj ET Q q 0 0 0 rg BT 105.00 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 120.17 706.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 151.44 706.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 177.71 706.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 215.64 706.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.92 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.64 706.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 283.90 706.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 331.29 706.10 Td (industry) Tj ET Q q 0 0 0 rg BT 363.42 706.10 Td (, ) Tj ET Q q 0 0 0 rg BT 369.42 706.10 Td (at ) Tj ET Q q 0 0 0 rg BT 380.14 706.10 Td (closing, ) Tj ET Q q 0 0 0 rg BT 415.03 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.75 706.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 474.79 706.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.62 706.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.34 706.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.63 706.10 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 694.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 103.77 694.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 150.45 694.10 Td (was ) Tj ET Q q 0 0 0 rg BT 168.26 694.10 Td (set ) Tj ET Q q 0 0 0 rg BT 181.63 694.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.10 694.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 251.12 694.10 Td (one ) Tj ET Q q 0 0 0 rg BT 267.82 694.10 Td (year ) Tj ET Q q 0 0 0 rg BT 287.28 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.98 694.10 Td (is ) Tj ET Q q 0 0 0 rg BT 312.90 694.10 Td (under ) Tj ET Q q 0 0 0 rg BT 337.93 694.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 394.06 694.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.98 694.10 Td (extension ) Tj ET Q q 0 0 0 rg BT 448.56 694.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 485.25 694.10 Td (by ) Tj ET Q q 0 0 0 rg BT 497.51 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.98 694.10 Td (participating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (lenders. ) Tj ET Q q 0 0 0 rg BT 83.70 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 92.34 682.10 Td (e ) Tj ET Q q 0 0 0 rg BT 99.82 682.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 128.96 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.78 682.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 169.48 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.74 682.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 205.57 682.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 247.27 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 255.91 682.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 302.16 682.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 349.63 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 362.67 682.10 Td (or ) Tj ET Q q 0 0 0 rg BT 374.05 682.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 396.53 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.35 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 422.61 682.10 Td (current ) Tj ET Q q 0 0 0 rg BT 453.97 682.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 497.56 682.10 Td (date ) Tj ET Q q 0 0 0 rg BT 517.26 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 528.63 682.10 Td (June ) Tj ET Q q 0 0 0 rg BT 550.01 682.10 Td (19, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 74.50 670.10 Td (but ) Tj ET Q q 0 0 0 rg BT 89.78 670.10 Td (we ) Tj ET Q q 0 0 0 rg BT 103.94 670.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 133.09 670.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 166.14 670.10 Td (any ) Tj ET Q q 0 0 0 rg BT 183.08 670.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 224.45 670.10 Td (that ) Tj ET Q q 0 0 0 rg BT 241.94 670.10 Td (we ) Tj ET Q q 0 0 0 rg BT 256.10 670.10 Td (will ) Tj ET Q q 0 0 0 rg BT 274.16 670.10 Td (be ) Tj ET Q q 0 0 0 rg BT 286.10 670.10 Td (able ) Tj ET Q q 0 0 0 rg BT 305.25 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.53 670.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 343.03 670.10 Td (such ) Tj ET Q q 0 0 0 rg BT 363.86 670.10 Td (an ) Tj ET Q q 0 0 0 rg BT 375.79 670.10 Td (extension.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.35 Td (The ) Tj ET Q q 0 0 0 rg BT 68.54 648.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 89.82 648.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 131.94 648.35 Td (W) Tj ET Q q 0 0 0 rg BT 140.58 648.35 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 187.18 648.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 235.10 648.35 Td (is ) Tj ET Q q 0 0 0 rg BT 245.27 648.35 Td (secured ) Tj ET Q q 0 0 0 rg BT 279.30 648.35 Td (by ) Tj ET Q q 0 0 0 rg BT 292.80 648.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 323.50 648.35 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 364.76 648.35 Td (loans ) Tj ET Q q 0 0 0 rg BT 389.36 648.35 Td (originated ) Tj ET Q q 0 0 0 rg BT 433.40 648.35 Td (by ) Tj ET Q q 0 0 0 rg BT 446.89 648.35 Td (M/I ) Tj ET Q q 0 0 0 rg BT 465.39 648.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 506.10 648.35 Td (that ) Tj ET Q q 0 0 0 rg BT 524.59 648.35 Td (are ) Tj ET Q q 0 0 0 rg BT 540.29 648.35 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.35 Td (warehoused ) Tj ET Q q 0 0 0 rg BT 109.37 636.35 Td (prior ) Tj ET Q q 0 0 0 rg BT 132.04 636.35 Td (to ) Tj ET Q q 0 0 0 rg BT 143.05 636.35 Td (their ) Tj ET Q q 0 0 0 rg BT 164.61 636.35 Td (sale ) Tj ET Q q 0 0 0 rg BT 183.39 636.35 Td (to ) Tj ET Q q 0 0 0 rg BT 194.40 636.35 Td (investors. ) Tj ET Q q 0 0 0 rg BT 236.24 636.35 Td ( ) Tj ET Q q 0 0 0 rg BT 239.24 636.35 Td (The ) Tj ET Q q 0 0 0 rg BT 258.02 636.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 279.03 636.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 320.91 636.35 Td (W) Tj ET Q q 0 0 0 rg BT 329.55 636.35 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 375.94 636.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 423.60 636.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 461.27 636.35 Td (for ) Tj ET Q q 0 0 0 rg BT 476.16 636.35 Td (limits ) Tj ET Q q 0 0 0 rg BT 502.18 636.35 Td (with ) Tj ET Q q 0 0 0 rg BT 523.19 636.35 Td (respect ) Tj ET Q q 0 0 0 rg BT 554.74 636.35 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.21 624.35 Td (loan ) Tj ET Q q 0 0 0 rg BT 98.94 624.35 Td (types ) Tj ET Q q 0 0 0 rg BT 122.56 624.35 Td (that ) Tj ET Q q 0 0 0 rg BT 140.06 624.35 Td (can ) Tj ET Q q 0 0 0 rg BT 156.45 624.35 Td (secure ) Tj ET Q q 0 0 0 rg BT 184.50 624.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 233.67 624.35 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 284.23 624.35 Td ( ) Tj ET Q q 0 0 0 rg BT 286.56 624.35 Td (There ) Tj ET Q q 0 0 0 rg BT 312.39 624.35 Td (are ) Tj ET Q q 0 0 0 rg BT 327.10 624.35 Td (currently ) Tj ET Q q 0 0 0 rg BT 365.71 624.35 Td (no ) Tj ET Q q 0 0 0 rg BT 378.22 624.35 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 422.93 624.35 Td (of ) Tj ET Q q 0 0 0 rg BT 433.77 624.35 Td (the ) Tj ET Q q 0 0 0 rg BT 448.50 624.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 468.79 624.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 510.00 624.35 Td (W) Tj ET Q q 0 0 0 rg BT 518.63 624.35 Td (arehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.35 Td (Agreement.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.35 Td (As ) Tj ET Q q 0 0 0 rg BT 62.78 590.35 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.27 590.35 Td (March31, ) Tj ET Q q 0 0 0 rg BT 116.53 590.35 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.53 590.35 Td (, ) Tj ET Q q 0 0 0 rg BT 141.19 590.35 Td (there ) Tj ET Q q 0 0 0 rg BT 163.34 590.35 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.06 590.35 Td ($104.6 ) Tj ET Q q 0 0 0 rg BT 210.72 590.35 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.61 590.35 Td ( ) Tj ET Q q 0 0 0 rg BT 241.78 590.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 290.60 590.35 Td (under ) Tj ET Q q 0 0 0 rg BT 315.54 590.35 Td (the ) Tj ET Q q 0 0 0 rg BT 329.92 590.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 349.86 590.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 390.75 590.35 Td (W) Tj ET Q q 0 0 0 rg BT 399.38 590.35 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 444.95 590.35 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 491.53 590.35 Td (and ) Tj ET Q q 0 0 0 rg BT 508.13 590.35 Td (M/I ) Tj ET Q q 0 0 0 rg BT 525.30 590.35 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.35 Td (was ) Tj ET Q q 0 0 0 rg BT 66.61 578.35 Td (in ) Tj ET Q q 0 0 0 rg BT 75.94 578.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 123.58 578.35 Td (with ) Tj ET Q q 0 0 0 rg BT 142.91 578.35 Td (all ) Tj ET Q q 0 0 0 rg BT 154.46 578.35 Td (covenants ) Tj ET Q q 0 0 0 rg BT 196.00 578.35 Td (thereunder) Tj ET Q q 0 0 0 rg BT 238.21 578.35 Td (. ) Tj ET Q q 0 0 0 rg BT 242.26 578.35 Td ( ) Tj ET Q q 0 0 0 rg BT 243.70 578.35 Td (The ) Tj ET Q q 0 0 0 rg BT 260.80 578.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 297.34 578.35 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 341.38 578.35 Td (as ) Tj ET Q q 0 0 0 rg BT 351.26 578.35 Td (more ) Tj ET Q q 0 0 0 rg BT 373.36 578.35 Td (fully ) Tj ET Q q 0 0 0 rg BT 393.80 578.35 Td (described ) Tj ET Q q 0 0 0 rg BT 433.67 578.35 Td (and ) Tj ET Q q 0 0 0 rg BT 449.67 578.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 481.20 578.35 Td (in ) Tj ET Q q 0 0 0 rg BT 490.54 578.35 Td (the ) Tj ET Q q 0 0 0 rg BT 504.31 578.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.65 578.35 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.35 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 566.35 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 104.76 566.35 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 155.21 566.35 Td (are ) Tj ET Q q 0 0 0 rg BT 170.94 566.35 Td (summarized ) Tj ET Q q 0 0 0 rg BT 223.34 566.35 Td (in ) Tj ET Q q 0 0 0 rg BT 234.64 566.35 Td (the ) Tj ET Q q 0 0 0 rg BT 250.38 566.35 Td (following ) Tj ET Q q 0 0 0 rg BT 292.79 566.35 Td (table, ) Tj ET Q q 0 0 0 rg BT 318.25 566.35 Td (which ) Tj ET Q q 0 0 0 rg BT 346.21 566.35 Td (also ) Tj ET Q q 0 0 0 rg BT 365.85 566.35 Td (sets ) Tj ET Q q 0 0 0 rg BT 384.37 566.35 Td (forth ) Tj ET Q q 0 0 0 rg BT 407.33 566.35 Td (M/I ) Tj ET Q q 0 0 0 rg BT 425.86 566.35 Td (Financial) Tj ET Q q 0 0 0 rg BT 465.85 566.35 Td (s ) Tj ET Q q 0 0 0 rg BT 473.26 566.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 522.88 566.35 Td (with ) Tj ET Q q 0 0 0 rg BT 544.18 566.35 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.35 Td (covenants ) Tj ET Q q 0 0 0 rg BT 91.99 554.35 Td (as ) Tj ET Q q 0 0 0 rg BT 102.82 554.35 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.65 554.35 Td (March31, ) Tj ET Q q 0 0 0 rg BT 157.24 554.35 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.24 554.35 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 522.85 m 398 522.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 522.85 m 421 522.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 522.85 m 487 522.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 522.85 m 496 522.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 522.85 m 562 522.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 462.85 m 398 462.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 462.85 m 421 462.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 462.85 m 487 462.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 462.85 m 496 462.85 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 462.85 m 562 462.85 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.75 527.10 Td (Financial Covenant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.15 535.10 Td (Covenant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 527.10 Td (Requirement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.80 527.10 Td (Actual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 514.80 Td (\(Dollars in millions\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 502.80 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 83.25 502.80 Td (Ratio) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 501.08 cm /I21 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.25 502.80 Td (10.0 to 1.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 502.80 Td (4.9 to 1.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 490.80 Td (Liquidity) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 489.08 cm /I22 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 490.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.80 490.80 Td (6.25) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 490.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 490.80 Td (20.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 478.80 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 82.39 478.80 Td (Net ) Tj ET Q q 0 0 0 rg BT 95.94 478.80 Td (Income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.70 478.80 Td (>) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 478.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 478.80 Td (0.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 478.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 478.80 Td (13.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 466.80 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 466.80 Td (angible ) Tj ET Q q 0 0 0 rg BT 81.38 466.80 Td (Net ) Tj ET Q q 0 0 0 rg BT 94.78 466.80 Td (W) Tj ET Q q 0 0 0 rg BT 101.69 466.80 Td (orth) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 465.08 cm /I23 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 466.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.80 466.80 Td (12.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 466.80 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 466.80 Td (33.9) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 441.35 Td (MIF) Tj ET Q q 0 0 0 rg BT 68.77 441.35 Td ( ) Tj ET Q q 0 0 0 rg BT 71.90 441.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 115.03 441.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 167.05 441.35 Td (Facility) Tj ET Q q 0 0 0 rg BT 198.34 441.35 Td (. ) Tj ET Q q 0 0 0 rg BT 203.96 441.35 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.09 441.35 Td (The ) Tj ET Q q 0 0 0 rg BT 225.76 441.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 246.68 441.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 288.68 441.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 338.45 441.35 Td (Facility ) Tj ET Q q 0 0 0 rg BT 372.13 441.35 Td (is ) Tj ET Q q 0 0 0 rg BT 381.93 441.35 Td (used ) Tj ET Q q 0 0 0 rg BT 403.39 441.35 Td (to ) Tj ET Q q 0 0 0 rg BT 414.29 441.35 Td (finance ) Tj ET Q q 0 0 0 rg BT 446.84 441.35 Td (eligible ) Tj ET Q q 0 0 0 rg BT 479.96 441.35 Td (residential ) Tj ET Q q 0 0 0 rg BT 524.74 441.35 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 429.35 Td (loans ) Tj ET Q q 0 0 0 rg BT 73.66 429.35 Td (originated ) Tj ET Q q 0 0 0 rg BT 117.25 429.35 Td (by ) Tj ET Q q 0 0 0 rg BT 130.30 429.35 Td (M/I ) Tj ET Q q 0 0 0 rg BT 148.34 429.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 188.60 429.35 Td (and ) Tj ET Q q 0 0 0 rg BT 206.09 429.35 Td (is ) Tj ET Q q 0 0 0 rg BT 215.81 429.35 Td (structured ) Tj ET Q q 0 0 0 rg BT 258.84 429.35 Td (as ) Tj ET Q q 0 0 0 rg BT 270.22 429.35 Td (a ) Tj ET Q q 0 0 0 rg BT 277.71 429.35 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 318.52 429.35 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 364.87 429.35 Td (facility) Tj ET Q q 0 0 0 rg BT 392.54 429.35 Td (. ) Tj ET Q q 0 0 0 rg BT 398.09 429.35 Td ( ) Tj ET Q q 0 0 0 rg BT 400.92 429.35 Td (The ) Tj ET Q q 0 0 0 rg BT 419.52 429.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 440.35 429.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 482.27 429.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 531.97 429.35 Td (Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 417.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 86.77 417.35 Td (for ) Tj ET Q q 0 0 0 rg BT 101.26 417.35 Td (a ) Tj ET Q q 0 0 0 rg BT 108.53 417.35 Td (maximum ) Tj ET Q q 0 0 0 rg BT 151.91 417.35 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 196.40 417.35 Td (availability ) Tj ET Q q 0 0 0 rg BT 244.21 417.35 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.37 417.35 Td ($65 ) Tj ET Q q 0 0 0 rg BT 273.20 417.35 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.09 417.35 Td (. ) Tj ET Q q 0 0 0 rg BT 307.22 417.35 Td (The ) Tj ET Q q 0 0 0 rg BT 325.59 417.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 346.21 417.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 387.91 417.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 437.39 417.35 Td (Facility ) Tj ET Q q 0 0 0 rg BT 470.77 417.35 Td (expires ) Tj ET Q q 0 0 0 rg BT 502.48 417.35 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.31 417.35 Td (October26, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 405.35 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 405.35 Td (. ) Tj ET Q q 0 0 0 rg BT 73.74 405.35 Td (As ) Tj ET Q q 0 0 0 rg BT 87.08 405.35 Td (is ) Tj ET Q q 0 0 0 rg BT 95.97 405.35 Td (typical ) Tj ET Q q 0 0 0 rg BT 125.41 405.35 Td (for ) Tj ET Q q 0 0 0 rg BT 139.30 405.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 169.30 405.35 Td (credit ) Tj ET Q q 0 0 0 rg BT 194.29 405.35 Td (facilities ) Tj ET Q q 0 0 0 rg BT 230.94 405.35 Td (in ) Tj ET Q q 0 0 0 rg BT 240.95 405.35 Td (the ) Tj ET Q q 0 0 0 rg BT 255.39 405.35 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 295.38 405.35 Td (origination ) Tj ET Q q 0 0 0 rg BT 341.49 405.35 Td (industry) Tj ET Q q 0 0 0 rg BT 373.62 405.35 Td (, ) Tj ET Q q 0 0 0 rg BT 378.34 405.35 Td (at ) Tj ET Q q 0 0 0 rg BT 387.79 405.35 Td (closing, ) Tj ET Q q 0 0 0 rg BT 421.40 405.35 Td (the ) Tj ET Q q 0 0 0 rg BT 435.84 405.35 Td (expiration ) Tj ET Q q 0 0 0 rg BT 478.61 405.35 Td (of ) Tj ET Q q 0 0 0 rg BT 489.17 405.35 Td (the ) Tj ET Q q 0 0 0 rg BT 503.61 405.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.62 405.35 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 393.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 98.65 393.35 Td (Facility ) Tj ET Q q 0 0 0 rg BT 131.70 393.35 Td (was ) Tj ET Q q 0 0 0 rg BT 149.75 393.35 Td (set ) Tj ET Q q 0 0 0 rg BT 163.36 393.35 Td (at ) Tj ET Q q 0 0 0 rg BT 173.07 393.35 Td (approximately ) Tj ET Q q 0 0 0 rg BT 233.33 393.35 Td (one ) Tj ET Q q 0 0 0 rg BT 250.27 393.35 Td (year) Tj ET Q q 0 0 0 rg BT 266.93 393.35 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 371.35 Td (M/I ) Tj ET Q q 0 0 0 rg BT 66.58 371.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 105.88 371.35 Td (pays ) Tj ET Q q 0 0 0 rg BT 126.29 371.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 157.81 371.35 Td (on ) Tj ET Q q 0 0 0 rg BT 169.89 371.35 Td (each ) Tj ET Q q 0 0 0 rg BT 190.29 371.35 Td (advance ) Tj ET Q q 0 0 0 rg BT 225.12 371.35 Td (under ) Tj ET Q q 0 0 0 rg BT 249.97 371.35 Td (the ) Tj ET Q q 0 0 0 rg BT 264.27 371.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 284.14 371.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 325.10 371.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 373.83 371.35 Td (Facility ) Tj ET Q q 0 0 0 rg BT 406.46 371.35 Td (at ) Tj ET Q q 0 0 0 rg BT 415.76 371.35 Td (a ) Tj ET Q q 0 0 0 rg BT 422.28 371.35 Td (per ) Tj ET Q q 0 0 0 rg BT 437.13 371.35 Td (annum ) Tj ET Q q 0 0 0 rg BT 466.43 371.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 483.50 371.35 Td (equal ) Tj ET Q q 0 0 0 rg BT 507.24 371.35 Td (to ) Tj ET Q q 0 0 0 rg BT 517.10 371.35 Td (the ) Tj ET Q q 0 0 0 rg BT 531.40 371.35 Td (floating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 359.35 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 81.71 359.35 Td (rate ) Tj ET Q q 0 0 0 rg BT 98.90 359.35 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.77 359.35 Td (175) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.77 359.35 Td ( ) Tj ET Q q 0 0 0 rg BT 134.98 359.35 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.52 359.35 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.52 359.35 Td ( ) Tj ET Q q 0 0 0 rg BT 162.72 359.35 Td (basis ) Tj ET Q q 0 0 0 rg BT 184.93 359.35 Td (points ) Tj ET Q q 0 0 0 rg BT 211.58 359.35 Td (depending ) Tj ET Q q 0 0 0 rg BT 255.44 359.35 Td (on ) Tj ET Q q 0 0 0 rg BT 267.65 359.35 Td (the ) Tj ET Q q 0 0 0 rg BT 282.07 359.35 Td (loan ) Tj ET Q q 0 0 0 rg BT 301.50 359.35 Td (type. ) Tj ET Q q 0 0 0 rg BT 323.26 359.35 Td (The ) Tj ET Q q 0 0 0 rg BT 341.01 359.35 Td (covenants ) Tj ET Q q 0 0 0 rg BT 383.20 359.35 Td (in ) Tj ET Q q 0 0 0 rg BT 393.19 359.35 Td (the ) Tj ET Q q 0 0 0 rg BT 407.61 359.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 427.60 359.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 468.68 359.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 517.53 359.35 Td (Facility ) Tj ET Q q 0 0 0 rg BT 550.29 359.35 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 347.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 103.20 347.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 134.12 347.35 Td (to ) Tj ET Q q 0 0 0 rg BT 145.04 347.35 Td (the ) Tj ET Q q 0 0 0 rg BT 160.41 347.35 Td (covenants ) Tj ET Q q 0 0 0 rg BT 203.54 347.35 Td (in ) Tj ET Q q 0 0 0 rg BT 214.47 347.35 Td (the ) Tj ET Q q 0 0 0 rg BT 229.83 347.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 250.76 347.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 292.56 347.35 Td (W) Tj ET Q q 0 0 0 rg BT 301.19 347.35 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 347.52 347.35 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 397.59 347.35 Td ( ) Tj ET Q q 0 0 0 rg BT 400.51 347.35 Td (The ) Tj ET Q q 0 0 0 rg BT 419.21 347.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 440.14 347.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 482.16 347.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 531.95 347.35 Td (Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 335.35 Td (provides ) Tj ET Q q 0 0 0 rg BT 86.08 335.35 Td (for ) Tj ET Q q 0 0 0 rg BT 99.88 335.35 Td (limits ) Tj ET Q q 0 0 0 rg BT 124.80 335.35 Td (with ) Tj ET Q q 0 0 0 rg BT 144.71 335.35 Td (respect ) Tj ET Q q 0 0 0 rg BT 175.17 335.35 Td (to ) Tj ET Q q 0 0 0 rg BT 185.09 335.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 214.43 335.35 Td (loan ) Tj ET Q q 0 0 0 rg BT 233.78 335.35 Td (types ) Tj ET Q q 0 0 0 rg BT 257.03 335.35 Td (that ) Tj ET Q q 0 0 0 rg BT 274.16 335.35 Td (can ) Tj ET Q q 0 0 0 rg BT 290.18 335.35 Td (secure ) Tj ET Q q 0 0 0 rg BT 317.85 335.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 366.66 335.35 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 416.85 335.35 Td (which ) Tj ET Q q 0 0 0 rg BT 443.43 335.35 Td (are ) Tj ET Q q 0 0 0 rg BT 457.77 335.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 510.46 335.35 Td (similar ) Tj ET Q q 0 0 0 rg BT 540.37 335.35 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 335.35 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 323.35 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 96.85 323.35 Td (in ) Tj ET Q q 0 0 0 rg BT 107.54 323.35 Td (the ) Tj ET Q q 0 0 0 rg BT 122.67 323.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 143.37 323.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 184.95 323.35 Td (W) Tj ET Q q 0 0 0 rg BT 193.59 323.35 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 239.74 323.35 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 289.58 323.35 Td ( ) Tj ET Q q 0 0 0 rg BT 292.28 323.35 Td (There ) Tj ET Q q 0 0 0 rg BT 318.51 323.35 Td (are ) Tj ET Q q 0 0 0 rg BT 333.64 323.35 Td (no ) Tj ET Q q 0 0 0 rg BT 346.55 323.35 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 391.67 323.35 Td (of ) Tj ET Q q 0 0 0 rg BT 402.92 323.35 Td (the ) Tj ET Q q 0 0 0 rg BT 418.05 323.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 438.75 323.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 480.54 323.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 530.10 323.35 Td (Facility) Tj ET Q q 0 0 0 rg BT 560.00 323.35 Td (. ) Tj ET Q q 0 0 0 rg BT 565.00 323.35 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 311.35 Td (As ) Tj ET Q q 0 0 0 rg BT 63.26 311.35 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.24 311.35 Td (March31, ) Tj ET Q q 0 0 0 rg BT 117.98 311.35 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.98 311.35 Td (, ) Tj ET Q q 0 0 0 rg BT 143.13 311.35 Td (there ) Tj ET Q q 0 0 0 rg BT 165.76 311.35 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.96 311.35 Td ($40.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.85 311.35 Td ( ) Tj ET Q q 0 0 0 rg BT 240.50 311.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 289.81 311.35 Td (under ) Tj ET Q q 0 0 0 rg BT 315.22 311.35 Td (the ) Tj ET Q q 0 0 0 rg BT 330.09 311.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 350.52 311.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 392.04 311.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 441.33 311.35 Td (Facility) Tj ET Q q 0 0 0 rg BT 471.23 311.35 Td (. ) Tj ET Q q 0 0 0 rg BT 476.38 311.35 Td ( ) Tj ET Q q 0 0 0 rg BT 479.03 311.35 Td (M/I ) Tj ET Q q 0 0 0 rg BT 496.67 311.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 536.53 311.35 Td (was ) Tj ET Q q 0 0 0 rg BT 554.73 311.35 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 299.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.09 299.35 Td (with ) Tj ET Q q 0 0 0 rg BT 118.37 299.35 Td (all ) Tj ET Q q 0 0 0 rg BT 130.86 299.35 Td (financial ) Tj ET Q q 0 0 0 rg BT 168.34 299.35 Td (covenants ) Tj ET Q q 0 0 0 rg BT 210.83 299.35 Td (under ) Tj ET Q q 0 0 0 rg BT 236.10 299.35 Td (the ) Tj ET Q q 0 0 0 rg BT 250.81 299.35 Td (MIF ) Tj ET Q q 0 0 0 rg BT 271.10 299.35 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 312.47 299.35 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 361.62 299.35 Td (Facility ) Tj ET Q q 0 0 0 rg BT 394.67 299.35 Td (as ) Tj ET Q q 0 0 0 rg BT 405.50 299.35 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.33 299.35 Td (March31, ) Tj ET Q q 0 0 0 rg BT 459.93 299.35 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.93 299.35 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 275.35 Td (Senior) Tj ET Q q 0 0 0 rg BT 77.10 275.35 Td ( ) Tj ET Q q 0 0 0 rg BT 79.60 275.35 Td (Notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 251.35 Td (4.95% ) Tj ET Q q 0 0 0 rg BT 77.57 251.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 107.04 251.35 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 135.11 251.35 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.35 251.35 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 151.81 251.35 Td (January22, ) Tj ET Q q 0 0 0 rg BT 200.14 251.35 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.14 251.35 Td (, ) Tj ET Q q 0 0 0 rg BT 224.88 251.35 Td (the ) Tj ET Q q 0 0 0 rg BT 239.34 251.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 280.46 251.35 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.70 251.35 Td ($400 ) Tj ET Q q 0 0 0 rg BT 329.94 251.35 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.83 251.35 Td ( ) Tj ET Q q 0 0 0 rg BT 361.07 251.35 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 402.17 251.35 Td (principal ) Tj ET Q q 0 0 0 rg BT 439.95 251.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 472.19 251.35 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.76 251.35 Td (4.95%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.59 251.35 Td ( ) Tj ET Q q 0 0 0 rg BT 510.83 251.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 539.17 251.35 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.35 Td (due ) Tj ET Q q 0 0 0 rg BT 66.63 239.35 Td (2028. ) Tj ET Q q 0 0 0 rg BT 91.63 239.35 Td (The ) Tj ET Q q 0 0 0 rg BT 109.87 239.35 Td (2028 ) Tj ET Q q 0 0 0 rg BT 132.56 239.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 161.36 239.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 187.38 239.35 Td (contain ) Tj ET Q q 0 0 0 rg BT 219.51 239.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 249.40 239.35 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 294.58 239.35 Td (as ) Tj ET Q q 0 0 0 rg BT 305.60 239.35 Td (more ) Tj ET Q q 0 0 0 rg BT 328.84 239.35 Td (fully ) Tj ET Q q 0 0 0 rg BT 350.42 239.35 Td (described ) Tj ET Q q 0 0 0 rg BT 391.42 239.35 Td (and ) Tj ET Q q 0 0 0 rg BT 408.55 239.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 441.23 239.35 Td (in ) Tj ET Q q 0 0 0 rg BT 451.70 239.35 Td (the ) Tj ET Q q 0 0 0 rg BT 466.61 239.35 Td (indenture ) Tj ET Q q 0 0 0 rg BT 507.07 239.35 Td (governing ) Tj ET Q q 0 0 0 rg BT 550.30 239.35 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.35 Td (2028 ) Tj ET Q q 0 0 0 rg BT 71.80 227.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 100.20 227.35 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 128.33 227.35 Td (which ) Tj ET Q q 0 0 0 rg BT 155.07 227.35 Td (limit ) Tj ET Q q 0 0 0 rg BT 176.26 227.35 Td (the ) Tj ET Q q 0 0 0 rg BT 190.77 227.35 Td (ability ) Tj ET Q q 0 0 0 rg BT 218.62 227.35 Td (of ) Tj ET Q q 0 0 0 rg BT 229.25 227.35 Td (the ) Tj ET Q q 0 0 0 rg BT 243.76 227.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 284.94 227.35 Td (and ) Tj ET Q q 0 0 0 rg BT 301.68 227.35 Td (the ) Tj ET Q q 0 0 0 rg BT 316.19 227.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 355.69 227.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 405.21 227.35 Td (to, ) Tj ET Q q 0 0 0 rg BT 417.78 227.35 Td (among ) Tj ET Q q 0 0 0 rg BT 447.30 227.35 Td (other ) Tj ET Q q 0 0 0 rg BT 470.14 227.35 Td (things: ) Tj ET Q q 0 0 0 rg BT 499.67 227.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 522.51 227.35 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.35 Td (indebtedness; ) Tj ET Q q 0 0 0 rg BT 107.68 215.35 Td (make ) Tj ET Q q 0 0 0 rg BT 133.09 215.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.04 215.35 Td (payments, ) Tj ET Q q 0 0 0 rg BT 208.61 215.35 Td (including ) Tj ET Q q 0 0 0 rg BT 250.13 215.35 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 295.27 215.35 Td (or ) Tj ET Q q 0 0 0 rg BT 307.35 215.35 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 354.40 215.35 Td (any ) Tj ET Q q 0 0 0 rg BT 372.59 215.35 Td (shares, ) Tj ET Q q 0 0 0 rg BT 403.83 215.35 Td (in ) Tj ET Q q 0 0 0 rg BT 415.36 215.35 Td (an ) Tj ET Q q 0 0 0 rg BT 428.55 215.35 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 471.16 215.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 504.90 215.35 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 549.18 215.35 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 93.60 203.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 134.38 203.35 Td (basket; ) Tj ET Q q 0 0 0 rg BT 169.60 203.35 Td (make ) Tj ET Q q 0 0 0 rg BT 193.71 203.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 223.37 203.35 Td (investments; ) Tj ET Q q 0 0 0 rg BT 276.38 203.35 Td (and ) Tj ET Q q 0 0 0 rg BT 293.27 203.35 Td (create ) Tj ET Q q 0 0 0 rg BT 319.59 203.35 Td (or ) Tj ET Q q 0 0 0 rg BT 330.37 203.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 353.38 203.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 383.04 203.35 Td (liens, ) Tj ET Q q 0 0 0 rg BT 406.88 203.35 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 454.88 203.35 Td (or ) Tj ET Q q 0 0 0 rg BT 465.66 203.35 Td (mer) Tj ET Q q 0 0 0 rg BT 481.03 203.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 492.92 203.35 Td (with ) Tj ET Q q 0 0 0 rg BT 513.16 203.35 Td (or ) Tj ET Q q 0 0 0 rg BT 523.94 203.35 Td (into ) Tj ET Q q 0 0 0 rg BT 541.96 203.35 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 191.35 Td (companies, ) Tj ET Q q 0 0 0 rg BT 96.45 191.35 Td (or ) Tj ET Q q 0 0 0 rg BT 106.47 191.35 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 143.15 191.35 Td (or ) Tj ET Q q 0 0 0 rg BT 153.17 191.35 Td (sell ) Tj ET Q q 0 0 0 rg BT 168.75 191.35 Td (or ) Tj ET Q q 0 0 0 rg BT 178.77 191.35 Td (transfer ) Tj ET Q q 0 0 0 rg BT 210.99 191.35 Td (all ) Tj ET Q q 0 0 0 rg BT 222.68 191.35 Td (or ) Tj ET Q q 0 0 0 rg BT 232.70 191.35 Td (substantially ) Tj ET Q q 0 0 0 rg BT 284.94 191.35 Td (all ) Tj ET Q q 0 0 0 rg BT 296.62 191.35 Td (of ) Tj ET Q q 0 0 0 rg BT 306.64 191.35 Td (our ) Tj ET Q q 0 0 0 rg BT 321.66 191.35 Td (assets. ) Tj ET Q q 0 0 0 rg BT 349.18 191.35 Td ( ) Tj ET Q q 0 0 0 rg BT 350.75 191.35 Td (These ) Tj ET Q q 0 0 0 rg BT 376.32 191.35 Td (covenants ) Tj ET Q q 0 0 0 rg BT 417.99 191.35 Td (are ) Tj ET Q q 0 0 0 rg BT 431.89 191.35 Td (subject ) Tj ET Q q 0 0 0 rg BT 461.90 191.35 Td (to ) Tj ET Q q 0 0 0 rg BT 471.37 191.35 Td (a ) Tj ET Q q 0 0 0 rg BT 477.50 191.35 Td (number ) Tj ET Q q 0 0 0 rg BT 509.73 191.35 Td (of ) Tj ET Q q 0 0 0 rg BT 519.75 191.35 Td (exceptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 179.35 Td (and ) Tj ET Q q 0 0 0 rg BT 66.85 179.35 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 124.19 179.35 Td (as ) Tj ET Q q 0 0 0 rg BT 135.43 179.35 Td (described ) Tj ET Q q 0 0 0 rg BT 176.65 179.35 Td (in ) Tj ET Q q 0 0 0 rg BT 187.34 179.35 Td (the ) Tj ET Q q 0 0 0 rg BT 202.47 179.35 Td (indenture ) Tj ET Q q 0 0 0 rg BT 243.14 179.35 Td (governing ) Tj ET Q q 0 0 0 rg BT 286.60 179.35 Td (the ) Tj ET Q q 0 0 0 rg BT 301.73 179.35 Td (2028 ) Tj ET Q q 0 0 0 rg BT 324.64 179.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 353.66 179.35 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 382.40 179.35 Td ( ) Tj ET Q q 0 0 0 rg BT 384.66 179.35 Td (As ) Tj ET Q q 0 0 0 rg BT 398.69 179.35 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.93 179.35 Td (March31, ) Tj ET Q q 0 0 0 rg BT 453.94 179.35 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.94 179.35 Td (, ) Tj ET Q q 0 0 0 rg BT 479.35 179.35 Td (the ) Tj ET Q q 0 0 0 rg BT 494.47 179.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 536.27 179.35 Td (was ) Tj ET Q q 0 0 0 rg BT 554.73 179.35 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 167.35 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.09 167.35 Td (with ) Tj ET Q q 0 0 0 rg BT 118.37 167.35 Td (all ) Tj ET Q q 0 0 0 rg BT 130.86 167.35 Td (terms, ) Tj ET Q q 0 0 0 rg BT 158.08 167.35 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 204.74 167.35 Td (and ) Tj ET Q q 0 0 0 rg BT 221.68 167.35 Td (covenants ) Tj ET Q q 0 0 0 rg BT 264.17 167.35 Td (under ) Tj ET Q q 0 0 0 rg BT 289.44 167.35 Td (the ) Tj ET Q q 0 0 0 rg BT 304.15 167.35 Td (indenture.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 143.35 Td (The ) Tj ET Q q 0 0 0 rg BT 67.28 143.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.41 143.35 Td (used ) Tj ET Q q 0 0 0 rg BT 128.98 143.35 Td (a ) Tj ET Q q 0 0 0 rg BT 135.65 143.35 Td (portion ) Tj ET Q q 0 0 0 rg BT 166.78 143.35 Td (of ) Tj ET Q q 0 0 0 rg BT 177.35 143.35 Td (the ) Tj ET Q q 0 0 0 rg BT 191.80 143.35 Td (net ) Tj ET Q q 0 0 0 rg BT 206.25 143.35 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 244.03 143.35 Td (from ) Tj ET Q q 0 0 0 rg BT 265.71 143.35 Td (the ) Tj ET Q q 0 0 0 rg BT 280.16 143.35 Td (issuance ) Tj ET Q q 0 0 0 rg BT 316.28 143.35 Td (of ) Tj ET Q q 0 0 0 rg BT 326.84 143.35 Td (the ) Tj ET Q q 0 0 0 rg BT 341.30 143.35 Td (2028 ) Tj ET Q q 0 0 0 rg BT 363.54 143.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 391.88 143.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 417.45 143.35 Td (to ) Tj ET Q q 0 0 0 rg BT 427.47 143.35 Td (redeem ) Tj ET Q q 0 0 0 rg BT 459.13 143.35 Td (all ) Tj ET Q q 0 0 0 rg BT 471.36 143.35 Td (of ) Tj ET Q q 0 0 0 rg BT 481.93 143.35 Td (its ) Tj ET Q q 0 0 0 rg BT 493.61 143.35 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 542.52 143.35 Td (2021 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.57 131.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 104.86 131.35 Td (at ) Tj ET Q q 0 0 0 rg BT 115.04 131.35 Td (100.000% ) Tj ET Q q 0 0 0 rg BT 158.83 131.35 Td (of ) Tj ET Q q 0 0 0 rg BT 170.12 131.35 Td (the ) Tj ET Q q 0 0 0 rg BT 185.30 131.35 Td (principal ) Tj ET Q q 0 0 0 rg BT 223.80 131.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 256.76 131.35 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 308.89 131.35 Td (plus ) Tj ET Q q 0 0 0 rg BT 328.52 131.35 Td (accrued ) Tj ET Q q 0 0 0 rg BT 362.56 131.35 Td (and ) Tj ET Q q 0 0 0 rg BT 379.96 131.35 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 410.14 131.35 Td (interest ) Tj ET Q q 0 0 0 rg BT 442.54 131.35 Td (thereon, ) Tj ET Q q 0 0 0 rg BT 477.98 131.35 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.95 131.35 Td (January22, ) Tj ET Q q 0 0 0 rg BT 540.01 131.35 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 131.35 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.35 Td (See ) Tj ET Q q 0 0 0 rg BT 66.44 119.35 Td (Note ) Tj ET Q q 0 0 0 rg BT 88.38 119.35 Td (8 ) Tj ET Q q 0 0 0 rg BT 95.88 119.35 Td (to ) Tj ET Q q 0 0 0 rg BT 106.16 119.35 Td (our ) Tj ET Q q 0 0 0 rg BT 121.99 119.35 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 177.26 119.35 Td (Financial ) Tj ET Q q 0 0 0 rg BT 216.97 119.35 Td (Statements ) Tj ET Q q 0 0 0 rg BT 263.35 119.35 Td (for ) Tj ET Q q 0 0 0 rg BT 277.51 119.35 Td (more ) Tj ET Q q 0 0 0 rg BT 300.56 119.35 Td (information ) Tj ET Q q 0 0 0 rg BT 350.27 119.35 Td (regarding ) Tj ET Q q 0 0 0 rg BT 391.09 119.35 Td (the ) Tj ET Q q 0 0 0 rg BT 405.80 119.35 Td (2028 ) Tj ET Q q 0 0 0 rg BT 428.30 119.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 456.91 119.35 Td (Notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 97.35 Td (5.625% ) Tj ET Q q 0 0 0 rg BT 83.22 97.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 113.34 97.35 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 142.06 97.35 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.95 97.35 Td (In ) Tj ET Q q 0 0 0 rg BT 155.54 97.35 Td (August ) Tj ET Q q 0 0 0 rg BT 187.32 97.35 Td (2017, ) Tj ET Q q 0 0 0 rg BT 212.71 97.35 Td (the ) Tj ET Q q 0 0 0 rg BT 227.82 97.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 269.59 97.35 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.48 97.35 Td ($250 ) Tj ET Q q 0 0 0 rg BT 320.38 97.35 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.27 97.35 Td ( ) Tj ET Q q 0 0 0 rg BT 352.16 97.35 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 393.91 97.35 Td (principal ) Tj ET Q q 0 0 0 rg BT 432.34 97.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 465.23 97.35 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.45 97.35 Td (5.625%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.28 97.35 Td ( ) Tj ET Q q 0 0 0 rg BT 510.17 97.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 539.17 97.35 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 85.35 Td (due ) Tj ET Q q 0 0 0 rg BT 66.49 85.35 Td (2025. ) Tj ET Q q 0 0 0 rg BT 91.55 85.35 Td ( ) Tj ET Q q 0 0 0 rg BT 93.92 85.35 Td (The ) Tj ET Q q 0 0 0 rg BT 112.03 85.35 Td (2025 ) Tj ET Q q 0 0 0 rg BT 134.58 85.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 163.25 85.35 Td (Notes ) Tj ET Q q 0 0 0 rg BT 189.13 85.35 Td (contain ) Tj ET Q q 0 0 0 rg BT 221.12 85.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 250.88 85.35 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 295.92 85.35 Td (as ) Tj ET Q q 0 0 0 rg BT 306.81 85.35 Td (more ) Tj ET Q q 0 0 0 rg BT 329.91 85.35 Td (fully ) Tj ET Q q 0 0 0 rg BT 351.35 85.35 Td (described ) Tj ET Q q 0 0 0 rg BT 392.23 85.35 Td (and ) Tj ET Q q 0 0 0 rg BT 409.22 85.35 Td (defined ) Tj ET Q q 0 0 0 rg BT 441.76 85.35 Td (in ) Tj ET Q q 0 0 0 rg BT 452.10 85.35 Td (the ) Tj ET Q q 0 0 0 rg BT 466.87 85.35 Td (indenture ) Tj ET Q q 0 0 0 rg BT 507.19 85.35 Td (governing ) Tj ET Q q 0 0 0 rg BT 550.29 85.35 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 73.35 Td (2025 ) Tj ET Q q 0 0 0 rg BT 71.80 73.35 Td (Senior ) Tj ET Q q 0 0 0 rg BT 100.20 73.35 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 128.33 73.35 Td (which ) Tj ET Q q 0 0 0 rg BT 155.07 73.35 Td (limit ) Tj ET Q q 0 0 0 rg BT 176.26 73.35 Td (the ) Tj ET Q q 0 0 0 rg BT 190.77 73.35 Td (ability ) Tj ET Q q 0 0 0 rg BT 218.62 73.35 Td (of ) Tj ET Q q 0 0 0 rg BT 229.25 73.35 Td (the ) Tj ET Q q 0 0 0 rg BT 243.76 73.35 Td (Company ) Tj ET Q q 0 0 0 rg BT 284.94 73.35 Td (and ) Tj ET Q q 0 0 0 rg BT 301.68 73.35 Td (the ) Tj ET Q q 0 0 0 rg BT 316.19 73.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 355.69 73.35 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 405.21 73.35 Td (to, ) Tj ET Q q 0 0 0 rg BT 417.78 73.35 Td (among ) Tj ET Q q 0 0 0 rg BT 447.30 73.35 Td (other ) Tj ET Q q 0 0 0 rg BT 470.14 73.35 Td (things: ) Tj ET Q q 0 0 0 rg BT 499.67 73.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 522.51 73.35 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 61.35 Td (indebtedness; ) Tj ET Q q 0 0 0 rg BT 107.68 61.35 Td (make ) Tj ET Q q 0 0 0 rg BT 133.09 61.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 164.04 61.35 Td (payments, ) Tj ET Q q 0 0 0 rg BT 208.61 61.35 Td (including ) Tj ET Q q 0 0 0 rg BT 250.13 61.35 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 295.27 61.35 Td (or ) Tj ET Q q 0 0 0 rg BT 307.35 61.35 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 354.40 61.35 Td (any ) Tj ET Q q 0 0 0 rg BT 372.59 61.35 Td (shares, ) Tj ET Q q 0 0 0 rg BT 403.83 61.35 Td (in ) Tj ET Q q 0 0 0 rg BT 415.36 61.35 Td (an ) Tj ET Q q 0 0 0 rg BT 428.55 61.35 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 471.16 61.35 Td (amount ) Tj ET Q q 0 0 0 rg BT 504.90 61.35 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 549.18 61.35 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 49.35 Td (restricted ) Tj ET Q q 0 0 0 rg BT 93.60 49.35 Td (payments ) Tj ET Q q 0 0 0 rg BT 134.38 49.35 Td (basket; ) Tj ET Q q 0 0 0 rg BT 169.60 49.35 Td (make ) Tj ET Q q 0 0 0 rg BT 193.71 49.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 223.37 49.35 Td (investments; ) Tj ET Q q 0 0 0 rg BT 276.38 49.35 Td (and ) Tj ET Q q 0 0 0 rg BT 293.27 49.35 Td (create ) Tj ET Q q 0 0 0 rg BT 319.59 49.35 Td (or ) Tj ET Q q 0 0 0 rg BT 330.37 49.35 Td (incur ) Tj ET Q q 0 0 0 rg BT 353.38 49.35 Td (certain ) Tj ET Q q 0 0 0 rg BT 383.04 49.35 Td (liens, ) Tj ET Q q 0 0 0 rg BT 406.88 49.35 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 454.88 49.35 Td (or ) Tj ET Q q 0 0 0 rg BT 465.66 49.35 Td (mer) Tj ET Q q 0 0 0 rg BT 481.03 49.35 Td (ge ) Tj ET Q q 0 0 0 rg BT 492.92 49.35 Td (with ) Tj ET Q q 0 0 0 rg BT 513.16 49.35 Td (or ) Tj ET Q q 0 0 0 rg BT 523.94 49.35 Td (into ) Tj ET Q q 0 0 0 rg BT 541.96 49.35 Td (other ) Tj ET Q endstream endobj 89 0 obj <>] /Rotate 0 /Contents 90 0 R>> endobj 90 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (43) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 96.45 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 106.47 740.10 Td (liquidate ) Tj ET Q q 0 0 0 rg BT 143.15 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 153.17 740.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 168.75 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 178.77 740.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 210.99 740.10 Td (all ) Tj ET Q q 0 0 0 rg BT 222.68 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.70 740.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 284.94 740.10 Td (all ) Tj ET Q q 0 0 0 rg BT 296.62 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.64 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 321.66 740.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 349.18 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.75 740.10 Td (These ) Tj ET Q q 0 0 0 rg BT 376.32 740.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 417.99 740.10 Td (are ) Tj ET Q q 0 0 0 rg BT 431.89 740.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 461.90 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.37 740.10 Td (a ) Tj ET Q q 0 0 0 rg BT 477.50 740.10 Td (number ) Tj ET Q q 0 0 0 rg BT 509.73 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.75 740.10 Td (exceptions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.85 728.10 Td (qualifications ) Tj ET Q q 0 0 0 rg BT 124.19 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 135.43 728.10 Td (described ) Tj ET Q q 0 0 0 rg BT 176.65 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 187.34 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.47 728.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 243.14 728.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 286.60 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 301.73 728.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 324.64 728.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 353.66 728.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 382.40 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.66 728.10 Td (As ) Tj ET Q q 0 0 0 rg BT 398.69 728.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.93 728.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 453.94 728.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.94 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 479.35 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.47 728.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 536.27 728.10 Td (was ) Tj ET Q q 0 0 0 rg BT 554.73 728.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 99.34 716.10 Td (with ) Tj ET Q q 0 0 0 rg BT 120.86 716.10 Td (all ) Tj ET Q q 0 0 0 rg BT 134.60 716.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 163.07 716.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 210.98 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 229.17 716.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 272.90 716.10 Td (under ) Tj ET Q q 0 0 0 rg BT 299.42 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 315.38 716.10 Td (indenture. ) Tj ET Q q 0 0 0 rg BT 359.39 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.14 716.10 Td (See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 381.326171875 714.7669921875 m 409.51220703125 714.7669921875 l s q 0 0 1 rg BT 381.33 716.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 404.51 716.10 Td (8) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 409.51 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.26 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.79 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 441.86 716.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 480.59 716.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 526.55 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 541.96 716.10 Td (more ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (information ) Tj ET Q q 0 0 0 rg BT 99.21 704.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 140.03 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 154.74 704.10 Td (2025 ) Tj ET Q q 0 0 0 rg BT 177.24 704.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 205.85 704.10 Td (Notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 682.10 Td (eighted ) Tj ET Q q 0 0 0 rg BT 88.72 682.10 Td (A) Tj ET Q q 0 0 0 rg BT 94.65 682.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 123.13 682.10 Td (Borrowings. ) Tj ET Q q 0 0 0 rg BT 175.25 682.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.51 682.10 Td (For ) Tj ET Q q 0 0 0 rg BT 191.67 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.16 682.10 Td (three ) Tj ET Q q 0 0 0 rg BT 226.41 682.10 Td (months ) Tj ET Q q 0 0 0 rg BT 257.12 682.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 282.27 682.10 Td (March ) Tj ET Q q 0 0 0 rg BT 309.63 682.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 323.40 682.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 344.67 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.37 682.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.37 682.10 Td (, ) Tj ET Q q 0 0 0 rg BT 384.14 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 398.74 682.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 436.66 682.10 Td (average ) Tj ET Q q 0 0 0 rg BT 469.01 682.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 515.83 682.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.80 670.10 Td ($768.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.69 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.56 670.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.87 670.10 Td ($833.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.77 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 211.14 670.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 258.80 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 263.17 670.10 Td (with ) Tj ET Q q 0 0 0 rg BT 282.82 670.10 Td (a ) Tj ET Q q 0 0 0 rg BT 289.13 670.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 327.66 670.10 Td (average ) Tj ET Q q 0 0 0 rg BT 360.61 670.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 391.92 670.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 408.77 670.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.98 670.10 Td (6.17%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.81 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.68 670.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.99 670.10 Td (6.26%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.82 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 493.19 670.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 540.85 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 545.22 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 670.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.91 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.75 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.37 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.53 658.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 153.03 658.10 Td (average ) Tj ET Q q 0 0 0 rg BT 186.95 658.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 235.33 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 252.61 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.78 658.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 308.27 658.10 Td (average ) Tj ET Q q 0 0 0 rg BT 342.19 658.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 374.46 658.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 392.28 658.10 Td (related ) Tj ET Q q 0 0 0 rg BT 422.32 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.94 658.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 475.19 658.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 523.58 658.10 Td (under ) Tj ET Q q 0 0 0 rg BT 549.18 658.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.34 646.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 110.73 646.10 Td (during ) Tj ET Q q 0 0 0 rg BT 139.68 646.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.74 646.10 Td (first ) Tj ET Q q 0 0 0 rg BT 173.69 646.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 204.85 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.02 646.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.02 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 238.86 646.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 281.13 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 291.75 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.80 646.10 Td (same ) Tj ET Q q 0 0 0 rg BT 330.19 646.10 Td (period ) Tj ET Q q 0 0 0 rg BT 358.58 646.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.20 646.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.20 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.04 646.10 Td (as ) Tj ET Q q 0 0 0 rg BT 403.22 646.10 Td (well ) Tj ET Q q 0 0 0 rg BT 423.27 646.10 Td (as ) Tj ET Q q 0 0 0 rg BT 434.45 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.50 646.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 486.22 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 497.40 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 513.57 646.10 Td (2028 ) Tj ET Q q 0 0 0 rg BT 536.41 646.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 74.96 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 87.08 634.10 Td (January ) Tj ET Q q 0 0 0 rg BT 120.31 634.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 134.93 634.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 157.06 634.10 Td (which ) Tj ET Q q 0 0 0 rg BT 183.62 634.10 Td (had ) Tj ET Q q 0 0 0 rg BT 200.18 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 206.75 634.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 231.64 634.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 263.20 634.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 280.31 634.10 Td (than ) Tj ET Q q 0 0 0 rg BT 299.65 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 315.11 634.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 337.24 634.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 365.47 634.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 390.92 634.10 Td (which ) Tj ET Q q 0 0 0 rg BT 417.49 634.10 Td (were ) Tj ET Q q 0 0 0 rg BT 439.04 634.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 480.03 634.10 Td (on ) Tj ET Q q 0 0 0 rg BT 492.16 634.10 Td (January ) Tj ET Q q 0 0 0 rg BT 525.38 634.10 Td (22, ) Tj ET Q q 0 0 0 rg BT 540.01 634.10 Td (2020. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.07 610.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 107.75 610.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.75 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 133.82 610.10 Td (we ) Tj ET Q q 0 0 0 rg BT 149.05 610.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.06 610.10 Td ($6.9 ) Tj ET Q q 0 0 0 rg BT 188.14 610.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.03 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.60 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 232.50 610.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 281.63 610.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 331.87 610.10 Td (under ) Tj ET Q q 0 0 0 rg BT 358.21 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.00 610.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 402.57 610.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 432.47 610.10 Td (, ) Tj ET Q q 0 0 0 rg BT 438.54 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 446.56 610.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 484.54 610.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.55 610.10 Td ($66.0 ) Tj ET Q q 0 0 0 rg BT 533.63 610.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.52 598.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.10 598.10 Td (December ) Tj ET Q q 0 0 0 rg BT 151.54 598.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 166.40 598.10 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.40 598.10 Td (. ) Tj ET Q q 0 0 0 rg BT 191.25 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 193.61 598.10 Td (During ) Tj ET Q q 0 0 0 rg BT 224.30 598.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.87 598.10 Td (first ) Tj ET Q q 0 0 0 rg BT 257.34 598.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 288.01 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 298.70 598.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.70 598.10 Td (, ) Tj ET Q q 0 0 0 rg BT 323.56 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.13 598.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 379.37 598.10 Td (used ) Tj ET Q q 0 0 0 rg BT 400.06 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.64 598.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 441.99 598.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 474.90 598.10 Td (for ) Tj ET Q q 0 0 0 rg BT 488.92 598.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 535.15 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 545.29 598.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.17 586.10 Td (land ) Tj ET Q q 0 0 0 rg BT 85.62 586.10 Td (development, ) Tj ET Q q 0 0 0 rg BT 142.00 586.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 193.66 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 204.22 586.10 Td (homes, ) Tj ET Q q 0 0 0 rg BT 235.06 586.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 275.05 586.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 315.88 586.10 Td (working ) Tj ET Q q 0 0 0 rg BT 351.44 586.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 380.33 586.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 434.76 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.43 586.10 Td (share ) Tj ET Q q 0 0 0 rg BT 474.76 586.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 524.18 586.10 Td (under ) Tj ET Q q 0 0 0 rg BT 549.18 586.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 72.22 574.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 97.71 574.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 147.08 574.10 Td (Program. ) Tj ET Q q 0 0 0 rg BT 186.74 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 189.46 574.10 Td (During ) Tj ET Q q 0 0 0 rg BT 220.51 574.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.45 574.10 Td (three ) Tj ET Q q 0 0 0 rg BT 258.15 574.10 Td (months ) Tj ET Q q 0 0 0 rg BT 290.32 574.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 316.92 574.10 Td (March ) Tj ET Q q 0 0 0 rg BT 345.74 574.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 360.96 574.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.96 574.10 Td (, ) Tj ET Q q 0 0 0 rg BT 386.18 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.12 574.10 Td (average ) Tj ET Q q 0 0 0 rg BT 434.93 574.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 457.64 574.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 490.36 574.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 539.75 574.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.60 562.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 92.49 562.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 125.93 562.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.36 562.10 Td ($58.4 ) Tj ET Q q 0 0 0 rg BT 169.75 562.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.64 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.53 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 218.86 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.96 562.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 277.40 562.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 310.28 562.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 359.83 562.10 Td (under ) Tj ET Q q 0 0 0 rg BT 385.49 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.59 562.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 428.48 562.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 461.91 562.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 562.10 Td ($1) Tj ET Q q 0 0 0 rg BT 489.98 562.10 Td (1) Tj ET Q q 0 0 0 rg BT 494.61 562.10 Td (1.3 ) Tj ET Q q 0 0 0 rg BT 510.00 562.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.89 562.10 Td (. ) Tj ET Q q 0 0 0 rg BT 544.28 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 562.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 81.25 550.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 121.32 550.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.18 550.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.18 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 170.94 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.69 550.10 Td (will ) Tj ET Q q 0 0 0 rg BT 190.00 550.10 Td (be ) Tj ET Q q 0 0 0 rg BT 201.19 550.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 231.27 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.80 550.10 Td (numerous ) Tj ET Q q 0 0 0 rg BT 281.99 550.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 313.45 550.10 Td (including ) Tj ET Q q 0 0 0 rg BT 352.98 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.95 550.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 394.81 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 411.00 550.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 442.75 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.83 550.10 Td (land ) Tj ET Q q 0 0 0 rg BT 471.80 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 488.00 550.10 Td (house ) Tj ET Q q 0 0 0 rg BT 513.08 550.10 Td (construction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 105.64 538.10 Td (payroll ) Tj ET Q q 0 0 0 rg BT 136.51 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 153.49 538.10 Td (other ) Tj ET Q q 0 0 0 rg BT 176.58 538.10 Td (general ) Tj ET Q q 0 0 0 rg BT 208.55 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 225.53 538.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 285.28 538.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 326.42 538.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 346.74 538.10 Td (receipts ) Tj ET Q q 0 0 0 rg BT 380.37 538.10 Td (from ) Tj ET Q q 0 0 0 rg BT 402.36 538.10 Td (home ) Tj ET Q q 0 0 0 rg BT 427.12 538.10 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 471.03 538.10 Td (other ) Tj ET Q q 0 0 0 rg BT 494.12 538.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 514.44 538.10 Td (receipts ) Tj ET Q q 0 0 0 rg BT 548.07 538.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 93.55 526.10 Td (any ) Tj ET Q q 0 0 0 rg BT 111.21 526.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 141.08 526.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 175.96 526.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 226.95 526.10 Td (or ) Tj ET Q q 0 0 0 rg BT 238.50 526.10 Td (other ) Tj ET Q q 0 0 0 rg BT 262.27 526.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 305.48 526.10 Td (financings ) Tj ET Q q 0 0 0 rg BT 350.36 526.10 Td (by ) Tj ET Q q 0 0 0 rg BT 363.58 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.02 526.10 Td (Company) Tj ET Q q 0 0 0 rg BT 417.26 526.10 Td (, ) Tj ET Q q 0 0 0 rg BT 422.98 526.10 Td (any ) Tj ET Q q 0 0 0 rg BT 440.64 526.10 Td (repayments ) Tj ET Q q 0 0 0 rg BT 489.96 526.10 Td (or ) Tj ET Q q 0 0 0 rg BT 501.51 526.10 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 554.17 526.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 98.43 514.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 120.41 514.10 Td (any ) Tj ET Q q 0 0 0 rg BT 137.11 514.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 179.37 514.10 Td (share ) Tj ET Q q 0 0 0 rg BT 202.73 514.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 252.19 514.10 Td (under ) Tj ET Q q 0 0 0 rg BT 277.23 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 291.71 514.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 313.97 514.10 Td (Share ) Tj ET Q q 0 0 0 rg BT 339.01 514.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 387.92 514.10 Td (Program ) Tj ET Q q 0 0 0 rg BT 424.62 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.32 514.10 Td (any ) Tj ET Q q 0 0 0 rg BT 458.03 514.10 Td (other ) Tj ET Q q 0 0 0 rg BT 480.84 514.10 Td (extraordinary ) Tj ET Q q 0 0 0 rg BT 536.96 514.10 Td (events ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.36 502.10 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 115.47 502.10 Td (The ) Tj ET Q q 0 0 0 rg BT 133.55 502.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 174.97 502.10 Td (may ) Tj ET Q q 0 0 0 rg BT 194.72 502.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 240.55 502.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 285.30 502.10 Td (variation ) Tj ET Q q 0 0 0 rg BT 323.37 502.10 Td (in ) Tj ET Q q 0 0 0 rg BT 333.68 502.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 353.98 502.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.95 502.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 398.48 502.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 431.56 502.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 468.52 502.10 Td (from ) Tj ET Q q 0 0 0 rg BT 490.49 502.10 Td (week ) Tj ET Q q 0 0 0 rg BT 514.12 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 524.43 502.10 Td (week ) Tj ET Q q 0 0 0 rg BT 548.06 502.10 Td (due ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 490.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.49 490.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 103.10 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 113.93 490.10 Td (such ) Tj ET Q q 0 0 0 rg BT 134.76 490.10 Td (receipts ) Tj ET Q q 0 0 0 rg BT 168.35 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 185.28 490.10 Td (payments. ) Tj ET Q q 0 0 0 rg BT 228.43 490.10 Td (W) Tj ET Q q 0 0 0 rg BT 237.06 490.10 Td (e ) Tj ET Q q 0 0 0 rg BT 244.00 490.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 272.59 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 282.87 490.10 Td (use ) Tj ET Q q 0 0 0 rg BT 298.69 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.52 490.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 342.01 490.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 375.06 490.10 Td (as ) Tj ET Q q 0 0 0 rg BT 385.89 490.10 Td (part ) Tj ET Q q 0 0 0 rg BT 403.94 490.10 Td (of ) Tj ET Q q 0 0 0 rg BT 414.76 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 430.59 490.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 466.98 490.10 Td (management ) Tj ET Q q 0 0 0 rg BT 520.57 490.10 Td (but ) Tj ET Q q 0 0 0 rg BT 535.84 490.10 Td (cannot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 85.32 478.10 Td (our ) Tj ET Q q 0 0 0 rg BT 101.15 478.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 144.20 478.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 192.25 478.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.53 478.10 Td (2020 ) Tj ET Q q 0 0 0 rg BT 225.03 478.10 Td (at ) Tj ET Q q 0 0 0 rg BT 234.75 478.10 Td (this ) Tj ET Q q 0 0 0 rg BT 251.70 478.10 Td (time ) Tj ET Q q 0 0 0 rg BT 271.97 478.10 Td (as ) Tj ET Q q 0 0 0 rg BT 282.80 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 289.74 478.10 Td (result ) Tj ET Q q 0 0 0 rg BT 314.46 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.29 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 340.00 478.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 387.50 478.10 Td (pandemic.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (There ) Tj ET Q q 0 0 0 rg BT 75.06 456.10 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.72 456.10 Td ($65.8 ) Tj ET Q q 0 0 0 rg BT 121.46 456.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.36 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 152.60 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 163.17 456.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 189.84 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.41 456.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 225.42 456.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 252.66 456.10 Td (and ) Tj ET Q q 0 0 0 rg BT 269.33 456.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 318.24 456.10 Td (under ) Tj ET Q q 0 0 0 rg BT 343.25 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.71 456.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 384.94 456.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 417.73 456.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.19 456.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 470.53 456.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.53 456.10 Td (. ) Tj ET Q q 0 0 0 rg BT 495.27 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.51 456.10 Td (During ) Tj ET Q q 0 0 0 rg BT 528.08 456.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.54 456.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (months ) Tj ET Q q 0 0 0 rg BT 80.78 444.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 106.49 444.10 Td (March ) Tj ET Q q 0 0 0 rg BT 134.42 444.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 148.75 444.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.75 444.10 Td (, ) Tj ET Q q 0 0 0 rg BT 173.08 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 187.13 444.10 Td (average ) Tj ET Q q 0 0 0 rg BT 220.04 444.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 241.87 444.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 273.69 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.86 444.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 310.12 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.28 444.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 344.88 444.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 393.37 444.10 Td (under ) Tj ET Q q 0 0 0 rg BT 417.97 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 432.02 444.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 458.85 444.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 491.23 444.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.61 444.10 Td ($68.6million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 81.16 432.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 124.21 432.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 156.70 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.53 432.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 194.47 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.30 432.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 230.56 432.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 279.72 432.10 Td (under ) Tj ET Q q 0 0 0 rg BT 304.99 432.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.71 432.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 347.21 432.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 380.26 432.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.31 432.10 Td ($69.9 ) Tj ET Q q 0 0 0 rg BT 423.31 432.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.20 432.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.76 408.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.13 408.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.13 408.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.89 408.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 147.16 408.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 186.63 408.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.34 408.10 Td ($104.6 ) Tj ET Q q 0 0 0 rg BT 233.10 408.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.99 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.26 408.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 313.19 408.10 Td (under ) Tj ET Q q 0 0 0 rg BT 338.22 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.70 408.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 372.75 408.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 413.73 408.10 Td (W) Tj ET Q q 0 0 0 rg BT 422.37 408.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 468.01 408.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 519.70 408.10 Td (During ) Tj ET Q q 0 0 0 rg BT 550.29 408.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (three ) Tj ET Q q 0 0 0 rg BT 71.55 396.10 Td (months ) Tj ET Q q 0 0 0 rg BT 103.06 396.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.01 396.10 Td (March ) Tj ET Q q 0 0 0 rg BT 157.17 396.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.74 396.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.74 396.10 Td (, ) Tj ET Q q 0 0 0 rg BT 196.30 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.58 396.10 Td (average ) Tj ET Q q 0 0 0 rg BT 243.73 396.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 265.79 396.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 297.85 396.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 346.58 396.10 Td (under ) Tj ET Q q 0 0 0 rg BT 371.42 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 385.70 396.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 405.55 396.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 446.34 396.10 Td (W) Tj ET Q q 0 0 0 rg BT 454.98 396.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 500.47 396.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 546.96 396.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td ($42.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.89 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.83 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.55 384.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 180.60 384.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 213.09 384.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 262.26 384.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.31 384.10 Td ($104.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.20 384.10 Td (, ) Tj ET Q q 0 0 0 rg BT 344.20 384.10 Td (which ) Tj ET Q q 0 0 0 rg BT 371.14 384.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 408.62 384.10 Td (during ) Tj ET Q q 0 0 0 rg BT 437.22 384.10 Td (March.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.90 360.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.41 360.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.41 360.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.31 360.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 147.72 360.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 187.33 360.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.18 360.10 Td ($40.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.07 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.47 360.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 309.54 360.10 Td (under ) Tj ET Q q 0 0 0 rg BT 334.72 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.34 360.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 369.53 360.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 410.81 360.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 459.86 360.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 489.76 360.10 Td (. ) Tj ET Q q 0 0 0 rg BT 497.17 360.10 Td (During ) Tj ET Q q 0 0 0 rg BT 527.90 360.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 360.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (months ) Tj ET Q q 0 0 0 rg BT 83.59 348.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 112.10 348.10 Td (March ) Tj ET Q q 0 0 0 rg BT 142.84 348.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 159.98 348.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.98 348.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.12 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.98 348.10 Td (average ) Tj ET Q q 0 0 0 rg BT 239.70 348.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 264.33 348.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 298.97 348.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 350.27 348.10 Td (under ) Tj ET Q q 0 0 0 rg BT 377.68 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.54 348.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 416.96 348.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 460.47 348.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 511.76 348.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 546.95 348.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td ($33.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.89 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.83 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 137.55 336.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 180.60 336.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 213.09 336.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 262.26 336.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.31 336.10 Td ($51.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.20 336.10 Td (, ) Tj ET Q q 0 0 0 rg BT 339.20 336.10 Td (which ) Tj ET Q q 0 0 0 rg BT 366.14 336.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 403.62 336.10 Td (during ) Tj ET Q q 0 0 0 rg BT 432.22 336.10 Td (January) Tj ET Q q 0 0 0 rg BT 462.67 336.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (Universal ) Tj ET Q q 0 0 0 rg BT 91.34 314.10 Td (Shelf ) Tj ET Q q 0 0 0 rg BT 114.84 314.10 Td (Registration. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.75 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.59 314.10 Td (In ) Tj ET Q q 0 0 0 rg BT 181.75 314.10 Td (June ) Tj ET Q q 0 0 0 rg BT 201.92 314.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 226.26 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.31 314.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 281.04 314.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 301.20 314.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.48 314.10 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.87 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.70 314.10 Td (universal ) Tj ET Q q 0 0 0 rg BT 399.20 314.10 Td (shelf ) Tj ET Q q 0 0 0 rg BT 420.47 314.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 467.85 314.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 508.01 314.10 Td (with ) Tj ET Q q 0 0 0 rg BT 527.63 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 541.68 314.10 Td (SEC, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.07 302.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 123.75 302.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 164.21 302.10 Td (became ) Tj ET Q q 0 0 0 rg BT 196.87 302.10 Td (ef) Tj ET Q q 0 0 0 rg BT 204.46 302.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 233.80 302.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 255.93 302.10 Td (filing ) Tj ET Q q 0 0 0 rg BT 279.73 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 296.31 302.10 Td (will ) Tj ET Q q 0 0 0 rg BT 314.00 302.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 341.12 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 351.03 302.10 Td (June ) Tj ET Q q 0 0 0 rg BT 371.50 302.10 Td (2022. ) Tj ET Q q 0 0 0 rg BT 396.14 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.27 302.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 435.41 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 445.32 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 459.67 302.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 507.35 302.10 Td (statement, ) Tj ET Q q 0 0 0 rg BT 550.30 302.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 90.71 290.10 Td (may) Tj ET Q q 0 0 0 rg BT 107.28 290.10 Td (, ) Tj ET Q q 0 0 0 rg BT 112.11 290.10 Td (from ) Tj ET Q q 0 0 0 rg BT 133.87 290.10 Td (time ) Tj ET Q q 0 0 0 rg BT 153.97 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 164.08 290.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 186.68 290.10 Td (of) Tj ET Q q 0 0 0 rg BT 194.83 290.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 208.25 290.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 227.80 290.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 270.39 290.10 Td (common ) Tj ET Q q 0 0 0 rg BT 307.71 290.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 337.52 290.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 376.49 290.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 406.30 290.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 450.29 290.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 480.10 290.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 516.86 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.96 290.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.16 278.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 111.87 278.10 Td (common ) Tj ET Q q 0 0 0 rg BT 149.31 278.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 179.25 278.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 218.33 278.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 248.27 278.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 292.37 278.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 319.81 278.10 Td (or ) Tj ET Q q 0 0 0 rg BT 330.58 278.10 Td (units ) Tj ET Q q 0 0 0 rg BT 352.48 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.25 278.10 Td (two ) Tj ET Q q 0 0 0 rg BT 380.70 278.10 Td (or ) Tj ET Q q 0 0 0 rg BT 391.48 278.10 Td (more ) Tj ET Q q 0 0 0 rg BT 414.47 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.25 278.10 Td (those ) Tj ET Q q 0 0 0 rg BT 448.80 278.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 491.51 278.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 516.74 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.96 278.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 68.88 266.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 111.30 266.10 Td (common ) Tj ET Q q 0 0 0 rg BT 148.45 266.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 178.10 266.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 216.90 266.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 244.05 266.10 Td (or ) Tj ET Q q 0 0 0 rg BT 254.54 266.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 298.35 266.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 328.00 266.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 351.27 266.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 388.97 266.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 427.22 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.82 266.10 Td (units. ) Tj ET Q q 0 0 0 rg BT 467.93 266.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.93 266.10 Td (The ) Tj ET Q q 0 0 0 rg BT 487.64 266.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 515.91 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.51 266.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 254.10 Td (of) Tj ET Q q 0 0 0 rg BT 68.48 254.10 Td (ferings, ) Tj ET Q q 0 0 0 rg BT 101.25 254.10 Td (if ) Tj ET Q q 0 0 0 rg BT 109.86 254.10 Td (any) Tj ET Q q 0 0 0 rg BT 123.65 254.10 Td (, ) Tj ET Q q 0 0 0 rg BT 128.65 254.10 Td (will ) Tj ET Q q 0 0 0 rg BT 146.70 254.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 178.08 254.10 Td (on ) Tj ET Q q 0 0 0 rg BT 190.58 254.10 Td (market ) Tj ET Q q 0 0 0 rg BT 220.84 254.10 Td (and ) Tj ET Q q 0 0 0 rg BT 237.78 254.10 Td (general ) Tj ET Q q 0 0 0 rg BT 269.71 254.10 Td (business ) Tj ET Q q 0 0 0 rg BT 306.10 254.10 Td (conditions.) Tj ET Q endstream endobj 91 0 obj <><><>] /Rotate 0 /Contents 92 0 R>> endobj 92 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (44) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 738.68505859375 m 202.6787109375 738.68505859375 l s q 0 0 0 rg BT 49.50 740.25 Td (CONTRACTUAL) Tj ET Q q 0 0 0 rg BT 127.29 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 129.79 740.25 Td (OBLIGA) Tj ET Q q 0 0 0 rg BT 169.06 740.25 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (There ) Tj ET Q q 0 0 0 rg BT 77.67 716.25 Td (have ) Tj ET Q q 0 0 0 rg BT 101.39 716.25 Td (been ) Tj ET Q q 0 0 0 rg BT 125.12 716.25 Td (no ) Tj ET Q q 0 0 0 rg BT 139.97 716.25 Td (material ) Tj ET Q q 0 0 0 rg BT 177.58 716.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 214.64 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 227.26 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 245.44 716.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 294.71 716.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 344.01 716.25 Td (appearing ) Tj ET Q q 0 0 0 rg BT 388.28 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 400.91 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.98 716.25 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 469.48 716.25 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 520.99 716.25 Td (section ) Tj ET Q q 0 0 0 rg BT 554.17 716.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (Management) Tj ET Q q 0 0 0 rg BT 104.48 704.25 Td (s ) Tj ET Q q 0 0 0 rg BT 110.50 704.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 156.53 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.63 704.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 209.76 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 220.22 704.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 259.56 704.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 301.70 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.27 704.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 349.85 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.31 704.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 406.32 704.25 Td (included ) Tj ET Q q 0 0 0 rg BT 442.88 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 452.79 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 467.78 704.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 499.35 704.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 528.70 704.25 Td (on ) Tj ET Q q 0 0 0 rg BT 540.83 704.25 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 72.55 692.25 Td (for ) Tj ET Q q 0 0 0 rg BT 86.71 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 101.43 692.25 Td (year ) Tj ET Q q 0 0 0 rg BT 121.14 692.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.51 692.25 Td (December ) Tj ET Q q 0 0 0 rg BT 191.10 692.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 206.10 692.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.10 692.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 666.68505859375 m 245.45703125 666.68505859375 l s q 0 0 0 rg BT 49.50 668.25 Td (OFF-BALANCE ) Tj ET Q q 0 0 0 rg BT 124.22 668.25 Td (SHEET) Tj ET Q q 0 0 0 rg BT 157.39 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 159.34 668.25 Td (ARRANGEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 75.18994140625 644.9169921875 m 80.18994140625 644.9169921875 l s q 0 0 1 rg BT 75.19 646.25 Td (3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 80.19 646.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 85.0498046875 644.9169921875 m 90.0498046875 644.9169921875 l s q 0 0 1 rg BT 85.05 646.25 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 90.05 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 92.41 646.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 109.2080078125 644.9169921875 m 114.2080078125 644.9169921875 l s q 0 0 1 rg BT 109.21 646.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 114.21 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 116.57 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 126.71 646.25 Td (our ) Tj ET Q q 0 0 0 rg BT 142.40 646.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 189.19 646.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 244.33 646.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 283.90 646.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 330.14 646.25 Td (discuss ) Tj ET Q q 0 0 0 rg BT 361.39 646.25 Td (our ) Tj ET Q q 0 0 0 rg BT 377.08 646.25 Td (of) Tj ET Q q 0 0 0 rg BT 385.23 646.25 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 424.78 646.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 447.69 646.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 503.91 646.25 Td (with ) Tj ET Q q 0 0 0 rg BT 524.05 646.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 554.73 646.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (land ) Tj ET Q q 0 0 0 rg BT 70.35 634.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 117.87 634.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 157.60 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 175.67 634.25 Td (option ) Tj ET Q q 0 0 0 rg BT 204.86 634.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 256.53 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 274.60 634.25 Td (land ) Tj ET Q q 0 0 0 rg BT 295.45 634.25 Td (development ) Tj ET Q q 0 0 0 rg BT 350.73 634.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 372.70 634.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 412.71 634.25 Td (including ) Tj ET Q q 0 0 0 rg BT 454.12 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.97 634.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 498.59 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 516.67 634.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 554.19 634.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 85.94 622.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 131.85 622.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 163.85 622.25 Td (to ) Tj ET Q q 0 0 0 rg BT 173.09 622.25 Td (these ) Tj ET Q q 0 0 0 rg BT 195.10 622.25 Td (items. ) Tj ET Q q 0 0 0 rg BT 220.73 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.19 622.25 Td (In ) Tj ET Q q 0 0 0 rg BT 231.99 622.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 268.72 622.25 Td (these ) Tj ET Q q 0 0 0 rg BT 290.73 622.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 315.52 622.25 Td (discuss ) Tj ET Q q 0 0 0 rg BT 345.88 622.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.56 622.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 386.00 622.25 Td (and ) Tj ET Q q 0 0 0 rg BT 401.90 622.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 437.25 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 447.05 622.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 475.71 622.25 Td (types ) Tj ET Q q 0 0 0 rg BT 498.28 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 508.07 622.25 Td (commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (that ) Tj ET Q q 0 0 0 rg BT 65.97 610.25 Td (arise ) Tj ET Q q 0 0 0 rg BT 86.32 610.25 Td (in ) Tj ET Q q 0 0 0 rg BT 95.58 610.25 Td (the ) Tj ET Q q 0 0 0 rg BT 109.27 610.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 144.62 610.25 Td (course ) Tj ET Q q 0 0 0 rg BT 172.20 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 182.01 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 196.81 610.25 Td (land ) Tj ET Q q 0 0 0 rg BT 215.50 610.25 Td (development ) Tj ET Q q 0 0 0 rg BT 268.63 610.25 Td (and ) Tj ET Q q 0 0 0 rg BT 284.55 610.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 341.57 610.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 387.20 610.25 Td (including ) Tj ET Q q 0 0 0 rg BT 426.45 610.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 482.37 610.25 Td (of ) Tj ET Q q 0 0 0 rg BT 492.17 610.25 Td (land ) Tj ET Q q 0 0 0 rg BT 510.87 610.25 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 70.33 598.25 Td (ventures ) Tj ET Q q 0 0 0 rg BT 106.71 598.25 Td (for ) Tj ET Q q 0 0 0 rg BT 120.87 598.25 Td (which ) Tj ET Q q 0 0 0 rg BT 147.81 598.25 Td (we ) Tj ET Q q 0 0 0 rg BT 161.97 598.25 Td (might ) Tj ET Q q 0 0 0 rg BT 187.81 598.25 Td (be ) Tj ET Q q 0 0 0 rg BT 199.74 598.25 Td (obligated.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.76 576.25 Td (of) Tj ET Q q 0 0 0 rg BT 76.91 576.25 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 117.82 576.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 142.07 576.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 199.65 576.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 233.90 576.25 Td (to ) Tj ET Q q 0 0 0 rg BT 245.39 576.25 Td (our ) Tj ET Q q 0 0 0 rg BT 262.43 576.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 321.69 576.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 367.06 576.25 Td (include ) Tj ET Q q 0 0 0 rg BT 400.20 576.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 422.25 576.25 Td (venture ) Tj ET Q q 0 0 0 rg BT 455.95 576.25 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 516.02 576.25 Td (land ) Tj ET Q q 0 0 0 rg BT 536.95 576.25 Td (option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 100.09 564.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 145.41 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 162.40 564.25 Td (indemnifications ) Tj ET Q q 0 0 0 rg BT 232.17 564.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 275.83 564.25 Td (with ) Tj ET Q q 0 0 0 rg BT 296.16 564.25 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 336.49 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 353.49 564.25 Td (developing ) Tj ET Q q 0 0 0 rg BT 400.48 564.25 Td (land, ) Tj ET Q q 0 0 0 rg BT 422.76 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 439.76 564.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.53 564.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 490.97 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 501.86 564.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 528.85 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 539.74 564.25 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.95 552.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 114.94 552.25 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 144.34 552.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.35 552.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 165.91 552.25 Td (use ) Tj ET Q q 0 0 0 rg BT 182.25 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 193.59 552.25 Td (these ) Tj ET Q q 0 0 0 rg BT 217.14 552.25 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 274.01 552.25 Td (is ) Tj ET Q q 0 0 0 rg BT 283.69 552.25 Td (for ) Tj ET Q q 0 0 0 rg BT 298.36 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.58 552.25 Td (purpose ) Tj ET Q q 0 0 0 rg BT 348.25 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 359.59 552.25 Td (securing ) Tj ET Q q 0 0 0 rg BT 396.47 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 411.70 552.25 Td (most ) Tj ET Q q 0 0 0 rg BT 434.15 552.25 Td (desirable ) Tj ET Q q 0 0 0 rg BT 473.25 552.25 Td (lots ) Tj ET Q q 0 0 0 rg BT 490.71 552.25 Td (on ) Tj ET Q q 0 0 0 rg BT 503.72 552.25 Td (which ) Tj ET Q q 0 0 0 rg BT 531.17 552.25 Td (to ) Tj ET Q q 0 0 0 rg BT 541.95 552.25 Td (build ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 78.68 540.25 Td (for ) Tj ET Q q 0 0 0 rg BT 93.41 540.25 Td (our ) Tj ET Q q 0 0 0 rg BT 109.81 540.25 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 161.76 540.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.61 540.25 Td (a ) Tj ET Q q 0 0 0 rg BT 180.11 540.25 Td (manner ) Tj ET Q q 0 0 0 rg BT 213.17 540.25 Td (that ) Tj ET Q q 0 0 0 rg BT 231.24 540.25 Td (we ) Tj ET Q q 0 0 0 rg BT 245.97 540.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 277.91 540.25 Td (reduces ) Tj ET Q q 0 0 0 rg BT 311.52 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.80 540.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 357.64 540.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 375.71 540.25 Td (to ) Tj ET Q q 0 0 0 rg BT 386.56 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.84 540.25 Td (Company) Tj ET Q q 0 0 0 rg BT 440.08 540.25 Td (.) Tj ET Q q 0 0 0 rg BT 447.03 540.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 496.93 540.25 Td (, ) Tj ET Q q 0 0 0 rg BT 502.50 540.25 Td (in ) Tj ET Q q 0 0 0 rg BT 513.35 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 528.64 540.25 Td (ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (course ) Tj ET Q q 0 0 0 rg BT 78.10 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 88.93 528.25 Td (its ) Tj ET Q q 0 0 0 rg BT 100.88 528.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 139.77 528.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 157.27 528.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 196.98 528.25 Td (issues ) Tj ET Q q 0 0 0 rg BT 223.37 528.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 268.63 528.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.56 528.25 Td (indemnities ) Tj ET Q q 0 0 0 rg BT 334.72 528.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 367.77 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 378.04 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.76 528.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 410.81 528.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.64 528.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 445.25 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.53 528.25 Td (third ) Tj ET Q q 0 0 0 rg BT 476.91 528.25 Td (parties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 506.25 Td (Land ) Tj ET Q q 0 0 0 rg BT 73.96 506.25 Td (Option ) Tj ET Q q 0 0 0 rg BT 104.67 506.25 Td (Agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.06 506.25 Td (In ) Tj ET Q q 0 0 0 rg BT 172.18 506.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.19 506.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 223.85 506.25 Td (course ) Tj ET Q q 0 0 0 rg BT 252.74 506.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.86 506.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 303.04 506.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.05 506.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 359.73 506.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 386.39 506.25 Td (into ) Tj ET Q q 0 0 0 rg BT 404.74 506.25 Td (land ) Tj ET Q q 0 0 0 rg BT 424.74 506.25 Td (option ) Tj ET Q q 0 0 0 rg BT 453.09 506.25 Td (or ) Tj ET Q q 0 0 0 rg BT 464.21 506.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 502.54 506.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 550.86 506.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.25 Td (which ) Tj ET Q q 0 0 0 rg BT 76.61 494.25 Td (we ) Tj ET Q q 0 0 0 rg BT 90.95 494.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 130.82 494.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 147.93 494.25 Td (non-refundable ) Tj ET Q q 0 0 0 rg BT 211.69 494.25 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 249.64 494.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.31 494.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 289.99 494.25 Td (to ) Tj ET Q q 0 0 0 rg BT 300.44 494.25 Td (these ) Tj ET Q q 0 0 0 rg BT 323.66 494.25 Td (land ) Tj ET Q q 0 0 0 rg BT 343.55 494.25 Td (option ) Tj ET Q q 0 0 0 rg BT 371.78 494.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 422.49 494.25 Td (the ) Tj ET Q q 0 0 0 rg BT 437.38 494.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 478.94 494.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 516.05 494.25 Td (a ) Tj ET Q q 0 0 0 rg BT 523.16 494.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 554.72 494.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 65.37 482.25 Td (seller ) Tj ET Q q 0 0 0 rg BT 90.68 482.25 Td (as ) Tj ET Q q 0 0 0 rg BT 102.66 482.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 160.19 482.25 Td (for ) Tj ET Q q 0 0 0 rg BT 175.50 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.37 482.25 Td (right ) Tj ET Q q 0 0 0 rg BT 213.91 482.25 Td (to ) Tj ET Q q 0 0 0 rg BT 225.35 482.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 264.54 482.25 Td (land ) Tj ET Q q 0 0 0 rg BT 285.41 482.25 Td (at ) Tj ET Q q 0 0 0 rg BT 296.28 482.25 Td (dif) Tj ET Q q 0 0 0 rg BT 307.21 482.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 334.18 482.25 Td (times ) Tj ET Q q 0 0 0 rg BT 359.49 482.25 Td (in ) Tj ET Q q 0 0 0 rg BT 370.93 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 386.80 482.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 416.83 482.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 449.37 482.25 Td (at ) Tj ET Q q 0 0 0 rg BT 460.24 482.25 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 521.64 482.25 Td (prices. ) Tj ET Q q 0 0 0 rg BT 554.17 482.25 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 96.34 470.25 Td (with ) Tj ET Q q 0 0 0 rg BT 115.59 470.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 136.92 470.25 Td (810, ) Tj ET Q q 0 0 0 rg BT 156.31 470.25 Td (we ) Tj ET Q q 0 0 0 rg BT 169.85 470.25 Td (analyze ) Tj ET Q q 0 0 0 rg BT 202.26 470.25 Td (our ) Tj ET Q q 0 0 0 rg BT 217.48 470.25 Td (land ) Tj ET Q q 0 0 0 rg BT 236.57 470.25 Td (option ) Tj ET Q q 0 0 0 rg BT 264.01 470.25 Td (or ) Tj ET Q q 0 0 0 rg BT 274.23 470.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 311.65 470.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 359.06 470.25 Td (to ) Tj ET Q q 0 0 0 rg BT 368.72 470.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 410.58 470.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 444.67 470.25 Td (the ) Tj ET Q q 0 0 0 rg BT 458.77 470.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 517.86 470.25 Td (land ) Tj ET Q q 0 0 0 rg BT 536.96 470.25 Td (sellers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.23 458.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 87.50 458.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 107.15 458.25 Td (if ) Tj ET Q q 0 0 0 rg BT 115.97 458.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 130.08 458.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 165.01 458.25 Td (we ) Tj ET Q q 0 0 0 rg BT 179.38 458.25 Td (are ) Tj ET Q q 0 0 0 rg BT 194.31 458.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.24 458.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 243.61 458.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 287.93 458.25 Td (. ) Tj ET Q q 0 0 0 rg BT 293.15 458.25 Td ( ) Tj ET Q q 0 0 0 rg BT 295.26 458.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 335.76 458.25 Td (we ) Tj ET Q q 0 0 0 rg BT 350.14 458.25 Td (do ) Tj ET Q q 0 0 0 rg BT 362.85 458.25 Td (not ) Tj ET Q q 0 0 0 rg BT 378.35 458.25 Td (have ) Tj ET Q q 0 0 0 rg BT 399.94 458.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 422.09 458.25 Td (title ) Tj ET Q q 0 0 0 rg BT 440.36 458.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.85 458.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.79 458.25 Td (optioned ) Tj ET Q q 0 0 0 rg BT 503.50 458.25 Td (land, ) Tj ET Q q 0 0 0 rg BT 525.33 458.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 547.50 458.25 Td (810 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.36 446.25 Td (a ) Tj ET Q q 0 0 0 rg BT 91.45 446.25 Td (company ) Tj ET Q q 0 0 0 rg BT 130.76 446.25 Td (to ) Tj ET Q q 0 0 0 rg BT 141.19 446.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 189.39 446.25 Td (a ) Tj ET Q q 0 0 0 rg BT 196.28 446.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 215.60 446.25 Td (if ) Tj ET Q q 0 0 0 rg BT 224.36 446.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.23 446.25 Td (company ) Tj ET Q q 0 0 0 rg BT 278.54 446.25 Td (is ) Tj ET Q q 0 0 0 rg BT 287.86 446.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 335.49 446.25 Td (to ) Tj ET Q q 0 0 0 rg BT 345.92 446.25 Td (be ) Tj ET Q q 0 0 0 rg BT 358.02 446.25 Td (the ) Tj ET Q q 0 0 0 rg BT 372.88 446.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 407.19 446.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 451.51 446.25 Td (. ) Tj ET Q q 0 0 0 rg BT 456.67 446.25 Td ( ) Tj ET Q q 0 0 0 rg BT 459.32 446.25 Td (In ) Tj ET Q q 0 0 0 rg BT 470.30 446.25 Td (cases ) Tj ET Q q 0 0 0 rg BT 494.05 446.25 Td (where ) Tj ET Q q 0 0 0 rg BT 521.14 446.25 Td (we ) Tj ET Q q 0 0 0 rg BT 535.45 446.25 Td (are ) Tj ET Q q 0 0 0 rg BT 550.31 446.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 82.88 434.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 127.20 434.25 Td (, ) Tj ET Q q 0 0 0 rg BT 131.42 434.25 Td (even ) Tj ET Q q 0 0 0 rg BT 152.02 434.25 Td (though ) Tj ET Q q 0 0 0 rg BT 181.52 434.25 Td (we ) Tj ET Q q 0 0 0 rg BT 194.91 434.25 Td (do ) Tj ET Q q 0 0 0 rg BT 206.63 434.25 Td (not ) Tj ET Q q 0 0 0 rg BT 221.13 434.25 Td (have ) Tj ET Q q 0 0 0 rg BT 241.73 434.25 Td (title ) Tj ET Q q 0 0 0 rg BT 259.00 434.25 Td (to ) Tj ET Q q 0 0 0 rg BT 268.50 434.25 Td (such ) Tj ET Q q 0 0 0 rg BT 288.56 434.25 Td (land, ) Tj ET Q q 0 0 0 rg BT 310.00 434.25 Td (we ) Tj ET Q q 0 0 0 rg BT 323.38 434.25 Td (are ) Tj ET Q q 0 0 0 rg BT 337.31 434.25 Td (required ) Tj ET Q q 0 0 0 rg BT 372.35 434.25 Td (to ) Tj ET Q q 0 0 0 rg BT 381.85 434.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 429.11 434.25 Td (these ) Tj ET Q q 0 0 0 rg BT 451.38 434.25 Td (purchase/option ) Tj ET Q q 0 0 0 rg BT 516.98 434.25 Td (agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.81 422.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 95.21 422.25 Td (such ) Tj ET Q q 0 0 0 rg BT 116.41 422.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 142.61 422.25 Td (and ) Tj ET Q q 0 0 0 rg BT 159.91 422.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 200.00 422.25 Td (as ) Tj ET Q q 0 0 0 rg BT 211.20 422.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 266.84 422.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 308.58 422.25 Td (not ) Tj ET Q q 0 0 0 rg BT 324.23 422.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 355.98 422.25 Td (in ) Tj ET Q q 0 0 0 rg BT 366.63 422.25 Td (our ) Tj ET Q q 0 0 0 rg BT 382.83 422.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 427.35 422.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 474.66 422.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 530.30 422.25 Td (Balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.25 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 81.14 410.25 Td ( ) Tj ET Q q 0 0 0 rg BT 83.50 410.25 Td (At ) Tj ET Q q 0 0 0 rg BT 96.52 410.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.33 410.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 161.45 410.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.45 410.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.48 410.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.95 410.25 Td (December ) Tj ET Q q 0 0 0 rg BT 246.06 410.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 261.59 410.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.59 410.25 Td (, ) Tj ET Q q 0 0 0 rg BT 287.11 410.25 Td (we ) Tj ET Q q 0 0 0 rg BT 301.80 410.25 Td (have ) Tj ET Q q 0 0 0 rg BT 323.71 410.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 367.83 410.25 Td (that ) Tj ET Q q 0 0 0 rg BT 385.85 410.25 Td (we ) Tj ET Q q 0 0 0 rg BT 400.54 410.25 Td (were ) Tj ET Q q 0 0 0 rg BT 422.99 410.25 Td (not ) Tj ET Q q 0 0 0 rg BT 438.80 410.25 Td (the ) Tj ET Q q 0 0 0 rg BT 454.04 410.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 488.72 410.25 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 536.72 410.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.08 410.25 Td (any ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 72.55 398.25 Td (from ) Tj ET Q q 0 0 0 rg BT 94.49 398.25 Td (which ) Tj ET Q q 0 0 0 rg BT 121.43 398.25 Td (we ) Tj ET Q q 0 0 0 rg BT 135.59 398.25 Td (are ) Tj ET Q q 0 0 0 rg BT 150.30 398.25 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 196.67 398.25 Td (under ) Tj ET Q q 0 0 0 rg BT 221.94 398.25 Td (land ) Tj ET Q q 0 0 0 rg BT 241.66 398.25 Td (option ) Tj ET Q q 0 0 0 rg BT 269.71 398.25 Td (or ) Tj ET Q q 0 0 0 rg BT 280.54 398.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 318.58 398.25 Td (agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td ( ) Tj ET Q q 0 0 0 rg BT 51.31 376.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.45 376.25 Td (addition, ) Tj ET Q q 0 0 0 rg BT 98.54 376.25 Td (we ) Tj ET Q q 0 0 0 rg BT 112.01 376.25 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 147.13 376.25 Td (our ) Tj ET Q q 0 0 0 rg BT 162.27 376.25 Td (land ) Tj ET Q q 0 0 0 rg BT 181.30 376.25 Td (option ) Tj ET Q q 0 0 0 rg BT 208.67 376.25 Td (or ) Tj ET Q q 0 0 0 rg BT 218.81 376.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 256.16 376.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 303.50 376.25 Td (to ) Tj ET Q q 0 0 0 rg BT 313.09 376.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 354.89 376.25 Td (for ) Tj ET Q q 0 0 0 rg BT 368.36 376.25 Td (each ) Tj ET Q q 0 0 0 rg BT 388.48 376.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 422.50 376.25 Td (if ) Tj ET Q q 0 0 0 rg BT 430.42 376.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 443.89 376.25 Td (a ) Tj ET Q q 0 0 0 rg BT 450.14 376.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 480.84 376.25 Td (or ) Tj ET Q q 0 0 0 rg BT 490.98 376.25 Td (all ) Tj ET Q q 0 0 0 rg BT 502.79 376.25 Td (of ) Tj ET Q q 0 0 0 rg BT 512.93 376.25 Td (the ) Tj ET Q q 0 0 0 rg BT 526.96 376.25 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (price ) Tj ET Q q 0 0 0 rg BT 72.42 364.25 Td (is ) Tj ET Q q 0 0 0 rg BT 82.03 364.25 Td (a ) Tj ET Q q 0 0 0 rg BT 89.41 364.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 123.45 364.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 176.91 364.25 Td (requirement, ) Tj ET Q q 0 0 0 rg BT 230.66 364.25 Td (or ) Tj ET Q q 0 0 0 rg BT 241.93 364.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 256.53 364.25 Td (the ) Tj ET Q q 0 0 0 rg BT 271.68 364.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 304.62 364.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.89 364.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 351.60 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.98 364.25 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 401.91 364.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 448.73 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 466.11 364.25 Td (development ) Tj ET Q q 0 0 0 rg BT 520.70 364.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 543.64 364.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (exceeded ) Tj ET Q q 0 0 0 rg BT 89.09 352.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 118.70 352.25 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 162.21 352.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 194.59 352.25 Td (to ) Tj ET Q q 0 0 0 rg BT 204.77 352.25 Td (the ) Tj ET Q q 0 0 0 rg BT 219.39 352.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 262.34 352.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 300.28 352.25 Td (price ) Tj ET Q q 0 0 0 rg BT 322.66 352.25 Td (of ) Tj ET Q q 0 0 0 rg BT 333.40 352.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.02 352.25 Td (lots. ) Tj ET Q q 0 0 0 rg BT 367.37 352.25 Td ( ) Tj ET Q q 0 0 0 rg BT 369.77 352.25 Td (If ) Tj ET Q q 0 0 0 rg BT 378.83 352.25 Td (either ) Tj ET Q q 0 0 0 rg BT 404.00 352.25 Td (is ) Tj ET Q q 0 0 0 rg BT 413.07 352.25 Td (the ) Tj ET Q q 0 0 0 rg BT 427.69 352.25 Td (case, ) Tj ET Q q 0 0 0 rg BT 449.80 352.25 Td (then ) Tj ET Q q 0 0 0 rg BT 469.42 352.25 Td (the ) Tj ET Q q 0 0 0 rg BT 484.04 352.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 526.98 352.25 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (price ) Tj ET Q q 0 0 0 rg BT 71.77 340.25 Td (of ) Tj ET Q q 0 0 0 rg BT 82.38 340.25 Td (the ) Tj ET Q q 0 0 0 rg BT 96.88 340.25 Td (lots ) Tj ET Q q 0 0 0 rg BT 113.62 340.25 Td (\(or ) Tj ET Q q 0 0 0 rg BT 127.56 340.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.06 340.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 175.44 340.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 228.25 340.25 Td (amount, ) Tj ET Q q 0 0 0 rg BT 263.03 340.25 Td (if ) Tj ET Q q 0 0 0 rg BT 271.42 340.25 Td (applicable\) ) Tj ET Q q 0 0 0 rg BT 318.12 340.25 Td (is ) Tj ET Q q 0 0 0 rg BT 327.08 340.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 364.34 340.25 Td (as ) Tj ET Q q 0 0 0 rg BT 374.95 340.25 Td (an ) Tj ET Q q 0 0 0 rg BT 386.67 340.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 408.40 340.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.12 340.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 458.51 340.25 Td (in ) Tj ET Q q 0 0 0 rg BT 468.57 340.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 523.63 340.25 Td (Inventory ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (Not ) Tj ET Q q 0 0 0 rg BT 67.00 328.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 98.38 328.25 Td (on ) Tj ET Q q 0 0 0 rg BT 110.88 328.25 Td (our ) Tj ET Q q 0 0 0 rg BT 126.71 328.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 181.99 328.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 216.69 328.25 Td (Sheets. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 306.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.07 306.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.74 306.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.74 306.25 Td (, ) Tj ET Q q 0 0 0 rg BT 130.82 306.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 190.60 306.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 232.05 306.25 Td (Not ) Tj ET Q q 0 0 0 rg BT 249.62 306.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 285.51 306.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.64 306.25 Td ($14.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.53 306.25 Td (. ) Tj ET Q q 0 0 0 rg BT 362.60 306.25 Td ( ) Tj ET Q q 0 0 0 rg BT 364.61 306.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.18 306.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 420.85 306.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.85 306.25 Td (, ) Tj ET Q q 0 0 0 rg BT 445.92 306.25 Td (the ) Tj ET Q q 0 0 0 rg BT 460.71 306.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 520.49 306.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 554.17 306.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.25 Td ($14.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 294.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.30 294.25 Td (has ) Tj ET Q q 0 0 0 rg BT 120.54 294.25 Td (been ) Tj ET Q q 0 0 0 rg BT 141.33 294.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 181.00 294.25 Td (as ) Tj ET Q q 0 0 0 rg BT 191.25 294.25 Td (Obligation ) Tj ET Q q 0 0 0 rg BT 235.93 294.25 Td (for ) Tj ET Q q 0 0 0 rg BT 249.50 294.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 304.18 294.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 344.97 294.25 Td (Not ) Tj ET Q q 0 0 0 rg BT 361.88 294.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 392.68 294.25 Td (on ) Tj ET Q q 0 0 0 rg BT 404.59 294.25 Td (our ) Tj ET Q q 0 0 0 rg BT 419.83 294.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 463.39 294.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 509.74 294.25 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 84.20 282.25 Td (Sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.48 258.25 Td (than ) Tj ET Q q 0 0 0 rg BT 95.90 258.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.32 258.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 167.30 258.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 209.39 258.25 Td (Not ) Tj ET Q q 0 0 0 rg BT 227.59 258.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 259.68 258.25 Td (balance, ) Tj ET Q q 0 0 0 rg BT 295.92 258.25 Td (the ) Tj ET Q q 0 0 0 rg BT 311.35 258.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 353.44 258.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 392.74 258.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 428.71 258.25 Td (that ) Tj ET Q q 0 0 0 rg BT 446.91 258.25 Td (its ) Tj ET Q q 0 0 0 rg BT 459.57 258.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 503.33 258.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 542.63 258.25 Td (as ) Tj ET Q q 0 0 0 rg BT 554.17 258.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.07 246.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.07 246.25 Td ( ) Tj ET Q q 0 0 0 rg BT 115.55 246.25 Td (related ) Tj ET Q q 0 0 0 rg BT 145.22 246.25 Td (to ) Tj ET Q q 0 0 0 rg BT 155.48 246.25 Td (our ) Tj ET Q q 0 0 0 rg BT 171.28 246.25 Td (land ) Tj ET Q q 0 0 0 rg BT 190.97 246.25 Td (option ) Tj ET Q q 0 0 0 rg BT 219.00 246.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 267.01 246.25 Td (is ) Tj ET Q q 0 0 0 rg BT 276.16 246.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 300.29 246.25 Td (to ) Tj ET Q q 0 0 0 rg BT 310.54 246.25 Td (the ) Tj ET Q q 0 0 0 rg BT 325.23 246.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 357.70 246.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.50 246.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.20 246.25 Td (Company) Tj ET Q q 0 0 0 rg BT 424.86 246.25 Td (s ) Tj ET Q q 0 0 0 rg BT 431.23 246.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 480.37 246.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 515.62 246.25 Td (and ) Tj ET Q q 0 0 0 rg BT 532.53 246.25 Td (prepaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 95.69 234.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 120.50 234.25 Td (which ) Tj ET Q q 0 0 0 rg BT 147.25 234.25 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.77 234.25 Td ($55.8 ) Tj ET Q q 0 0 0 rg BT 201.58 234.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.47 234.25 Td (, ) Tj ET Q q 0 0 0 rg BT 235.28 234.25 Td (including ) Tj ET Q q 0 0 0 rg BT 275.36 234.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 295.44 234.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 330.53 234.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.17 234.25 Td ($31.7 ) Tj ET Q q 0 0 0 rg BT 365.98 234.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.87 234.25 Td (, ) Tj ET Q q 0 0 0 rg BT 399.68 234.25 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 431.98 234.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 478.17 234.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 500.48 234.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.12 234.25 Td ($7.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 234.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 76.43 222.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.26 222.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 112.53 222.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.36 222.25 Td ($13.2 ) Tj ET Q q 0 0 0 rg BT 148.36 222.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.25 222.25 Td ( ) Tj ET Q q 0 0 0 rg BT 179.75 222.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.69 222.25 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 216.69 222.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.58 222.25 Td ( ) Tj ET Q q 0 0 0 rg BT 248.08 222.25 Td (of ) Tj ET Q q 0 0 0 rg BT 258.91 222.25 Td (other ) Tj ET Q q 0 0 0 rg BT 281.96 222.25 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 320.55 222.25 Td (deposits.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (Letters ) Tj ET Q q 0 0 0 rg BT 79.82 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 90.14 200.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 117.69 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 135.24 200.25 Td (Completion ) Tj ET Q q 0 0 0 rg BT 185.02 200.25 Td (Bonds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.64 200.25 Td () Tj ET Q q 0 0 0 rg BT 218.46 200.25 Td (The ) Tj ET Q q 0 0 0 rg BT 236.00 200.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 276.88 200.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 313.31 200.25 Td (standby ) Tj ET Q q 0 0 0 rg BT 346.41 200.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 372.83 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 383.16 200.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 407.91 200.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.34 200.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 471.33 200.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 497.21 200.25 Td (for ) Tj ET Q q 0 0 0 rg BT 510.86 200.25 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (work ) Tj ET Q q 0 0 0 rg BT 72.26 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 82.24 188.25 Td (progress, ) Tj ET Q q 0 0 0 rg BT 120.83 188.25 Td (deposits ) Tj ET Q q 0 0 0 rg BT 155.81 188.25 Td (on ) Tj ET Q q 0 0 0 rg BT 168.02 188.25 Td (land ) Tj ET Q q 0 0 0 rg BT 187.44 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 204.09 188.25 Td (lot ) Tj ET Q q 0 0 0 rg BT 216.85 188.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 254.59 188.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 302.33 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.98 188.25 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 377.83 188.25 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 417.33 188.25 Td (As ) Tj ET Q q 0 0 0 rg BT 430.65 188.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.19 188.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 484.49 188.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.49 188.25 Td (, ) Tj ET Q q 0 0 0 rg BT 509.20 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 188.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (had ) Tj ET Q q 0 0 0 rg BT 67.08 176.25 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.90 176.25 Td ($237.8 ) Tj ET Q q 0 0 0 rg BT 147.54 176.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.43 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 179.58 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.06 176.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 239.19 176.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 266.23 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 283.81 176.25 Td (standby ) Tj ET Q q 0 0 0 rg BT 318.07 176.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 345.65 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.12 176.25 Td (credit, ) Tj ET Q q 0 0 0 rg BT 385.53 176.25 Td (some ) Tj ET Q q 0 0 0 rg BT 409.79 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 421.26 176.25 Td (which ) Tj ET Q q 0 0 0 rg BT 448.85 176.25 Td (were ) Tj ET Q q 0 0 0 rg BT 471.42 176.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 499.57 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 510.49 176.25 Td (various ) Tj ET Q q 0 0 0 rg BT 543.08 176.25 Td (local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 108.08 164.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 143.06 164.25 Td (that ) Tj ET Q q 0 0 0 rg BT 161.65 164.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 190.24 164.25 Td (at ) Tj ET Q q 0 0 0 rg BT 201.05 164.25 Td (various ) Tj ET Q q 0 0 0 rg BT 234.09 164.25 Td (times ) Tj ET Q q 0 0 0 rg BT 259.35 164.25 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.06 164.25 Td (November ) Tj ET Q q 0 0 0 rg BT 339.87 164.25 Td (2027) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.87 164.25 Td (.Included ) Tj ET Q q 0 0 0 rg BT 405.95 164.25 Td (in ) Tj ET Q q 0 0 0 rg BT 417.33 164.25 Td (this ) Tj ET Q q 0 0 0 rg BT 435.37 164.25 Td (total ) Tj ET Q q 0 0 0 rg BT 456.75 164.25 Td (are: ) Tj ET Q q 0 0 0 rg BT 475.33 164.25 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.59 164.25 Td ($165.8 ) Tj ET Q q 0 0 0 rg BT 521.69 164.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.58 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 554.18 164.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.87 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.15 152.25 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 173.53 152.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 200.27 152.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.55 152.25 Td ($52.2 ) Tj ET Q q 0 0 0 rg BT 242.90 152.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.79 152.25 Td ( ) Tj ET Q q 0 0 0 rg BT 274.64 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 285.81 152.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 339.18 152.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 366.46 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 377.64 152.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 403.25 152.25 Td (that ) Tj ET Q q 0 0 0 rg BT 421.09 152.25 Td (serve ) Tj ET Q q 0 0 0 rg BT 445.04 152.25 Td (as ) Tj ET Q q 0 0 0 rg BT 456.21 152.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 504.05 152.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 530.79 152.25 Td (for ) Tj ET Q q 0 0 0 rg BT 545.30 152.25 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (development ) Tj ET Q q 0 0 0 rg BT 104.99 140.25 Td (work ) Tj ET Q q 0 0 0 rg BT 129.38 140.25 Td (in ) Tj ET Q q 0 0 0 rg BT 141.00 140.25 Td (progress; ) Tj ET Q q 0 0 0 rg BT 181.50 140.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.00 140.25 Td ($13.7 ) Tj ET Q q 0 0 0 rg BT 223.35 140.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.24 140.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.08 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 268.25 140.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 307.07 140.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 335.34 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 347.52 140.25 Td (credit; ) Tj ET Q q 0 0 0 rg BT 376.90 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 395.18 140.25 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.68 140.25 Td ($6.1 ) Tj ET Q q 0 0 0 rg BT 432.02 140.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.91 140.25 Td ( ) Tj ET Q q 0 0 0 rg BT 464.75 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.92 140.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.74 140.25 Td (bonds.) Tj ET Q q 0 0 0 rg BT 546.96 140.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (development ) Tj ET Q q 0 0 0 rg BT 103.92 128.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 152.22 128.25 Td (under ) Tj ET Q q 0 0 0 rg BT 177.76 128.25 Td (which ) Tj ET Q q 0 0 0 rg BT 204.97 128.25 Td (we ) Tj ET Q q 0 0 0 rg BT 219.40 128.25 Td (are ) Tj ET Q q 0 0 0 rg BT 234.38 128.25 Td (required ) Tj ET Q q 0 0 0 rg BT 270.46 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 281.01 128.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 314.33 128.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 362.09 128.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 388.75 128.25 Td (or ) Tj ET Q q 0 0 0 rg BT 399.85 128.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 427.05 128.25 Td (of ) Tj ET Q q 0 0 0 rg BT 438.15 128.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 463.69 128.25 Td (are ) Tj ET Q q 0 0 0 rg BT 478.66 128.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 518.64 128.25 Td (not ) Tj ET Q q 0 0 0 rg BT 534.18 128.25 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (to ) Tj ET Q q 0 0 0 rg BT 58.93 116.25 Td (a ) Tj ET Q q 0 0 0 rg BT 65.01 116.25 Td (required ) Tj ET Q q 0 0 0 rg BT 99.97 116.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 146.61 116.25 Td (date ) Tj ET Q q 0 0 0 rg BT 164.91 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 181.00 116.25 Td (only ) Tj ET Q q 0 0 0 rg BT 200.42 116.25 Td (require ) Tj ET Q q 0 0 0 rg BT 230.39 116.25 Td (that ) Tj ET Q q 0 0 0 rg BT 247.03 116.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.89 116.25 Td (improvements ) Tj ET Q q 0 0 0 rg BT 319.75 116.25 Td (are ) Tj ET Q q 0 0 0 rg BT 333.60 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 343.03 116.25 Td (place ) Tj ET Q q 0 0 0 rg BT 365.77 116.25 Td (in ) Tj ET Q q 0 0 0 rg BT 375.20 116.25 Td (phases ) Tj ET Q q 0 0 0 rg BT 403.50 116.25 Td (as ) Tj ET Q q 0 0 0 rg BT 413.48 116.25 Td (houses ) Tj ET Q q 0 0 0 rg BT 442.35 116.25 Td (are ) Tj ET Q q 0 0 0 rg BT 456.20 116.25 Td (built ) Tj ET Q q 0 0 0 rg BT 476.18 116.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.27 116.25 Td (sold.In ) Tj ET Q q 0 0 0 rg BT 526.42 116.25 Td (locations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 104.25 Td (where ) Tj ET Q q 0 0 0 rg BT 75.54 104.25 Td (development ) Tj ET Q q 0 0 0 rg BT 128.80 104.25 Td (has ) Tj ET Q q 0 0 0 rg BT 143.74 104.25 Td (progressed, ) Tj ET Q q 0 0 0 rg BT 191.17 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.00 104.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 236.60 104.25 Td (of ) Tj ET Q q 0 0 0 rg BT 246.54 104.25 Td (development ) Tj ET Q q 0 0 0 rg BT 299.80 104.25 Td (work ) Tj ET Q q 0 0 0 rg BT 321.97 104.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 364.12 104.25 Td (to ) Tj ET Q q 0 0 0 rg BT 373.51 104.25 Td (be ) Tj ET Q q 0 0 0 rg BT 384.56 104.25 Td (completed ) Tj ET Q q 0 0 0 rg BT 427.82 104.25 Td (is ) Tj ET Q q 0 0 0 rg BT 436.10 104.25 Td (typically ) Tj ET Q q 0 0 0 rg BT 472.70 104.25 Td (less ) Tj ET Q q 0 0 0 rg BT 489.31 104.25 Td (than ) Tj ET Q q 0 0 0 rg BT 508.14 104.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 104.25 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.00 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 92.83 92.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 119.22 92.25 Td (or ) Tj ET Q q 0 0 0 rg BT 130.05 92.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 156.98 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.81 92.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 193.07 92.25 Td (due ) Tj ET Q q 0 0 0 rg BT 210.01 92.25 Td (to ) Tj ET Q q 0 0 0 rg BT 220.29 92.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 248.90 92.25 Td (delays ) Tj ET Q q 0 0 0 rg BT 276.95 92.25 Td (in ) Tj ET Q q 0 0 0 rg BT 287.23 92.25 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 327.50 92.25 Td (release ) Tj ET Q q 0 0 0 rg BT 357.76 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 368.59 92.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.30 92.25 Td (bonds ) Tj ET Q q 0 0 0 rg BT 409.70 92.25 Td (or ) Tj ET Q q 0 0 0 rg BT 420.53 92.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 447.46 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 458.29 92.25 Td (credit.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (Guarantees ) Tj ET Q q 0 0 0 rg BT 99.58 70.25 Td (and ) Tj ET Q q 0 0 0 rg BT 117.43 70.25 Td (Indemnities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.33 70.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.83 70.25 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.33 70.25 Td ( ) Tj ET Q q 0 0 0 rg BT 173.63 70.25 Td (In ) Tj ET Q q 0 0 0 rg BT 184.25 70.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.76 70.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 234.93 70.25 Td (course ) Tj ET Q q 0 0 0 rg BT 263.33 70.25 Td (of ) Tj ET Q q 0 0 0 rg BT 273.95 70.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 312.64 70.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 329.93 70.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 369.44 70.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 395.61 70.25 Td (into ) Tj ET Q q 0 0 0 rg BT 413.46 70.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 461.29 70.25 Td (that ) Tj ET Q q 0 0 0 rg BT 478.58 70.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 519.74 70.25 Td (purchasers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.31 58.25 Td (its ) Tj ET Q q 0 0 0 rg BT 70.23 58.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 109.47 58.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 132.06 58.25 Td (that ) Tj ET Q q 0 0 0 rg BT 148.53 58.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 165.01 58.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 203.70 58.25 Td (will ) Tj ET Q q 0 0 0 rg BT 220.73 58.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 265.51 58.25 Td (a ) Tj ET Q q 0 0 0 rg BT 271.43 58.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 290.12 58.25 Td (if ) Tj ET Q q 0 0 0 rg BT 297.71 58.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 326.39 58.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 369.53 58.25 Td (occur) Tj ET Q q 0 0 0 rg BT 391.18 58.25 Td (.) Tj ET Q q 0 0 0 rg BT 398.50 58.25 Td (The ) Tj ET Q q 0 0 0 rg BT 415.53 58.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 435.90 58.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 478.47 58.25 Td (with ) Tj ET Q q 0 0 0 rg BT 497.72 58.25 Td (these ) Tj ET Q q 0 0 0 rg BT 519.75 58.25 Td (guarantees ) Tj ET Q endstream endobj 93 0 obj <>] /Rotate 0 /Contents 94 0 R>> endobj 94 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.93 740.10 Td (of) Tj ET Q q 0 0 0 rg BT 74.08 740.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 92.73 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 106.95 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.39 740.10 Td (value ) Tj ET Q q 0 0 0 rg BT 149.26 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.81 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.25 740.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 225.79 740.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 255.84 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.50 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.93 740.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 334.04 740.10 Td (accrues ) Tj ET Q q 0 0 0 rg BT 368.23 740.10 Td (its ) Tj ET Q q 0 0 0 rg BT 381.90 740.10 Td (best ) Tj ET Q q 0 0 0 rg BT 402.22 740.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 439.76 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.31 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.75 740.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 507.95 740.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 527.73 740.10 Td (on ) Tj ET Q q 0 0 0 rg BT 541.95 740.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (loans.) Tj ET Q q 0 0 0 rg BT 77.56 728.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 127.46 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.69 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.64 728.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 189.26 728.10 Td (has ) Tj ET Q q 0 0 0 rg BT 205.33 728.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 243.61 728.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 273.54 728.10 Td (other ) Tj ET Q q 0 0 0 rg BT 296.82 728.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 342.31 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.48 728.10 Td (indemnities ) Tj ET Q q 0 0 0 rg BT 408.88 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.39 728.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 465.99 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 486.50 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.45 728.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 548.07 728.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (development ) Tj ET Q q 0 0 0 rg BT 105.00 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.19 716.10 Td (land ) Tj ET Q q 0 0 0 rg BT 138.26 716.10 Td (by ) Tj ET Q q 0 0 0 rg BT 152.12 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.30 716.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 228.71 716.10 Td (operations.See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 296.154296875 714.7669921875 m 324.447265625 714.7669921875 l s q 0 0 1 rg BT 296.15 716.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 319.45 716.10 Td (5) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 324.45 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 328.30 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.93 716.10 Td (our ) Tj ET Q q 0 0 0 rg BT 357.12 716.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 405.41 716.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 462.04 716.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 503.11 716.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 550.84 716.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 91.99 704.10 Td (details ) Tj ET Q q 0 0 0 rg BT 120.59 704.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 153.64 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 163.91 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.74 704.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 225.00 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 241.94 704.10 Td (indemnities.) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 678.53505859375 m 217.0439453125 678.53505859375 l s q 0 0 0 rg BT 49.50 680.10 Td (INTEREST) Tj ET Q q 0 0 0 rg BT 99.90 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.40 680.10 Td (RA) Tj ET Q q 0 0 0 rg BT 116.10 680.10 Td (TES ) Tj ET Q q 0 0 0 rg BT 136.95 680.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 161.11 680.10 Td (INFLA) Tj ET Q q 0 0 0 rg BT 191.48 680.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.46 656.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.77 656.10 Td (is ) Tj ET Q q 0 0 0 rg BT 112.85 656.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 165.25 656.10 Td (af) Tj ET Q q 0 0 0 rg BT 172.84 656.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 199.68 656.10 Td (by ) Tj ET Q q 0 0 0 rg BT 212.09 656.10 Td (general ) Tj ET Q q 0 0 0 rg BT 243.92 656.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 285.21 656.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 329.29 656.10 Td (within ) Tj ET Q q 0 0 0 rg BT 357.25 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.88 656.10 Td (United ) Tj ET Q q 0 0 0 rg BT 401.51 656.10 Td (States ) Tj ET Q q 0 0 0 rg BT 427.81 656.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 447.16 656.10 Td (particularly) Tj ET Q q 0 0 0 rg BT 492.60 656.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.51 656.10 Td (by ) Tj ET Q q 0 0 0 rg BT 509.92 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.55 656.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 554.18 656.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.33 644.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 102.60 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.44 644.10 Td (inflation. ) Tj ET Q q 0 0 0 rg BT 160.72 644.10 Td (Inflation ) Tj ET Q q 0 0 0 rg BT 197.55 644.10 Td (can ) Tj ET Q q 0 0 0 rg BT 213.82 644.10 Td (have ) Tj ET Q q 0 0 0 rg BT 235.09 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 241.93 644.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 283.76 644.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 313.37 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 325.76 644.10 Td (us ) Tj ET Q q 0 0 0 rg BT 337.05 644.10 Td (because ) Tj ET Q q 0 0 0 rg BT 371.09 644.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 414.58 644.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 436.98 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.71 644.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 469.82 644.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 508.87 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.70 644.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 548.65 644.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (result ) Tj ET Q q 0 0 0 rg BT 74.37 632.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.81 632.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.90 632.10 Td (need ) Tj ET Q q 0 0 0 rg BT 113.44 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.87 632.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 159.28 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.15 632.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 196.25 632.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 222.78 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.77 632.10 Td (homes. ) Tj ET Q q 0 0 0 rg BT 265.03 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.69 632.10 Td (In ) Tj ET Q q 0 0 0 rg BT 278.67 632.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 316.60 632.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 353.14 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 362.47 632.10 Td (often ) Tj ET Q q 0 0 0 rg BT 385.67 632.10 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 441.08 632.10 Td (by ) Tj ET Q q 0 0 0 rg BT 453.73 632.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 481.94 632.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.03 632.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 538.06 632.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (can ) Tj ET Q q 0 0 0 rg BT 65.91 620.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.33 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 94.30 620.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 130.71 620.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 160.45 620.10 Td (on ) Tj ET Q q 0 0 0 rg BT 172.99 620.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 207.20 620.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 241.39 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.36 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.11 620.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 295.65 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.51 620.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 346.81 620.10 Td (land ) Tj ET Q q 0 0 0 rg BT 366.57 620.10 Td (development ) Tj ET Q q 0 0 0 rg BT 420.75 620.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 459.39 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.36 620.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 510.57 620.10 Td (construction. ) Tj ET Q q 0 0 0 rg BT 565.00 620.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 79.64 608.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 111.44 608.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 132.69 608.10 Td (also ) Tj ET Q q 0 0 0 rg BT 151.17 608.10 Td (may ) Tj ET Q q 0 0 0 rg BT 170.75 608.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 207.54 608.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.24 608.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 260.60 608.10 Td (market ) Tj ET Q q 0 0 0 rg BT 290.73 608.10 Td (by ) Tj ET Q q 0 0 0 rg BT 303.10 608.10 Td (making ) Tj ET Q q 0 0 0 rg BT 335.46 608.10 Td (it ) Tj ET Q q 0 0 0 rg BT 343.39 608.10 Td (more ) Tj ET Q q 0 0 0 rg BT 366.31 608.10 Td (dif) Tj ET Q q 0 0 0 rg BT 377.23 608.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 400.71 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 414.74 608.10 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 465.98 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.13 608.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 506.83 608.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.86 608.10 Td (mortgages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.95 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 69.85 596.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 96.96 596.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 140.74 596.10 Td (at ) Tj ET Q q 0 0 0 rg BT 150.07 596.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 181.62 596.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 202.62 596.10 Td (that ) Tj ET Q q 0 0 0 rg BT 219.73 596.10 Td (are ) Tj ET Q q 0 0 0 rg BT 234.06 596.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 278.37 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.26 596.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 315.23 596.10 Td (The ) Tj ET Q q 0 0 0 rg BT 332.89 596.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 362.22 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.67 596.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 412.54 596.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 433.54 596.10 Td (can ) Tj ET Q q 0 0 0 rg BT 449.54 596.10 Td (be ) Tj ET Q q 0 0 0 rg BT 461.09 596.10 Td (of) Tj ET Q q 0 0 0 rg BT 469.24 596.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 488.30 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.20 596.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 518.37 596.10 Td (by ) Tj ET Q q 0 0 0 rg BT 530.48 596.10 Td (of) Tj ET Q q 0 0 0 rg BT 538.63 596.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 84.46 584.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 102.19 584.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 126.05 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 146.59 584.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 172.11 584.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 204.29 584.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 230.92 584.10 Td (In ) Tj ET Q q 0 0 0 rg BT 242.01 584.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 291.97 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 312.50 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.59 584.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 369.10 584.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 409.62 584.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 447.08 584.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 482.05 584.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 518.69 584.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.65 584.10 Td (used ) Tj ET Q q 0 0 0 rg BT 554.73 584.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 79.01 572.10 Td (our ) Tj ET Q q 0 0 0 rg BT 95.20 572.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 134.16 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.80 572.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 177.10 572.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 194.95 572.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 245.02 572.10 Td (between ) Tj ET Q q 0 0 0 rg BT 281.20 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.28 572.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 349.69 572.10 Td (date ) Tj ET Q q 0 0 0 rg BT 369.21 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.40 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.48 572.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 415.56 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.86 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.94 572.10 Td (time ) Tj ET Q q 0 0 0 rg BT 468.58 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.66 572.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 503.74 572.10 Td (closes. ) Tj ET Q q 0 0 0 rg BT 533.54 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 536.40 572.10 Td (Rising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.65 560.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 105.74 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 116.79 560.10 Td (well ) Tj ET Q q 0 0 0 rg BT 136.72 560.10 Td (as ) Tj ET Q q 0 0 0 rg BT 147.76 560.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 188.23 560.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 227.60 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.75 560.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 268.01 560.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 293.23 560.10 Td (may ) Tj ET Q q 0 0 0 rg BT 313.16 560.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 342.52 560.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 366.35 560.10 Td (mar) Tj ET Q q 0 0 0 rg BT 381.71 560.10 Td (gins. ) Tj ET Q q 0 0 0 rg BT 403.60 560.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.71 560.10 Td (An ) Tj ET Q q 0 0 0 rg BT 420.65 560.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 456.12 560.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.61 560.10 Td (material ) Tj ET Q q 0 0 0 rg BT 502.08 560.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.24 560.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 542.50 560.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.73 548.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 107.39 548.10 Td (a ) Tj ET Q q 0 0 0 rg BT 114.39 548.10 Td (problem ) Tj ET Q q 0 0 0 rg BT 150.28 548.10 Td (during ) Tj ET Q q 0 0 0 rg BT 178.95 548.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.95 548.10 Td (period ) Tj ET Q q 0 0 0 rg BT 214.06 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.95 548.10 Td (declining ) Tj ET Q q 0 0 0 rg BT 264.73 548.10 Td (home ) Tj ET Q q 0 0 0 rg BT 289.51 548.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 318.45 548.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.01 548.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 365.91 548.10 Td (, ) Tj ET Q q 0 0 0 rg BT 370.97 548.10 Td (deflation ) Tj ET Q q 0 0 0 rg BT 409.08 548.10 Td (can ) Tj ET Q q 0 0 0 rg BT 425.52 548.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 455.30 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.08 548.10 Td (value ) Tj ET Q q 0 0 0 rg BT 494.29 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.19 548.10 Td (real ) Tj ET Q q 0 0 0 rg BT 522.74 548.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 548.06 548.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.49 536.10 Td (it ) Tj ET Q q 0 0 0 rg BT 81.39 536.10 Td (dif) Tj ET Q q 0 0 0 rg BT 92.32 536.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 115.76 536.10 Td (for ) Tj ET Q q 0 0 0 rg BT 129.75 536.10 Td (us ) Tj ET Q q 0 0 0 rg BT 140.98 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.10 536.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 183.41 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.08 536.10 Td (land ) Tj ET Q q 0 0 0 rg BT 218.64 536.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 243.47 536.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.64 536.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 289.90 536.10 Td (either ) Tj ET Q q 0 0 0 rg BT 315.00 536.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 351.22 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 361.88 536.10 Td (deflation ) Tj ET Q q 0 0 0 rg BT 399.76 536.10 Td (could ) Tj ET Q q 0 0 0 rg BT 424.32 536.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 464.97 536.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 494.52 536.10 Td (our ) Tj ET Q q 0 0 0 rg BT 510.19 536.10 Td (future ) Tj ET Q q 0 0 0 rg BT 536.41 536.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 524.10 Td (operations.) Tj ET Q endstream endobj 95 0 obj <> endobj 96 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (46) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (ITEM 3: QUANTIT) Tj ET Q q 0 0 0 rg BT 135.43 740.25 Td (A) Tj ET Q q 0 0 0 rg BT 141.91 740.25 Td (TIVE ) Tj ET Q q 0 0 0 rg BT 168.31 740.25 Td (AND QUALIT) Tj ET Q q 0 0 0 rg BT 231.19 740.25 Td (A) Tj ET Q q 0 0 0 rg BT 237.67 740.25 Td (TIVE DISCLOSURES ) Tj ET Q q 0 0 0 rg BT 337.15 740.25 Td (ABOUT) Tj ET Q q 0 0 0 rg BT 372.53 740.25 Td ( MARKET) Tj ET Q q 0 0 0 rg BT 419.85 740.25 Td ( RISK) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.41 716.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 101.43 716.25 Td (market ) Tj ET Q q 0 0 0 rg BT 131.55 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 148.91 716.25 Td (results ) Tj ET Q q 0 0 0 rg BT 177.38 716.25 Td (from ) Tj ET Q q 0 0 0 rg BT 199.18 716.25 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 248.75 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 258.89 716.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 290.68 716.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 314.42 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 316.61 716.25 Td (W) Tj ET Q q 0 0 0 rg BT 325.24 716.25 Td (e ) Tj ET Q q 0 0 0 rg BT 332.04 716.25 Td (are ) Tj ET Q q 0 0 0 rg BT 346.61 716.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 381.74 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 391.88 716.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 423.67 716.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 441.01 716.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 458.37 716.25 Td (through ) Tj ET Q q 0 0 0 rg BT 491.84 716.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 539.75 716.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 64.72 704.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 104.93 704.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 129.58 704.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 168.40 704.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 210.84 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 221.06 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 235.16 704.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 262.04 704.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 291.95 704.25 Td (, ) Tj ET Q q 0 0 0 rg BT 296.33 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 310.44 704.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 330.11 704.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 370.74 704.25 Td (W) Tj ET Q q 0 0 0 rg BT 379.37 704.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 424.72 704.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 473.53 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.86 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 503.96 704.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.63 704.25 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 98.82 692.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 132.05 692.25 Td (which ) Tj ET Q q 0 0 0 rg BT 159.17 692.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 200.17 692.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 248.39 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 259.40 692.25 Td (up ) Tj ET Q q 0 0 0 rg BT 272.08 692.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 282.53 692.25 Td ($690million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.93 692.25 Td ( ) Tj ET Q q 0 0 0 rg BT 336.60 692.25 Td (as ) Tj ET Q q 0 0 0 rg BT 347.61 692.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.62 692.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 402.39 692.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.39 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 427.57 692.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 458.57 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 469.03 692.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 516.69 692.25 Td (constraints. ) Tj ET Q q 0 0 0 rg BT 565.02 692.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 99.40 680.25 Td (, ) Tj ET Q q 0 0 0 rg BT 104.40 680.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 121.90 680.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 161.61 680.25 Td (is ) Tj ET Q q 0 0 0 rg BT 170.78 680.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 206.05 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.33 680.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 248.26 680.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 265.75 680.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 283.25 680.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 326.84 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 347.12 680.25 Td (its ) Tj ET Q q 0 0 0 rg BT 359.07 680.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 399.33 680.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 419.05 680.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 465.43 680.25 Td (services. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 83.14 656.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 103.99 656.25 Td (Lock ) Tj ET Q q 0 0 0 rg BT 126.50 656.25 Td (Commitments: ) Tj ET Q q 0 0 0 rg BT 189.03 656.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.00 656.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 222.95 656.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 239.90 656.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 259.09 656.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 315.49 656.25 Td (\(IRLCs\) ) Tj ET Q q 0 0 0 rg BT 359.67 656.25 Td (are ) Tj ET Q q 0 0 0 rg BT 373.84 656.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 411.90 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 421.65 656.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 450.81 656.25 Td (homebuying ) Tj ET Q q 0 0 0 rg BT 502.78 656.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 545.29 656.25 Td (who ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (have ) Tj ET Q q 0 0 0 rg BT 71.67 644.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 104.40 644.25 Td (for ) Tj ET Q q 0 0 0 rg BT 119.36 644.25 Td (a ) Tj ET Q q 0 0 0 rg BT 127.09 644.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 168.15 644.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 188.66 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 206.39 644.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 229.12 644.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 259.62 644.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 292.90 644.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 318.96 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.69 644.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 391.64 644.25 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 425.75 644.25 Td ( ) Tj ET Q q 0 0 0 rg BT 428.80 644.25 Td (T) Tj ET Q q 0 0 0 rg BT 434.21 644.25 Td (ypically) Tj ET Q q 0 0 0 rg BT 465.78 644.25 Td (, ) Tj ET Q q 0 0 0 rg BT 471.57 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.08 644.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 517.05 644.25 Td (will ) Tj ET Q q 0 0 0 rg BT 535.90 644.25 Td (have ) Tj ET Q q 0 0 0 rg BT 558.07 644.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 85.33 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 96.16 632.25 Td (less ) Tj ET Q q 0 0 0 rg BT 113.66 632.25 Td (than ) Tj ET Q q 0 0 0 rg BT 133.37 632.25 Td (six ) Tj ET Q q 0 0 0 rg BT 147.54 632.25 Td (months; ) Tj ET Q q 0 0 0 rg BT 182.27 632.25 Td (however) Tj ET Q q 0 0 0 rg BT 216.30 632.25 Td (, ) Tj ET Q q 0 0 0 rg BT 221.30 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 231.58 632.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 261.28 632.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 297.93 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.65 632.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 348.47 632.25 Td (could ) Tj ET Q q 0 0 0 rg BT 373.19 632.25 Td (extend ) Tj ET Q q 0 0 0 rg BT 402.35 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 412.63 632.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 432.34 632.25 Td (months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 74.93 608.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 104.25 608.25 Td (are ) Tj ET Q q 0 0 0 rg BT 119.11 608.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 164.53 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 174.95 608.25 Td (a ) Tj ET Q q 0 0 0 rg BT 182.04 608.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 215.79 608.25 Td (third ) Tj ET Q q 0 0 0 rg BT 237.32 608.25 Td (party ) Tj ET Q q 0 0 0 rg BT 260.52 608.25 Td (investor ) Tj ET Q q 0 0 0 rg BT 295.39 608.25 Td (through ) Tj ET Q q 0 0 0 rg BT 329.15 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 344.01 608.25 Td (use ) Tj ET Q q 0 0 0 rg BT 360.00 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 370.98 608.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 398.06 608.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 417.93 608.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 453.35 608.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 510.43 608.25 Td (matching ) Tj ET Q q 0 0 0 rg BT 550.30 608.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (exact ) Tj ET Q q 0 0 0 rg BT 73.48 596.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 98.58 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 109.80 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 124.90 596.25 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 150.56 596.25 Td (loan. ) Tj ET Q q 0 0 0 rg BT 173.17 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 176.05 596.25 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 233.93 596.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 263.48 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 278.58 596.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 324.78 596.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 367.64 596.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 417.20 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 434.52 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 449.61 596.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 466.38 596.25 Td (value ) Tj ET Q q 0 0 0 rg BT 490.92 596.25 Td (adjusted, ) Tj ET Q q 0 0 0 rg BT 529.63 596.25 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 596.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 87.00 584.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 106.71 584.25 Td (or ) Tj ET Q q 0 0 0 rg BT 117.54 584.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 135.60 584.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 173.08 584.25 Td (in ) Tj ET Q q 0 0 0 rg BT 183.36 584.25 Td (current ) Tj ET Q q 0 0 0 rg BT 214.17 584.25 Td (earnings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (Forward ) Tj ET Q q 0 0 0 rg BT 88.83 560.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 113.71 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.24 560.25 Td (Mortgage-Backed ) Tj ET Q q 0 0 0 rg BT 202.33 560.25 Td (Securities:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.21 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 249.42 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.63 560.25 Td (Forward ) Tj ET Q q 0 0 0 rg BT 289.72 560.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 312.36 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.90 560.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 396.52 560.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 437.49 560.25 Td (\(FMBSs\) ) Tj ET Q q 0 0 0 rg BT 486.81 560.25 Td (are ) Tj ET Q q 0 0 0 rg BT 502.22 560.25 Td (used ) Tj ET Q q 0 0 0 rg BT 523.76 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.74 560.25 Td (protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 104.65 548.25 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 129.82 548.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 153.31 548.25 Td (against ) Tj ET Q q 0 0 0 rg BT 184.02 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.62 548.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 216.01 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.72 548.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 261.32 548.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.48 548.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 303.30 548.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 324.56 548.25 Td (between ) Tj ET Q q 0 0 0 rg BT 360.26 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.86 548.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 394.47 548.25 Td (date ) Tj ET Q q 0 0 0 rg BT 413.51 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.33 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.93 548.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 478.43 548.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 499.97 548.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.35 548.25 Td (FMBSs ) Tj ET Q q 0 0 0 rg BT 535.31 548.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.00 536.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 115.49 536.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 144.88 536.25 Td (are ) Tj ET Q q 0 0 0 rg BT 159.81 536.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 200.29 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.45 536.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 260.71 536.25 Td (for ) Tj ET Q q 0 0 0 rg BT 275.09 536.25 Td (as ) Tj ET Q q 0 0 0 rg BT 286.14 536.25 Td (non-designated ) Tj ET Q q 0 0 0 rg BT 349.95 536.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 392.66 536.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 442.04 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.20 536.25 Td (are ) Tj ET Q q 0 0 0 rg BT 474.13 536.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 511.83 536.25 Td (at ) Tj ET Q q 0 0 0 rg BT 521.76 536.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.36 536.25 Td (value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 524.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 93.39 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.33 524.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 136.72 524.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 174.19 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.47 524.25 Td (current ) Tj ET Q q 0 0 0 rg BT 215.29 524.25 Td (earnings.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 92.23 500.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 120.53 500.25 Td (Held ) Tj ET Q q 0 0 0 rg BT 143.26 500.25 Td (for ) Tj ET Q q 0 0 0 rg BT 158.21 500.25 Td (Sale) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 175.99 500.25 Td (: ) Tj ET Q q 0 0 0 rg BT 182.05 500.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.79 500.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 226.40 500.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 250.24 500.25 Td (held ) Tj ET Q q 0 0 0 rg BT 270.19 500.25 Td (for ) Tj ET Q q 0 0 0 rg BT 284.58 500.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 302.86 500.25 Td (consist ) Tj ET Q q 0 0 0 rg BT 333.38 500.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 373.32 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.38 500.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 440.44 500.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 484.82 500.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 508.66 500.25 Td (collateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.15 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 77.02 488.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 123.00 488.25 Td (property) Tj ET Q q 0 0 0 rg BT 156.22 488.25 Td (. ) Tj ET Q q 0 0 0 rg BT 161.38 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 164.03 488.25 Td (During ) Tj ET Q q 0 0 0 rg BT 195.01 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.88 488.25 Td (period ) Tj ET Q q 0 0 0 rg BT 238.07 488.25 Td (between ) Tj ET Q q 0 0 0 rg BT 274.04 488.25 Td (when ) Tj ET Q q 0 0 0 rg BT 298.35 488.25 Td (a ) Tj ET Q q 0 0 0 rg BT 305.44 488.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 325.31 488.25 Td (is ) Tj ET Q q 0 0 0 rg BT 334.63 488.25 Td (closed ) Tj ET Q q 0 0 0 rg BT 362.83 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 379.92 488.25 Td (when ) Tj ET Q q 0 0 0 rg BT 404.23 488.25 Td (it ) Tj ET Q q 0 0 0 rg BT 412.44 488.25 Td (is ) Tj ET Q q 0 0 0 rg BT 421.76 488.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 441.08 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.51 488.25 Td (an ) Tj ET Q q 0 0 0 rg BT 463.60 488.25 Td (investor) Tj ET Q q 0 0 0 rg BT 495.42 488.25 Td (, ) Tj ET Q q 0 0 0 rg BT 500.57 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.44 488.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.52 488.25 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.80 476.25 Td (is ) Tj ET Q q 0 0 0 rg BT 77.77 476.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 112.71 476.25 Td (through ) Tj ET Q q 0 0 0 rg BT 147.12 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.63 476.25 Td (use ) Tj ET Q q 0 0 0 rg BT 179.26 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.89 476.25 Td (a ) Tj ET Q q 0 0 0 rg BT 198.63 476.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 226.36 476.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 246.88 476.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 282.38 476.25 Td (or ) Tj ET Q q 0 0 0 rg BT 294.01 476.25 Td (by ) Tj ET Q q 0 0 0 rg BT 307.31 476.25 Td (FMBSs. ) Tj ET Q q 0 0 0 rg BT 343.68 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 346.74 476.25 Td (The ) Tj ET Q q 0 0 0 rg BT 365.58 476.25 Td (FMBSs ) Tj ET Q q 0 0 0 rg BT 399.46 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 414.96 476.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 456.03 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.76 476.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 517.59 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 532.55 476.25 Td (as ) Tj ET Q q 0 0 0 rg BT 544.18 476.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 94.76 464.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 137.24 464.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 188.91 464.25 Td (with ) Tj ET Q q 0 0 0 rg BT 209.19 464.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 232.80 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.73 464.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 276.13 464.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 313.60 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 323.88 464.25 Td (current ) Tj ET Q q 0 0 0 rg BT 354.70 464.25 Td (earnings.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 440.25 Td (table ) Tj ET Q q 0 0 0 rg BT 89.48 440.25 Td (below ) Tj ET Q q 0 0 0 rg BT 116.42 440.25 Td (shows ) Tj ET Q q 0 0 0 rg BT 143.92 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.64 440.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 193.91 440.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 230.30 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.13 440.25 Td (our ) Tj ET Q q 0 0 0 rg BT 256.96 440.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.44 440.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 343.61 440.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.32 440.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 396.92 440.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.92 440.25 Td ( ) Tj ET Q q 0 0 0 rg BT 419.42 440.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.36 440.25 Td (December ) Tj ET Q q 0 0 0 rg BT 479.94 440.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.94 440.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.94 440.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 407.75 m 430 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 407.75 m 491 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 407.75 m 501 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 407.75 m 562 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 407.75 m 430 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 407.75 m 491 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 407.75 m 501 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 407.75 m 562 407.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 335.75 m 430 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 335.75 m 491 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 335.75 m 501 335.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 335.75 m 562 335.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.50 421.88 Td (Mar) Tj ET Q q 0 0 0 rg BT 457.53 421.88 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.55 421.75 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 411.70 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 411.83 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.00 411.70 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 399.70 Td (Whole loan contracts and related committed IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 399.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 399.83 Td (980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 399.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 399.70 Td (1,445) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 387.70 Td (Uncommitted IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.80 387.83 Td (158,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 387.70 Td (87,340) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 375.70 Td (FMBSs related to uncommitted IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.80 375.83 Td (137,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 375.70 Td (88,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 363.70 Td (Whole loan contracts and related mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.80 363.83 Td (4,085) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 363.70 Td (6,125) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 351.70 Td (FMBSs related to mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.80 351.83 Td (145,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 351.70 Td (144,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 339.70 Td (Mortgage loans held for sale covered by FMBSs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.80 339.83 Td (145,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 339.70 Td (144,41) Tj ET Q q 0 0 0 rg BT 554.80 339.70 Td (1) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 312.25 Td (table ) Tj ET Q q 0 0 0 rg BT 89.48 312.25 Td (below ) Tj ET Q q 0 0 0 rg BT 116.42 312.25 Td (shows ) Tj ET Q q 0 0 0 rg BT 143.92 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.64 312.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 214.45 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.28 312.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 251.11 312.25 Td (and ) Tj ET Q q 0 0 0 rg BT 268.05 312.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 307.77 312.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.48 312.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 361.08 312.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.08 312.25 Td ( ) Tj ET Q q 0 0 0 rg BT 383.58 312.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.52 312.25 Td (December ) Tj ET Q q 0 0 0 rg BT 444.10 312.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 459.10 312.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.10 312.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 279.75 m 430 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 279.75 m 491 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 279.75 m 501 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 279.75 m 562 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 279.75 m 491 279.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 230.75 m 430 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 230.75 m 491 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 230.75 m 501 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 230.75 m 562 230.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 218.75 m 430 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 218.75 m 491 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 218.75 m 501 218.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 218.75 m 562 218.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.50 293.88 Td (Mar) Tj ET Q q 0 0 0 rg BT 457.53 293.88 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 508.55 293.75 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 283.70 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 283.83 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.00 283.70 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 271.00 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 270.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.80 270.98 Td (156,208) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 271.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 271.00 Td (155,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 258.70 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.10 258.83 Td (\(6,916) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 258.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 258.70 Td (\(336) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 258.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 246.70 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.80 246.83 Td (3,095) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 246.70 Td (654) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 234.70 Td (Whole loan contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.10 234.83 Td (\(20) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 234.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.10 234.70 Td (\(16) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 234.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 222.70 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 222.70 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 222.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.80 222.83 Td (152,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 222.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 222.70 Td (155,546) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 195.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.43 195.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.70 195.25 Td (table ) Tj ET Q q 0 0 0 rg BT 130.52 195.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 147.91 195.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 169.73 195.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.33 195.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 216.71 195.25 Td (of ) Tj ET Q q 0 0 0 rg BT 227.43 195.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 252.04 195.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 271.64 195.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 317.89 195.25 Td (on ) Tj ET Q q 0 0 0 rg BT 330.27 195.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 355.99 195.25 Td (and ) Tj ET Q q 0 0 0 rg BT 372.81 195.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 412.41 195.25 Td (for ) Tj ET Q q 0 0 0 rg BT 426.46 195.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.06 195.25 Td (three ) Tj ET Q q 0 0 0 rg BT 463.43 195.25 Td (months ) Tj ET Q q 0 0 0 rg BT 495.26 195.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 521.53 195.25 Td (March ) Tj ET Q q 0 0 0 rg BT 550.01 195.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 183.25 Td (2020 ) Tj ET Q q 0 0 0 rg BT 72.00 183.25 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 183.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 183.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 159.75 m 491 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 159.75 m 501 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 159.75 m 562 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 146.75 m 430 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 146.75 m 491 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 146.75 m 501 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 146.75 m 562 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 146.75 m 491 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 94.75 m 430 94.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 94.75 m 491 94.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 94.75 m 501 94.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 94.75 m 562 94.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 81.75 m 430 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 430 81.75 m 491 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 491 81.75 m 501 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 501 81.75 m 562 81.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 440.60 163.98 Td (Thr) Tj ET Q q 0 0 0 rg BT 453.86 163.98 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 530.38 163.98 Td (ch 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 151.00 Td (Description \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.00 150.98 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.00 151.00 Td (2019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 138.00 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 137.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.80 137.98 Td (3,739) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 138.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 138.00 Td (\(1,363) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 138.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 125.00 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.10 124.98 Td (\(6,580) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 124.98 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 125.00 Td (1,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 112.00 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.80 111.98 Td (2,383) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.10 112.00 Td (\(42) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 112.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 99.00 Td (Whole loan contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 479.80 98.98 Td (54) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 99.00 Td (14) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 86.00 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 86.00 Td (otal \(loss\) gain recognized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 85.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.10 85.98 Td (\(404) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 85.98 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 86.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 86.00 Td (543) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 97 0 obj <> endobj 98 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (47) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.64 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.12 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 131.15 740.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 168.18 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.99 740.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 221.12 740.10 Td (future ) Tj ET Q q 0 0 0 rg BT 247.59 740.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 267.95 740.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 292.77 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.80 740.10 Td (current ) Tj ET Q q 0 0 0 rg BT 340.71 740.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 357.18 740.10 Td (values ) Tj ET Q q 0 0 0 rg BT 385.32 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.25 740.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 444.40 740.10 Td (under ) Tj ET Q q 0 0 0 rg BT 469.76 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 485.68 740.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 511.04 740.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 548.06 740.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 90.06 728.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 110.08 728.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 156.76 728.10 Td (services ) Tj ET Q q 0 0 0 rg BT 191.76 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 209.55 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 224.56 728.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 255.68 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 266.26 728.10 Td (market ) Tj ET Q q 0 0 0 rg BT 296.82 728.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 314.62 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 325.75 728.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 357.98 728.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 379.65 728.10 Td (fluctuate, ) Tj ET Q q 0 0 0 rg BT 419.93 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 431.06 728.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.19 728.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 486.08 728.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.08 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 511.38 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 514.18 728.10 Td (Because ) Tj ET Q q 0 0 0 rg BT 550.29 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 69.30 716.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 110.06 716.10 Td (W) Tj ET Q q 0 0 0 rg BT 118.69 716.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 164.15 716.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 210.59 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.05 716.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 246.86 716.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 287.76 716.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 336.42 716.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 369.00 716.10 Td (are ) Tj ET Q q 0 0 0 rg BT 383.22 716.10 Td (ef) Tj ET Q q 0 0 0 rg BT 390.81 716.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 427.81 716.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 460.37 716.10 Td (by ) Tj ET Q q 0 0 0 rg BT 472.39 716.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 501.62 716.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 541.40 716.10 Td (loans ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (held ) Tj ET Q q 0 0 0 rg BT 69.90 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 84.73 704.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 103.46 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 131.08 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 146.46 704.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 184.63 704.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 204.48 704.10 Td (within ) Tj ET Q q 0 0 0 rg BT 233.22 704.10 Td (30 ) Tj ET Q q 0 0 0 rg BT 246.39 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.35 704.10 Td (45 ) Tj ET Q q 0 0 0 rg BT 270.53 704.10 Td (days, ) Tj ET Q q 0 0 0 rg BT 294.54 704.10 Td (their ) Tj ET Q q 0 0 0 rg BT 316.04 704.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 365.89 704.10 Td (balances ) Tj ET Q q 0 0 0 rg BT 403.49 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 418.88 704.10 Td (included ) Tj ET Q q 0 0 0 rg BT 456.49 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 467.44 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.84 704.10 Td (most ) Tj ET Q q 0 0 0 rg BT 505.47 704.10 Td (current ) Tj ET Q q 0 0 0 rg BT 536.96 704.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (presented. ) Tj ET Q q 0 0 0 rg BT 92.97 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 95.43 692.10 Td (The ) Tj ET Q q 0 0 0 rg BT 113.63 692.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 145.72 692.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 167.25 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 181.56 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.54 692.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 232.40 692.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 250.03 692.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 269.90 692.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 309.20 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.07 692.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 363.38 692.10 Td (average ) Tj ET Q q 0 0 0 rg BT 397.12 692.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 429.20 692.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 450.73 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 461.16 692.10 Td (ef) Tj ET Q q 0 0 0 rg BT 468.75 692.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 486.39 692.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.26 692.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 540.01 692.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 692.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.01 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.91 680.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 107.29 680.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 129.52 680.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 164.24 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 174.54 680.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 206.49 680.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 227.88 680.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 267.60 680.10 Td (af) Tj ET Q q 0 0 0 rg BT 275.19 680.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 292.69 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.42 680.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 323.81 680.10 Td (market ) Tj ET Q q 0 0 0 rg BT 354.09 680.10 Td (value ) Tj ET Q q 0 0 0 rg BT 378.26 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.11 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.84 680.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 423.58 680.10 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 471.37 680.10 Td (but ) Tj ET Q q 0 0 0 rg BT 486.66 680.10 Td (not ) Tj ET Q q 0 0 0 rg BT 501.95 680.10 Td (our ) Tj ET Q q 0 0 0 rg BT 517.80 680.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 554.19 680.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 70.20 668.10 Td (flow) Tj ET Q q 0 0 0 rg BT 87.89 668.10 Td (. ) Tj ET Q q 0 0 0 rg BT 93.32 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.26 668.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 141.15 668.10 Td (, ) Tj ET Q q 0 0 0 rg BT 146.59 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 161.19 668.10 Td (variable-rate ) Tj ET Q q 0 0 0 rg BT 214.64 668.10 Td (debt, ) Tj ET Q q 0 0 0 rg BT 237.29 668.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 272.44 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.15 668.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 315.52 668.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 337.33 668.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 377.47 668.10 Td (do ) Tj ET Q q 0 0 0 rg BT 390.41 668.10 Td (not ) Tj ET Q q 0 0 0 rg BT 406.12 668.10 Td (af) Tj ET Q q 0 0 0 rg BT 413.71 668.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 431.63 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 446.78 668.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 463.60 668.10 Td (market ) Tj ET Q q 0 0 0 rg BT 494.30 668.10 Td (value ) Tj ET Q q 0 0 0 rg BT 518.89 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 530.15 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 545.31 668.10 Td (debt ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (instrument, ) Tj ET Q q 0 0 0 rg BT 97.57 656.10 Td (but ) Tj ET Q q 0 0 0 rg BT 113.14 656.10 Td (do ) Tj ET Q q 0 0 0 rg BT 125.94 656.10 Td (af) Tj ET Q q 0 0 0 rg BT 133.52 656.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 151.30 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.43 656.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 204.10 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 221.33 656.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 241.89 656.10 Td (flow) Tj ET Q q 0 0 0 rg BT 259.58 656.10 Td (. ) Tj ET Q q 0 0 0 rg BT 264.87 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.46 656.10 Td (W) Tj ET Q q 0 0 0 rg BT 276.10 656.10 Td (e ) Tj ET Q q 0 0 0 rg BT 283.33 656.10 Td (do ) Tj ET Q q 0 0 0 rg BT 296.13 656.10 Td (not ) Tj ET Q q 0 0 0 rg BT 311.70 656.10 Td (have ) Tj ET Q q 0 0 0 rg BT 333.37 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 348.38 656.10 Td (obligation ) Tj ET Q q 0 0 0 rg BT 391.73 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.30 656.10 Td (prepay ) Tj ET Q q 0 0 0 rg BT 432.30 656.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 473.96 656.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 493.97 656.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 516.20 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 526.78 656.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 560.01 656.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 68.68 644.10 Td (as ) Tj ET Q q 0 0 0 rg BT 79.25 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 85.93 644.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 112.88 644.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 144.56 644.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 161.78 644.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 179.02 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.70 644.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 230.15 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.17 644.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 256.29 644.10 Td (market ) Tj ET Q q 0 0 0 rg BT 286.29 644.10 Td (value ) Tj ET Q q 0 0 0 rg BT 310.19 644.10 Td (should ) Tj ET Q q 0 0 0 rg BT 339.10 644.10 Td (not ) Tj ET Q q 0 0 0 rg BT 354.11 644.10 Td (have ) Tj ET Q q 0 0 0 rg BT 375.23 644.10 Td (a ) Tj ET Q q 0 0 0 rg BT 381.91 644.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 426.36 644.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 455.81 644.10 Td (on ) Tj ET Q q 0 0 0 rg BT 468.05 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 483.63 644.10 Td (fixed-rate ) Tj ET Q q 0 0 0 rg BT 524.73 644.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 544.18 644.10 Td (until ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.66 632.10 Td (are ) Tj ET Q q 0 0 0 rg BT 78.37 632.10 Td (required ) Tj ET Q q 0 0 0 rg BT 114.18 632.10 Td (or ) Tj ET Q q 0 0 0 rg BT 125.01 632.10 Td (elect ) Tj ET Q q 0 0 0 rg BT 146.38 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 156.66 632.10 Td (refinance ) Tj ET Q q 0 0 0 rg BT 196.36 632.10 Td (it.) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 608.6 m 241 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 608.6 m 245 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 608.6 m 285 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 608.6 m 289 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 608.6 m 329 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 608.6 m 333 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 608.6 m 373 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 608.6 m 377 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 608.6 m 417 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 608.6 m 421 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 608.6 m 466 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 608.6 m 470 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 608.6 m 513 608.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 595.6 m 196 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 595.6 m 241 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 595.6 m 245 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 595.6 m 285 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 595.6 m 289 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 595.6 m 329 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 595.6 m 333 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 595.6 m 373 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 595.6 m 377 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 595.6 m 417 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 595.6 m 421 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 595.6 m 466 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 595.6 m 470 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 595.6 m 513 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 595.6 m 517 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 595.6 m 562 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 595.6 m 196 595.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 547.6 m 196 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 547.6 m 241 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 547.6 m 245 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 547.6 m 285 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 547.6 m 289 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 547.6 m 329 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 547.6 m 333 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 547.6 m 373 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 547.6 m 377 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 547.6 m 417 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 547.6 m 421 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 547.6 m 466 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 547.6 m 470 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 547.6 m 513 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 547.6 m 517 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 547.6 m 562 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 500.6 m 241 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 500.6 m 245 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 500.6 m 285 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 500.6 m 289 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 500.6 m 329 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 500.6 m 333 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 500.6 m 373 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 500.6 m 377 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 500.6 m 417 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 500.6 m 421 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 500.6 m 466 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 500.6 m 470 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 500.6 m 513 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 500.6 m 517 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 500.6 m 562 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 500.6 m 196 500.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 474.6 m 196 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 474.6 m 241 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 474.6 m 245 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 474.6 m 285 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 474.6 m 289 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 474.6 m 329 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 474.6 m 333 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 474.6 m 373 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 474.6 m 377 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 474.6 m 417 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 474.6 m 421 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 474.6 m 466 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 474.6 m 470 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 474.6 m 513 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 474.6 m 517 474.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 474.6 m 562 474.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.00 612.83 Td (Expected Cash Flows by Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.15 612.83 Td (Fair) Tj ET Q q 0 0 0 rg BT 535.74 612.83 Td ( ) Tj ET Q q 0 0 0 rg BT 537.59 612.83 Td (V) Tj ET Q q 0 0 0 rg BT 542.93 612.83 Td (alue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 599.85 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 210.00 599.83 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.50 599.83 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.50 599.83 Td (2022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 599.83 Td (2023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.50 599.83 Td (2024) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.70 599.83 Td (Ther) Tj ET Q q 0 0 0 rg BT 441.51 599.83 Td (eafter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 599.83 Td (T) Tj ET Q q 0 0 0 rg BT 487.22 599.83 Td (otal) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.75 599.83 Td (3/31/2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 587.55 Td (ASSETS:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 575.55 Td (Mortgage loans held for sale:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 563.55 Td (Fixed rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.75 563.55 Td (156,697) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 563.55 Td (156,697) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 563.55 Td (155,599) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 551.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.73 551.55 Td (eighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 551.55 Td (3.47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 551.55 Td (3.47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 528.55 Td (LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 516.55 Td (Long-term debt fixed rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 516.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.75 516.55 Td (1,501) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 516.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.80 516.55 Td (1,215) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.50 516.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.80 516.55 Td (1,039) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.50 516.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.80 516.55 Td (304) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 516.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 516.55 Td (77) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 516.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.75 516.55 Td (650,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 516.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 516.55 Td (654,136) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 516.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 516.55 Td (564,738) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 504.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.73 504.55 Td (eighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 504.55 Td (5.63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 504.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 504.55 Td (5.63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 504.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 504.55 Td (5.63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 504.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 504.55 Td (5.63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.80 504.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 504.55 Td (5.63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.80 504.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.75 504.55 Td (5.21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 504.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 504.55 Td (5.21) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 504.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 491.85 Td (Short-term debt variable rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 491.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.75 491.85 Td (151,955) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 491.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 491.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 491.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 491.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 491.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 491.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 491.85 Td (151,955) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 491.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 491.85 Td (151,955) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 478.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.41 478.85 Td (eighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 478.85 Td (3.02) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 478.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 478.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 478.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 478.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 478.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 478.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 478.85 Td (3.02) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 478.85 Td (%) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 99 0 obj <>] /Rotate 0 /Contents 100 0 R>> endobj 100 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (48) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (ITEM 4: CONTROLS ) Tj ET Q q 0 0 0 rg BT 150.07 740.25 Td (AND PROCEDURES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (Conclusion ) Tj ET Q q 0 0 0 rg BT 99.79 716.25 Td (Regarding ) Tj ET Q q 0 0 0 rg BT 147.29 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.12 716.25 Td (Effectiveness ) Tj ET Q q 0 0 0 rg BT 221.16 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 231.99 716.25 Td (Disclosur) Tj ET Q q 0 0 0 rg BT 271.81 716.25 Td (e ) Tj ET Q q 0 0 0 rg BT 278.75 716.25 Td (Contr) Tj ET Q q 0 0 0 rg BT 304.12 716.25 Td (ols ) Tj ET Q q 0 0 0 rg BT 318.29 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 336.91 716.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 347.28 716.25 Td (ocedur) Tj ET Q q 0 0 0 rg BT 376.54 716.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (An ) Tj ET Q q 0 0 0 rg BT 64.44 692.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 108.80 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 119.85 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.78 692.25 Td (ef) Tj ET Q q 0 0 0 rg BT 142.37 692.25 Td (fectiveness ) Tj ET Q q 0 0 0 rg BT 189.51 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.56 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 215.49 692.25 Td (Company) Tj ET Q q 0 0 0 rg BT 257.16 692.25 Td (s ) Tj ET Q q 0 0 0 rg BT 263.76 692.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 307.03 692.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 341.96 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.12 692.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 405.70 692.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 420.08 692.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 452.78 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 463.27 692.25 Td (Rule ) Tj ET Q q 0 0 0 rg BT 484.88 692.25 Td (13a-15\(e\) ) Tj ET Q q 0 0 0 rg BT 526.46 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 543.61 692.25 Td (Rule ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (15d-15\(e\) ) Tj ET Q q 0 0 0 rg BT 92.39 680.25 Td (under ) Tj ET Q q 0 0 0 rg BT 118.63 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 134.31 680.25 Td (Securities ) Tj ET Q q 0 0 0 rg BT 177.21 680.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 219.34 680.25 Td (Act ) Tj ET Q q 0 0 0 rg BT 237.24 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 249.04 680.25 Td (1934, ) Tj ET Q q 0 0 0 rg BT 275.00 680.25 Td (as ) Tj ET Q q 0 0 0 rg BT 286.80 680.25 Td (amended\) ) Tj ET Q q 0 0 0 rg BT 329.69 680.25 Td (was ) Tj ET Q q 0 0 0 rg BT 348.70 680.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 393.82 680.25 Td (by ) Tj ET Q q 0 0 0 rg BT 407.28 680.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.96 680.25 Td (Company) Tj ET Q q 0 0 0 rg BT 464.63 680.25 Td (s ) Tj ET Q q 0 0 0 rg BT 471.99 680.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 529.04 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 550.29 680.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (participation ) Tj ET Q q 0 0 0 rg BT 101.84 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.97 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.99 668.25 Td (Company) Tj ET Q q 0 0 0 rg BT 167.65 668.25 Td (s ) Tj ET Q q 0 0 0 rg BT 173.34 668.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 210.69 668.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 250.80 668.25 Td (of) Tj ET Q q 0 0 0 rg BT 258.95 668.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 279.06 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 295.30 668.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 332.65 668.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 369.43 668.25 Td (of) Tj ET Q q 0 0 0 rg BT 377.58 668.25 Td (ficer) Tj ET Q q 0 0 0 rg BT 395.34 668.25 Td (. ) Tj ET Q q 0 0 0 rg BT 402.14 668.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 428.38 668.25 Td (on ) Tj ET Q q 0 0 0 rg BT 440.18 668.25 Td (that ) Tj ET Q q 0 0 0 rg BT 456.98 668.25 Td (evaluation, ) Tj ET Q q 0 0 0 rg BT 502.93 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.95 668.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.61 668.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.50 656.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 128.27 656.25 Td (of) Tj ET Q q 0 0 0 rg BT 136.42 656.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 157.20 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 174.10 656.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 212.10 656.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 249.54 656.25 Td (of) Tj ET Q q 0 0 0 rg BT 257.69 656.25 Td (ficer ) Tj ET Q q 0 0 0 rg BT 278.46 656.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 322.02 656.25 Td (that ) Tj ET Q q 0 0 0 rg BT 339.47 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 354.15 656.25 Td (Company) Tj ET Q q 0 0 0 rg BT 395.81 656.25 Td (s ) Tj ET Q q 0 0 0 rg BT 402.17 656.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 445.17 656.25 Td (controls ) Tj ET Q q 0 0 0 rg BT 479.85 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 496.75 656.25 Td (procedures ) Tj ET Q q 0 0 0 rg BT 543.07 656.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (ef) Tj ET Q q 0 0 0 rg BT 57.09 644.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 86.79 644.25 Td (as ) Tj ET Q q 0 0 0 rg BT 97.62 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 108.45 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.17 644.25 Td (end ) Tj ET Q q 0 0 0 rg BT 140.11 644.25 Td (of ) Tj ET Q q 0 0 0 rg BT 150.94 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.65 644.25 Td (period ) Tj ET Q q 0 0 0 rg BT 193.70 644.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 227.84 644.25 Td (by ) Tj ET Q q 0 0 0 rg BT 240.34 644.25 Td (this ) Tj ET Q q 0 0 0 rg BT 257.29 644.25 Td (report.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 88.67 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 99.51 620.25 Td (Internal ) Tj ET Q q 0 0 0 rg BT 137.01 620.25 Td (Contr) Tj ET Q q 0 0 0 rg BT 162.39 620.25 Td (ol ) Tj ET Q q 0 0 0 rg BT 172.66 620.25 Td (over) Tj ET Q q 0 0 0 rg BT 191.36 620.25 Td ( ) Tj ET Q q 0 0 0 rg BT 193.86 620.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 236.37 620.25 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (There ) Tj ET Q q 0 0 0 rg BT 74.57 596.25 Td (were ) Tj ET Q q 0 0 0 rg BT 95.76 596.25 Td (no ) Tj ET Q q 0 0 0 rg BT 107.52 596.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 141.48 596.25 Td (in ) Tj ET Q q 0 0 0 rg BT 151.02 596.25 Td (our ) Tj ET Q q 0 0 0 rg BT 166.11 596.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 198.41 596.25 Td (control ) Tj ET Q q 0 0 0 rg BT 228.49 596.25 Td (over ) Tj ET Q q 0 0 0 rg BT 248.02 596.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 284.75 596.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 323.17 596.25 Td (during ) Tj ET Q q 0 0 0 rg BT 351.03 596.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.01 596.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 395.08 596.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 420.72 596.25 Td (March ) Tj ET Q q 0 0 0 rg BT 448.57 596.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 462.83 596.25 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.83 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 484.59 596.25 Td (that ) Tj ET Q q 0 0 0 rg BT 501.34 596.25 Td (have ) Tj ET Q q 0 0 0 rg BT 521.98 596.25 Td (materially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (af) Tj ET Q q 0 0 0 rg BT 57.09 584.25 Td (fected, ) Tj ET Q q 0 0 0 rg BT 86.51 584.25 Td (or ) Tj ET Q q 0 0 0 rg BT 97.34 584.25 Td (are ) Tj ET Q q 0 0 0 rg BT 112.05 584.25 Td (reasonably ) Tj ET Q q 0 0 0 rg BT 157.86 584.25 Td (likely ) Tj ET Q q 0 0 0 rg BT 183.14 584.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.42 584.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 236.45 584.25 Td (af) Tj ET Q q 0 0 0 rg BT 244.04 584.25 Td (fect, ) Tj ET Q q 0 0 0 rg BT 264.03 584.25 Td (our ) Tj ET Q q 0 0 0 rg BT 279.86 584.25 Td (internal ) Tj ET Q q 0 0 0 rg BT 312.90 584.25 Td (control ) Tj ET Q q 0 0 0 rg BT 343.72 584.25 Td (over ) Tj ET Q q 0 0 0 rg BT 363.99 584.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 401.47 584.25 Td (reporting. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 49.5 558.68505859375 m 199.3095703125 558.68505859375 l s q 0 0 0 rg BT 49.50 560.25 Td (Part II - OTHER INFORMA) Tj ET Q q 0 0 0 rg BT 173.75 560.25 Td (TION) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 534.9169921875 m 154.4658203125 534.9169921875 l s q 0 0 0 rg BT 49.50 536.25 Td (Item 1. Legal Proceedings) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.48 512.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.80 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 125.67 512.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 155.31 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 166.07 512.25 Td (its ) Tj ET Q q 0 0 0 rg BT 177.96 512.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 227.61 512.25 Td (have ) Tj ET Q q 0 0 0 rg BT 248.92 512.25 Td (received ) Tj ET Q q 0 0 0 rg BT 285.22 512.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 313.75 512.25 Td (from ) Tj ET Q q 0 0 0 rg BT 335.63 512.25 Td (homeowners ) Tj ET Q q 0 0 0 rg BT 389.16 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 399.37 512.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 429.01 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 439.77 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 455.54 512.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 509.63 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 519.84 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 535.43 512.25 Td (T) Tj ET Q q 0 0 0 rg BT 540.84 512.25 Td (ampa ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.70 500.25 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 102.73 500.25 Td (Florida ) Tj ET Q q 0 0 0 rg BT 133.38 500.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 166.80 500.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 186.33 500.25 Td (been ) Tj ET Q q 0 0 0 rg BT 206.96 500.25 Td (named ) Tj ET Q q 0 0 0 rg BT 235.38 500.25 Td (as ) Tj ET Q q 0 0 0 rg BT 245.47 500.25 Td (a ) Tj ET Q q 0 0 0 rg BT 251.67 500.25 Td (defendant ) Tj ET Q q 0 0 0 rg BT 292.86 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 302.40 500.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 323.59 500.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 373.67 500.25 Td (initiated ) Tj ET Q q 0 0 0 rg BT 408.20 500.25 Td (by ) Tj ET Q q 0 0 0 rg BT 419.96 500.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 448.93 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.02 500.25 Td (such ) Tj ET Q q 0 0 0 rg BT 479.11 500.25 Td (homeowners\) ) Tj ET Q q 0 0 0 rg BT 535.30 500.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.38 488.25 Td (stucco ) Tj ET Q q 0 0 0 rg BT 87.03 488.25 Td (on ) Tj ET Q q 0 0 0 rg BT 99.13 488.25 Td (their ) Tj ET Q q 0 0 0 rg BT 119.56 488.25 Td (homes. ) Tj ET Q q 0 0 0 rg BT 150.27 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 152.37 488.25 Td (See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 168.91162109375 486.9169921875 m 195.4521484375 486.9169921875 l s q 0 0 1 rg BT 168.91 488.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 190.45 488.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 195.45 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 197.55 488.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.43 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 221.75 488.25 Td (Company) Tj ET Q q 0 0 0 rg BT 263.42 488.25 Td (s ) Tj ET Q q 0 0 0 rg BT 269.41 488.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 306.49 488.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 350.81 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 364.57 488.25 Td (further ) Tj ET Q q 0 0 0 rg BT 393.88 488.25 Td (information ) Tj ET Q q 0 0 0 rg BT 443.19 488.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 483.61 488.25 Td (these ) Tj ET Q q 0 0 0 rg BT 506.26 488.25 Td (stucco ) Tj ET Q q 0 0 0 rg BT 533.91 488.25 Td (claims.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.97 464.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.78 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.14 464.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 153.27 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.52 464.25 Td (its ) Tj ET Q q 0 0 0 rg BT 174.89 464.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 224.03 464.25 Td (have ) Tj ET Q q 0 0 0 rg BT 244.83 464.25 Td (been ) Tj ET Q q 0 0 0 rg BT 265.63 464.25 Td (named ) Tj ET Q q 0 0 0 rg BT 294.21 464.25 Td (as ) Tj ET Q q 0 0 0 rg BT 304.46 464.25 Td (defendants ) Tj ET Q q 0 0 0 rg BT 349.70 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 359.40 464.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 388.52 464.25 Td (other ) Tj ET Q q 0 0 0 rg BT 410.99 464.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 432.35 464.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 482.59 464.25 Td (which ) Tj ET Q q 0 0 0 rg BT 508.95 464.25 Td (are ) Tj ET Q q 0 0 0 rg BT 523.08 464.25 Td (incidental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.83 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 75.71 452.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 114.65 452.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.01 452.25 Td (While ) Tj ET Q q 0 0 0 rg BT 143.99 452.25 Td (management ) Tj ET Q q 0 0 0 rg BT 197.63 452.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 236.27 452.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 271.59 452.25 Td (that ) Tj ET Q q 0 0 0 rg BT 289.13 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.90 452.25 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 339.21 452.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 381.76 452.25 Td (of ) Tj ET Q q 0 0 0 rg BT 392.64 452.25 Td (these ) Tj ET Q q 0 0 0 rg BT 415.73 452.25 Td (other ) Tj ET Q q 0 0 0 rg BT 438.83 452.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 460.81 452.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 514.17 452.25 Td (individually ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.66 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 77.16 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.09 440.25 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 136.17 440.25 Td (will ) Tj ET Q q 0 0 0 rg BT 154.45 440.25 Td (not ) Tj ET Q q 0 0 0 rg BT 169.95 440.25 Td (have ) Tj ET Q q 0 0 0 rg BT 191.55 440.25 Td (a ) Tj ET Q q 0 0 0 rg BT 198.70 440.25 Td (material ) Tj ET Q q 0 0 0 rg BT 234.18 440.25 Td (ef) Tj ET Q q 0 0 0 rg BT 241.77 440.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 259.48 440.25 Td (on ) Tj ET Q q 0 0 0 rg BT 272.20 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 287.13 440.25 Td (Company) Tj ET Q q 0 0 0 rg BT 328.80 440.25 Td (s ) Tj ET Q q 0 0 0 rg BT 335.41 440.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 373.11 440.25 Td (condition, ) Tj ET Q q 0 0 0 rg BT 416.10 440.25 Td (results ) Tj ET Q q 0 0 0 rg BT 444.93 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.98 440.25 Td (operationsand ) Tj ET Q q 0 0 0 rg BT 517.29 440.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 537.78 440.25 Td (flows, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (such ) Tj ET Q q 0 0 0 rg BT 70.36 428.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 92.33 428.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 143.17 428.25 Td (are ) Tj ET Q q 0 0 0 rg BT 157.91 428.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 188.77 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 199.07 428.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 234.37 428.25 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 290.49 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 292.84 428.25 Td (The ) Tj ET Q q 0 0 0 rg BT 310.91 428.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 352.33 428.25 Td (has ) Tj ET Q q 0 0 0 rg BT 368.19 428.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 405.70 428.25 Td (a ) Tj ET Q q 0 0 0 rg BT 412.67 428.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 446.31 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.62 428.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 489.69 428.25 Td (for ) Tj ET Q q 0 0 0 rg BT 503.88 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.63 428.25 Td (anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 73.89 416.25 Td (including ) Tj ET Q q 0 0 0 rg BT 113.56 416.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 134.89 416.25 Td (defense ) Tj ET Q q 0 0 0 rg BT 167.32 416.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 191.71 416.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 234.70 416.25 Td (with ) Tj ET Q q 0 0 0 rg BT 254.37 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 268.48 416.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 310.37 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.59 416.25 Td (these ) Tj ET Q q 0 0 0 rg BT 343.03 416.25 Td (other ) Tj ET Q q 0 0 0 rg BT 365.47 416.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 386.80 416.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 439.51 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 441.40 416.25 Td (However) Tj ET Q q 0 0 0 rg BT 477.65 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 482.05 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.16 416.25 Td (possibility ) Tj ET Q q 0 0 0 rg BT 539.73 416.25 Td (exists ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (that ) Tj ET Q q 0 0 0 rg BT 66.92 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.56 404.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 103.99 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 114.19 404.25 Td (resolve ) Tj ET Q q 0 0 0 rg BT 145.50 404.25 Td (these ) Tj ET Q q 0 0 0 rg BT 168.47 404.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 190.33 404.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 241.07 404.25 Td (could ) Tj ET Q q 0 0 0 rg BT 265.71 404.25 Td (dif) Tj ET Q q 0 0 0 rg BT 276.64 404.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 290.16 404.25 Td (from ) Tj ET Q q 0 0 0 rg BT 312.03 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 326.67 404.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 364.07 404.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 403.71 404.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 423.07 404.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 464.08 404.25 Td (have ) Tj ET Q q 0 0 0 rg BT 485.39 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 492.25 404.25 Td (material ) Tj ET Q q 0 0 0 rg BT 527.44 404.25 Td (ef) Tj ET Q q 0 0 0 rg BT 535.02 404.25 Td (fecton ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 392.25 Td (Company) Tj ET Q q 0 0 0 rg BT 105.88 392.25 Td (s ) Tj ET Q q 0 0 0 rg BT 112.27 392.25 Td (net ) Tj ET Q q 0 0 0 rg BT 126.99 392.25 Td (income ) Tj ET Q q 0 0 0 rg BT 158.92 392.25 Td (for ) Tj ET Q q 0 0 0 rg BT 173.08 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.80 392.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 219.74 392.25 Td (in ) Tj ET Q q 0 0 0 rg BT 230.02 392.25 Td (which ) Tj ET Q q 0 0 0 rg BT 256.96 392.25 Td (they ) Tj ET Q q 0 0 0 rg BT 276.67 392.25 Td (are ) Tj ET Q q 0 0 0 rg BT 291.38 392.25 Td (resolved.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 366.9169921875 m 137.8251953125 366.9169921875 l s q 0 0 0 rg BT 49.50 368.25 Td (Item 1A. Risk Factors) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (Except ) Tj ET Q q 0 0 0 rg BT 79.82 344.25 Td (as ) Tj ET Q q 0 0 0 rg BT 90.71 344.25 Td (set ) Tj ET Q q 0 0 0 rg BT 104.38 344.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 126.38 344.25 Td (below) Tj ET Q q 0 0 0 rg BT 150.17 344.25 Td (, ) Tj ET Q q 0 0 0 rg BT 155.23 344.25 Td (there ) Tj ET Q q 0 0 0 rg BT 177.78 344.25 Td (have ) Tj ET Q q 0 0 0 rg BT 199.21 344.25 Td (been ) Tj ET Q q 0 0 0 rg BT 220.65 344.25 Td (no ) Tj ET Q q 0 0 0 rg BT 233.21 344.25 Td (material ) Tj ET Q q 0 0 0 rg BT 268.53 344.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 303.30 344.25 Td (to ) Tj ET Q q 0 0 0 rg BT 313.63 344.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.41 344.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 345.97 344.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 375.74 344.25 Td (appearing ) Tj ET Q q 0 0 0 rg BT 417.72 344.25 Td (in ) Tj ET Q q 0 0 0 rg BT 428.06 344.25 Td (our ) Tj ET Q q 0 0 0 rg BT 443.38 344.25 Td (Annual ) Tj ET Q q 0 0 0 rg BT 475.38 344.25 Td (Report ) Tj ET Q q 0 0 0 rg BT 505.16 344.25 Td (on ) Tj ET Q q 0 0 0 rg BT 517.72 344.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 541.95 344.25 Td (10-K ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.38 332.25 Td (fiscal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.53 332.25 Td (year ) Tj ET Q q 0 0 0 rg BT 122.24 332.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 148.62 332.25 Td (December ) Tj ET Q q 0 0 0 rg BT 192.20 332.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 207.20 332.25 Td (2019) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.20 332.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.52 308.25 Td (business ) Tj ET Q q 0 0 0 rg BT 105.89 308.25 Td (has ) Tj ET Q q 0 0 0 rg BT 122.69 308.25 Td (been, ) Tj ET Q q 0 0 0 rg BT 146.98 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 164.89 308.25 Td (may ) Tj ET Q q 0 0 0 rg BT 184.46 308.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 222.93 308.25 Td (to ) Tj ET Q q 0 0 0 rg BT 233.06 308.25 Td (be, ) Tj ET Q q 0 0 0 rg BT 247.35 308.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 291.36 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 309.27 308.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 349.93 308.25 Td (disrupted ) Tj ET Q q 0 0 0 rg BT 390.62 308.25 Td (by ) Tj ET Q q 0 0 0 rg BT 402.41 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.54 308.25 Td (present ) Tj ET Q q 0 0 0 rg BT 449.89 308.25 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 488.91 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 499.59 308.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 546.94 308.25 Td (and ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (could ) Tj ET Q q 0 0 0 rg BT 74.89 296.25 Td (be ) Tj ET Q q 0 0 0 rg BT 86.95 296.25 Td (materially ) Tj ET Q q 0 0 0 rg BT 131.22 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 149.40 296.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 190.33 296.25 Td (disrupted ) Tj ET Q q 0 0 0 rg BT 231.28 296.25 Td (by ) Tj ET Q q 0 0 0 rg BT 243.34 296.25 Td (another ) Tj ET Q q 0 0 0 rg BT 278.18 296.25 Td (epidemic, ) Tj ET Q q 0 0 0 rg BT 319.95 296.25 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 362.56 296.25 Td (or ) Tj ET Q q 0 0 0 rg BT 374.06 296.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 405.57 296.25 Td (public ) Tj ET Q q 0 0 0 rg BT 433.75 296.25 Td (health ) Tj ET Q q 0 0 0 rg BT 462.48 296.25 Td (issue, ) Tj ET Q q 0 0 0 rg BT 488.15 296.25 Td (or ) Tj ET Q q 0 0 0 rg BT 499.66 296.25 Td (fear ) Tj ET Q q 0 0 0 rg BT 518.94 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 529.88 296.25 Td (such ) Tj ET Q q 0 0 0 rg BT 551.95 296.25 Td (an ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (event, ) Tj ET Q q 0 0 0 rg BT 75.74 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.39 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 108.26 284.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 149.24 284.25 Td (that ) Tj ET Q q 0 0 0 rg BT 167.44 284.25 Td (international, ) Tj ET Q q 0 0 0 rg BT 225.94 284.25 Td (federal, ) Tj ET Q q 0 0 0 rg BT 259.40 284.25 Td (state ) Tj ET Q q 0 0 0 rg BT 280.37 284.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.02 284.25 Td (local ) Tj ET Q q 0 0 0 rg BT 320.11 284.25 Td (governments, ) Tj ET Q q 0 0 0 rg BT 377.47 284.25 Td (agencies ) Tj ET Q q 0 0 0 rg BT 415.11 284.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 444.42 284.25 Td (health ) Tj ET Q q 0 0 0 rg BT 472.63 284.25 Td (authorities ) Tj ET Q q 0 0 0 rg BT 519.18 284.25 Td (implement ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 272.25 Td (address ) Tj ET Q q 0 0 0 rg BT 93.39 272.25 Td (it.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (An ) Tj ET Q q 0 0 0 rg BT 64.74 248.25 Td (epidemic, ) Tj ET Q q 0 0 0 rg BT 106.91 248.25 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 148.80 248.25 Td (or ) Tj ET Q q 0 0 0 rg BT 160.14 248.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 190.94 248.25 Td (public ) Tj ET Q q 0 0 0 rg BT 218.95 248.25 Td (health ) Tj ET Q q 0 0 0 rg BT 246.40 248.25 Td (issue, ) Tj ET Q q 0 0 0 rg BT 271.92 248.25 Td (or ) Tj ET Q q 0 0 0 rg BT 283.26 248.25 Td (fear ) Tj ET Q q 0 0 0 rg BT 301.82 248.25 Td (of ) Tj ET Q q 0 0 0 rg BT 313.17 248.25 Td (such ) Tj ET Q q 0 0 0 rg BT 334.51 248.25 Td (an ) Tj ET Q q 0 0 0 rg BT 346.97 248.25 Td (event, ) Tj ET Q q 0 0 0 rg BT 374.14 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 391.60 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.83 248.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 447.06 248.25 Td (undertaken ) Tj ET Q q 0 0 0 rg BT 494.50 248.25 Td (by ) Tj ET Q q 0 0 0 rg BT 507.52 248.25 Td (governmental ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (authorities ) Tj ET Q q 0 0 0 rg BT 93.52 236.25 Td (to ) Tj ET Q q 0 0 0 rg BT 103.11 236.25 Td (address ) Tj ET Q q 0 0 0 rg BT 134.91 236.25 Td (it, ) Tj ET Q q 0 0 0 rg BT 144.77 236.25 Td (could ) Tj ET Q q 0 0 0 rg BT 168.80 236.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 220.60 236.25 Td (disrupt ) Tj ET Q q 0 0 0 rg BT 250.19 236.25 Td (or ) Tj ET Q q 0 0 0 rg BT 260.33 236.25 Td (prevent ) Tj ET Q q 0 0 0 rg BT 292.12 236.25 Td (us ) Tj ET Q q 0 0 0 rg BT 302.82 236.25 Td (from ) Tj ET Q q 0 0 0 rg BT 324.07 236.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 363.64 236.25 Td (our ) Tj ET Q q 0 0 0 rg BT 378.78 236.25 Td (business ) Tj ET Q q 0 0 0 rg BT 414.48 236.25 Td (in ) Tj ET Q q 0 0 0 rg BT 424.07 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.09 236.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 473.78 236.25 Td (course ) Tj ET Q q 0 0 0 rg BT 501.69 236.25 Td (for ) Tj ET Q q 0 0 0 rg BT 515.16 236.25 Td (an ) Tj ET Q q 0 0 0 rg BT 526.40 236.25 Td (extended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (period, ) Tj ET Q q 0 0 0 rg BT 79.76 224.25 Td (and ) Tj ET Q q 0 0 0 rg BT 96.41 224.25 Td (thereby) Tj ET Q q 0 0 0 rg BT 125.75 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 130.46 224.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 158.23 224.25 Td (along ) Tj ET Q q 0 0 0 rg BT 182.66 224.25 Td (with ) Tj ET Q q 0 0 0 rg BT 202.65 224.25 Td (any ) Tj ET Q q 0 0 0 rg BT 219.30 224.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 262.61 224.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 303.70 224.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 331.46 224.25 Td (social ) Tj ET Q q 0 0 0 rg BT 357.00 224.25 Td (instability ) Tj ET Q q 0 0 0 rg BT 399.21 224.25 Td (or ) Tj ET Q q 0 0 0 rg BT 409.76 224.25 Td (distress, ) Tj ET Q q 0 0 0 rg BT 444.47 224.25 Td (have ) Tj ET Q q 0 0 0 rg BT 465.56 224.25 Td (a ) Tj ET Q q 0 0 0 rg BT 472.21 224.25 Td (material ) Tj ET Q q 0 0 0 rg BT 507.19 224.25 Td (adverse ) Tj ET Q q 0 0 0 rg BT 539.94 224.25 Td (ef) Tj ET Q q 0 0 0 rg BT 547.53 224.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.00 212.25 Td (our ) Tj ET Q q 0 0 0 rg BT 77.83 212.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 116.72 212.25 Td (results ) Tj ET Q q 0 0 0 rg BT 145.33 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.16 212.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 202.82 212.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 240.30 212.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 280.57 212.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 308.62 212.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 328.88 212.25 Td (flows.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (On ) Tj ET Q q 0 0 0 rg BT 63.00 188.25 Td (March ) Tj ET Q q 0 0 0 rg BT 90.37 188.25 Td (1) Tj ET Q q 0 0 0 rg BT 95.00 188.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 103.78 188.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 127.56 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.96 188.25 Td (W) Tj ET Q q 0 0 0 rg BT 149.60 188.25 Td (orld ) Tj ET Q q 0 0 0 rg BT 166.98 188.25 Td (Health ) Tj ET Q q 0 0 0 rg BT 194.91 188.25 Td (Or) Tj ET Q q 0 0 0 rg BT 205.28 188.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 248.21 188.25 Td (characterized ) Tj ET Q q 0 0 0 rg BT 302.77 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.27 188.25 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 352.53 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 362.14 188.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 408.41 188.25 Td (as ) Tj ET Q q 0 0 0 rg BT 418.02 188.25 Td (a ) Tj ET Q q 0 0 0 rg BT 423.73 188.25 Td (global ) Tj ET Q q 0 0 0 rg BT 450.00 188.25 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 490.15 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.87 188.25 Td (recommended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (containment ) Tj ET Q q 0 0 0 rg BT 101.78 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 119.08 176.25 Td (mitigation ) Tj ET Q q 0 0 0 rg BT 163.04 176.25 Td (measures. ) Tj ET Q q 0 0 0 rg BT 205.60 176.25 Td (On ) Tj ET Q q 0 0 0 rg BT 220.68 176.25 Td (March ) Tj ET Q q 0 0 0 rg BT 249.64 176.25 Td (13, ) Tj ET Q q 0 0 0 rg BT 264.99 176.25 Td (2020, ) Tj ET Q q 0 0 0 rg BT 290.35 176.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.42 176.25 Td (United ) Tj ET Q q 0 0 0 rg BT 335.49 176.25 Td (States ) Tj ET Q q 0 0 0 rg BT 362.23 176.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 398.95 176.25 Td (a ) Tj ET Q q 0 0 0 rg BT 406.25 176.25 Td (national ) Tj ET Q q 0 0 0 rg BT 441.31 176.25 Td (emer) Tj ET Q q 0 0 0 rg BT 461.12 176.25 Td (gency ) Tj ET Q q 0 0 0 rg BT 487.85 176.25 Td (with ) Tj ET Q q 0 0 0 rg BT 508.48 176.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 539.65 176.25 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 176.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 97.98 164.25 Td (outbreak, ) Tj ET Q q 0 0 0 rg BT 138.95 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.88 164.25 Td (several ) Tj ET Q q 0 0 0 rg BT 188.68 164.25 Td (states ) Tj ET Q q 0 0 0 rg BT 214.38 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.30 164.25 Td (municipalities ) Tj ET Q q 0 0 0 rg BT 292.44 164.25 Td (have ) Tj ET Q q 0 0 0 rg BT 314.80 164.25 Td (declared ) Tj ET Q q 0 0 0 rg BT 352.15 164.25 Td (public ) Tj ET Q q 0 0 0 rg BT 380.63 164.25 Td (health ) Tj ET Q q 0 0 0 rg BT 408.55 164.25 Td (emer) Tj ET Q q 0 0 0 rg BT 428.36 164.25 Td (gencies. ) Tj ET Q q 0 0 0 rg BT 464.33 164.25 Td (Numerous ) Tj ET Q q 0 0 0 rg BT 509.47 164.25 Td (international, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (federal, ) Tj ET Q q 0 0 0 rg BT 82.37 152.25 Td (state ) Tj ET Q q 0 0 0 rg BT 103.31 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 120.36 152.25 Td (local ) Tj ET Q q 0 0 0 rg BT 142.41 152.25 Td (public ) Tj ET Q q 0 0 0 rg BT 170.02 152.25 Td (health ) Tj ET Q q 0 0 0 rg BT 197.06 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 214.11 152.25 Td (governmental ) Tj ET Q q 0 0 0 rg BT 271.71 152.25 Td (authorities ) Tj ET Q q 0 0 0 rg BT 316.53 152.25 Td (have ) Tj ET Q q 0 0 0 rg BT 338.03 152.25 Td (taken ) Tj ET Q q 0 0 0 rg BT 362.29 152.25 Td (extraordinary ) Tj ET Q q 0 0 0 rg BT 418.77 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.82 152.25 Td (wide-ranging ) Tj ET Q q 0 0 0 rg BT 491.75 152.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 522.69 152.25 Td (to ) Tj ET Q q 0 0 0 rg BT 533.08 152.25 Td (contain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 65.98 140.25 Td (combat ) Tj ET Q q 0 0 0 rg BT 97.46 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.72 140.25 Td (outbreak ) Tj ET Q q 0 0 0 rg BT 148.75 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 165.23 140.25 Td (spread ) Tj ET Q q 0 0 0 rg BT 193.37 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 203.75 140.25 Td (COVID-19, ) Tj ET Q q 0 0 0 rg BT 253.28 140.25 Td (including ) Tj ET Q q 0 0 0 rg BT 293.10 140.25 Td (quarantines, ) Tj ET Q q 0 0 0 rg BT 343.74 140.25 Td (stay-at-home ) Tj ET Q q 0 0 0 rg BT 406.86 140.25 Td (orders, ) Tj ET Q q 0 0 0 rg BT 436.39 140.25 Td (social ) Tj ET Q q 0 0 0 rg BT 461.76 140.25 Td (distancing ) Tj ET Q q 0 0 0 rg BT 504.91 140.25 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 548.06 140.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 128.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 79.76 128.25 Td (mandates ) Tj ET Q q 0 0 0 rg BT 120.02 128.25 Td (for ) Tj ET Q q 0 0 0 rg BT 134.17 128.25 Td (many ) Tj ET Q q 0 0 0 rg BT 158.87 128.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 205.80 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 216.07 128.25 Td (substantially ) Tj ET Q q 0 0 0 rg BT 269.11 128.25 Td (restrict ) Tj ET Q q 0 0 0 rg BT 299.37 128.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 321.85 128.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 360.44 128.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.37 128.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.51 128.25 Td (many ) Tj ET Q q 0 0 0 rg BT 416.22 128.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 460.93 128.25 Td (to ) Tj ET Q q 0 0 0 rg BT 471.20 128.25 Td (curtail ) Tj ET Q q 0 0 0 rg BT 499.23 128.25 Td (or ) Tj ET Q q 0 0 0 rg BT 510.05 128.25 Td (cease ) Tj ET Q q 0 0 0 rg BT 534.18 128.25 Td (normal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 116.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 92.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.01 92.25 Td (response ) Tj ET Q q 0 0 0 rg BT 97.17 92.25 Td (to ) Tj ET Q q 0 0 0 rg BT 107.13 92.25 Td (these ) Tj ET Q q 0 0 0 rg BT 129.85 92.25 Td (developments, ) Tj ET Q q 0 0 0 rg BT 190.07 92.25 Td (we ) Tj ET Q q 0 0 0 rg BT 203.91 92.25 Td (have ) Tj ET Q q 0 0 0 rg BT 224.96 92.25 Td (undertaken ) Tj ET Q q 0 0 0 rg BT 271.56 92.25 Td (a ) Tj ET Q q 0 0 0 rg BT 278.18 92.25 Td (number ) Tj ET Q q 0 0 0 rg BT 310.90 92.25 Td (of ) Tj ET Q q 0 0 0 rg BT 321.41 92.25 Td (actions ) Tj ET Q q 0 0 0 rg BT 351.91 92.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.53 92.25 Td (initiatives. ) Tj ET Q q 0 0 0 rg BT 412.64 92.25 Td ( ) Tj ET Q q 0 0 0 rg BT 414.66 92.25 Td (W) Tj ET Q q 0 0 0 rg BT 423.30 92.25 Td (e ) Tj ET Q q 0 0 0 rg BT 429.91 92.25 Td (began ) Tj ET Q q 0 0 0 rg BT 455.97 92.25 Td (encouraging ) Tj ET Q q 0 0 0 rg BT 507.57 92.25 Td (all ) Tj ET Q q 0 0 0 rg BT 519.74 92.25 Td (employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 80.25 Td (at ) Tj ET Q q 0 0 0 rg BT 58.46 80.25 Td (our ) Tj ET Q q 0 0 0 rg BT 73.53 80.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 113.02 80.25 Td (and ) Tj ET Q q 0 0 0 rg BT 129.20 80.25 Td (division ) Tj ET Q q 0 0 0 rg BT 163.16 80.25 Td (of) Tj ET Q q 0 0 0 rg BT 171.31 80.25 Td (fices ) Tj ET Q q 0 0 0 rg BT 191.93 80.25 Td (whose ) Tj ET Q q 0 0 0 rg BT 219.22 80.25 Td (duties ) Tj ET Q q 0 0 0 rg BT 244.85 80.25 Td (could ) Tj ET Q q 0 0 0 rg BT 268.81 80.25 Td (be ) Tj ET Q q 0 0 0 rg BT 279.98 80.25 Td (performed ) Tj ET Q q 0 0 0 rg BT 323.37 80.25 Td (from ) Tj ET Q q 0 0 0 rg BT 344.55 80.25 Td (home ) Tj ET Q q 0 0 0 rg BT 368.50 80.25 Td (to ) Tj ET Q q 0 0 0 rg BT 378.02 80.25 Td (work ) Tj ET Q q 0 0 0 rg BT 400.31 80.25 Td (remotely ) Tj ET Q q 0 0 0 rg BT 437.59 80.25 Td (until ) Tj ET Q q 0 0 0 rg BT 457.67 80.25 Td (further ) Tj ET Q q 0 0 0 rg BT 486.62 80.25 Td (notice, ) Tj ET Q q 0 0 0 rg BT 515.29 80.25 Td (transitioned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.25 Td (all ) Tj ET Q q 0 0 0 rg BT 61.94 68.25 Td (of ) Tj ET Q q 0 0 0 rg BT 72.72 68.25 Td (our ) Tj ET Q q 0 0 0 rg BT 88.50 68.25 Td (Design ) Tj ET Q q 0 0 0 rg BT 119.28 68.25 Td (Studios ) Tj ET Q q 0 0 0 rg BT 151.73 68.25 Td (to ) Tj ET Q q 0 0 0 rg BT 161.96 68.25 Td (appointment-only ) Tj ET Q q 0 0 0 rg BT 235.51 68.25 Td (with ) Tj ET Q q 0 0 0 rg BT 255.73 68.25 Td (pre-screened ) Tj ET Q q 0 0 0 rg BT 309.25 68.25 Td (individuals ) Tj ET Q q 0 0 0 rg BT 356.15 68.25 Td (or ) Tj ET Q q 0 0 0 rg BT 366.92 68.25 Td (virtual ) Tj ET Q q 0 0 0 rg BT 395.47 68.25 Td (appointments, ) Tj ET Q q 0 0 0 rg BT 454.30 68.25 Td (instituted ) Tj ET Q q 0 0 0 rg BT 493.97 68.25 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 539.19 68.25 Td (social ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.25 Td (distancing ) Tj ET Q q 0 0 0 rg BT 93.24 56.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.32 56.25 Td (hygiene/sanitation ) Tj ET Q q 0 0 0 rg BT 186.27 56.25 Td (guidelines ) Tj ET Q q 0 0 0 rg BT 230.01 56.25 Td (in ) Tj ET Q q 0 0 0 rg BT 240.43 56.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 288.03 56.25 Td (with ) Tj ET Q q 0 0 0 rg BT 308.45 56.25 Td (recommended ) Tj ET Q q 0 0 0 rg BT 367.72 56.25 Td (protocols ) Tj ET Q q 0 0 0 rg BT 407.58 56.25 Td (throughout ) Tj ET Q q 0 0 0 rg BT 454.10 56.25 Td (the ) Tj ET Q q 0 0 0 rg BT 468.96 56.25 Td (or) Tj ET Q q 0 0 0 rg BT 477.11 56.25 Td (ganization ) Tj ET Q q 0 0 0 rg BT 521.40 56.25 Td (\(including ) Tj ET Q endstream endobj 101 0 obj <> endobj 102 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (49) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.01 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 74.07 740.10 Td (Design ) Tj ET Q q 0 0 0 rg BT 104.12 740.10 Td (Studios, ) Tj ET Q q 0 0 0 rg BT 138.36 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.53 740.10 Td (with ) Tj ET Q q 0 0 0 rg BT 174.04 740.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 204.08 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 213.59 740.10 Td (trade ) Tj ET Q q 0 0 0 rg BT 235.30 740.10 Td (partners ) Tj ET Q q 0 0 0 rg BT 269.24 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.40 740.10 Td (their ) Tj ET Q q 0 0 0 rg BT 305.46 740.10 Td (employees ) Tj ET Q q 0 0 0 rg BT 349.95 740.10 Td (on ) Tj ET Q q 0 0 0 rg BT 361.68 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 376.74 740.10 Td (jobsites\) ) Tj ET Q q 0 0 0 rg BT 412.35 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 428.52 740.10 Td (postponed ) Tj ET Q q 0 0 0 rg BT 471.36 740.10 Td (non-essential ) Tj ET Q q 0 0 0 rg BT 525.85 740.10 Td (customer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (care ) Tj ET Q q 0 0 0 rg BT 68.65 728.10 Td (service ) Tj ET Q q 0 0 0 rg BT 99.46 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.40 728.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 154.44 728.10 Td (requests.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (While ) Tj ET Q q 0 0 0 rg BT 75.33 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 88.39 704.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 118.66 704.10 Td (that ) Tj ET Q q 0 0 0 rg BT 135.05 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 148.67 704.10 Td (above-referenced ) Tj ET Q q 0 0 0 rg BT 219.46 704.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 249.18 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.01 704.10 Td (initiatives ) Tj ET Q q 0 0 0 rg BT 305.85 704.10 Td (are ) Tj ET Q q 0 0 0 rg BT 319.46 704.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 359.72 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.56 704.10 Td (appropriate ) Tj ET Q q 0 0 0 rg BT 422.49 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 431.66 704.10 Td (light ) Tj ET Q q 0 0 0 rg BT 451.40 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 461.13 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.74 704.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 521.13 704.10 Td (pandemic, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (they ) Tj ET Q q 0 0 0 rg BT 68.30 692.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 97.09 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 112.00 692.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 139.13 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.49 692.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 179.49 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 194.40 692.10 Td (business ) Tj ET Q q 0 0 0 rg BT 229.87 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 239.23 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.03 692.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 288.48 692.10 Td (course ) Tj ET Q q 0 0 0 rg BT 316.16 692.10 Td (consistent ) Tj ET Q q 0 0 0 rg BT 357.73 692.10 Td (with ) Tj ET Q q 0 0 0 rg BT 377.09 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 392.00 692.10 Td (past ) Tj ET Q q 0 0 0 rg BT 409.69 692.10 Td (practices. ) Tj ET Q q 0 0 0 rg BT 449.19 692.10 Td (These ) Tj ET Q q 0 0 0 rg BT 474.64 692.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 504.55 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 520.57 692.10 Td (initiatives, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 91.09 680.10 Td (with ) Tj ET Q q 0 0 0 rg BT 111.02 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 117.61 680.10 Td (reduction ) Tj ET Q q 0 0 0 rg BT 157.52 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.45 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.82 680.10 Td (availability) Tj ET Q q 0 0 0 rg BT 226.16 680.10 Td (, ) Tj ET Q q 0 0 0 rg BT 230.81 680.10 Td (capacity ) Tj ET Q q 0 0 0 rg BT 266.27 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 282.87 680.10 Td (ef) Tj ET Q q 0 0 0 rg BT 290.45 680.10 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 324.81 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 335.29 680.10 Td (municipal ) Tj ET Q q 0 0 0 rg BT 377.43 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 394.02 680.10 Td (private ) Tj ET Q q 0 0 0 rg BT 423.94 680.10 Td (services ) Tj ET Q q 0 0 0 rg BT 458.30 680.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 499.32 680.10 Td (to ) Tj ET Q q 0 0 0 rg BT 509.25 680.10 Td (progress ) Tj ET Q q 0 0 0 rg BT 545.28 680.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (development, ) Tj ET Q q 0 0 0 rg BT 106.19 668.10 Td (homebuilding, ) Tj ET Q q 0 0 0 rg BT 166.78 668.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 207.09 668.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 226.84 668.10 Td (originations ) Tj ET Q q 0 0 0 rg BT 277.16 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 294.14 668.10 Td (home ) Tj ET Q q 0 0 0 rg BT 318.90 668.10 Td (closings, ) Tj ET Q q 0 0 0 rg BT 356.71 668.10 Td (which ) Tj ET Q q 0 0 0 rg BT 383.69 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 394.01 668.10 Td (each ) Tj ET Q q 0 0 0 rg BT 414.87 668.10 Td (case ) Tj ET Q q 0 0 0 rg BT 434.62 668.10 Td (has ) Tj ET Q q 0 0 0 rg BT 450.49 668.10 Td (varied ) Tj ET Q q 0 0 0 rg BT 478.01 668.10 Td (by ) Tj ET Q q 0 0 0 rg BT 490.55 668.10 Td (market ) Tj ET Q q 0 0 0 rg BT 520.86 668.10 Td (depending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (on ) Tj ET Q q 0 0 0 rg BT 61.66 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.04 656.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 100.96 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 111.45 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 125.83 656.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 172.42 656.10 Td (state ) Tj ET Q q 0 0 0 rg BT 192.91 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.51 656.10 Td (local ) Tj ET Q q 0 0 0 rg BT 231.10 656.10 Td (authorities ) Tj ET Q q 0 0 0 rg BT 275.47 656.10 Td (have ) Tj ET Q q 0 0 0 rg BT 296.51 656.10 Td (established, ) Tj ET Q q 0 0 0 rg BT 345.60 656.10 Td (have ) Tj ET Q q 0 0 0 rg BT 366.64 656.10 Td (caused ) Tj ET Q q 0 0 0 rg BT 396.00 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 411.49 656.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 433.09 656.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 453.57 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.51 656.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 515.66 656.10 Td (decline, ) Tj ET Q q 0 0 0 rg BT 549.19 656.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (cancellation ) Tj ET Q q 0 0 0 rg BT 100.30 644.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 117.78 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.05 644.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 180.53 644.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 215.78 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.71 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 248.53 644.10 Td (home ) Tj ET Q q 0 0 0 rg BT 273.24 644.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 325.17 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.10 644.10 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 383.46 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 393.73 644.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 423.43 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 434.25 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 450.07 644.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 484.22 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.49 644.10 Td (be ) Tj ET Q q 0 0 0 rg BT 506.42 644.10 Td (delayed ) Tj ET Q q 0 0 0 rg BT 540.01 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.28 644.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (latter ) Tj ET Q q 0 0 0 rg BT 71.93 632.10 Td (half ) Tj ET Q q 0 0 0 rg BT 89.37 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 99.59 632.10 Td (March ) Tj ET Q q 0 0 0 rg BT 127.58 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 143.90 632.10 Td (through ) Tj ET Q q 0 0 0 rg BT 176.90 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.01 632.10 Td (date ) Tj ET Q q 0 0 0 rg BT 209.55 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 219.77 632.10 Td (this ) Tj ET Q q 0 0 0 rg BT 236.11 632.10 Td (report. ) Tj ET Q q 0 0 0 rg BT 264.24 632.10 Td (The ) Tj ET Q q 0 0 0 rg BT 281.68 632.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 318.56 632.10 Td (magnitude ) Tj ET Q q 0 0 0 rg BT 362.66 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 378.99 632.10 Td (duration ) Tj ET Q q 0 0 0 rg BT 414.20 632.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.42 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 438.53 632.10 Td (business ) Tj ET Q q 0 0 0 rg BT 474.31 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 490.64 632.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 531.40 632.10 Td (impacts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (from ) Tj ET Q q 0 0 0 rg BT 72.04 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 87.36 620.10 Td (unprecedented ) Tj ET Q q 0 0 0 rg BT 148.77 620.10 Td (public ) Tj ET Q q 0 0 0 rg BT 176.87 620.10 Td (health ) Tj ET Q q 0 0 0 rg BT 204.41 620.10 Td (ef) Tj ET Q q 0 0 0 rg BT 212.00 620.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 229.54 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 240.42 620.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 272.96 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 290.50 620.10 Td (combat ) Tj ET Q q 0 0 0 rg BT 323.04 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.36 620.10 Td (spread ) Tj ET Q q 0 0 0 rg BT 367.56 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.00 620.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 427.10 620.10 Td (are ) Tj ET Q q 0 0 0 rg BT 442.41 620.10 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 482.72 620.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.26 620.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 535.30 620.10 Td (among ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.94 608.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 102.78 608.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 147.88 608.10 Td (volatility ) Tj ET Q q 0 0 0 rg BT 186.88 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 197.55 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.66 608.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 250.54 608.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 285.08 608.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.41 608.10 Td (a ) Tj ET Q q 0 0 0 rg BT 309.74 608.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 354.85 608.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 392.15 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.82 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.93 608.10 Td (value ) Tj ET Q q 0 0 0 rg BT 442.48 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.70 608.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 481.59 608.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 524.75 608.10 Td (including ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.05 596.10 Td (common ) Tj ET Q q 0 0 0 rg BT 102.27 596.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 131.98 596.10 Td (In ) Tj ET Q q 0 0 0 rg BT 142.54 596.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 180.03 596.10 Td (we ) Tj ET Q q 0 0 0 rg BT 193.92 596.10 Td (can ) Tj ET Q q 0 0 0 rg BT 210.02 596.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 242.79 596.10 Td (no ) Tj ET Q q 0 0 0 rg BT 255.01 596.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 296.10 596.10 Td (as ) Tj ET Q q 0 0 0 rg BT 306.65 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.66 596.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 351.09 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.53 596.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 412.74 596.10 Td (public ) Tj ET Q q 0 0 0 rg BT 439.96 596.10 Td (health ) Tj ET Q q 0 0 0 rg BT 466.62 596.10 Td (ef) Tj ET Q q 0 0 0 rg BT 474.21 596.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 490.87 596.10 Td (will ) Tj ET Q q 0 0 0 rg BT 508.65 596.10 Td (be ) Tj ET Q q 0 0 0 rg BT 520.31 596.10 Td (intensified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.05 584.10 Td (such ) Tj ET Q q 0 0 0 rg BT 81.15 584.10 Td (an ) Tj ET Q q 0 0 0 rg BT 93.36 584.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 120.56 584.10 Td (that ) Tj ET Q q 0 0 0 rg BT 138.33 584.10 Td (we ) Tj ET Q q 0 0 0 rg BT 152.76 584.10 Td (will ) Tj ET Q q 0 0 0 rg BT 171.09 584.10 Td (not ) Tj ET Q q 0 0 0 rg BT 186.64 584.10 Td (be ) Tj ET Q q 0 0 0 rg BT 198.85 584.10 Td (able ) Tj ET Q q 0 0 0 rg BT 218.27 584.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.82 584.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 263.25 584.10 Td (any ) Tj ET Q q 0 0 0 rg BT 280.46 584.10 Td (business ) Tj ET Q q 0 0 0 rg BT 317.12 584.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 361.55 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.10 584.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 402.07 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.17 584.10 Td (our ) Tj ET Q q 0 0 0 rg BT 429.27 584.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 463.70 584.10 Td (or ) Tj ET Q q 0 0 0 rg BT 474.80 584.10 Td (at ) Tj ET Q q 0 0 0 rg BT 484.79 584.10 Td (all ) Tj ET Q q 0 0 0 rg BT 497.55 584.10 Td (for ) Tj ET Q q 0 0 0 rg BT 511.99 584.10 Td (an ) Tj ET Q q 0 0 0 rg BT 524.19 584.10 Td (indefinite ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.36 548.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.56 548.10 Td (could ) Tj ET Q q 0 0 0 rg BT 128.09 548.10 Td (also ) Tj ET Q q 0 0 0 rg BT 146.51 548.10 Td (be ) Tj ET Q q 0 0 0 rg BT 158.25 548.10 Td (negatively ) Tj ET Q q 0 0 0 rg BT 202.21 548.10 Td (impacted ) Tj ET Q q 0 0 0 rg BT 241.17 548.10 Td (over ) Tj ET Q q 0 0 0 rg BT 261.25 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 275.78 548.10 Td (medium-to-longer ) Tj ET Q q 0 0 0 rg BT 350.85 548.10 Td (term ) Tj ET Q q 0 0 0 rg BT 371.48 548.10 Td (if ) Tj ET Q q 0 0 0 rg BT 379.90 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.43 548.10 Td (disruptions ) Tj ET Q q 0 0 0 rg BT 441.18 548.10 Td (related ) Tj ET Q q 0 0 0 rg BT 470.70 548.10 Td (to ) Tj ET Q q 0 0 0 rg BT 480.78 548.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 528.09 548.10 Td (decrease ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 90.69 536.10 Td (confidence ) Tj ET Q q 0 0 0 rg BT 136.86 536.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 176.38 536.10 Td (or ) Tj ET Q q 0 0 0 rg BT 187.02 536.10 Td (with ) Tj ET Q q 0 0 0 rg BT 207.11 536.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 237.74 536.10 Td (to ) Tj ET Q q 0 0 0 rg BT 247.83 536.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 294.02 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 300.77 536.10 Td (home, ) Tj ET Q q 0 0 0 rg BT 327.80 536.10 Td (cause ) Tj ET Q q 0 0 0 rg BT 352.31 536.10 Td (civil ) Tj ET Q q 0 0 0 rg BT 372.40 536.10 Td (unrest, ) Tj ET Q q 0 0 0 rg BT 401.65 536.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 429.51 536.10 Td (precipitate ) Tj ET Q q 0 0 0 rg BT 474.02 536.10 Td (a ) Tj ET Q q 0 0 0 rg BT 480.77 536.10 Td (prolonged ) Tj ET Q q 0 0 0 rg BT 523.63 536.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.10 Td (downturn ) Tj ET Q q 0 0 0 rg BT 89.57 524.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 116.86 524.10 Td (an ) Tj ET Q q 0 0 0 rg BT 128.04 524.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 165.87 524.10 Td (rise ) Tj ET Q q 0 0 0 rg BT 182.05 524.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.57 524.10 Td (unemployment ) Tj ET Q q 0 0 0 rg BT 253.30 524.10 Td (or ) Tj ET Q q 0 0 0 rg BT 263.37 524.10 Td (tempering ) Tj ET Q q 0 0 0 rg BT 305.65 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.73 524.10 Td (wage ) Tj ET Q q 0 0 0 rg BT 338.56 524.10 Td (growth, ) Tj ET Q q 0 0 0 rg BT 371.14 524.10 Td (any ) Tj ET Q q 0 0 0 rg BT 387.31 524.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.39 524.10 Td (which ) Tj ET Q q 0 0 0 rg BT 423.56 524.10 Td (could ) Tj ET Q q 0 0 0 rg BT 447.52 524.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 472.03 524.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 505.43 524.10 Td (for ) Tj ET Q q 0 0 0 rg BT 518.83 524.10 Td (our ) Tj ET Q q 0 0 0 rg BT 533.90 524.10 Td (homes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (impair ) Tj ET Q q 0 0 0 rg BT 77.84 512.10 Td (our ) Tj ET Q q 0 0 0 rg BT 93.41 512.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 121.21 512.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.22 512.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 147.35 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 164.03 512.10 Td (build ) Tj ET Q q 0 0 0 rg BT 186.83 512.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 215.18 512.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.19 512.10 Td (a ) Tj ET Q q 0 0 0 rg BT 231.87 512.10 Td (typical ) Tj ET Q q 0 0 0 rg BT 261.33 512.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 293.55 512.10 Td (or ) Tj ET Q q 0 0 0 rg BT 304.12 512.10 Td (at ) Tj ET Q q 0 0 0 rg BT 313.58 512.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 328.31 512.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 364.42 512.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 402.19 512.10 Td (and ) Tj ET Q q 0 0 0 rg BT 418.87 512.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 438.88 512.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 465.84 512.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 493.63 512.10 Td (access ) Tj ET Q q 0 0 0 rg BT 521.41 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 535.86 512.10 Td (capital ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.03 500.10 Td (lending ) Tj ET Q q 0 0 0 rg BT 92.22 500.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 126.08 500.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 139.94 500.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 192.13 500.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 227.08 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 241.50 500.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 263.70 500.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.23 500.10 Td (doing ) Tj ET Q q 0 0 0 rg BT 299.21 500.10 Td (so\), ) Tj ET Q q 0 0 0 rg BT 316.13 500.10 Td (as ) Tj ET Q q 0 0 0 rg BT 326.66 500.10 Td (may ) Tj ET Q q 0 0 0 rg BT 346.07 500.10 Td (be ) Tj ET Q q 0 0 0 rg BT 357.71 500.10 Td (necessary ) Tj ET Q q 0 0 0 rg BT 398.78 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 408.76 500.10 Td (sustain ) Tj ET Q q 0 0 0 rg BT 438.74 500.10 Td (our ) Tj ET Q q 0 0 0 rg BT 454.27 500.10 Td (business; ) Tj ET Q q 0 0 0 rg BT 493.14 500.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 528.09 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 542.51 500.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.63 488.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 95.85 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.87 488.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 138.35 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.48 488.10 Td (building ) Tj ET Q q 0 0 0 rg BT 183.62 488.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 222.08 488.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.21 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.23 488.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 293.02 488.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.15 488.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 325.51 488.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.75 488.10 Td (subcontractors; ) Tj ET Q q 0 0 0 rg BT 404.65 488.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 432.00 488.10 Td (result ) Tj ET Q q 0 0 0 rg BT 456.02 488.10 Td (in ) Tj ET Q q 0 0 0 rg BT 465.60 488.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.74 488.10 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 529.74 488.10 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 476.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 81.78 476.10 Td (in ) Tj ET Q q 0 0 0 rg BT 91.47 476.10 Td (future ) Tj ET Q q 0 0 0 rg BT 117.27 476.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 148.63 476.10 Td (for ) Tj ET Q q 0 0 0 rg BT 162.21 476.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 202.45 476.10 Td (impairments ) Tj ET Q q 0 0 0 rg BT 254.36 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 264.61 476.10 Td (land ) Tj ET Q q 0 0 0 rg BT 283.74 476.10 Td (option ) Tj ET Q q 0 0 0 rg BT 311.22 476.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 345.34 476.10 Td (abandonments, ) Tj ET Q q 0 0 0 rg BT 407.52 476.10 Td (or ) Tj ET Q q 0 0 0 rg BT 417.77 476.10 Td (both. ) Tj ET Q q 0 0 0 rg BT 439.83 476.10 Td (The ) Tj ET Q q 0 0 0 rg BT 457.30 476.10 Td (unprecedented ) Tj ET Q q 0 0 0 rg BT 517.52 476.10 Td (uncertainty ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (surrounding ) Tj ET Q q 0 0 0 rg BT 102.32 464.10 Td (COVID-19, ) Tj ET Q q 0 0 0 rg BT 154.30 464.10 Td (due, ) Tj ET Q q 0 0 0 rg BT 175.73 464.10 Td (in ) Tj ET Q q 0 0 0 rg BT 188.00 464.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 210.54 464.10 Td (to ) Tj ET Q q 0 0 0 rg BT 222.80 464.10 Td (rapidly ) Tj ET Q q 0 0 0 rg BT 255.62 464.10 Td (changing ) Tj ET Q q 0 0 0 rg BT 296.76 464.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 356.23 464.10 Td (directives, ) Tj ET Q q 0 0 0 rg BT 402.09 464.10 Td (public ) Tj ET Q q 0 0 0 rg BT 431.58 464.10 Td (health ) Tj ET Q q 0 0 0 rg BT 460.50 464.10 Td (challenges ) Tj ET Q q 0 0 0 rg BT 507.19 464.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.12 464.10 Td (progress, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (macroeconomic ) Tj ET Q q 0 0 0 rg BT 116.13 452.10 Td (consequences ) Tj ET Q q 0 0 0 rg BT 173.87 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.08 452.10 Td (market ) Tj ET Q q 0 0 0 rg BT 221.62 452.10 Td (reactions ) Tj ET Q q 0 0 0 rg BT 260.48 452.10 Td (thereto ) Tj ET Q q 0 0 0 rg BT 291.01 452.10 Td (also ) Tj ET Q q 0 0 0 rg BT 309.89 452.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 338.21 452.10 Td (it ) Tj ET Q q 0 0 0 rg BT 346.53 452.10 Td (more ) Tj ET Q q 0 0 0 rg BT 369.85 452.10 Td (challenging ) Tj ET Q q 0 0 0 rg BT 419.27 452.10 Td (for ) Tj ET Q q 0 0 0 rg BT 433.70 452.10 Td (our ) Tj ET Q q 0 0 0 rg BT 449.80 452.10 Td (management ) Tj ET Q q 0 0 0 rg BT 503.66 452.10 Td (to ) Tj ET Q q 0 0 0 rg BT 514.21 452.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 550.30 452.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 440.10 Td (future ) Tj ET Q q 0 0 0 rg BT 75.88 440.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 128.90 440.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.73 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.56 440.10 Td (business ) Tj ET Q q 0 0 0 rg BT 191.95 440.10 Td (and ) Tj ET Q q 0 0 0 rg BT 208.89 440.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 243.04 440.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 283.31 440.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.59 440.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 329.95 440.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 360.78 440.10 Td (or ) Tj ET Q q 0 0 0 rg BT 371.61 440.10 Td (achieve ) Tj ET Q q 0 0 0 rg BT 404.64 440.10 Td (our ) Tj ET Q q 0 0 0 rg BT 420.47 440.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 463.51 440.10 Td (for ) Tj ET Q q 0 0 0 rg BT 477.67 440.10 Td (2020.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.10 Td (Should ) Tj ET Q q 0 0 0 rg BT 79.92 416.10 Td (the ) Tj ET Q q 0 0 0 rg BT 94.21 416.10 Td (adverse ) Tj ET Q q 0 0 0 rg BT 126.83 416.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 160.01 416.10 Td (described ) Tj ET Q q 0 0 0 rg BT 200.41 416.10 Td (above ) Tj ET Q q 0 0 0 rg BT 226.36 416.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 240.10 416.10 Td (others ) Tj ET Q q 0 0 0 rg BT 266.62 416.10 Td (that ) Tj ET Q q 0 0 0 rg BT 283.70 416.10 Td (are ) Tj ET Q q 0 0 0 rg BT 297.98 416.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 336.15 416.10 Td (unknown\) ) Tj ET Q q 0 0 0 rg BT 378.79 416.10 Td (occur) Tj ET Q q 0 0 0 rg BT 400.59 416.10 Td (, ) Tj ET Q q 0 0 0 rg BT 405.17 416.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 439.46 416.10 Td (individually ) Tj ET Q q 0 0 0 rg BT 489.87 416.10 Td (or ) Tj ET Q q 0 0 0 rg BT 500.28 416.10 Td (collectively) Tj ET Q q 0 0 0 rg BT 546.27 416.10 Td (, ) Tj ET Q q 0 0 0 rg BT 550.85 416.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.10 Td (would ) Tj ET Q q 0 0 0 rg BT 77.69 404.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 106.97 404.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.93 404.10 Td (experience, ) Tj ET Q q 0 0 0 rg BT 166.92 404.10 Td (among ) Tj ET Q q 0 0 0 rg BT 197.33 404.10 Td (other ) Tj ET Q q 0 0 0 rg BT 221.06 404.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 251.20 404.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 291.03 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 302.00 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 318.51 404.10 Td (cancellation ) Tj ET Q q 0 0 0 rg BT 370.01 404.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 388.18 404.10 Td (and ) Tj ET Q q 0 0 0 rg BT 405.81 404.10 Td (decreases ) Tj ET Q q 0 0 0 rg BT 447.30 404.10 Td (in ) Tj ET Q q 0 0 0 rg BT 458.26 404.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.78 404.10 Td (new ) Tj ET Q q 0 0 0 rg BT 494.63 404.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 536.41 404.10 Td (homes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 91.60 392.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 129.54 392.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.38 392.10 Td (profitability) Tj ET Q q 0 0 0 rg BT 193.50 392.10 Td (, ) Tj ET Q q 0 0 0 rg BT 198.40 392.10 Td (as ) Tj ET Q q 0 0 0 rg BT 209.13 392.10 Td (we ) Tj ET Q q 0 0 0 rg BT 223.19 392.10 Td (have ) Tj ET Q q 0 0 0 rg BT 244.46 392.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 295.16 392.10 Td (in ) Tj ET Q q 0 0 0 rg BT 305.34 392.10 Td (the ) Tj ET Q q 0 0 0 rg BT 319.96 392.10 Td (first ) Tj ET Q q 0 0 0 rg BT 338.47 392.10 Td (few ) Tj ET Q q 0 0 0 rg BT 355.86 392.10 Td (weeks ) Tj ET Q q 0 0 0 rg BT 383.25 392.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.98 392.10 Td (our ) Tj ET Q q 0 0 0 rg BT 409.71 392.10 Td (second ) Tj ET Q q 0 0 0 rg BT 439.88 392.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 467.64 392.10 Td (. ) Tj ET Q q 0 0 0 rg BT 472.54 392.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 494.94 392.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 528.44 392.10 Td (could ) Tj ET Q q 0 0 0 rg BT 553.06 392.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.10 Td (material ) Tj ET Q q 0 0 0 rg BT 84.78 380.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.08 380.10 Td (our ) Tj ET Q q 0 0 0 rg BT 110.93 380.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 149.84 380.10 Td (results ) Tj ET Q q 0 0 0 rg BT 178.46 380.10 Td (of ) Tj ET Q q 0 0 0 rg BT 189.31 380.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 235.99 380.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 273.49 380.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 313.78 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.74 380.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 351.03 380.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 375.77 380.10 Td (in ) Tj ET Q q 0 0 0 rg BT 386.07 380.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.80 380.10 Td (second ) Tj ET Q q 0 0 0 rg BT 431.09 380.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 461.93 380.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.88 380.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 525.84 380.10 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.10 Td (periods. ) Tj ET Q q 0 0 0 rg BT 83.97 368.10 Td (W) Tj ET Q q 0 0 0 rg BT 92.61 368.10 Td (e ) Tj ET Q q 0 0 0 rg BT 99.77 368.10 Td (could ) Tj ET Q q 0 0 0 rg BT 124.72 368.10 Td (also ) Tj ET Q q 0 0 0 rg BT 143.56 368.10 Td (be ) Tj ET Q q 0 0 0 rg BT 155.72 368.10 Td (forced ) Tj ET Q q 0 0 0 rg BT 183.99 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.50 368.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 223.87 368.10 Td (our ) Tj ET Q q 0 0 0 rg BT 239.93 368.10 Td (average ) Tj ET Q q 0 0 0 rg BT 273.74 368.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 303.13 368.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 329.74 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 340.25 368.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 376.84 368.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 411.22 368.10 Td (or ) Tj ET Q q 0 0 0 rg BT 422.28 368.10 Td (in ) Tj ET Q q 0 0 0 rg BT 432.79 368.10 Td (response ) Tj ET Q q 0 0 0 rg BT 470.51 368.10 Td (to ) Tj ET Q q 0 0 0 rg BT 481.01 368.10 Td (actions ) Tj ET Q q 0 0 0 rg BT 512.07 368.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 536.45 368.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.18 368.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.10 Td (competitors. ) Tj ET Q q 0 0 0 rg BT 101.77 356.10 Td (In ) Tj ET Q q 0 0 0 rg BT 112.65 356.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 150.48 356.10 Td (should ) Tj ET Q q 0 0 0 rg BT 179.71 356.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.48 356.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 242.03 356.10 Td (public ) Tj ET Q q 0 0 0 rg BT 269.58 356.10 Td (health ) Tj ET Q q 0 0 0 rg BT 296.57 356.10 Td (ef) Tj ET Q q 0 0 0 rg BT 304.16 356.10 Td (fort ) Tj ET Q q 0 0 0 rg BT 321.15 356.10 Td (intensify ) Tj ET Q q 0 0 0 rg BT 358.70 356.10 Td (to ) Tj ET Q q 0 0 0 rg BT 369.03 356.10 Td (such ) Tj ET Q q 0 0 0 rg BT 389.92 356.10 Td (an ) Tj ET Q q 0 0 0 rg BT 401.91 356.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 428.90 356.10 Td (that ) Tj ET Q q 0 0 0 rg BT 446.45 356.10 Td (we ) Tj ET Q q 0 0 0 rg BT 460.67 356.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 489.88 356.10 Td (operate ) Tj ET Q q 0 0 0 rg BT 521.86 356.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.19 356.10 Td (most ) Tj ET Q q 0 0 0 rg BT 554.19 356.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (all ) Tj ET Q q 0 0 0 rg BT 61.95 344.10 Td (of ) Tj ET Q q 0 0 0 rg BT 72.73 344.10 Td (our ) Tj ET Q q 0 0 0 rg BT 88.51 344.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 125.12 344.10 Td (we ) Tj ET Q q 0 0 0 rg BT 139.23 344.10 Td (could ) Tj ET Q q 0 0 0 rg BT 163.89 344.10 Td (generate ) Tj ET Q q 0 0 0 rg BT 200.21 344.10 Td (few ) Tj ET Q q 0 0 0 rg BT 217.65 344.10 Td (or ) Tj ET Q q 0 0 0 rg BT 228.43 344.10 Td (no ) Tj ET Q q 0 0 0 rg BT 240.88 344.10 Td (new ) Tj ET Q q 0 0 0 rg BT 259.99 344.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 298.54 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 315.43 344.10 Td (deliver ) Tj ET Q q 0 0 0 rg BT 345.64 344.10 Td (few) Tj ET Q q 0 0 0 rg BT 359.98 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 364.93 344.10 Td (if ) Tj ET Q q 0 0 0 rg BT 373.49 344.10 Td (any) Tj ET Q q 0 0 0 rg BT 387.28 344.10 Td (, ) Tj ET Q q 0 0 0 rg BT 392.23 344.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 420.79 344.10 Td (during ) Tj ET Q q 0 0 0 rg BT 449.35 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 464.02 344.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 507.56 344.10 Td (period, ) Tj ET Q q 0 0 0 rg BT 538.06 344.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (could ) Tj ET Q q 0 0 0 rg BT 73.05 332.10 Td (be ) Tj ET Q q 0 0 0 rg BT 83.82 332.10 Td (prolonged. ) Tj ET Q q 0 0 0 rg BT 127.91 332.10 Td (Also, ) Tj ET Q q 0 0 0 rg BT 150.63 332.10 Td (if ) Tj ET Q q 0 0 0 rg BT 158.07 332.10 Td (there ) Tj ET Q q 0 0 0 rg BT 179.39 332.10 Td (are ) Tj ET Q q 0 0 0 rg BT 192.93 332.10 Td (prolonged ) Tj ET Q q 0 0 0 rg BT 234.81 332.10 Td (government ) Tj ET Q q 0 0 0 rg BT 283.91 332.10 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 329.67 332.10 Td (on ) Tj ET Q q 0 0 0 rg BT 341.01 332.10 Td (our ) Tj ET Q q 0 0 0 rg BT 355.67 332.10 Td (business ) Tj ET Q q 0 0 0 rg BT 390.90 332.10 Td (and ) Tj ET Q q 0 0 0 rg BT 406.67 332.10 Td (customers ) Tj ET Q q 0 0 0 rg BT 448.55 332.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 475.43 332.10 Td (an ) Tj ET Q q 0 0 0 rg BT 486.20 332.10 Td (extended ) Tj ET Q q 0 0 0 rg BT 523.62 332.10 Td (economic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.10 Td (recession, ) Tj ET Q q 0 0 0 rg BT 92.01 320.10 Td (we ) Tj ET Q q 0 0 0 rg BT 106.48 320.10 Td (could ) Tj ET Q q 0 0 0 rg BT 131.50 320.10 Td (be ) Tj ET Q q 0 0 0 rg BT 143.74 320.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 173.20 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 183.79 320.10 Td (produce ) Tj ET Q q 0 0 0 rg BT 218.80 320.10 Td (revenues ) Tj ET Q q 0 0 0 rg BT 257.14 320.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.39 320.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 294.96 320.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 319.99 320.10 Td (suf) Tj ET Q q 0 0 0 rg BT 332.03 320.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 360.37 320.10 Td (to ) Tj ET Q q 0 0 0 rg BT 370.96 320.10 Td (conduct ) Tj ET Q q 0 0 0 rg BT 405.42 320.10 Td (our ) Tj ET Q q 0 0 0 rg BT 421.55 320.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 460.75 320.10 Td (comply ) Tj ET Q q 0 0 0 rg BT 493.55 320.10 Td (with ) Tj ET Q q 0 0 0 rg BT 514.13 320.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.16 320.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 554.18 320.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.78 308.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 109.84 308.10 Td (and ) Tj ET Q q 0 0 0 rg BT 128.34 308.10 Td (other ) Tj ET Q q 0 0 0 rg BT 152.96 308.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 209.23 308.10 Td (under ) Tj ET Q q 0 0 0 rg BT 236.06 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.46 308.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 282.52 308.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 312.42 308.10 Td (, ) Tj ET Q q 0 0 0 rg BT 318.99 308.10 Td (indentures ) Tj ET Q q 0 0 0 rg BT 364.71 308.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 409.33 308.10 Td (our ) Tj ET Q q 0 0 0 rg BT 426.73 308.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 455.23 308.10 Td (notes, ) Tj ET Q q 0 0 0 rg BT 482.91 308.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 524.74 308.10 Td (financing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 108.31 296.10 Td (land ) Tj ET Q q 0 0 0 rg BT 127.97 296.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 166.51 296.10 Td (due ) Tj ET Q q 0 0 0 rg BT 183.39 296.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.62 296.10 Td (land ) Tj ET Q q 0 0 0 rg BT 213.28 296.10 Td (sellers ) Tj ET Q q 0 0 0 rg BT 241.27 296.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.15 296.10 Td (other ) Tj ET Q q 0 0 0 rg BT 281.15 296.10 Td (loans; ) Tj ET Q q 0 0 0 rg BT 307.48 296.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 335.47 296.10 Td (service ) Tj ET Q q 0 0 0 rg BT 366.23 296.10 Td (our ) Tj ET Q q 0 0 0 rg BT 382.01 296.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 431.12 296.10 Td (debt. ) Tj ET Q q 0 0 0 rg BT 453.28 296.10 Td (Such ) Tj ET Q q 0 0 0 rg BT 475.72 296.10 Td (a ) Tj ET Q q 0 0 0 rg BT 482.61 296.10 Td (circumstance ) Tj ET Q q 0 0 0 rg BT 537.80 296.10 Td (could, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.10 Td (among ) Tj ET Q q 0 0 0 rg BT 78.91 284.10 Td (other ) Tj ET Q q 0 0 0 rg BT 101.65 284.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 130.80 284.10 Td (exhaust ) Tj ET Q q 0 0 0 rg BT 163.54 284.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.06 284.10 Td (available ) Tj ET Q q 0 0 0 rg BT 217.35 284.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 253.43 284.10 Td (and ) Tj ET Q q 0 0 0 rg BT 270.07 284.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 297.81 284.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.79 284.10 Td (access ) Tj ET Q q 0 0 0 rg BT 335.52 284.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 377.70 284.10 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 413.79 284.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 445.97 284.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 473.72 284.10 Td (trigger ) Tj ET Q q 0 0 0 rg BT 502.57 284.10 Td (an ) Tj ET Q q 0 0 0 rg BT 514.20 284.10 Td (acceleration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 272.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 76.72 272.10 Td (a ) Tj ET Q q 0 0 0 rg BT 83.66 272.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 128.37 272.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 159.75 272.10 Td (or ) Tj ET Q q 0 0 0 rg BT 170.58 272.10 Td (all ) Tj ET Q q 0 0 0 rg BT 183.08 272.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.91 272.10 Td (our ) Tj ET Q q 0 0 0 rg BT 209.74 272.10 Td (then-outstanding ) Tj ET Q q 0 0 0 rg BT 279.45 272.10 Td (indebtedness, ) Tj ET Q q 0 0 0 rg BT 336.11 272.10 Td (which ) Tj ET Q q 0 0 0 rg BT 363.04 272.10 Td (we ) Tj ET Q q 0 0 0 rg BT 377.21 272.10 Td (may ) Tj ET Q q 0 0 0 rg BT 396.92 272.10 Td (be ) Tj ET Q q 0 0 0 rg BT 408.86 272.10 Td (unable ) Tj ET Q q 0 0 0 rg BT 438.02 272.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.29 272.10 Td (do.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.09 248.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 95.13 248.10 Td (to ) Tj ET Q q 0 0 0 rg BT 105.17 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.65 248.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 140.81 248.10 Td (described ) Tj ET Q q 0 0 0 rg BT 181.38 248.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 210.02 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.50 248.10 Td (COVID-19 ) Tj ET Q q 0 0 0 rg BT 271.76 248.10 Td (pandemic ) Tj ET Q q 0 0 0 rg BT 312.90 248.10 Td (may ) Tj ET Q q 0 0 0 rg BT 332.38 248.10 Td (also ) Tj ET Q q 0 0 0 rg BT 350.75 248.10 Td (have ) Tj ET Q q 0 0 0 rg BT 371.89 248.10 Td (the ) Tj ET Q q 0 0 0 rg BT 386.37 248.10 Td (ef) Tj ET Q q 0 0 0 rg BT 393.96 248.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 411.21 248.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.80 248.10 Td (heightening ) Tj ET Q q 0 0 0 rg BT 471.27 248.10 Td (other ) Tj ET Q q 0 0 0 rg BT 494.08 248.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 515.24 248.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 554.72 248.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.48 236.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 87.59 236.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 120.79 236.10 Td (section ) Tj ET Q q 0 0 0 rg BT 152.88 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.97 236.10 Td (our ) Tj ET Q q 0 0 0 rg BT 181.24 236.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 214.44 236.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 245.42 236.10 Td (on ) Tj ET Q q 0 0 0 rg BT 259.19 236.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 284.62 236.10 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 311.44 236.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 355.48 236.10 Td (but ) Tj ET Q q 0 0 0 rg BT 372.02 236.10 Td (not ) Tj ET Q q 0 0 0 rg BT 388.56 236.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 420.66 236.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 434.70 236.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 457.36 236.10 Td (related ) Tj ET Q q 0 0 0 rg BT 488.32 236.10 Td (to ) Tj ET Q q 0 0 0 rg BT 499.87 236.10 Td (deterioration ) Tj ET Q q 0 0 0 rg BT 554.72 236.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 106.87 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 123.14 224.10 Td (general ) Tj ET Q q 0 0 0 rg BT 154.38 224.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 195.08 224.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 241.06 224.10 Td (competition, ) Tj ET Q q 0 0 0 rg BT 293.16 224.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 339.96 224.10 Td (of ) Tj ET Q q 0 0 0 rg BT 350.12 224.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 389.70 224.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 431.79 224.10 Td (impairments, ) Tj ET Q q 0 0 0 rg BT 486.10 224.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 514.60 224.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 541.97 224.10 Td (labor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (shortages, ) Tj ET Q q 0 0 0 rg BT 92.01 212.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 126.45 212.10 Td (in ) Tj ET Q q 0 0 0 rg BT 136.47 212.10 Td (ener) Tj ET Q q 0 0 0 rg BT 153.50 212.10 Td (gy ) Tj ET Q q 0 0 0 rg BT 165.74 212.10 Td (prices, ) Tj ET Q q 0 0 0 rg BT 194.35 212.10 Td (access ) Tj ET Q q 0 0 0 rg BT 222.13 212.10 Td (to ) Tj ET Q q 0 0 0 rg BT 232.14 212.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 261.03 212.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 294.93 212.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 338.27 212.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.73 212.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 372.18 212.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.86 212.10 Td (secondary ) Tj ET Q q 0 0 0 rg BT 431.63 212.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 471.64 212.10 Td (markets\), ) Tj ET Q q 0 0 0 rg BT 511.36 212.10 Td (our ) Tj ET Q q 0 0 0 rg BT 526.93 212.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 554.72 212.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.10 Td (resell ) Tj ET Q q 0 0 0 rg BT 73.54 200.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 117.57 200.10 Td (or ) Tj ET Q q 0 0 0 rg BT 128.28 200.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 161.77 200.10 Td (for ) Tj ET Q q 0 0 0 rg BT 175.81 200.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 219.85 200.10 Td (sold, ) Tj ET Q q 0 0 0 rg BT 241.40 200.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 289.87 200.10 Td (with ) Tj ET Q q 0 0 0 rg BT 310.02 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.62 200.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 349.22 200.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.93 200.10 Td (our ) Tj ET Q q 0 0 0 rg BT 375.64 200.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 429.68 200.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 473.16 200.10 Td (the ) Tj ET Q q 0 0 0 rg BT 487.76 200.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 515.13 200.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 548.06 200.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 188.10 Td (indentures ) Tj ET Q q 0 0 0 rg BT 108.37 188.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 151.42 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.25 188.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 194.19 188.10 Td (notes\) ) Tj ET Q q 0 0 0 rg BT 221.13 188.10 Td (and ) Tj ET Q q 0 0 0 rg BT 238.06 188.10 Td (our ) Tj ET Q q 0 0 0 rg BT 253.89 188.10 Td (leverage. ) Tj ET Q endstream endobj 103 0 obj <><><>] /Rotate 0 /Contents 104 0 R>> endobj 104 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 31.60 Td (50) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 740.7669921875 m 321.9267578125 740.7669921875 l s q 0 0 0 rg BT 49.50 742.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 70.33 742.10 Td (2. ) Tj ET Q q 0 0 0 rg BT 80.33 742.10 Td (Unregistered ) Tj ET Q q 0 0 0 rg BT 134.47 742.10 Td (Sales ) Tj ET Q q 0 0 0 rg BT 158.08 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.91 742.10 Td (Equity ) Tj ET Q q 0 0 0 rg BT 198.07 742.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 240.01 742.10 Td (and ) Tj ET Q q 0 0 0 rg BT 256.95 742.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 275.00 742.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.83 742.10 Td (Proceeds) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.10 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 63.10 718.10 Td (Recent ) Tj ET Q q 0 0 0 rg BT 93.36 718.10 Td (Sales ) Tj ET Q q 0 0 0 rg BT 116.97 718.10 Td (of ) Tj ET Q q 0 0 0 rg BT 127.80 718.10 Td (Unregistered ) Tj ET Q q 0 0 0 rg BT 181.95 718.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 223.88 718.10 Td ( ) Tj ET Q q 0 0 0 rg BT 236.38 718.10 Td (None.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 63.66 694.10 Td (Use ) Tj ET Q q 0 0 0 rg BT 81.71 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.54 694.10 Td (Proceeds ) Tj ET Q q 0 0 0 rg BT 131.14 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.64 694.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 160.59 694.10 Td (Applicable. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (\(c\) Purchases of Equity Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (Common ) Tj ET Q q 0 0 0 rg BT 89.23 646.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 116.72 646.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 159.75 646.10 Td (during ) Tj ET Q q 0 0 0 rg BT 188.36 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.08 646.10 Td (three ) Tj ET Q q 0 0 0 rg BT 225.56 646.10 Td (months ) Tj ET Q q 0 0 0 rg BT 257.51 646.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.89 646.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 327.49 646.10 Td (2020) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.49 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 349.99 646.10 Td (were ) Tj ET Q q 0 0 0 rg BT 371.92 646.10 Td (as ) Tj ET Q q 0 0 0 rg BT 382.75 646.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 582.6 m 276 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 582.6 m 336 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 582.6 m 342 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 582.6 m 402 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 402 582.6 m 408 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 582.6 m 478 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 478 582.6 m 484 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 582.6 m 561 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 582.6 m 276 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 582.6 m 336 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 582.6 m 342 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 582.6 m 402 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 534.6 m 276 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 534.6 m 336 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 336 534.6 m 342 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 534.6 m 402 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 534.6 m 478 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 534.6 m 561 534.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 276 518.6 m 336 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 342 518.6 m 402 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 408 518.6 m 478 518.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 484 518.6 m 561 518.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 586.83 Td (Period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 281.60 602.83 Td (T) Tj ET Q q 0 0 0 rg BT 286.57 602.83 Td (otal Number) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 289.65 594.83 Td (of Shar) Tj ET Q q 0 0 0 rg BT 314.69 594.83 Td (es) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.55 586.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 300.36 586.83 Td (chased) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 347.70 594.83 Td (A) Tj ET Q q 0 0 0 rg BT 352.88 594.83 Td (verage Price) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.05 586.83 Td (Paid per) Tj ET Q q 0 0 0 rg BT 375.01 586.83 Td ( Shar) Tj ET Q q 0 0 0 rg BT 393.32 586.83 Td (e) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 414.25 618.83 Td (T) Tj ET Q q 0 0 0 rg BT 418.85 618.83 Td (otal Number) Tj ET Q q 0 0 0 rg BT 462.04 618.83 Td ( of ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.05 610.83 Td (Shar) Tj ET Q q 0 0 0 rg BT 428.35 610.83 Td (es Pur) Tj ET Q q 0 0 0 rg BT 449.76 610.83 Td (chased ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 411.05 602.83 Td (as Part of Publicly ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 412.60 594.83 Td (Announced Plans ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.30 586.83 Td (or) Tj ET Q q 0 0 0 rg BT 424.71 586.83 Td ( Pr) Tj ET Q q 0 0 0 rg BT 435.00 586.83 Td (ograms) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 460.33 590.46 Td ( \(1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.55 626.83 Td (Appr) Tj ET Q q 0 0 0 rg BT 505.63 626.83 Td (oximate Dollar) Tj ET Q q 0 0 0 rg BT 556.36 626.83 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.65 618.83 Td (V) Tj ET Q q 0 0 0 rg BT 492.69 618.83 Td (alue of Shar) Tj ET Q q 0 0 0 rg BT 533.88 618.83 Td (es that ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.80 610.83 Td (May ) Tj ET Q q 0 0 0 rg BT 520.05 610.83 Td (Y) Tj ET Q q 0 0 0 rg BT 524.94 610.83 Td (et be ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.25 602.83 Td (Pur) Tj ET Q q 0 0 0 rg BT 504.99 602.83 Td (chased Under) Tj ET Q q 0 0 0 rg BT 551.74 602.83 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 501.60 594.83 Td (the Plans or) Tj ET Q q 0 0 0 rg BT 542.34 594.83 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 502.15 586.83 Td (Pr) Tj ET Q q 0 0 0 rg BT 510.44 586.83 Td (ograms) Tj ET Q BT /F2 8.00 Tf ET BT /F2 5.20 Tf ET q 0 0 0 rg BT 535.77 590.46 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 562.55 Td (January ) Tj ET Q q 0 0 0 rg BT 79.38 562.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 87.38 562.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 105.38 562.55 Td (- ) Tj ET Q q 0 0 0 rg BT 110.04 562.55 Td (January ) Tj ET Q q 0 0 0 rg BT 136.92 562.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 148.92 562.55 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.80 562.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 562.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 562.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.50 562.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.80 562.55 Td (19,140,577) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 550.55 Td (February ) Tj ET Q q 0 0 0 rg BT 83.38 550.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 91.38 550.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 109.38 550.55 Td (- ) Tj ET Q q 0 0 0 rg BT 114.04 550.55 Td (February ) Tj ET Q q 0 0 0 rg BT 144.92 550.55 Td (28, ) Tj ET Q q 0 0 0 rg BT 156.92 550.55 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 324.80 550.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 390.80 550.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.80 550.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.50 550.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.80 550.55 Td (19,140,577) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 538.55 Td (March ) Tj ET Q q 0 0 0 rg BT 75.38 538.55 Td (1, ) Tj ET Q q 0 0 0 rg BT 83.38 538.55 Td (2020 ) Tj ET Q q 0 0 0 rg BT 101.38 538.55 Td (- ) Tj ET Q q 0 0 0 rg BT 106.04 538.55 Td (March ) Tj ET Q q 0 0 0 rg BT 128.92 538.55 Td (31, ) Tj ET Q q 0 0 0 rg BT 140.92 538.55 Td (2020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 310.80 538.55 Td (80,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 538.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 538.55 Td (23.90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 538.55 Td (80,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.50 538.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.80 538.55 Td (17,228,585) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 52.50 522.68 Td (Quarter) Tj ET Q q 0 0 0 rg BT 80.34 522.68 Td ( ) Tj ET Q q 0 0 0 rg BT 82.34 522.68 Td (ended ) Tj ET Q q 0 0 0 rg BT 104.79 522.68 Td (Mar) Tj ET Q q 0 0 0 rg BT 119.75 522.68 Td (ch ) Tj ET Q q 0 0 0 rg BT 129.75 522.68 Td (31, ) Tj ET Q q 0 0 0 rg BT 141.75 522.68 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 310.80 522.68 Td (80,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 522.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 522.68 Td (23.90) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 522.68 Td (80,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.50 522.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 521.80 522.68 Td (17,228,585) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 503.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 60.95 503.50 Td ( ) Tj ET Q q 0 0 0 rg BT 63.08 503.50 Td ( ) Tj ET Q q 0 0 0 rg BT 65.20 503.50 Td ( ) Tj ET Q q 0 0 0 rg BT 67.33 503.50 Td (On ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 78.76 503.50 Td (August ) Tj ET Q q 0 0 0 rg BT 104.00 503.50 Td (14, ) Tj ET Q q 0 0 0 rg BT 116.13 503.50 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 132.13 503.50 Td ( ) Tj ET Q q 0 0 0 rg BT 134.25 503.50 Td ( ) Tj ET Q q 0 0 0 rg BT 136.38 503.50 Td (the ) Tj ET Q q 0 0 0 rg BT 148.27 503.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 181.51 503.50 Td (announced ) Tj ET Q q 0 0 0 rg BT 218.29 503.50 Td (that ) Tj ET Q q 0 0 0 rg BT 232.41 503.50 Td (its ) Tj ET Q q 0 0 0 rg BT 242.09 503.50 Td (Board ) Tj ET Q q 0 0 0 rg BT 263.77 503.50 Td (of ) Tj ET Q q 0 0 0 rg BT 272.55 503.50 Td (Directors ) Tj ET Q q 0 0 0 rg BT 304.45 503.50 Td (authorized ) Tj ET Q q 0 0 0 rg BT 340.33 503.50 Td (the ) Tj ET Q q 0 0 0 rg BT 352.23 503.50 Td (2018 ) Tj ET Q q 0 0 0 rg BT 370.36 503.50 Td (Share ) Tj ET Q q 0 0 0 rg BT 390.70 503.50 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 430.14 503.50 Td (Program ) Tj ET Q q 0 0 0 rg BT 459.81 503.50 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 489.49 503.50 Td (to ) Tj ET Q q 0 0 0 rg BT 497.84 503.50 Td (which ) Tj ET Q q 0 0 0 rg BT 519.51 503.50 Td (the ) Tj ET Q q 0 0 0 rg BT 531.41 503.50 Td (Company ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 493.90 Td (may ) Tj ET Q q 0 0 0 rg BT 84.13 493.90 Td (purchase ) Tj ET Q q 0 0 0 rg BT 115.41 493.90 Td (up ) Tj ET Q q 0 0 0 rg BT 126.27 493.90 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 135.35 493.90 Td ($50 ) Tj ET Q q 0 0 0 rg BT 150.20 493.90 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.32 493.90 Td ( ) Tj ET Q q 0 0 0 rg BT 176.17 493.90 Td (of ) Tj ET Q q 0 0 0 rg BT 185.69 493.90 Td (its ) Tj ET Q q 0 0 0 rg BT 196.11 493.90 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 236.29 493.90 Td (common ) Tj ET Q q 0 0 0 rg BT 267.14 493.90 Td (shares ) Tj ET Q q 0 0 0 rg BT 289.99 493.90 Td (through ) Tj ET Q q 0 0 0 rg BT 317.73 493.90 Td (open ) Tj ET Q q 0 0 0 rg BT 336.14 493.90 Td (market ) Tj ET Q q 0 0 0 rg BT 361.21 493.90 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 404.27 493.90 Td (privately ) Tj ET Q q 0 0 0 rg BT 435.56 493.90 Td (negotiated ) Tj ET Q q 0 0 0 rg BT 471.74 493.90 Td (transactions ) Tj ET Q q 0 0 0 rg BT 512.80 493.90 Td (or ) Tj ET Q q 0 0 0 rg BT 522.32 493.90 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 556.28 493.90 Td (in ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 484.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 105.32 484.30 Td (with ) Tj ET Q q 0 0 0 rg BT 121.40 484.30 Td (all ) Tj ET Q q 0 0 0 rg BT 131.25 484.30 Td (applicable ) Tj ET Q q 0 0 0 rg BT 165.98 484.30 Td (laws, ) Tj ET Q q 0 0 0 rg BT 184.50 484.30 Td (including ) Tj ET Q q 0 0 0 rg BT 216.57 484.30 Td (pursuant ) Tj ET Q q 0 0 0 rg BT 245.97 484.30 Td (to ) Tj ET Q q 0 0 0 rg BT 254.05 484.30 Td (any ) Tj ET Q q 0 0 0 rg BT 267.46 484.30 Td (trading ) Tj ET Q q 0 0 0 rg BT 291.97 484.30 Td (plan ) Tj ET Q q 0 0 0 rg BT 307.60 484.30 Td (that ) Tj ET Q q 0 0 0 rg BT 321.45 484.30 Td (may ) Tj ET Q q 0 0 0 rg BT 337.08 484.30 Td (be ) Tj ET Q q 0 0 0 rg BT 346.48 484.30 Td (adopted ) Tj ET Q q 0 0 0 rg BT 373.66 484.30 Td (in ) Tj ET Q q 0 0 0 rg BT 381.74 484.30 Td (accordance ) Tj ET Q q 0 0 0 rg BT 419.56 484.30 Td (with ) Tj ET Q q 0 0 0 rg BT 435.64 484.30 Td (Rule10b5-1of ) Tj ET Q q 0 0 0 rg BT 485.93 484.30 Td (the ) Tj ET Q q 0 0 0 rg BT 497.56 484.30 Td (Securities ) Tj ET Q q 0 0 0 rg BT 530.96 484.30 Td (Exchange ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 474.70 Td (Act ) Tj ET Q q 0 0 0 rg BT 80.93 474.70 Td (of ) Tj ET Q q 0 0 0 rg BT 89.47 474.70 Td (1934. ) Tj ET Q q 0 0 0 rg BT 109.21 474.70 Td (The ) Tj ET Q q 0 0 0 rg BT 123.53 474.70 Td (2018 ) Tj ET Q q 0 0 0 rg BT 141.41 474.70 Td (Share ) Tj ET Q q 0 0 0 rg BT 161.50 474.70 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 200.69 474.70 Td (Program ) Tj ET Q q 0 0 0 rg BT 230.12 474.70 Td (does ) Tj ET Q q 0 0 0 rg BT 246.66 474.70 Td (not ) Tj ET Q q 0 0 0 rg BT 258.76 474.70 Td (have ) Tj ET Q q 0 0 0 rg BT 275.74 474.70 Td (an ) Tj ET Q q 0 0 0 rg BT 285.17 474.70 Td (expiration ) Tj ET Q q 0 0 0 rg BT 319.48 474.70 Td (date ) Tj ET Q q 0 0 0 rg BT 334.69 474.70 Td (and ) Tj ET Q q 0 0 0 rg BT 348.12 474.70 Td (may ) Tj ET Q q 0 0 0 rg BT 363.77 474.70 Td (be ) Tj ET Q q 0 0 0 rg BT 373.20 474.70 Td (modified, ) Tj ET Q q 0 0 0 rg BT 405.96 474.70 Td (suspended ) Tj ET Q q 0 0 0 rg BT 441.16 474.70 Td (or ) Tj ET Q q 0 0 0 rg BT 449.70 474.70 Td (discontinued ) Tj ET Q q 0 0 0 rg BT 492.46 474.70 Td (at ) Tj ET Q q 0 0 0 rg BT 500.12 474.70 Td (any ) Tj ET Q q 0 0 0 rg BT 513.54 474.70 Td (time. ) Tj ET Q q 0 0 0 rg BT 531.64 474.70 Td ( ) Tj ET Q q 0 0 0 rg BT 533.52 474.70 Td (See ) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 546.9482421875 473.63359375 m 564.4990234375 473.63359375 l s q 0 0 1 rg BT 546.95 474.70 Td (Note ) Tj ET Q BT /F1 8.00 Tf ET 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 67.5 464.03359375 m 75.5 464.03359375 l s q 0 0 1 rg BT 67.50 465.10 Td (13) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 75.50 465.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.50 465.10 Td (to ) Tj ET Q q 0 0 0 rg BT 85.72 465.10 Td (our ) Tj ET Q q 0 0 0 rg BT 98.39 465.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 135.94 465.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 180.16 465.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 211.93 465.10 Td (Statements ) Tj ET Q q 0 0 0 rg BT 249.03 465.10 Td (for ) Tj ET Q q 0 0 0 rg BT 260.36 465.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 294.35 465.10 Td (information.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 437.50 Td (See ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 66.48876953125 436.1669921875 m 93.4775390625 436.1669921875 l s q 0 0 1 rg BT 66.49 437.50 Td (Note ) Tj ET Q q 0 0 1 rg BT 88.48 437.50 Td (8) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 93.48 437.50 Td ( ) Tj ET Q q 0 0 0 rg BT 96.03 437.50 Td (to ) Tj ET Q q 0 0 0 rg BT 106.36 437.50 Td (our ) Tj ET Q q 0 0 0 rg BT 122.24 437.50 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 169.23 437.50 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 224.55 437.50 Td (Financial ) Tj ET Q q 0 0 0 rg BT 264.31 437.50 Td (Statements ) Tj ET Q q 0 0 0 rg BT 310.74 437.50 Td (above ) Tj ET Q q 0 0 0 rg BT 337.17 437.50 Td (for ) Tj ET Q q 0 0 0 rg BT 351.38 437.50 Td (more ) Tj ET Q q 0 0 0 rg BT 374.48 437.50 Td (information ) Tj ET Q q 0 0 0 rg BT 424.24 437.50 Td (regarding ) Tj ET Q q 0 0 0 rg BT 465.11 437.50 Td (the ) Tj ET Q q 0 0 0 rg BT 479.87 437.50 Td (limit ) Tj ET Q q 0 0 0 rg BT 501.32 437.50 Td (imposed ) Tj ET Q q 0 0 0 rg BT 537.75 437.50 Td (by ) Tj ET Q q 0 0 0 rg BT 550.30 437.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 425.50 Td (indenture ) Tj ET Q q 0 0 0 rg BT 90.12 425.50 Td (governing ) Tj ET Q q 0 0 0 rg BT 133.52 425.50 Td (our ) Tj ET Q q 0 0 0 rg BT 149.70 425.50 Td (2028 ) Tj ET Q q 0 0 0 rg BT 172.55 425.50 Td (Senior ) Tj ET Q q 0 0 0 rg BT 201.51 425.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 227.70 425.50 Td (and ) Tj ET Q q 0 0 0 rg BT 244.99 425.50 Td (the ) Tj ET Q q 0 0 0 rg BT 260.06 425.50 Td (indenture ) Tj ET Q q 0 0 0 rg BT 300.68 425.50 Td (governing ) Tj ET Q q 0 0 0 rg BT 344.08 425.50 Td (our ) Tj ET Q q 0 0 0 rg BT 360.26 425.50 Td (2025 ) Tj ET Q q 0 0 0 rg BT 383.11 425.50 Td (Senior ) Tj ET Q q 0 0 0 rg BT 412.07 425.50 Td (Notes ) Tj ET Q q 0 0 0 rg BT 438.26 425.50 Td (on ) Tj ET Q q 0 0 0 rg BT 451.11 425.50 Td (our ) Tj ET Q q 0 0 0 rg BT 467.29 425.50 Td (ability ) Tj ET Q q 0 0 0 rg BT 495.70 425.50 Td (to ) Tj ET Q q 0 0 0 rg BT 506.33 425.50 Td (pay ) Tj ET Q q 0 0 0 rg BT 523.62 425.50 Td (dividends ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 413.50 Td (on, ) Tj ET Q q 0 0 0 rg BT 64.55 413.50 Td (and ) Tj ET Q q 0 0 0 rg BT 81.53 413.50 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 129.88 413.50 Td (our ) Tj ET Q q 0 0 0 rg BT 145.76 413.50 Td (common ) Tj ET Q q 0 0 0 rg BT 183.30 413.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 210.84 413.50 Td (and ) Tj ET Q q 0 0 0 rg BT 227.82 413.50 Td (any ) Tj ET Q q 0 0 0 rg BT 244.81 413.50 Td (preferred ) Tj ET Q q 0 0 0 rg BT 283.99 413.50 Td (shares ) Tj ET Q q 0 0 0 rg BT 311.53 413.50 Td (of ) Tj ET Q q 0 0 0 rg BT 322.40 413.50 Td (the ) Tj ET Q q 0 0 0 rg BT 337.17 413.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 378.60 413.50 Td (then ) Tj ET Q q 0 0 0 rg BT 398.36 413.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 447.57 413.50 Td (to ) Tj ET Q q 0 0 0 rg BT 457.90 413.50 Td (the ) Tj ET Q q 0 0 0 rg BT 472.66 413.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 505.20 413.50 Td (of ) Tj ET Q q 0 0 0 rg BT 516.08 413.50 Td (the ) Tj ET Q q 0 0 0 rg BT 530.84 413.50 Td (positive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 401.50 Td (balance ) Tj ET Q q 0 0 0 rg BT 82.53 401.50 Td (in ) Tj ET Q q 0 0 0 rg BT 92.81 401.50 Td (our ) Tj ET Q q 0 0 0 rg BT 108.64 401.50 Td (restricted ) Tj ET Q q 0 0 0 rg BT 152.78 401.50 Td (payments ) Tj ET Q q 0 0 0 rg BT 193.61 401.50 Td (basket, ) Tj ET Q q 0 0 0 rg BT 228.59 401.50 Td (as ) Tj ET Q q 0 0 0 rg BT 239.42 401.50 Td (defined ) Tj ET Q q 0 0 0 rg BT 271.91 401.50 Td (in ) Tj ET Q q 0 0 0 rg BT 282.19 401.50 Td (the ) Tj ET Q q 0 0 0 rg BT 296.90 401.50 Td (indentures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 377.50 Td (The ) Tj ET Q q 0 0 0 rg BT 67.57 377.50 Td (timing, ) Tj ET Q q 0 0 0 rg BT 98.70 377.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 131.21 377.50 Td (and ) Tj ET Q q 0 0 0 rg BT 148.17 377.50 Td (other ) Tj ET Q q 0 0 0 rg BT 171.24 377.50 Td (terms ) Tj ET Q q 0 0 0 rg BT 195.97 377.50 Td (and ) Tj ET Q q 0 0 0 rg BT 212.93 377.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 257.12 377.50 Td (of ) Tj ET Q q 0 0 0 rg BT 267.97 377.50 Td (any ) Tj ET Q q 0 0 0 rg BT 284.92 377.50 Td (future ) Tj ET Q q 0 0 0 rg BT 311.32 377.50 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 361.04 377.50 Td (under ) Tj ET Q q 0 0 0 rg BT 386.33 377.50 Td (the ) Tj ET Q q 0 0 0 rg BT 401.06 377.50 Td (2018 ) Tj ET Q q 0 0 0 rg BT 423.58 377.50 Td (Share ) Tj ET Q q 0 0 0 rg BT 448.87 377.50 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 498.04 377.50 Td (Program ) Tj ET Q q 0 0 0 rg BT 534.99 377.50 Td (will ) Tj ET Q q 0 0 0 rg BT 553.07 377.50 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 365.50 Td (determined ) Tj ET Q q 0 0 0 rg BT 95.79 365.50 Td (by ) Tj ET Q q 0 0 0 rg BT 107.10 365.50 Td (the ) Tj ET Q q 0 0 0 rg BT 120.63 365.50 Td (Company) Tj ET Q q 0 0 0 rg BT 162.30 365.50 Td (s ) Tj ET Q q 0 0 0 rg BT 167.50 365.50 Td (management ) Tj ET Q q 0 0 0 rg BT 219.90 365.50 Td (at ) Tj ET Q q 0 0 0 rg BT 228.43 365.50 Td (its ) Tj ET Q q 0 0 0 rg BT 239.19 365.50 Td (discretion ) Tj ET Q q 0 0 0 rg BT 279.93 365.50 Td (based ) Tj ET Q q 0 0 0 rg BT 304.01 365.50 Td (on ) Tj ET Q q 0 0 0 rg BT 315.32 365.50 Td (a ) Tj ET Q q 0 0 0 rg BT 321.07 365.50 Td (variety ) Tj ET Q q 0 0 0 rg BT 350.14 365.50 Td (of ) Tj ET Q q 0 0 0 rg BT 359.79 365.50 Td (factors, ) Tj ET Q q 0 0 0 rg BT 390.80 365.50 Td (including ) Tj ET Q q 0 0 0 rg BT 429.89 365.50 Td (the ) Tj ET Q q 0 0 0 rg BT 443.42 365.50 Td (market ) Tj ET Q q 0 0 0 rg BT 472.49 365.50 Td (price ) Tj ET Q q 0 0 0 rg BT 493.79 365.50 Td (of ) Tj ET Q q 0 0 0 rg BT 503.43 365.50 Td (the ) Tj ET Q q 0 0 0 rg BT 516.96 365.50 Td (Company) Tj ET Q q 0 0 0 rg BT 558.62 365.50 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 353.50 Td (common ) Tj ET Q q 0 0 0 rg BT 87.00 353.50 Td (shares, ) Tj ET Q q 0 0 0 rg BT 116.99 353.50 Td (corporate ) Tj ET Q q 0 0 0 rg BT 157.24 353.50 Td (considerations, ) Tj ET Q q 0 0 0 rg BT 220.00 353.50 Td (general ) Tj ET Q q 0 0 0 rg BT 251.93 353.50 Td (market ) Tj ET Q q 0 0 0 rg BT 282.19 353.50 Td (and ) Tj ET Q q 0 0 0 rg BT 299.13 353.50 Td (economic ) Tj ET Q q 0 0 0 rg BT 340.50 353.50 Td (conditions ) Tj ET Q q 0 0 0 rg BT 384.67 353.50 Td (and ) Tj ET Q q 0 0 0 rg BT 401.60 353.50 Td (legal ) Tj ET Q q 0 0 0 rg BT 423.54 353.50 Td (requirements.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 328.1669921875 m 209.4658203125 328.1669921875 l s q 0 0 0 rg BT 49.50 329.50 Td (Item 3. Defaults Upon Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.47 329.50 Td ( - None.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 304.1669921875 m 178.640625 304.1669921875 l s q 0 0 0 rg BT 49.50 305.50 Td (Item 4. Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.64 305.50 Td ( - None.) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 280.1669921875 m 153.357421875 280.1669921875 l s q 0 0 0 rg BT 49.50 281.50 Td (Item 5. Other Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.36 281.50 Td ( - None.) Tj ET Q endstream endobj 105 0 obj <> endobj 106 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (51) Tj ET Q BT /F1 10.00 Tf ET 0 0 0 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 49.5 738.7669921875 m 116.16015625 738.7669921875 l s q 0 0 0 rg BT 49.50 740.10 Td (Item 6. Exhibits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (The exhibits required to be filed herewith are set forth below) Tj ET Q q 0 0 0 rg BT 292.10 716.10 Td (. ) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 60.15 682.7125976562501 m 91.8296875 682.7125976562501 l s q 0 0 0 rg BT 60.15 684.28 Td (Exhibit) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 58.3 672.7125976562501 m 93.76142578125 672.7125976562501 l s q 0 0 0 rg BT 58.30 674.28 Td (Number) Tj ET Q BT /F2 10.00 Tf ET 0 0 0 RG /GS0 gs 0.95 w 0 i [] 0 d 1 J 1 j 3 M 312.75 672.7125976562501 m 362.1884765625 672.7125976562501 l s q 0 0 0 rg BT 312.75 674.28 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 656.17 Td (4.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 654.8333984375 m 560.5107421875 654.8333984375 l s q 0 0 1 rg BT 117.00 656.17 Td (Indenture, ) Tj ET Q q 0 0 1 rg BT 160.01 656.17 Td (dated ) Tj ET Q q 0 0 1 rg BT 183.86 656.17 Td (as ) Tj ET Q q 0 0 1 rg BT 194.38 656.17 Td (of ) Tj ET Q q 0 0 1 rg BT 204.90 656.17 Td (January ) Tj ET Q q 0 0 1 rg BT 238.19 656.17 Td (22, ) Tj ET Q q 0 0 1 rg BT 252.88 656.17 Td (2020, ) Tj ET Q q 0 0 1 rg BT 277.58 656.17 Td (by ) Tj ET Q q 0 0 1 rg BT 289.77 656.17 Td (and ) Tj ET Q q 0 0 1 rg BT 306.40 656.17 Td (among ) Tj ET Q q 0 0 1 rg BT 335.81 656.17 Td (M/I ) Tj ET Q q 0 0 1 rg BT 353.00 656.17 Td (Homes, ) Tj ET Q q 0 0 1 rg BT 386.02 656.17 Td (Inc., ) Tj ET Q q 0 0 1 rg BT 405.98 656.17 Td (the ) Tj ET Q q 0 0 1 rg BT 420.39 656.17 Td (guarantors ) Tj ET Q q 0 0 1 rg BT 464.79 656.17 Td (named ) Tj ET Q q 0 0 1 rg BT 493.64 656.17 Td (therein ) Tj ET Q q 0 0 1 rg BT 523.60 656.17 Td (and ) Tj ET Q q 0 0 1 rg BT 540.23 656.17 Td (U.S. ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 644.8333984375 m 560.5009765625 644.8333984375 l s q 0 0 1 rg BT 117.00 646.17 Td (Bank ) Tj ET Q q 0 0 1 rg BT 140.61 646.17 Td (National ) Tj ET Q q 0 0 1 rg BT 176.99 646.17 Td (Association, ) Tj ET Q q 0 0 1 rg BT 229.20 646.17 Td (as ) Tj ET Q q 0 0 1 rg BT 240.03 646.17 Td (trustee ) Tj ET Q q 0 0 1 rg BT 269.19 646.17 Td (of ) Tj ET Q q 0 0 1 rg BT 280.02 646.17 Td (M/I ) Tj ET Q q 0 0 1 rg BT 297.52 646.17 Td (Homes, ) Tj ET Q q 0 0 1 rg BT 330.84 646.17 Td (Inc.) Tj ET Q q 0 0 1 rg BT 348.89 646.17 Td (s ) Tj ET Q q 0 0 1 rg BT 355.28 646.17 Td (4.95% ) Tj ET Q q 0 0 1 rg BT 383.61 646.17 Td (Senior ) Tj ET Q q 0 0 1 rg BT 412.22 646.17 Td (Notes ) Tj ET Q q 0 0 1 rg BT 438.05 646.17 Td (due ) Tj ET Q q 0 0 1 rg BT 454.99 646.17 Td (2028, ) Tj ET Q q 0 0 1 rg BT 479.98 646.17 Td (incorporated ) Tj ET Q q 0 0 1 rg BT 533.02 646.17 Td (herein ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 634.8333984375 m 521.365234375 634.8333984375 l s q 0 0 1 rg BT 117.00 636.17 Td (by ) Tj ET Q q 0 0 1 rg BT 129.50 636.17 Td (reference ) Tj ET Q q 0 0 1 rg BT 169.18 636.17 Td (to ) Tj ET Q q 0 0 1 rg BT 179.46 636.17 Td (Exhibit ) Tj ET Q q 0 0 1 rg BT 211.40 636.17 Td (4.1 ) Tj ET Q q 0 0 1 rg BT 226.40 636.17 Td (to ) Tj ET Q q 0 0 1 rg BT 236.68 636.17 Td (the ) Tj ET Q q 0 0 1 rg BT 251.40 636.17 Td (Company) Tj ET Q q 0 0 1 rg BT 293.06 636.17 Td (s ) Tj ET Q q 0 0 1 rg BT 299.46 636.17 Td (Current ) Tj ET Q q 0 0 1 rg BT 332.50 636.17 Td (Report ) Tj ET Q q 0 0 1 rg BT 362.22 636.17 Td (on ) Tj ET Q q 0 0 1 rg BT 374.72 636.17 Td (Form ) Tj ET Q q 0 0 1 rg BT 398.89 636.17 Td (8-K ) Tj ET Q q 0 0 1 rg BT 416.94 636.17 Td (filed ) Tj ET Q q 0 0 1 rg BT 437.77 636.17 Td (on ) Tj ET Q q 0 0 1 rg BT 450.27 636.17 Td (January ) Tj ET Q q 0 0 1 rg BT 483.87 636.17 Td (22, ) Tj ET Q q 0 0 1 rg BT 498.87 636.17 Td (2020.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 617.17 Td (4.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 615.8333984375 m 560.4990234375 615.8333984375 l s q 0 0 1 rg BT 117.00 617.17 Td (Form ) Tj ET Q q 0 0 1 rg BT 140.60 617.17 Td (of ) Tj ET Q q 0 0 1 rg BT 150.86 617.17 Td (4.95% ) Tj ET Q q 0 0 1 rg BT 178.61 617.17 Td (Senior ) Tj ET Q q 0 0 1 rg BT 206.65 617.17 Td (Notes ) Tj ET Q q 0 0 1 rg BT 231.91 617.17 Td (due ) Tj ET Q q 0 0 1 rg BT 248.27 617.17 Td (2028 ) Tj ET Q q 0 0 1 rg BT 270.20 617.17 Td (incorporated ) Tj ET Q q 0 0 1 rg BT 322.66 617.17 Td (herein ) Tj ET Q q 0 0 1 rg BT 349.57 617.17 Td (by ) Tj ET Q q 0 0 1 rg BT 361.50 617.17 Td (reference ) Tj ET Q q 0 0 1 rg BT 400.61 617.17 Td (to ) Tj ET Q q 0 0 1 rg BT 410.32 617.17 Td (Exhibit ) Tj ET Q q 0 0 1 rg BT 441.69 617.17 Td (4.2 ) Tj ET Q q 0 0 1 rg BT 456.12 617.17 Td (to ) Tj ET Q q 0 0 1 rg BT 465.82 617.17 Td (the ) Tj ET Q q 0 0 1 rg BT 479.97 617.17 Td (Company) Tj ET Q q 0 0 1 rg BT 521.63 617.17 Td (s ) Tj ET Q q 0 0 1 rg BT 527.45 617.17 Td (Current ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 605.8333984375 m 305.8623046875 605.8333984375 l s q 0 0 1 rg BT 117.00 607.17 Td (Report ) Tj ET Q q 0 0 1 rg BT 146.72 607.17 Td (on ) Tj ET Q q 0 0 1 rg BT 159.22 607.17 Td (Form ) Tj ET Q q 0 0 1 rg BT 183.39 607.17 Td (8-K ) Tj ET Q q 0 0 1 rg BT 201.44 607.17 Td (filed ) Tj ET Q q 0 0 1 rg BT 222.26 607.17 Td (on ) Tj ET Q q 0 0 1 rg BT 234.76 607.17 Td (January ) Tj ET Q q 0 0 1 rg BT 268.36 607.17 Td (22, ) Tj ET Q q 0 0 1 rg BT 283.36 607.17 Td (2020.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.75 588.17 Td (4.3) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 586.8333984375 m 560.51123046875 586.8333984375 l s q 0 0 1 rg BT 117.00 588.17 Td (Registration ) Tj ET Q q 0 0 1 rg BT 168.73 588.17 Td (Rights ) Tj ET Q q 0 0 1 rg BT 197.07 588.17 Td (Agreement, ) Tj ET Q q 0 0 1 rg BT 246.85 588.17 Td (dated ) Tj ET Q q 0 0 1 rg BT 271.36 588.17 Td (as ) Tj ET Q q 0 0 1 rg BT 282.54 588.17 Td (of ) Tj ET Q q 0 0 1 rg BT 293.72 588.17 Td (January ) Tj ET Q q 0 0 1 rg BT 327.67 588.17 Td (22, ) Tj ET Q q 0 0 1 rg BT 343.02 588.17 Td (2020, ) Tj ET Q q 0 0 1 rg BT 368.37 588.17 Td (by ) Tj ET Q q 0 0 1 rg BT 381.22 588.17 Td (and ) Tj ET Q q 0 0 1 rg BT 398.51 588.17 Td (among ) Tj ET Q q 0 0 1 rg BT 428.58 588.17 Td (M/I ) Tj ET Q q 0 0 1 rg BT 446.43 588.17 Td (Homes, ) Tj ET Q q 0 0 1 rg BT 480.12 588.17 Td (Inc., ) Tj ET Q q 0 0 1 rg BT 500.74 588.17 Td (the ) Tj ET Q q 0 0 1 rg BT 515.80 588.17 Td (guarantors ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 576.8333984375 m 560.5146484375 576.8333984375 l s q 0 0 1 rg BT 117.00 578.17 Td (named ) Tj ET Q q 0 0 1 rg BT 146.44 578.17 Td (therein ) Tj ET Q q 0 0 1 rg BT 176.98 578.17 Td (and ) Tj ET Q q 0 0 1 rg BT 194.20 578.17 Td (the ) Tj ET Q q 0 0 1 rg BT 209.20 578.17 Td (initial ) Tj ET Q q 0 0 1 rg BT 235.32 578.17 Td (purchasers ) Tj ET Q q 0 0 1 rg BT 280.86 578.17 Td (named ) Tj ET Q q 0 0 1 rg BT 310.29 578.17 Td (therein, ) Tj ET Q q 0 0 1 rg BT 343.34 578.17 Td (incorporated ) Tj ET Q q 0 0 1 rg BT 396.65 578.17 Td (herein ) Tj ET Q q 0 0 1 rg BT 424.42 578.17 Td (by ) Tj ET Q q 0 0 1 rg BT 437.20 578.17 Td (reference ) Tj ET Q q 0 0 1 rg BT 477.17 578.17 Td (to ) Tj ET Q q 0 0 1 rg BT 487.73 578.17 Td (Exhibit ) Tj ET Q q 0 0 1 rg BT 519.96 578.17 Td (4.3 ) Tj ET Q q 0 0 1 rg BT 535.24 578.17 Td (to ) Tj ET Q q 0 0 1 rg BT 545.80 578.17 Td (the ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 566.8333984375 m 386.9658203125 566.8333984375 l s q 0 0 1 rg BT 117.00 568.17 Td (Company) Tj ET Q q 0 0 1 rg BT 158.67 568.17 Td (s ) Tj ET Q q 0 0 1 rg BT 165.06 568.17 Td (Current ) Tj ET Q q 0 0 1 rg BT 198.10 568.17 Td (Report ) Tj ET Q q 0 0 1 rg BT 227.82 568.17 Td (on ) Tj ET Q q 0 0 1 rg BT 240.32 568.17 Td (Form ) Tj ET Q q 0 0 1 rg BT 264.49 568.17 Td (8-K ) Tj ET Q q 0 0 1 rg BT 282.54 568.17 Td (filed ) Tj ET Q q 0 0 1 rg BT 303.37 568.17 Td (on ) Tj ET Q q 0 0 1 rg BT 315.87 568.17 Td (January ) Tj ET Q q 0 0 1 rg BT 349.47 568.17 Td (22, ) Tj ET Q q 0 0 1 rg BT 364.47 568.17 Td (2020.) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 549.17 Td (31.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 547.8333984375 m 560.505859375 547.8333984375 l s q 0 0 1 rg BT 117.00 549.17 Td (Certification ) Tj ET Q q 0 0 1 rg BT 170.33 549.17 Td (by ) Tj ET Q q 0 0 1 rg BT 183.13 549.17 Td (Robert ) Tj ET Q q 0 0 1 rg BT 213.15 549.17 Td (H. ) Tj ET Q q 0 0 1 rg BT 225.67 549.17 Td (Schottenstein, ) Tj ET Q q 0 0 1 rg BT 284.85 549.17 Td (Chief ) Tj ET Q q 0 0 1 rg BT 309.86 549.17 Td (Executive ) Tj ET Q q 0 0 1 rg BT 352.64 549.17 Td (Of) Tj ET Q q 0 0 1 rg BT 363.01 549.17 Td (ficer) Tj ET Q q 0 0 1 rg BT 380.93 549.17 Td (, ) Tj ET Q q 0 0 1 rg BT 386.22 549.17 Td (pursuant ) Tj ET Q q 0 0 1 rg BT 423.46 549.17 Td (to ) Tj ET Q q 0 0 1 rg BT 434.04 549.17 Td (Item ) Tj ET Q q 0 0 1 rg BT 455.16 549.17 Td (601 ) Tj ET Q q 0 0 1 rg BT 472.96 549.17 Td (of ) Tj ET Q q 0 0 1 rg BT 484.08 549.17 Td (Regulation ) Tj ET Q q 0 0 1 rg BT 530.76 549.17 Td (S-K ) Tj ET Q q 0 0 1 rg BT 549.68 549.17 Td (as ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 537.8333984375 m 463.044921875 537.8333984375 l s q 0 0 1 rg BT 117.00 539.17 Td (Adopted ) Tj ET Q q 0 0 1 rg BT 153.94 539.17 Td (Pursuant ) Tj ET Q q 0 0 1 rg BT 191.44 539.17 Td (to ) Tj ET Q q 0 0 1 rg BT 201.72 539.17 Td (Section ) Tj ET Q q 0 0 1 rg BT 234.21 539.17 Td (302 ) Tj ET Q q 0 0 1 rg BT 251.71 539.17 Td (of ) Tj ET Q q 0 0 1 rg BT 262.54 539.17 Td (the ) Tj ET Q q 0 0 1 rg BT 277.26 539.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 343.07 539.17 Td (Act ) Tj ET Q q 0 0 1 rg BT 360.01 539.17 Td (of ) Tj ET Q q 0 0 1 rg BT 370.84 539.17 Td (2002. ) Tj ET Q q 0 0 1 rg BT 395.84 539.17 Td (\(Filed ) Tj ET Q q 0 0 1 rg BT 422.23 539.17 Td (herewith.\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 521.17 Td (31.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 519.8333984375 m 560.49609375 519.8333984375 l s q 0 0 1 rg BT 117.00 521.17 Td (Certification ) Tj ET Q q 0 0 1 rg BT 170.13 521.17 Td (by ) Tj ET Q q 0 0 1 rg BT 182.71 521.17 Td (Phillip ) Tj ET Q q 0 0 1 rg BT 211.98 521.17 Td (G. ) Tj ET Q q 0 0 1 rg BT 224.29 521.17 Td (Creek, ) Tj ET Q q 0 0 1 rg BT 253.25 521.17 Td (Chief ) Tj ET Q q 0 0 1 rg BT 278.05 521.17 Td (Financial ) Tj ET Q q 0 0 1 rg BT 317.85 521.17 Td (Of) Tj ET Q q 0 0 1 rg BT 328.23 521.17 Td (ficer) Tj ET Q q 0 0 1 rg BT 346.14 521.17 Td (, ) Tj ET Q q 0 0 1 rg BT 351.23 521.17 Td (pursuant ) Tj ET Q q 0 0 1 rg BT 388.25 521.17 Td (to ) Tj ET Q q 0 0 1 rg BT 398.62 521.17 Td (Item ) Tj ET Q q 0 0 1 rg BT 419.53 521.17 Td (601 ) Tj ET Q q 0 0 1 rg BT 437.12 521.17 Td (of ) Tj ET Q q 0 0 1 rg BT 448.04 521.17 Td (Regulation ) Tj ET Q q 0 0 1 rg BT 494.51 521.17 Td (S-K ) Tj ET Q q 0 0 1 rg BT 513.21 521.17 Td (as ) Tj ET Q q 0 0 1 rg BT 523.56 521.17 Td (Adopted ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 509.8333984375 m 426.1064453125 509.8333984375 l s q 0 0 1 rg BT 117.00 511.17 Td (Pursuant ) Tj ET Q q 0 0 1 rg BT 154.50 511.17 Td (to ) Tj ET Q q 0 0 1 rg BT 164.78 511.17 Td (Section ) Tj ET Q q 0 0 1 rg BT 197.27 511.17 Td (302 ) Tj ET Q q 0 0 1 rg BT 214.77 511.17 Td (of ) Tj ET Q q 0 0 1 rg BT 225.60 511.17 Td (the ) Tj ET Q q 0 0 1 rg BT 240.32 511.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 306.14 511.17 Td (Act ) Tj ET Q q 0 0 1 rg BT 323.07 511.17 Td (of ) Tj ET Q q 0 0 1 rg BT 333.90 511.17 Td (2002. ) Tj ET Q q 0 0 1 rg BT 358.90 511.17 Td (\(Filed ) Tj ET Q q 0 0 1 rg BT 385.29 511.17 Td (herewith.\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 493.17 Td (32.1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 491.8333984375 m 560.5009765625 491.8333984375 l s q 0 0 1 rg BT 117.00 493.17 Td (Certification ) Tj ET Q q 0 0 1 rg BT 169.04 493.17 Td (by ) Tj ET Q q 0 0 1 rg BT 180.54 493.17 Td (Robert ) Tj ET Q q 0 0 1 rg BT 209.27 493.17 Td (H. ) Tj ET Q q 0 0 1 rg BT 220.49 493.17 Td (Schottenstein, ) Tj ET Q q 0 0 1 rg BT 278.38 493.17 Td (Chief ) Tj ET Q q 0 0 1 rg BT 302.10 493.17 Td (Executive ) Tj ET Q q 0 0 1 rg BT 343.58 493.17 Td (Of) Tj ET Q q 0 0 1 rg BT 353.95 493.17 Td (ficer) Tj ET Q q 0 0 1 rg BT 371.87 493.17 Td (, ) Tj ET Q q 0 0 1 rg BT 375.87 493.17 Td (pursuant ) Tj ET Q q 0 0 1 rg BT 411.81 493.17 Td (to ) Tj ET Q q 0 0 1 rg BT 421.10 493.17 Td (18 ) Tj ET Q q 0 0 1 rg BT 432.60 493.17 Td (U.S.C. ) Tj ET Q q 0 0 1 rg BT 461.06 493.17 Td (Section ) Tj ET Q q 0 0 1 rg BT 492.56 493.17 Td (1350 ) Tj ET Q q 0 0 1 rg BT 514.06 493.17 Td (as ) Tj ET Q q 0 0 1 rg BT 523.56 493.17 Td (Adopted ) Tj ET Q BT /F1 10.00 Tf ET 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 481.8333984375 m 426.1064453125 481.8333984375 l s q 0 0 1 rg BT 117.00 483.17 Td (Pursuant ) Tj ET Q q 0 0 1 rg BT 154.50 483.17 Td (to ) Tj ET Q q 0 0 1 rg BT 164.78 483.17 Td (Section ) Tj ET Q q 0 0 1 rg BT 197.27 483.17 Td (906 ) Tj ET Q q 0 0 1 rg BT 214.77 483.17 Td (of ) Tj ET Q q 0 0 1 rg BT 225.60 483.17 Td (the ) Tj ET Q q 0 0 1 rg BT 240.32 483.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 306.14 483.17 Td (Act ) Tj ET Q q 0 0 1 rg BT 323.07 483.17 Td (of ) Tj ET Q q 0 0 1 rg BT 333.90 483.17 Td (2002. ) Tj ET Q q 0 0 1 rg BT 358.90 483.17 Td (\(Filed ) Tj ET Q q 0 0 1 rg BT 385.29 483.17 Td (herewith.\)) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 465.17 Td (32.2) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 117 463.8333984375 m 560.51513671875 463.8333984375 l s q 0 0 1 rg BT 117.00 465.17 Td (Certification ) Tj ET Q q 0 0 1 rg BT 168.84 465.17 Td (by ) 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