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[] 0 d 0 J 0 j 3 M 507 235.60000000000002 m 562 235.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 221.60000000000002 m 436 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 221.60000000000002 m 442 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 442 221.60000000000002 m 497 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 497 221.60000000000002 m 507 221.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 221.60000000000002 m 562 221.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 667.85 Td (\(Dollars in thousands, except par values\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 673.68 Td (March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.00 665.73 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.55 673.55 Td (December 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 665.60 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.55 655.55 Td (\(unaudited\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 639.55 Td (ASSETS:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 627.55 Td (Cash, cash equivalents and restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 627.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 627.68 Td (38,898) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 627.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 627.55 Td (34,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 615.55 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 615.68 Td (113,596) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 615.55 Td (154,020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 603.55 Td (Inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.75 603.68 Td (1,286,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 603.55 Td (1,215,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 591.55 Td (Property and equipment - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 591.68 Td (22,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 591.55 Td (22,299) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 579.55 Td (Investment in unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 579.68 Td (24,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 579.55 Td (28,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 566.85 Td (Deferred income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 566.83 Td (30,449) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 566.85 Td (30,875) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 554.55 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 554.68 Td (56,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 554.55 Td (62,926) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 542.55 Td (TOTAL ASSETS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 542.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.75 542.68 Td (1,572,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 542.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 542.55 Td (1,548,511) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 524.55 Td (LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 508.55 Td (LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 496.55 Td (Accounts payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 496.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 496.68 Td (94,403) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 496.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 496.55 Td (103,212) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 484.55 Td (Customer deposits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 484.68 Td (26,680) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 484.55 Td (22,156) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 472.55 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 472.68 Td (97,576) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 472.55 Td (123,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 460.55 Td (Community development district obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 460.68 Td (6,277) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 460.55 Td (476) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 448.55 Td (Obligation for consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 448.68 Td (11,968) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 448.55 Td (7,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 436.55 Td (Notes payable bank - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 436.68 Td (110,900) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 436.55 Td (40,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 424.55 Td (Notes payable bank - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 424.68 Td (106,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 424.55 Td (152,895) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 412.55 Td (Notes payable - other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 475.80 412.68 Td (7,022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 412.55 Td (6,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 400.55 Td (Convertible senior subordinated notes due 2017 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 400.68 Td (57,237) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 400.55 Td (57,093) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 388.55 Td (Convertible senior subordinated notes due 2018 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 388.68 Td (85,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 388.55 Td (85,423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 376.55 Td (Senior notes due 2021 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 376.68 Td (295,953) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 376.55 Td (295,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 364.55 Td (TOTAL LIABILITIES) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 364.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 364.68 Td (900,553) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 364.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 364.55 Td (894,337) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 348.55 Td (Commitments and contingencies \(Note 6\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 485.80 348.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 348.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 330.55 Td (SHAREHOLDERS EQUITY:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 317.85 Td (Preferred shares - $.01 par value; authorized 2,000,000 shares; 2,000 shares issued and outstanding at both ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 309.85 Td ( March 31, 2017 and December 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 309.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 471.80 309.83 Td (48,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 309.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 309.85 Td (48,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 296.85 Td (Common shares - $.01 par value; authorized 58,000,000 shares at both March 31, 2017 and December 31, 2016;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 60.50 288.85 Td (issued 27,092,723 shares at both March 31, 2017 and December 31, 2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 481.80 288.83 Td (271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 288.85 Td (271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 276.55 Td (Additional paid-in capital) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 276.68 Td (246,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 276.55 Td (246,549) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 264.55 Td (Retained earnings) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 264.68 Td (422,825) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 264.55 Td (407,161) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 251.85 Td (Treasury shares - at cost - 2,297,931 and 2,415,290 shares at March 31, 2017 and December 31, 2016, respectively) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.10 251.83 Td (\(45,639) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 251.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 251.85 Td (\(47,970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 251.85 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 239.55 Td (TOTAL SHAREHOLDERS EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 239.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.75 239.68 Td (671,712) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 239.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 239.55 Td (654,174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 225.85 Td (TOTAL LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.50 225.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.75 225.83 Td (1,572,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 225.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 225.85 Td (1,548,511) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 200.50 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) Tj ET Q endstream endobj 9 0 obj <> endobj 10 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (4) 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 136.55 728.25 Td (UNAUDITED CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 324.72 728.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 359.27 728.25 Td (A) Tj ET Q q 0 0 0 rg BT 365.75 728.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 430.67 728.25 Td ( INCOME) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 679.75 m 445 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 679.75 m 500 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 679.75 m 507 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 679.75 m 562 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 679.75 m 445 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 679.75 m 500 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 679.75 m 507 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 679.75 m 562 679.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 582.75 m 445 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 569.75 m 445 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 582.75 m 500 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 569.75 m 500 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 582.75 m 507 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 569.75 m 507 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 582.75 m 562 582.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 569.75 m 562 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 569.75 m 445 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 569.75 m 500 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 569.75 m 507 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 569.75 m 562 569.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 550.75 m 445 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 550.75 m 500 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 550.75 m 507 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 550.75 m 562 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 550.75 m 445 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 550.75 m 500 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 550.75 m 507 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 550.75 m 562 550.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 531.75 m 445 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 531.75 m 500 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 531.75 m 507 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 531.75 m 562 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 531.75 m 445 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 531.75 m 500 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 531.75 m 507 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 531.75 m 562 531.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 512.75 m 445 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 512.75 m 500 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 512.75 m 507 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 512.75 m 562 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 512.75 m 445 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 512.75 m 500 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 512.75 m 507 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 512.75 m 562 512.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 472.75 m 445 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 472.75 m 500 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 472.75 m 507 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 472.75 m 562 472.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 427.75 m 445 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 427.75 m 500 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 427.75 m 507 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 427.75 m 562 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 427.75 m 445 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 427.75 m 500 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 427.75 m 507 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 427.75 m 562 427.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 382.75 m 445 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 382.75 m 500 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 382.75 m 507 382.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 382.75 m 562 382.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 696.98 Td (Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 684.00 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 683.98 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 684.00 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 665.00 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 664.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 664.98 Td (406,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 665.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 665.00 Td (324,370) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 652.00 Td (Costs and expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 639.00 Td (Land and housing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 638.98 Td (320,281) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 639.00 Td (260,172) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 626.00 Td (General and administrative) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 625.98 Td (27,760) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 626.00 Td (22,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 613.00 Td (Selling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 612.98 Td (27,283) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 613.00 Td (22,266) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 600.00 Td (Equity in income of unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.10 599.98 Td (\(17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 599.98 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 600.00 Td (\(307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 600.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 587.00 Td (Interest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 586.98 Td (5,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 587.00 Td (5,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 574.00 Td (Total costs and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 573.98 Td (380,645) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 574.00 Td (309,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 555.00 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 554.98 Td (26,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 555.00 Td (14,715) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 536.00 Td (Provision for income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 535.98 Td (9,452) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 536.00 Td (5,526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 517.00 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 516.98 Td (16,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 517.00 Td (9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 496.00 Td (Preferred dividends) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 495.98 Td (1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 496.00 Td (1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 477.00 Td (Net income to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 476.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 476.98 Td (15,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 477.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 477.00 Td (7,970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 458.00 Td (Earnings per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 445.00 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 444.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.80 444.98 Td (0.63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 445.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 445.00 Td (0.32) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 432.00 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 431.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.80 431.98 Td (0.55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 432.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 432.00 Td (0.30) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 413.00 Td (Weighted average shares outstanding:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 400.00 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 399.98 Td (24,738) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 400.00 Td (24,657) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 387.00 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 386.98 Td (30,329) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 387.00 Td (30,032) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 364.05 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) Tj ET Q endstream endobj 11 0 obj <> endobj 12 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 202 695.75 m 248 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 695.75 m 252 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 695.75 m 285 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 695.75 m 289 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 695.75 m 335 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 695.75 m 339 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 695.75 m 372 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 695.75 m 376 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 695.75 m 417 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 695.75 m 421 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 695.75 m 462 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 695.75 m 466 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 695.75 m 508 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 695.75 m 512 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 695.75 m 562 695.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 683.75 m 248 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 683.75 m 252 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 683.75 m 285 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 683.75 m 335 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 683.75 m 339 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 683.75 m 372 683.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 656.75 m 202 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 656.75 m 248 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 656.75 m 252 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 656.75 m 285 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 656.75 m 289 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 656.75 m 335 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 656.75 m 339 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 656.75 m 372 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 656.75 m 376 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 656.75 m 417 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 656.75 m 421 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 656.75 m 462 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 656.75 m 466 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 656.75 m 508 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 656.75 m 512 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 656.75 m 562 656.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 547.75 m 202 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 547.75 m 248 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 547.75 m 252 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 547.75 m 285 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 547.75 m 289 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 547.75 m 335 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 547.75 m 339 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 547.75 m 372 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 547.75 m 376 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 547.75 m 417 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 547.75 m 421 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 547.75 m 462 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 547.75 m 466 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 547.75 m 508 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 547.75 m 512 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 547.75 m 562 547.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 535.75 m 202 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 202 535.75 m 248 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 248 535.75 m 252 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 252 535.75 m 285 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 535.75 m 289 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 535.75 m 335 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 335 535.75 m 339 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 339 535.75 m 372 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 535.75 m 376 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 376 535.75 m 417 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 535.75 m 421 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 535.75 m 462 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 462 535.75 m 466 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 535.75 m 508 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 535.75 m 512 535.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 535.75 m 562 535.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 317.60 697.88 Td (Three Months Ended March 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 216.45 687.70 Td (Preferred Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.40 687.70 Td (Common Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 213.80 669.00 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 204.90 661.00 Td (Outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.80 669.00 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.90 661.00 Td (Outstanding) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.85 675.70 Td (Additional) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.40 667.70 Td (Paid-in) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.40 659.70 Td (Capital) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 669.00 Td (Retained) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 426.75 661.00 Td (Earnings) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.40 669.00 Td (Treasury) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.80 661.00 Td (Shares) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.30 675.70 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.55 667.70 Td (Shareholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.80 659.70 Td (Equity) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 661.00 Td (\(Dollars in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.85 661.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.85 661.00 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 648.70 Td (Balance at December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 226.75 648.70 Td (2,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 259.80 648.70 Td (48,163) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 295.75 648.70 Td (24,677,433) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 341.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.80 648.70 Td (271) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 378.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.75 648.70 Td (246,549) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.75 648.70 Td (407,161) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.10 648.70 Td (\(47,970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 648.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.50 648.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 648.70 Td (654,174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 636.70 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 436.75 636.70 Td (16,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 636.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 636.70 Td (16,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 624.00 Td (Dividends declared to preferred) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 616.00 Td (shareholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.10 616.00 Td (\(1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.80 616.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 616.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 616.00 Td (\(1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 616.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 603.70 Td (Stock options exercised) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 603.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 603.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.75 603.70 Td (37,326) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 603.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.10 603.70 Td (\(245) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.80 603.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 603.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.75 603.70 Td (741) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 603.70 Td (496) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 591.70 Td (Stock-based compensation expense) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 591.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 591.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.80 591.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 591.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.75 591.70 Td (1,028) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 591.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 591.70 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 591.70 Td (1,028) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 579.70 Td (Deferral of executive and director) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 571.70 Td (compensation) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 572.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 572.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.80 572.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 572.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.75 572.00 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 572.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 572.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 572.00 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 559.70 Td (Executive and director deferred) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 551.70 Td (compensation distributions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 236.80 552.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.80 552.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.75 552.00 Td (80,033) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 360.80 552.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 393.10 552.00 Td (\(1,590) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 413.80 552.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.80 552.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 486.75 552.00 Td (1,590) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 552.00 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 539.83 Td (Balance at March 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 226.75 539.83 Td (2,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.50 539.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.80 539.83 Td (48,163) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 295.75 539.83 Td (24,794,792) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 341.50 539.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.80 539.83 Td (271) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 378.50 539.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.75 539.83 Td (246,092) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.50 539.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.75 539.83 Td (422,825) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.50 539.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.10 539.83 Td (\(45,639) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 539.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.50 539.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 539.83 Td (671,712) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 517.05 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 24.60 Td (6) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 225.80 749.25 Td (M/I HOMES, INC. ) Tj ET Q q 0 0 0 rg BT 309.42 749.25 Td (AND SUBSIDIARIES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 124.45 737.25 Td (UNAUDITED CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 312.62 737.25 Td (TED ST) Tj ET Q q 0 0 0 rg BT 347.17 737.25 Td (A) Tj ET Q q 0 0 0 rg BT 353.65 737.25 Td (TEMENTS OF) Tj ET Q q 0 0 0 rg BT 418.57 737.25 Td ( CASH FLOWS) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 703.75 m 445.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 703.75 m 498.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 703.75 m 508.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 703.75 m 561.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 703.75 m 445.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 703.75 m 498.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 703.75 m 508.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 703.75 m 561.5 703.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 503.75 m 445.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 503.75 m 498.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 503.75 m 508.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 503.75 m 561.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 503.75 m 445.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 493.75 m 445.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 503.75 m 498.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 493.75 m 498.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 503.75 m 508.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 493.75 m 508.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 503.75 m 561.5 503.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 493.75 m 561.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 493.75 m 445.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 493.75 m 498.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 493.75 m 508.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 493.75 m 561.5 493.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 446.75 m 445.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 436.75 m 445.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 446.75 m 498.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 436.75 m 498.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 446.75 m 508.5 446.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 436.75 m 508.5 436.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 446.75 m 561.5 446.75 l s 0 0 0 RG /GS0 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338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 338.75 m 445.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 338.75 m 498.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 338.75 m 508.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 338.75 m 561.5 338.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 318.75 m 445.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 318.75 m 498.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 318.75 m 508.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 318.75 m 561.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 318.75 m 445.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 318.75 m 498.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 318.75 m 508.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 318.75 m 561.5 318.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 308.75 m 445.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 308.75 m 498.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 308.75 m 508.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 308.75 m 561.5 308.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 209.75 m 445.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 209.75 m 498.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498.5 209.75 m 508.5 209.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508.5 209.75 m 561.5 209.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 717.98 Td (Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 705.75 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 463.50 705.88 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.50 705.75 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 695.75 Td (OPERA) Tj ET Q q 0 0 0 rg BT 77.78 695.75 Td (TING ) Tj ET Q q 0 0 0 rg BT 98.22 695.75 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 685.75 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 685.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 685.88 Td (16,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 685.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 685.75 Td (9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 675.75 Td (Adjustments to reconcile net income to net cash used in operating activities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 665.75 Td (Equity in income of joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.60 665.88 Td (\(17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 665.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 665.75 Td (\(307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 665.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 655.75 Td (Mortgage loan originations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 466.60 655.88 Td (\(217,346) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 655.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.60 655.75 Td (\(177,038) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 655.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 645.75 Td (Proceeds from the sale of mortgage loans) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.25 645.88 Td (262,644) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 645.75 Td (210,960) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 635.75 Td (Fair value adjustment of mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.60 635.88 Td (\(4,874) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 635.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 635.75 Td (\(1,359) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 635.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 625.75 Td (Capitalization of originated mortgage servicing rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 625.88 Td (\(975) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 625.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 625.75 Td (\(1,561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 625.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 615.75 Td (Amortization of mortgage servicing rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.30 615.88 Td (448) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 615.75 Td (339) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 605.75 Td (Depreciation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 605.88 Td (2,281) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 605.75 Td (2,033) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 595.75 Td (Amortization of debt discount and debt issue costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.30 595.88 Td (854) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 595.75 Td (851) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 585.75 Td (Stock-based compensation expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 585.88 Td (1,028) Tj ET 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558.30 545.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 535.75 Td (Accounts payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.60 535.88 Td (\(8,809) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 535.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 535.75 Td (\(5,284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 535.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 525.75 Td (Customer deposits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 525.88 Td (4,524) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 525.75 Td (3,900) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 515.75 Td (Accrued compensation) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.60 515.88 Td (\(20,159) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 515.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 515.75 Td (\(14,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 515.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 505.75 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.60 505.88 Td (\(5,077) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 505.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 505.75 Td (761) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 495.75 Td (Net cash \(used in\) provided by operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.60 495.88 Td (\(23,275) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 495.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.30 495.75 Td (1,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 478.75 Td (INVESTING ) Tj ET Q q 0 0 0 rg BT 96.44 478.75 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 468.75 Td (Purchase of property and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.60 468.88 Td (\(993) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 468.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 468.75 Td (\(10,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 468.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 458.75 Td (Investment in unconsolidated joint ventures) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.60 458.88 Td (\(3,197) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 458.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 458.75 Td (\(2,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 458.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 448.75 Td (Net proceeds from sale of mortgage servicing rights) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 448.88 Td (7,396) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 448.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 438.75 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 438.88 Td (3,206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 438.75 Td (\(13,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 438.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 420.75 Td (FINANCING ) Tj ET Q q 0 0 0 rg BT 97.78 420.75 Td (ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 410.75 Td (Proceeds from bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.25 410.88 Td (162,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.25 410.75 Td (154,100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 400.75 Td (Repayment of bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.60 400.88 Td (\(91,400) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 400.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 400.75 Td (\(83,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 400.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 390.75 Td (Net repayment of bank borrowings - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.60 390.88 Td (\(45,958) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 390.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 533.60 390.75 Td (\(36,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 390.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 380.75 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 483.30 380.88 Td (607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 380.75 Td (364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 370.75 Td (Dividends paid on preferred shares) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.60 370.88 Td (\(1,219) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 495.30 370.88 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 370.75 Td (\(1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 370.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 360.75 Td (Debt issue costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.30 360.88 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 547.60 360.75 Td (\(99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 360.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 350.75 Td (Proceeds from exercise of stock options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.30 350.88 Td (496) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.30 350.75 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 340.75 Td (Net cash provided by financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 340.88 Td (24,526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 340.75 Td (33,357) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 330.75 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 477.30 330.88 Td (4,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 330.75 Td (21,220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 320.75 Td (Cash, ) Tj ET Q q 0 0 0 rg BT 72.00 320.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 88.21 320.75 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 126.65 320.75 Td (and ) Tj ET Q q 0 0 0 rg BT 140.20 320.75 Td (restricted ) Tj ET Q q 0 0 0 rg BT 171.96 320.75 Td (cash ) Tj ET Q q 0 0 0 rg BT 188.18 320.75 Td (balance ) Tj ET Q q 0 0 0 rg BT 214.60 320.75 Td (at ) Tj ET Q q 0 0 0 rg BT 222.38 320.75 Td (beginning ) Tj ET Q q 0 0 0 rg BT 256.37 320.75 Td (of ) Tj ET Q q 0 0 0 rg BT 265.04 320.75 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 320.88 Td (34,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 320.75 Td (13,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 310.75 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 448.00 310.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 310.88 Td (38,898) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 310.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 310.75 Td (34,321) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 292.75 Td (SUPPLEMENT) Tj ET Q q 0 0 0 rg BT 102.92 292.75 Td (AL) Tj ET Q q 0 0 0 rg BT 113.29 292.75 Td ( ) Tj ET Q q 0 0 0 rg BT 115.29 292.75 Td (DISCLOSURE ) Tj ET Q q 0 0 0 rg BT 166.63 292.75 Td (OF ) Tj ET Q q 0 0 0 rg BT 178.86 292.75 Td (CASH ) Tj ET Q q 0 0 0 rg BT 202.20 292.75 Td (FLOW) Tj ET Q q 0 0 0 rg BT 224.71 292.75 Td ( ) Tj ET Q q 0 0 0 rg BT 226.71 292.75 Td (INFORMA) Tj ET Q q 0 0 0 rg BT 262.72 292.75 Td (TION:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 58.00 282.75 Td (Cash paid during the year for:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 272.75 Td (Interest net of amount capitalized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 272.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.25 272.88 Td (10,503) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 272.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 272.75 Td (253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 262.75 Td (Income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 262.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.30 262.88 Td (72) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 262.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.30 262.75 Td (451) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 245.75 Td (NON-CASH TRANSACTIONS DURING THE PERIOD:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 235.75 Td (Community development district infrastructure) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 235.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 235.88 Td (5,801) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 235.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.60 235.75 Td (\(186) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 235.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 225.75 Td (Consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.00 225.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 225.88 Td (4,440) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 225.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.60 225.75 Td (\(1,086) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.30 225.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 64.00 215.75 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 448.00 215.88 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.30 215.88 Td (7,012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.00 215.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.25 215.75 Td (14,427) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 50.00 191.05 Td (See Notes to Unaudited Condensed Consolidated Financial Statements.) Tj ET Q endstream endobj 15 0 obj <> endobj 16 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.50 33.60 Td (7) 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 129.10 728.25 Td (NOTES ) Tj ET Q q 0 0 0 rg BT 165.32 728.25 Td (T) Tj ET Q q 0 0 0 rg BT 171.81 728.25 Td (O UNAUDITED CONDENSED CONSOLIDA) Tj ET Q q 0 0 0 rg BT 370.26 728.25 Td (TED FINANCIAL) Tj ET Q q 0 0 0 rg BT 449.44 728.25 Td ( ST) Tj ET Q q 0 0 0 rg BT 463.43 728.25 Td (A) Tj ET Q q 0 0 0 rg BT 469.91 728.25 Td (TEMENTS) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 704.25 Td (1. ) Tj ET Q q 0 0 0 rg BT 90.34 704.25 Td (Basis ) Tj ET Q q 0 0 0 rg BT 115.07 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.90 704.25 Td (Pr) Tj ET Q q 0 0 0 rg BT 136.27 704.25 Td (esentation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.22 680.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 127.70 680.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 171.52 680.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 218.13 680.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 273.07 680.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 312.45 680.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 358.50 680.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 376.22 680.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 417.81 680.25 Td (statements\) ) Tj ET Q q 0 0 0 rg BT 469.96 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.46 680.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 497.63 680.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 530.63 680.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 548.07 680.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (its ) Tj ET Q q 0 0 0 rg BT 60.67 668.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 109.60 668.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 126.87 668.25 Td (Company\) ) Tj ET Q q 0 0 0 rg BT 179.68 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 195.83 668.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 218.66 668.25 Td (thereto ) Tj ET Q q 0 0 0 rg BT 248.14 668.25 Td (have ) Tj ET Q q 0 0 0 rg BT 268.74 668.25 Td (been ) Tj ET Q q 0 0 0 rg BT 289.33 668.25 Td (prepared ) Tj ET Q q 0 0 0 rg BT 326.02 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 335.52 668.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 382.20 668.25 Td (with ) Tj ET Q q 0 0 0 rg BT 401.69 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.63 668.25 Td (rules ) Tj ET Q q 0 0 0 rg BT 436.79 668.25 Td (and ) Tj ET Q q 0 0 0 rg BT 452.94 668.25 Td (regulations ) Tj ET Q q 0 0 0 rg BT 499.09 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 509.14 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.08 668.25 Td (Securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.73 656.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 108.95 656.25 Td (Commission ) Tj ET Q q 0 0 0 rg BT 162.31 656.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 180.66 656.25 Td (SEC\) ) Tj ET Q q 0 0 0 rg BT 214.00 656.25 Td (for ) Tj ET Q q 0 0 0 rg BT 228.46 656.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 260.13 656.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 297.91 656.25 Td (information. ) Tj ET Q q 0 0 0 rg BT 350.42 656.25 Td ( ) Tj ET Q q 0 0 0 rg BT 353.01 656.25 Td (The ) Tj ET Q q 0 0 0 rg BT 371.35 656.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 409.13 656.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 454.13 656.25 Td (include ) Tj ET Q q 0 0 0 rg BT 486.36 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.38 656.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 539.16 656.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 656.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (Company) Tj ET Q q 0 0 0 rg BT 87.74 644.25 Td (. ) Tj ET Q q 0 0 0 rg BT 92.53 644.25 Td (All ) Tj ET Q q 0 0 0 rg BT 108.25 644.25 Td (intercompany ) Tj ET Q q 0 0 0 rg BT 166.17 644.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 216.88 644.25 Td (have ) Tj ET Q q 0 0 0 rg BT 238.70 644.25 Td (been ) Tj ET Q q 0 0 0 rg BT 260.52 644.25 Td (eliminated. ) 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(of ) Tj ET Q q 0 0 0 rg BT 206.74 632.25 Td (management, ) Tj ET Q q 0 0 0 rg BT 262.83 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.56 632.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 338.38 632.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 375.86 632.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 420.58 632.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 448.62 632.25 Td (all ) Tj ET Q q 0 0 0 rg BT 461.12 632.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 511.40 632.25 Td (\(all ) Tj ET Q q 0 0 0 rg BT 527.23 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.07 632.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (are ) Tj ET Q q 0 0 0 rg BT 64.28 620.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 95.18 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 112.19 620.25 Td (recurring ) Tj ET Q q 0 0 0 rg BT 151.41 620.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.76 620.25 Td (nature\) ) Tj ET Q q 0 0 0 rg BT 192.65 620.25 Td (necessary ) Tj ET Q q 0 0 0 rg BT 234.09 620.25 Td (for ) Tj ET Q q 0 0 0 rg BT 248.32 620.25 Td (a ) Tj ET Q q 0 0 0 rg BT 255.33 620.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 271.79 620.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 323.23 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 334.13 620.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.69 620.25 Td (results ) Tj ET Q q 0 0 0 rg BT 400.37 620.25 Td (for ) Tj ET Q q 0 0 0 rg BT 414.60 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 429.39 620.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 460.85 620.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 492.86 620.25 Td (presented. ) Tj ET Q q 0 0 0 rg BT 536.25 620.25 Td ( ) Tj ET Q q 0 0 0 rg BT 538.64 620.25 Td (These ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 87.05 608.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 131.83 608.25 Td (should ) Tj ET Q q 0 0 0 rg BT 161.07 608.25 Td (be ) Tj ET Q q 0 0 0 rg BT 173.08 608.25 Td (read ) Tj ET Q q 0 0 0 rg BT 192.86 608.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.21 608.25 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 252.99 608.25 Td (with ) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.66 572.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 113.81 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.75 572.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.34 572.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 204.17 572.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.56 572.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 259.61 572.25 Td (with ) Tj ET Q q 0 0 0 rg BT 279.00 572.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 324.49 572.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 365.54 572.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 404.35 572.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 440.94 572.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.33 572.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.16 572.25 Td (United ) Tj ET Q q 0 0 0 rg BT 492.99 572.25 Td (States ) Tj ET Q q 0 0 0 rg BT 518.49 572.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.08 572.25 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 84.06 560.25 Td (management ) Tj ET Q q 0 0 0 rg BT 137.50 560.25 Td (to ) Tj ET Q q 0 0 0 rg BT 147.63 560.25 Td (make ) Tj ET Q q 0 0 0 rg BT 171.64 560.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 211.20 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 228.00 560.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 279.80 560.25 Td (that ) Tj ET Q q 0 0 0 rg BT 297.14 560.25 Td (af) Tj ET Q q 0 0 0 rg BT 304.73 560.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 322.07 560.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.64 560.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 372.31 560.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 408.55 560.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.23 560.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 444.91 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.70 560.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 501.27 560.25 Td (and ) Tj ET Q q 0 0 0 rg BT 518.06 560.25 Td (disclosures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.79 548.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 103.97 548.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 129.27 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.67 548.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 184.85 548.25 Td (at ) Tj ET Q q 0 0 0 rg BT 194.03 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 208.21 548.25 Td (date ) Tj ET Q q 0 0 0 rg BT 226.83 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.13 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.31 548.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 288.25 548.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 332.43 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.83 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.01 548.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 398.29 548.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 434.14 548.25 Td (of ) Tj ET Q q 0 0 0 rg BT 444.44 548.25 Td (revenues ) Tj ET Q q 0 0 0 rg BT 481.94 548.25 Td (and ) Tj ET Q q 0 0 0 rg BT 498.34 548.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 536.40 548.25 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.18 536.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 97.91 536.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.00 536.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 129.34 536.25 Td (results ) Tj ET Q q 0 0 0 rg BT 158.13 536.25 Td (could ) Tj ET Q q 0 0 0 rg BT 183.03 536.25 Td (dif) Tj ET Q q 0 0 0 rg BT 193.96 536.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 207.74 536.25 Td (from ) Tj ET Q q 0 0 0 rg BT 229.86 536.25 Td (these ) Tj ET Q q 0 0 0 rg BT 253.09 536.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 292.98 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 310.11 536.25 Td (have ) Tj ET Q q 0 0 0 rg BT 331.67 536.25 Td (a ) Tj ET Q q 0 0 0 rg BT 338.79 536.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 383.68 536.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 413.58 536.25 Td (on ) Tj ET Q q 0 0 0 rg BT 426.26 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 441.16 536.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 478.82 536.25 Td (condition ) Tj ET Q q 0 0 0 rg BT 519.28 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 536.40 536.25 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.02 524.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 105.86 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.48 524.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 144.44 524.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 172.34 524.25 Td ( ) Tj ET Q q 0 0 0 rg BT 175.30 524.25 Td (W) Tj ET Q q 0 0 0 rg BT 184.34 524.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 198.08 524.25 Td (regard ) Tj ET Q q 0 0 0 rg BT 226.80 524.25 Td (to ) Tj ET Q q 0 0 0 rg BT 237.77 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.17 524.25 Td (Company) Tj ET Q q 0 0 0 rg BT 291.41 524.25 Td (, ) Tj ET Q q 0 0 0 rg BT 297.09 524.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 337.49 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 355.12 524.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 407.75 524.25 Td (are ) Tj ET Q q 0 0 0 rg BT 423.14 524.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 459.09 524.25 Td (in ) Tj ET Q q 0 0 0 rg BT 470.06 524.25 Td (calculations ) Tj ET Q q 0 0 0 rg BT 521.00 524.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 554.73 524.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 88.03 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 97.68 512.25 Td (inventory ) Tj ET Q q 0 0 0 rg BT 137.33 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 153.09 512.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 198.29 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 207.39 512.25 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 269.25 512.25 Td (joint ) Tj ET Q q 0 0 0 rg BT 288.91 512.25 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 326.61 512.25 Td (property ) Tj ET Q q 0 0 0 rg BT 361.80 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 377.56 512.25 Td (equipment ) Tj ET Q q 0 0 0 rg BT 421.10 512.25 Td (depreciation, ) Tj ET Q q 0 0 0 rg BT 474.34 512.25 Td (valuation ) Tj ET Q q 0 0 0 rg BT 512.87 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 522.52 512.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 85.87 500.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 136.43 500.25 Td (accounts ) Tj ET Q q 0 0 0 rg BT 172.81 500.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 205.30 500.25 Td (on ) Tj ET Q q 0 0 0 rg BT 216.69 500.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 254.37 500.25 Td (, ) Tj ET Q q 0 0 0 rg BT 258.26 500.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 292.41 500.25 Td (for ) Tj ET Q q 0 0 0 rg BT 305.46 500.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 326.85 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 336.02 500.25 Td (complete ) Tj ET Q q 0 0 0 rg BT 374.07 500.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 411.74 500.25 Td (, ) Tj ET Q q 0 0 0 rg BT 415.64 500.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 449.78 500.25 Td (for ) Tj ET Q q 0 0 0 rg BT 462.84 500.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 499.77 500.25 Td (claims, ) Tj ET Q q 0 0 0 rg BT 529.76 500.25 Td (accruals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.47 488.25 Td (self-insured ) Tj ET Q q 0 0 0 rg BT 112.99 488.25 Td (general ) Tj ET Q q 0 0 0 rg BT 144.73 488.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 178.15 488.25 Td (claims, ) Tj ET Q q 0 0 0 rg BT 209.07 488.25 Td (litigation, ) Tj ET Q q 0 0 0 rg BT 249.99 488.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 285.06 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 299.03 488.25 Td (health ) Tj ET Q q 0 0 0 rg BT 325.78 488.25 Td (care ) Tj ET Q q 0 0 0 rg BT 344.74 488.25 Td (and ) Tj ET Q q 0 0 0 rg BT 361.49 488.25 Td (workers) Tj ET Q q 0 0 0 rg BT 396.29 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 398.60 488.25 Td (compensation, ) Tj ET Q q 0 0 0 rg BT 458.96 488.25 Td (accruals ) Tj ET Q q 0 0 0 rg BT 494.03 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 508.00 488.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 554.18 488.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (indemnified ) Tj ET Q q 0 0 0 rg BT 99.51 476.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 124.81 476.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 173.71 476.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 230.94 476.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 267.34 476.25 Td (income ) Tj ET Q q 0 0 0 rg BT 298.46 476.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 323.20 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 339.33 476.25 Td (contingencies. ) Tj ET Q q 0 0 0 rg BT 398.50 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 400.19 476.25 Td (Items ) Tj ET Q q 0 0 0 rg BT 424.10 476.25 Td (that ) Tj ET Q q 0 0 0 rg BT 440.79 476.25 Td (could ) Tj ET Q q 0 0 0 rg BT 464.69 476.25 Td (have ) Tj ET Q q 0 0 0 rg BT 485.26 476.25 Td (a ) Tj ET Q q 0 0 0 rg BT 491.39 476.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 535.29 476.25 Td (impact ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.57 464.25 Td (these ) Tj ET Q q 0 0 0 rg BT 84.19 464.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 123.48 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 139.99 464.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 191.51 464.25 Td (include ) Tj ET Q q 0 0 0 rg BT 223.02 464.25 Td (the ) Tj ET Q q 0 0 0 rg BT 237.31 464.25 Td (risks ) Tj ET Q q 0 0 0 rg BT 258.27 464.25 Td (and ) Tj ET Q q 0 0 0 rg BT 274.78 464.25 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 327.94 464.25 Td (listed ) Tj ET Q q 0 0 0 rg BT 351.68 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 361.53 464.25 Td (Item ) Tj ET Q q 0 0 0 rg BT 386.37 464.25 Td (1A. ) Tj ET Q q 0 0 0 rg BT 403.16 464.25 Td (Risk ) Tj ET Q q 0 0 0 rg BT 423.57 464.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 459.52 464.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.38 464.25 Td (Part ) Tj ET Q q 0 0 0 rg BT 487.56 464.25 Td (I ) Tj ET Q q 0 0 0 rg BT 492.96 464.25 Td (of ) Tj ET Q q 0 0 0 rg BT 503.36 464.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.77 464.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 538.77 464.25 Td ( ) Tj ET Q q 0 0 0 rg BT 540.84 464.25 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.25 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 75.05 452.25 Td (as ) Tj ET Q q 0 0 0 rg BT 85.88 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 100.60 452.25 Td (same ) Tj ET Q q 0 0 0 rg BT 123.65 452.25 Td (may ) Tj ET Q q 0 0 0 rg BT 143.36 452.25 Td (be ) Tj ET Q q 0 0 0 rg BT 155.30 452.25 Td (updated ) Tj ET Q q 0 0 0 rg BT 189.46 452.25 Td (from ) Tj ET Q q 0 0 0 rg BT 211.39 452.25 Td (time ) Tj ET Q q 0 0 0 rg BT 231.67 452.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.95 452.25 Td (time ) Tj ET Q q 0 0 0 rg BT 262.22 452.25 Td (in ) Tj ET Q q 0 0 0 rg BT 272.50 452.25 Td (our ) Tj ET Q q 0 0 0 rg BT 288.33 452.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 335.27 452.25 Td (filings ) Tj ET Q q 0 0 0 rg BT 363.32 452.25 Td (with ) Tj ET Q q 0 0 0 rg BT 383.60 452.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.32 452.25 Td (SEC. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (Reclassifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (Certain ) Tj ET Q q 0 0 0 rg BT 81.35 404.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 118.74 404.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 159.47 404.25 Td (line ) Tj ET Q q 0 0 0 rg BT 176.88 404.25 Td (items ) Tj ET Q q 0 0 0 rg BT 200.96 404.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 238.34 404.25 Td (on ) Tj ET Q q 0 0 0 rg BT 250.75 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 265.38 404.25 Td (March ) Tj ET Q q 0 0 0 rg BT 293.89 404.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 308.80 404.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 331.21 404.25 Td (Statement ) Tj ET Q q 0 0 0 rg BT 373.62 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.36 404.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 406.77 404.25 Td (Flows ) Tj ET Q q 0 0 0 rg BT 433.64 404.25 Td (were ) Tj ET Q q 0 0 0 rg BT 455.48 404.25 Td (af) Tj ET Q q 0 0 0 rg BT 463.06 404.25 Td (fected ) Tj ET Q q 0 0 0 rg BT 489.90 404.25 Td (by ) Tj ET Q q 0 0 0 rg BT 502.31 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.94 404.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.61 404.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (early ) Tj ET Q q 0 0 0 rg BT 70.95 392.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 107.41 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.88 392.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 165.00 392.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 205.90 392.25 Td (Update ) Tj ET Q q 0 0 0 rg BT 236.24 392.25 Td (\(ASU\) ) Tj ET Q q 0 0 0 rg BT 273.25 392.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 289.43 392.25 Td (2016-18, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 326.73 392.25 Td (Statement ) Tj ET Q q 0 0 0 rg BT 367.62 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.87 392.25 Td (Cash ) Tj ET Q q 0 0 0 rg BT 398.89 392.25 Td (Flows: ) Tj ET Q q 0 0 0 rg BT 428.13 392.25 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 470.14 392.25 Td (Cash) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.70 392.25 Td ( ) Tj ET Q q 0 0 0 rg BT 492.17 392.25 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 521.40 392.25 Td (2016-18\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (during ) Tj ET Q q 0 0 0 rg BT 78.11 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.83 380.25 Td (fourth ) Tj ET Q q 0 0 0 rg BT 119.76 380.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 150.58 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.41 380.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 183.91 380.25 Td (as ) Tj ET Q q 0 0 0 rg BT 194.74 380.25 Td (a ) Tj ET Q q 0 0 0 rg BT 201.68 380.25 Td (result ) Tj ET Q q 0 0 0 rg BT 226.39 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 237.22 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 251.94 380.25 Td (change ) Tj ET Q q 0 0 0 rg BT 282.76 380.25 Td (in ) Tj ET Q q 0 0 0 rg BT 293.04 380.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 339.41 380.25 Td (principle.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (Recently ) Tj ET Q q 0 0 0 rg BT 87.17 356.25 Td (Adopted ) Tj ET Q q 0 0 0 rg BT 123.19 356.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 173.47 356.25 Td (Standards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (In ) Tj ET Q q 0 0 0 rg BT 59.13 332.25 Td (March ) Tj ET Q q 0 0 0 rg BT 86.53 332.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 110.33 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.84 332.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 162.06 332.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 210.02 332.25 Td (Standards ) Tj ET Q q 0 0 0 rg BT 250.76 332.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 276.49 332.25 Td (\(F) Tj ET Q q 0 0 0 rg BT 289.08 332.25 Td (ASB\) ) Tj ET Q q 0 0 0 rg BT 317.60 332.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 343.61 332.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 364.92 332.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 380.94 332.25 Td (2016-09, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 418.07 332.25 Td (Compensation ) Tj ET Q q 0 0 0 rg BT 477.14 332.25 Td (- ) Tj ET Q q 0 0 0 rg BT 481.77 332.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 504.73 332.25 Td (Compensation ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (\(T) Tj ET Q q 0 0 0 rg BT 57.47 320.25 Td (opic ) Tj ET Q q 0 0 0 rg BT 77.53 320.25 Td (718\): ) Tj ET Q q 0 0 0 rg BT 102.03 320.25 Td (Impr) Tj ET Q q 0 0 0 rg BT 121.11 320.25 Td (ovements ) Tj ET Q q 0 0 0 rg BT 161.16 320.25 Td (to ) Tj ET Q q 0 0 0 rg BT 171.78 320.25 Td (Employee ) Tj ET Q q 0 0 0 rg BT 214.04 320.25 Td (Shar) Tj ET Q q 0 0 0 rg BT 232.56 320.25 Td (e-Based ) Tj ET Q q 0 0 0 rg BT 267.61 320.25 Td (Payment ) Tj ET Q q 0 0 0 rg BT 305.23 320.25 Td (Accounting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.77 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 353.62 320.25 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 384.23 320.25 Td (2016-09\). ) Tj ET Q q 0 0 0 rg BT 430.67 320.25 Td ( ) Tj ET Q q 0 0 0 rg BT 432.89 320.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 455.73 320.25 Td (2016-09 ) Tj ET Q q 0 0 0 rg BT 491.90 320.25 Td (simplifies ) Tj ET Q q 0 0 0 rg BT 534.19 320.25 Td (several ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 80.88 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.72 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.45 308.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 152.83 308.25 Td (for ) Tj ET Q q 0 0 0 rg BT 166.99 308.25 Td (share-based ) Tj ET Q q 0 0 0 rg BT 216.70 308.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 253.64 308.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 306.41 308.25 Td (including ) Tj ET Q q 0 0 0 rg BT 346.69 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.41 308.25 Td (income ) Tj ET Q q 0 0 0 rg BT 393.35 308.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 408.08 308.25 Td (consequences ) Tj ET Q q 0 0 0 rg BT 465.56 308.25 Td (and ) Tj ET Q q 0 0 0 rg BT 482.51 308.25 Td (classification ) Tj ET Q q 0 0 0 rg BT 537.77 308.25 Td (on ) Tj ET Q q 0 0 0 rg BT 550.28 308.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (statement ) Tj ET Q q 0 0 0 rg BT 90.63 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 101.77 296.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 122.35 296.25 Td (flows. ) Tj ET Q q 0 0 0 rg BT 149.88 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 152.69 296.25 Td (For ) Tj ET Q q 0 0 0 rg BT 169.39 296.25 Td (public ) Tj ET Q q 0 0 0 rg BT 197.19 296.25 Td (entities, ) Tj ET Q q 0 0 0 rg BT 230.76 296.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 253.58 296.25 Td (2016-09 ) Tj ET Q q 0 0 0 rg BT 289.71 296.25 Td (is ) Tj ET Q q 0 0 0 rg BT 299.19 296.25 Td (ef) Tj ET Q q 0 0 0 rg BT 306.78 296.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 336.79 296.25 Td (for ) Tj ET Q q 0 0 0 rg BT 351.26 296.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 375.73 296.25 Td (years ) Tj ET Q q 0 0 0 rg BT 399.63 296.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 442.44 296.25 Td (after ) Tj ET Q q 0 0 0 rg BT 463.56 296.25 Td (December ) Tj ET Q q 0 0 0 rg BT 507.46 296.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 522.77 296.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 548.07 296.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 80.53 284.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 112.11 284.25 Td (within ) Tj ET Q q 0 0 0 rg BT 139.81 284.25 Td (those ) Tj ET Q q 0 0 0 rg BT 163.07 284.25 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 186.87 284.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 212.61 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.60 284.25 Td (The ) Tj ET Q q 0 0 0 rg BT 232.29 284.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 273.32 284.25 Td (adopted ) Tj ET Q q 0 0 0 rg BT 307.12 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.48 284.25 Td (new ) Tj ET Q q 0 0 0 rg BT 340.29 284.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 376.31 284.25 Td (in ) Tj ET Q q 0 0 0 rg BT 386.24 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 400.60 284.25 Td (first ) Tj ET Q q 0 0 0 rg BT 418.85 284.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 449.31 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 459.79 284.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 484.43 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 486.58 284.25 Td (Excess ) Tj ET Q q 0 0 0 rg BT 516.49 284.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 530.85 284.25 Td (benefits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (or ) Tj ET Q q 0 0 0 rg BT 59.10 272.25 Td (deficiencies ) Tj ET Q q 0 0 0 rg BT 108.11 272.25 Td (for ) Tj ET Q q 0 0 0 rg BT 121.04 272.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 169.51 272.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 226.32 272.25 Td (are ) Tj ET Q q 0 0 0 rg BT 239.79 272.25 Td (now ) Tj ET Q q 0 0 0 rg BT 258.28 272.25 Td (reflected ) Tj ET Q q 0 0 0 rg BT 294.52 272.25 Td (in ) Tj ET Q q 0 0 0 rg BT 303.56 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.04 272.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 362.75 272.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 416.79 272.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 461.94 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.53 272.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 502.78 272.25 Td (as ) Tj ET Q q 0 0 0 rg BT 512.38 272.25 Td (a ) Tj ET Q q 0 0 0 rg BT 518.08 272.25 Td (component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.19 260.25 Td (income ) Tj ET Q q 0 0 0 rg BT 91.98 260.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 106.56 260.25 Td (expense, ) Tj ET Q q 0 0 0 rg BT 143.63 260.25 Td (whereas ) Tj ET Q q 0 0 0 rg BT 178.75 260.25 Td (previously ) Tj ET Q q 0 0 0 rg BT 223.32 260.25 Td (they ) Tj ET Q q 0 0 0 rg BT 242.90 260.25 Td (were ) Tj ET Q q 0 0 0 rg BT 264.69 260.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 310.91 260.25 Td (in ) Tj ET Q q 0 0 0 rg BT 321.05 260.25 Td (equity) Tj ET Q q 0 0 0 rg BT 345.39 260.25 Td (. ) Tj ET Q q 0 0 0 rg BT 350.25 260.25 Td ( ) Tj ET Q q 0 0 0 rg BT 352.44 260.25 Td (The ) Tj ET Q q 0 0 0 rg BT 370.35 260.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 407.70 260.25 Td (of ) Tj ET Q q 0 0 0 rg BT 418.39 260.25 Td (this ) Tj ET Q q 0 0 0 rg BT 435.20 260.25 Td (standard ) Tj ET Q q 0 0 0 rg BT 471.44 260.25 Td (did ) Tj ET Q q 0 0 0 rg BT 486.58 260.25 Td (not ) Tj ET Q q 0 0 0 rg BT 501.72 260.25 Td (have ) Tj ET Q q 0 0 0 rg BT 522.95 260.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.75 260.25 Td (material ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.21 248.25 Td (on ) Tj ET Q q 0 0 0 rg BT 91.71 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 106.43 248.25 Td (Company) Tj ET Q q 0 0 0 rg BT 148.09 248.25 Td (s ) Tj ET Q q 0 0 0 rg BT 154.49 248.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 207.53 248.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 245.01 248.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 289.72 248.25 Td (and ) Tj ET Q q 0 0 0 rg BT 306.66 248.25 Td (disclosures.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (Impact ) Tj ET Q q 0 0 0 rg BT 80.89 226.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.72 226.25 Td (New ) Tj ET Q q 0 0 0 rg BT 112.18 226.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 162.46 226.25 Td (Standards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.79 204.25 Td (May ) Tj ET Q q 0 0 0 rg BT 82.09 204.25 Td (2014, ) Tj ET Q q 0 0 0 rg BT 107.55 204.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.73 204.25 Td (F) Tj ET Q q 0 0 0 rg BT 127.55 204.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 149.96 204.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 177.27 204.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 200.24 204.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 217.92 204.25 Td (2014-09, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 256.72 204.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 293.54 204.25 Td (fr) Tj ET Q q 0 0 0 rg BT 299.84 204.25 Td (om ) Tj ET Q q 0 0 0 rg BT 315.03 204.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 357.44 204.25 Td (with ) Tj ET Q q 0 0 0 rg BT 377.63 204.25 Td (Customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.37 204.25 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 454.11 204.25 Td (2014-09\), ) Tj ET Q q 0 0 0 rg BT 500.67 204.25 Td (which ) Tj ET Q q 0 0 0 rg BT 528.07 204.25 Td (provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 87.44 192.25 Td (for ) Tj ET Q q 0 0 0 rg BT 100.95 192.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 134.45 192.25 Td (recognition. ) Tj ET Q q 0 0 0 rg BT 184.34 192.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.78 192.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 207.64 192.25 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 242.82 192.25 Td (af) Tj ET Q q 0 0 0 rg BT 250.40 192.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 271.13 192.25 Td (any ) Tj ET Q q 0 0 0 rg BT 287.42 192.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 312.04 192.25 Td (that ) Tj ET Q q 0 0 0 rg BT 328.89 192.25 Td (either ) Tj ET Q q 0 0 0 rg BT 353.50 192.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 379.23 192.25 Td (into ) Tj ET Q q 0 0 0 rg BT 396.63 192.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 434.58 192.25 Td (with ) Tj ET Q q 0 0 0 rg BT 454.20 192.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 496.60 192.25 Td (to ) Tj ET Q q 0 0 0 rg BT 506.23 192.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 538.61 192.25 Td (goods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.25 Td (or ) Tj ET Q q 0 0 0 rg BT 60.35 180.25 Td (services ) Tj ET Q q 0 0 0 rg BT 95.08 180.25 Td (or ) Tj ET Q q 0 0 0 rg BT 105.94 180.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 132.34 180.25 Td (into ) Tj ET Q q 0 0 0 rg BT 150.42 180.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 189.04 180.25 Td (for ) Tj ET Q q 0 0 0 rg BT 203.22 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 217.96 180.25 Td (transfer ) Tj ET Q q 0 0 0 rg BT 251.02 180.25 Td (of ) Tj ET Q q 0 0 0 rg BT 261.87 180.25 Td (nonfinancial ) Tj ET Q q 0 0 0 rg BT 314.38 180.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 340.23 180.25 Td (and ) Tj ET Q q 0 0 0 rg BT 357.19 180.25 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 403.04 180.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.78 180.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 451.95 180.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 500.01 180.25 Td (requirements ) Tj ET Q q 0 0 0 rg BT 554.74 180.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 71.43 168.25 Td (605, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 91.41 168.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 127.76 168.25 Td (Recognition) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.08 168.25 Td (, ) Tj ET Q q 0 0 0 rg BT 181.06 168.25 Td (and ) Tj ET Q q 0 0 0 rg BT 197.98 168.25 Td (most ) Tj ET Q q 0 0 0 rg BT 219.91 168.25 Td (industry-specific ) Tj ET Q q 0 0 0 rg BT 289.59 168.25 Td (guidance. ) Tj ET Q q 0 0 0 rg BT 330.48 168.25 Td (This ) Tj ET Q q 0 0 0 rg BT 350.19 168.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 372.68 168.25 Td (also ) Tj ET Q q 0 0 0 rg BT 391.27 168.25 Td (supersedes ) Tj ET Q q 0 0 0 rg BT 437.07 168.25 Td (some ) Tj ET Q q 0 0 0 rg BT 460.66 168.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 479.25 168.25 Td (guidance ) Tj ET Q q 0 0 0 rg BT 517.82 168.25 Td (included ) Tj ET Q q 0 0 0 rg BT 554.74 168.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.25 Td (Subtopic ) Tj ET Q q 0 0 0 rg BT 87.94 156.25 Td (605-35, ) Tj ET Q q 0 0 0 rg BT 121.65 156.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 163.96 156.25 Td (Recognition-Construction-T) Tj ET Q q 0 0 0 rg BT 276.57 156.25 Td (ype ) Tj ET Q q 0 0 0 rg BT 293.90 156.25 Td (and ) Tj ET Q q 0 0 0 rg BT 311.22 156.25 Td (Production-T) Tj ET Q q 0 0 0 rg BT 363.84 156.25 Td (ype ) Tj ET Q q 0 0 0 rg BT 381.16 156.25 Td (Contracts. ) Tj ET Q q 0 0 0 rg BT 429.31 156.25 Td ( ) Tj ET Q q 0 0 0 rg BT 431.56 156.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 454.44 156.25 Td (2014-09) Tj ET Q q 0 0 0 rg BT 490.55 156.25 Td (s ) Tj ET Q q 0 0 0 rg BT 497.33 156.25 Td (core ) Tj ET Q q 0 0 0 rg BT 517.42 156.25 Td (principle ) Tj ET Q q 0 0 0 rg BT 555.84 156.25 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (that ) Tj ET Q q 0 0 0 rg BT 67.27 144.25 Td (a ) Tj ET Q q 0 0 0 rg BT 74.47 144.25 Td (company ) Tj ET Q q 0 0 0 rg BT 113.90 144.25 Td (will ) Tj ET Q q 0 0 0 rg BT 132.23 144.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 173.86 144.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 208.27 144.25 Td (when ) Tj ET Q q 0 0 0 rg BT 232.70 144.25 Td (it ) Tj ET Q q 0 0 0 rg BT 241.03 144.25 Td (transfers ) Tj ET Q q 0 0 0 rg BT 278.23 144.25 Td (promised ) Tj ET Q q 0 0 0 rg BT 318.22 144.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 344.88 144.25 Td (or ) Tj ET Q q 0 0 0 rg BT 355.98 144.25 Td (services ) Tj ET Q q 0 0 0 rg BT 390.95 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 401.50 144.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 444.82 144.25 Td (in ) Tj ET Q q 0 0 0 rg BT 455.37 144.25 Td (an ) Tj ET Q q 0 0 0 rg BT 467.58 144.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 500.34 144.25 Td (that ) Tj ET Q q 0 0 0 rg BT 518.11 144.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 550.30 144.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 106.35 132.25 Td (to ) Tj ET Q q 0 0 0 rg BT 117.11 132.25 Td (which ) Tj ET Q q 0 0 0 rg BT 144.53 132.25 Td (a ) Tj ET Q q 0 0 0 rg BT 151.95 132.25 Td (company ) Tj ET Q q 0 0 0 rg BT 191.58 132.25 Td (expects ) Tj ET Q q 0 0 0 rg BT 224.55 132.25 Td (to ) Tj ET Q q 0 0 0 rg BT 235.31 132.25 Td (be ) Tj ET Q q 0 0 0 rg BT 247.72 132.25 Td (entitled ) Tj ET Q q 0 0 0 rg BT 280.69 132.25 Td (in ) Tj ET Q q 0 0 0 rg BT 291.45 132.25 Td (exchange ) Tj ET Q q 0 0 0 rg BT 332.19 132.25 Td (for ) Tj ET Q q 0 0 0 rg BT 346.83 132.25 Td (those ) Tj ET Q q 0 0 0 rg BT 370.92 132.25 Td (goods ) Tj ET Q q 0 0 0 rg BT 397.79 132.25 Td (or ) Tj ET Q q 0 0 0 rg BT 409.10 132.25 Td (services. ) Tj ET Q q 0 0 0 rg BT 446.78 132.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.76 132.25 Td (In ) Tj ET Q q 0 0 0 rg BT 461.07 132.25 Td (doing ) Tj ET Q q 0 0 0 rg BT 486.83 132.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 501.20 132.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 546.95 132.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (need ) Tj ET Q q 0 0 0 rg BT 70.67 120.25 Td (to ) Tj ET Q q 0 0 0 rg BT 80.75 120.25 Td (use ) Tj ET Q q 0 0 0 rg BT 96.38 120.25 Td (more ) Tj ET Q q 0 0 0 rg BT 119.22 120.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 159.29 120.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.03 120.25 Td (make ) Tj ET Q q 0 0 0 rg BT 199.98 120.25 Td (more ) Tj ET Q q 0 0 0 rg BT 222.83 120.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 262.33 120.25 Td (than ) Tj ET Q q 0 0 0 rg BT 281.85 120.25 Td (under ) Tj ET Q q 0 0 0 rg BT 306.91 120.25 Td (today) Tj ET Q q 0 0 0 rg BT 331.91 120.25 Td (s ) Tj ET Q q 0 0 0 rg BT 338.10 120.25 Td (guidance, ) Tj ET Q q 0 0 0 rg BT 378.99 120.25 Td (including ) Tj ET Q q 0 0 0 rg BT 419.06 120.25 Td (identifying ) Tj ET Q q 0 0 0 rg BT 465.24 120.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 518.06 120.25 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.00 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.94 108.25 Td (contract, ) Tj ET Q q 0 0 0 rg BT 112.37 108.25 Td (estimating ) Tj ET Q q 0 0 0 rg BT 156.75 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.69 108.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 204.41 108.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.46 108.25 Td (variable ) Tj ET Q q 0 0 0 rg BT 250.39 108.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 306.99 108.25 Td (to ) Tj ET Q q 0 0 0 rg BT 317.49 108.25 Td (include ) Tj ET Q q 0 0 0 rg BT 349.65 108.25 Td (in ) Tj ET Q q 0 0 0 rg BT 360.15 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.09 108.25 Td (transaction ) Tj ET Q q 0 0 0 rg BT 421.68 108.25 Td (price ) Tj ET Q q 0 0 0 rg BT 444.39 108.25 Td (and ) Tj ET Q q 0 0 0 rg BT 461.55 108.25 Td (allocating ) Tj ET Q q 0 0 0 rg BT 503.71 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.65 108.25 Td (transaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (price ) Tj ET Q q 0 0 0 rg BT 71.63 96.25 Td (to ) Tj ET Q q 0 0 0 rg BT 81.55 96.25 Td (each ) Tj ET Q q 0 0 0 rg BT 102.01 96.25 Td (separate ) Tj ET Q q 0 0 0 rg BT 136.91 96.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 189.57 96.25 Td (obligation. ) Tj ET Q q 0 0 0 rg BT 234.77 96.25 Td ( ) Tj ET Q q 0 0 0 rg BT 236.91 96.25 Td (In ) Tj ET Q q 0 0 0 rg BT 246.91 96.25 Td (August ) Tj ET Q q 0 0 0 rg BT 277.95 96.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 302.59 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.95 96.25 Td (F) Tj ET Q q 0 0 0 rg BT 321.77 96.25 Td (ASB ) Tj ET Q q 0 0 0 rg BT 343.37 96.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 370.04 96.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 392.19 96.25 Td (No. ) Tj ET Q q 0 0 0 rg BT 409.05 96.25 Td (2015-14, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 447.03 96.25 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 483.03 96.25 Td (fr) Tj ET Q q 0 0 0 rg BT 489.33 96.25 Td (om ) Tj ET Q q 0 0 0 rg BT 503.70 96.25 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 545.29 96.25 Td (with ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 99.04 84.25 Td (Deferral ) Tj ET Q q 0 0 0 rg BT 136.90 84.25 Td (of ) Tj ET Q q 0 0 0 rg BT 148.10 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.73 84.25 Td (Effective ) Tj ET Q q 0 0 0 rg BT 202.13 84.25 Td (Date) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.57 84.25 Td (, ) Tj ET Q q 0 0 0 rg BT 227.49 84.25 Td (which ) Tj ET Q q 0 0 0 rg BT 255.35 84.25 Td (delayed ) Tj ET Q q 0 0 0 rg BT 289.87 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.51 84.25 Td (ef) Tj ET Q q 0 0 0 rg BT 313.09 84.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 343.72 84.25 Td (date ) Tj ET Q q 0 0 0 rg BT 363.80 84.25 Td (of ) Tj ET Q q 0 0 0 rg BT 374.79 84.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 398.22 84.25 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 434.97 84.25 Td (by ) Tj ET Q q 0 0 0 rg BT 448.39 84.25 Td (one ) Tj ET Q q 0 0 0 rg BT 466.25 84.25 Td (year) Tj ET Q q 0 0 0 rg BT 482.91 84.25 Td (. ) Tj ET Q q 0 0 0 rg BT 488.83 84.25 Td ( ) Tj ET Q q 0 0 0 rg BT 491.50 84.25 Td (ASU ) Tj ET Q q 0 0 0 rg BT 514.92 84.25 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 554.18 84.25 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (amended, ) Tj ET Q q 0 0 0 rg BT 91.10 72.25 Td (is ) Tj ET Q q 0 0 0 rg BT 100.77 72.25 Td (ef) Tj ET Q q 0 0 0 rg BT 108.36 72.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 138.57 72.25 Td (for ) Tj ET Q q 0 0 0 rg BT 153.23 72.25 Td (public ) Tj ET Q q 0 0 0 rg BT 181.23 72.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 227.00 72.25 Td (for ) Tj ET Q q 0 0 0 rg BT 241.66 72.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 271.32 72.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 310.98 72.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 343.43 72.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 386.43 72.25 Td (after ) Tj ET Q q 0 0 0 rg BT 407.75 72.25 Td (December ) Tj ET Q q 0 0 0 rg BT 451.83 72.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 467.34 72.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 492.84 72.25 Td (including ) Tj ET Q q 0 0 0 rg BT 533.62 72.25 Td (interim ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 88.98 60.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 121.24 60.25 Td (within ) Tj ET Q q 0 0 0 rg BT 149.62 60.25 Td (that ) Tj ET Q q 0 0 0 rg BT 167.43 60.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 206.91 60.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 237.78 60.25 Td ( ) Tj ET Q q 0 0 0 rg BT 240.60 60.25 Td (Early ) Tj ET Q q 0 0 0 rg BT 265.08 60.25 Td (adoption ) Tj ET Q q 0 0 0 rg BT 302.90 60.25 Td (is ) Tj ET Q q 0 0 0 rg BT 312.39 60.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 353.53 60.25 Td (as ) Tj ET Q q 0 0 0 rg BT 364.69 60.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.84 60.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.88 60.25 Td (original ) Tj ET Q q 0 0 0 rg BT 424.80 60.25 Td (ef) Tj ET Q q 0 0 0 rg BT 432.39 60.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 462.42 60.25 Td (date ) Tj ET Q q 0 0 0 rg BT 481.89 60.25 Td (for ) Tj ET Q q 0 0 0 rg BT 496.38 60.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 525.85 60.25 Td (reporting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 81.44 48.25 Td (beginning ) Tj ET Q q 0 0 0 rg BT 123.93 48.25 Td (after ) Tj ET Q q 0 0 0 rg BT 144.75 48.25 Td (December ) Tj ET Q q 0 0 0 rg BT 188.33 48.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 203.33 48.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 228.33 48.25 Td (including ) Tj ET Q q 0 0 0 rg BT 268.61 48.25 Td (interim ) Tj ET Q q 0 0 0 rg BT 299.99 48.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 339.14 48.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 371.08 48.25 Td (within ) Tj ET Q q 0 0 0 rg BT 399.14 48.25 Td (that ) Tj ET Q q 0 0 0 rg BT 416.63 48.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 455.79 48.25 Td (period.) Tj ET Q endstream endobj 17 0 obj <> endobj 18 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 (Subsequent ) Tj ET Q q 0 0 0 rg BT 98.06 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 108.29 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.96 740.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 159.29 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.54 740.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 192.00 740.10 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 230.28 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.95 740.10 Td (F) Tj ET Q q 0 0 0 rg BT 249.77 740.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 271.68 740.10 Td (has ) Tj ET Q q 0 0 0 rg BT 287.46 740.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 314.91 740.10 Td (several ) Tj ET Q q 0 0 0 rg BT 345.14 740.10 Td (ASUs, ) Tj ET Q q 0 0 0 rg BT 373.99 740.10 Td (such ) Tj ET Q q 0 0 0 rg BT 394.77 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 405.02 740.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 427.48 740.10 Td (2016-08, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 465.76 740.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 502.07 740.10 Td (fr) Tj ET Q q 0 0 0 rg BT 508.37 740.10 Td (om ) Tj ET Q q 0 0 0 rg BT 523.05 740.10 Td (Contracts ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 70.21 728.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 119.80 728.10 Td (Principal ) Tj ET Q q 0 0 0 rg BT 161.05 728.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 189.83 728.10 Td (Agent ) Tj ET Q q 0 0 0 rg BT 216.64 728.10 Td (Considerations ) Tj ET Q q 0 0 0 rg BT 281.24 728.10 Td (\(Reporting ) Tj ET Q q 0 0 0 rg BT 328.04 728.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 365.39 728.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 376.13 728.10 Td (oss ) Tj ET Q q 0 0 0 rg BT 392.39 728.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 421.43 728.10 Td (Net\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.64 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 443.85 728.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 467.34 728.10 Td (2016-10, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 506.65 728.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 543.99 728.10 Td (fr) Tj ET Q q 0 0 0 rg BT 550.29 728.10 Td (om ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 91.25 716.10 Td (with ) Tj ET Q q 0 0 0 rg BT 110.78 716.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 159.20 716.10 Td (Identifying ) Tj ET Q q 0 0 0 rg BT 204.82 716.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 259.33 716.10 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 308.86 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 326.17 716.10 Td (Licensing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.05 716.10 Td (, ) Tj ET Q q 0 0 0 rg BT 369.86 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 386.09 716.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 408.40 716.10 Td (2016-12, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 446.53 716.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 482.70 716.10 Td (fr) Tj ET Q q 0 0 0 rg BT 489.00 716.10 Td (om ) Tj ET Q q 0 0 0 rg BT 503.52 716.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 545.28 716.10 Td (with ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 97.62 704.10 Td (Narr) Tj ET Q q 0 0 0 rg BT 116.71 704.10 Td (ow-Scope ) Tj ET Q q 0 0 0 rg BT 157.59 704.10 Td (Impr) Tj ET Q q 0 0 0 rg BT 176.67 704.10 Td (ovements ) Tj ET Q q 0 0 0 rg BT 215.88 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 232.89 704.10 Td (Practical ) Tj ET Q q 0 0 0 rg BT 272.12 704.10 Td (Expedients) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.99 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 320.50 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.37 704.10 Td (These ) Tj ET Q q 0 0 0 rg BT 347.81 704.10 Td (ASUs ) Tj ET Q q 0 0 0 rg BT 373.72 704.10 Td (do ) Tj ET Q q 0 0 0 rg BT 385.73 704.10 Td (not ) Tj ET Q q 0 0 0 rg BT 400.52 704.10 Td (change ) Tj ET Q q 0 0 0 rg BT 430.84 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 445.07 704.10 Td (core ) Tj ET Q q 0 0 0 rg BT 464.29 704.10 Td (principle ) Tj ET Q q 0 0 0 rg BT 501.84 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.18 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.41 704.10 Td (guidance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 75.13 692.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.70 692.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 107.01 692.10 Td (2014-09. ) Tj ET Q q 0 0 0 rg BT 145.14 692.10 Td (Instead, ) Tj ET Q q 0 0 0 rg BT 178.82 692.10 Td (these ) Tj ET Q q 0 0 0 rg BT 201.67 692.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 254.51 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 269.02 692.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 305.76 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.84 692.10 Td (clarify ) Tj ET Q q 0 0 0 rg BT 344.23 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.97 692.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 396.60 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.12 692.10 Td (operability ) Tj ET Q q 0 0 0 rg BT 456.74 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 467.38 692.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 496.88 692.10 Td (topics ) Tj ET Q q 0 0 0 rg BT 523.07 692.10 Td (addressed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (by ) Tj ET Q q 0 0 0 rg BT 62.22 680.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 85.73 680.10 Td (2014-09. ) Tj ET Q q 0 0 0 rg BT 125.05 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.30 680.10 Td (These ) Tj ET Q q 0 0 0 rg BT 155.67 680.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 198.38 680.10 Td (ASUs ) Tj ET Q q 0 0 0 rg BT 225.78 680.10 Td (will ) Tj ET Q q 0 0 0 rg BT 244.83 680.10 Td (have ) Tj ET Q q 0 0 0 rg BT 267.20 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 282.91 680.10 Td (same ) Tj ET Q q 0 0 0 rg BT 306.96 680.10 Td (ef) Tj ET Q q 0 0 0 rg BT 314.55 680.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 345.24 680.10 Td (date ) Tj ET Q q 0 0 0 rg BT 365.40 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.33 680.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 424.60 680.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 480.30 680.10 Td (as ) Tj ET Q q 0 0 0 rg BT 491.35 680.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 514.85 680.10 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 554.18 680.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (amended. ) Tj ET Q q 0 0 0 rg BT 90.82 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 93.54 668.10 Td (See ) Tj ET Q q 0 0 0 rg BT 110.71 668.10 Td (below ) Tj ET Q q 0 0 0 rg BT 137.87 668.10 Td (for ) Tj ET Q q 0 0 0 rg BT 152.25 668.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 194.97 668.10 Td (explanation ) Tj ET Q q 0 0 0 rg BT 244.34 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.40 668.10 Td (each ) Tj ET Q q 0 0 0 rg BT 276.44 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 287.49 668.10 Td (these ) Tj ET Q q 0 0 0 rg BT 310.76 668.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 352.88 668.10 Td (ASUs. ) Tj ET Q q 0 0 0 rg BT 382.00 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 384.53 668.10 Td (The ) Tj ET Q q 0 0 0 rg BT 402.80 668.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 444.41 668.10 Td (does ) Tj ET Q q 0 0 0 rg BT 465.46 668.10 Td (not ) Tj ET Q q 0 0 0 rg BT 480.97 668.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 512.56 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.51 668.10 Td (adoption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 656.10 Td (these ) Tj ET Q q 0 0 0 rg BT 83.38 656.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 125.32 656.10 Td (ASUs ) Tj ET Q q 0 0 0 rg BT 151.71 656.10 Td (will ) Tj ET Q q 0 0 0 rg BT 169.77 656.10 Td (not ) Tj ET Q q 0 0 0 rg BT 185.05 656.10 Td (have ) Tj ET Q q 0 0 0 rg BT 206.42 656.10 Td (a ) Tj ET Q q 0 0 0 rg BT 213.36 656.10 Td (material ) Tj ET Q q 0 0 0 rg BT 248.62 656.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 278.33 656.10 Td (on ) Tj ET Q q 0 0 0 rg BT 290.83 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 306.66 656.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 359.71 656.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.19 656.10 Td (statements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.18 634.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 107.41 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 117.63 634.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 140.77 634.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 177.23 634.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 210.36 634.10 Td (two ) Tj ET Q q 0 0 0 rg BT 228.49 634.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 265.51 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 276.98 634.10 Td (adoption: ) Tj ET Q q 0 0 0 rg BT 317.89 634.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 380.44 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 391.35 634.10 Td (each ) Tj ET Q q 0 0 0 rg BT 412.80 634.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 435.37 634.10 Td (reporting ) Tj ET Q q 0 0 0 rg BT 475.16 634.10 Td (period ) Tj ET Q q 0 0 0 rg BT 503.84 634.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 545.29 634.10 Td (\(full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 104.07 622.10 Td (method\), ) Tj ET Q q 0 0 0 rg BT 142.82 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 154.08 622.10 Td (retrospectively ) Tj ET Q q 0 0 0 rg BT 216.42 622.10 Td (with ) Tj ET Q q 0 0 0 rg BT 237.13 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.27 622.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 299.63 622.10 Td (ef) Tj ET Q q 0 0 0 rg BT 307.22 622.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 325.13 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.39 622.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 370.42 622.10 Td (applying ) Tj ET Q q 0 0 0 rg BT 408.35 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.49 622.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 462.51 622.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 509.30 622.10 Td (at ) Tj ET Q q 0 0 0 rg BT 519.44 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 534.59 622.10 Td (date ) Tj ET Q q 0 0 0 rg BT 554.17 622.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 74.77 610.10 Td (application ) Tj ET Q q 0 0 0 rg BT 121.14 610.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 138.62 610.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 184.99 610.10 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 221.35 610.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 261.06 610.10 Td (method\). ) Tj ET Q q 0 0 0 rg BT 298.83 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 300.62 610.10 Td (The ) Tj ET Q q 0 0 0 rg BT 318.11 610.10 Td (new ) Tj ET Q q 0 0 0 rg BT 336.71 610.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 372.52 610.10 Td (is ) Tj ET Q q 0 0 0 rg BT 381.13 610.10 Td (ef) Tj ET Q q 0 0 0 rg BT 388.72 610.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 417.86 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 431.46 610.10 Td (our ) Tj ET Q q 0 0 0 rg BT 446.73 610.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 470.32 610.10 Td (year ) Tj ET Q q 0 0 0 rg BT 489.47 610.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 531.40 610.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 59.50 598.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 84.50 598.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 103.94 598.10 Td (at ) Tj ET Q q 0 0 0 rg BT 113.66 598.10 Td (that ) Tj ET Q q 0 0 0 rg BT 131.15 598.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 153.92 598.10 Td (we ) Tj ET Q q 0 0 0 rg BT 168.08 598.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 206.68 598.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 248.04 598.10 Td (adopting ) Tj ET Q q 0 0 0 rg BT 285.54 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.26 598.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 336.63 598.10 Td (using ) Tj ET Q q 0 0 0 rg BT 360.80 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.52 598.10 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 422.45 598.10 Td (catch-up ) Tj ET Q q 0 0 0 rg BT 459.37 598.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 499.65 598.10 Td (method.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 574.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.15 574.10 Td (anticipate ) Tj ET Q q 0 0 0 rg BT 106.59 574.10 Td (this ) Tj ET Q q 0 0 0 rg BT 123.61 574.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 160.06 574.10 Td (will ) Tj ET Q q 0 0 0 rg BT 178.19 574.10 Td (not ) Tj ET Q q 0 0 0 rg BT 193.54 574.10 Td (have ) Tj ET Q q 0 0 0 rg BT 214.99 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 222.00 574.10 Td (material ) Tj ET Q q 0 0 0 rg BT 257.34 574.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 287.12 574.10 Td (on ) Tj ET Q q 0 0 0 rg BT 299.70 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 315.60 574.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 368.71 574.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.27 574.10 Td (statements. ) Tj ET Q q 0 0 0 rg BT 453.37 574.10 Td (While ) Tj ET Q q 0 0 0 rg BT 480.37 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 494.61 574.10 Td (are ) Tj ET Q q 0 0 0 rg BT 509.39 574.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 554.73 574.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (assess ) Tj ET Q q 0 0 0 rg BT 75.71 562.10 Td (all ) Tj ET Q q 0 0 0 rg BT 87.47 562.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 124.23 562.10 Td (impacts ) Tj ET Q q 0 0 0 rg BT 157.10 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.20 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.18 562.10 Td (standard, ) Tj ET Q q 0 0 0 rg BT 219.33 562.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.54 562.10 Td (have ) Tj ET Q q 0 0 0 rg BT 256.18 562.10 Td (been ) Tj ET Q q 0 0 0 rg BT 276.82 562.10 Td (involved ) Tj ET Q q 0 0 0 rg BT 313.59 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 323.13 562.10 Td (industry-specific ) Tj ET Q q 0 0 0 rg BT 392.10 562.10 Td (discussions ) Tj ET Q q 0 0 0 rg BT 439.43 562.10 Td (with ) Tj ET Q q 0 0 0 rg BT 458.98 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 472.96 562.10 Td (F) Tj ET Q q 0 0 0 rg BT 477.78 562.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 499.00 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 510.77 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.75 562.10 Td (treatment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.96 550.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 89.29 550.10 Td (items, ) Tj ET Q q 0 0 0 rg BT 115.58 550.10 Td (we ) Tj ET Q q 0 0 0 rg BT 129.36 550.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 167.58 550.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 198.58 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.93 550.10 Td (most ) Tj ET Q q 0 0 0 rg BT 234.50 550.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 278.84 550.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 308.18 550.10 Td (could ) Tj ET Q q 0 0 0 rg BT 332.52 550.10 Td (relate ) Tj ET Q q 0 0 0 rg BT 356.85 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 366.75 550.10 Td (our ) Tj ET Q q 0 0 0 rg BT 382.21 550.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 428.21 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 442.00 550.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 459.67 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.13 550.10 Td (land ) Tj ET Q q 0 0 0 rg BT 489.47 550.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 517.14 550.10 Td (lots ) Tj ET Q q 0 0 0 rg BT 533.72 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.62 550.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (parties ) Tj ET Q q 0 0 0 rg BT 78.87 538.10 Td (that ) Tj ET Q q 0 0 0 rg BT 96.58 538.10 Td (have ) Tj ET Q q 0 0 0 rg BT 118.16 538.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 163.65 538.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 216.89 538.10 Td (obligations. ) Tj ET Q q 0 0 0 rg BT 266.35 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 274.98 538.10 Td (e ) Tj ET Q q 0 0 0 rg BT 282.13 538.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 310.94 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.87 538.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 358.58 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.73 538.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 404.55 538.10 Td (of ) Tj ET Q q 0 0 0 rg BT 415.60 538.10 Td (our ) Tj ET Q q 0 0 0 rg BT 431.64 538.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 489.90 538.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 524.26 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 534.75 538.10 Td (remain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 101.96 526.10 Td (unchanged. ) Tj ET Q q 0 0 0 rg BT 149.69 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.61 526.10 Td (Due ) Tj ET Q q 0 0 0 rg BT 170.18 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 179.87 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.00 526.10 Td (complexity ) Tj ET Q q 0 0 0 rg BT 240.90 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 251.15 526.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 280.26 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.51 526.10 Td (our ) Tj ET Q q 0 0 0 rg BT 305.75 526.10 Td (land ) Tj ET Q q 0 0 0 rg BT 324.88 526.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 365.39 526.10 Td (however) Tj ET Q q 0 0 0 rg BT 399.41 526.10 Td (, ) Tj ET Q q 0 0 0 rg BT 403.83 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.96 526.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 443.74 526.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 477.30 526.10 Td (recognition ) Tj ET Q q 0 0 0 rg BT 524.76 526.10 Td (treatment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (required ) Tj ET Q q 0 0 0 rg BT 84.75 514.10 Td (under ) Tj ET Q q 0 0 0 rg BT 109.46 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.61 514.10 Td (standard ) Tj ET Q q 0 0 0 rg BT 159.42 514.10 Td (for ) Tj ET Q q 0 0 0 rg BT 173.02 514.10 Td (land ) Tj ET Q q 0 0 0 rg BT 192.17 514.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 213.55 514.10 Td (will ) Tj ET Q q 0 0 0 rg BT 231.04 514.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 261.85 514.10 Td (on ) Tj ET Q q 0 0 0 rg BT 273.79 514.10 Td (contract-specific ) Tj ET Q q 0 0 0 rg BT 342.35 514.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 369.00 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 385.38 514.10 Td (may ) Tj ET Q q 0 0 0 rg BT 404.53 514.10 Td (vary ) Tj ET Q q 0 0 0 rg BT 424.23 514.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.95 514.10 Td (some ) Tj ET Q q 0 0 0 rg BT 456.99 514.10 Td (instances ) Tj ET Q q 0 0 0 rg BT 495.58 514.10 Td (from ) Tj ET Q q 0 0 0 rg BT 516.96 514.10 Td (recognition ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (at ) Tj ET Q q 0 0 0 rg BT 59.31 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.12 502.10 Td (time ) Tj ET Q q 0 0 0 rg BT 94.49 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.41 502.10 Td (closing. ) Tj ET Q q 0 0 0 rg BT 139.39 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.79 502.10 Td (W) Tj ET Q q 0 0 0 rg BT 150.43 502.10 Td (e ) Tj ET Q q 0 0 0 rg BT 157.46 502.10 Td (are ) Tj ET Q q 0 0 0 rg BT 172.26 502.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 217.63 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.00 502.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 263.90 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.71 502.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 308.52 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.33 502.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 360.91 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.26 502.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 393.86 502.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 429.79 502.10 Td (may ) Tj ET Q q 0 0 0 rg BT 449.59 502.10 Td (have ) Tj ET Q q 0 0 0 rg BT 471.06 502.10 Td (on ) Tj ET Q q 0 0 0 rg BT 483.66 502.10 Td (other ) Tj ET Q q 0 0 0 rg BT 506.80 502.10 Td (aspects ) Tj ET Q q 0 0 0 rg BT 538.27 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 502.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (business ) Tj ET Q q 0 0 0 rg BT 85.89 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 102.83 490.10 Td (on ) Tj ET Q q 0 0 0 rg BT 115.33 490.10 Td (our ) Tj ET Q q 0 0 0 rg BT 131.16 490.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 184.20 490.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 221.68 490.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 266.39 490.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.33 490.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.82 466.10 Td (February ) Tj ET Q q 0 0 0 rg BT 99.91 466.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 125.41 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.61 466.10 Td (F) Tj ET Q q 0 0 0 rg BT 145.43 466.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 167.88 466.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 195.21 466.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 218.21 466.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 235.92 466.10 Td (2016-02, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 274.74 466.10 Td (Leases) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.97 466.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.96 466.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 335.72 466.10 Td (2016-02\). ) Tj ET Q q 0 0 0 rg BT 381.65 466.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 404.65 466.10 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 440.97 466.10 Td (will ) Tj ET Q q 0 0 0 rg BT 459.52 466.10 Td (require ) Tj ET Q q 0 0 0 rg BT 490.83 466.10 Td (or) Tj ET Q q 0 0 0 rg BT 498.98 466.10 Td (ganizations ) Tj ET Q q 0 0 0 rg BT 547.51 466.10 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 72.48 454.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 98.81 454.10 Td (- ) Tj ET Q q 0 0 0 rg BT 105.14 454.10 Td (referred ) Tj ET Q q 0 0 0 rg BT 139.77 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 150.55 454.10 Td (as ) Tj ET Q q 0 0 0 rg BT 161.88 454.10 Td (lessees ) Tj ET Q q 0 0 0 rg BT 201.52 454.10 Td (- ) Tj ET Q q 0 0 0 rg BT 207.85 454.10 Td (to ) Tj ET Q q 0 0 0 rg BT 218.63 454.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 260.49 454.10 Td (on ) Tj ET Q q 0 0 0 rg BT 273.48 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 288.70 454.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 322.23 454.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 345.77 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.99 454.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 387.32 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 404.75 454.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 444.97 454.10 Td (for ) Tj ET Q q 0 0 0 rg BT 459.63 454.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.84 454.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 500.62 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 518.05 454.10 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (created ) Tj ET Q q 0 0 0 rg BT 80.29 442.10 Td (by ) Tj ET Q q 0 0 0 rg BT 92.22 442.10 Td (those ) Tj ET Q q 0 0 0 rg BT 115.26 442.10 Td (leases. ) Tj ET Q q 0 0 0 rg BT 143.57 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.50 442.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 172.00 442.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 193.93 442.10 Td (2016-02, ) Tj ET Q q 0 0 0 rg BT 231.70 442.10 Td (a ) Tj ET Q q 0 0 0 rg BT 238.07 442.10 Td (lessee ) Tj ET Q q 0 0 0 rg BT 263.87 442.10 Td (will ) Tj ET Q q 0 0 0 rg BT 281.36 442.10 Td (be ) Tj ET Q q 0 0 0 rg BT 292.73 442.10 Td (required ) Tj ET Q q 0 0 0 rg BT 327.98 442.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.69 442.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 378.48 442.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 403.74 442.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.11 442.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 459.26 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 472.85 442.10 Td (leases ) Tj ET Q q 0 0 0 rg BT 498.66 442.10 Td (with ) Tj ET Q q 0 0 0 rg BT 518.37 442.10 Td (lease ) Tj ET Q q 0 0 0 rg BT 540.28 442.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.89 430.10 Td (more ) Tj ET Q q 0 0 0 rg BT 84.49 430.10 Td (than ) Tj ET Q q 0 0 0 rg BT 104.77 430.10 Td (12 ) Tj ET Q q 0 0 0 rg BT 117.83 430.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 152.83 430.10 Td (Lessor ) Tj ET Q q 0 0 0 rg BT 182.55 430.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 229.48 430.10 Td (remains ) Tj ET Q q 0 0 0 rg BT 264.19 430.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 317.80 430.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 348.64 430.10 Td (to ) Tj ET Q q 0 0 0 rg BT 359.47 430.10 Td (current ) Tj ET Q q 0 0 0 rg BT 390.85 430.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 416.96 430.10 Td (. ) Tj ET Q q 0 0 0 rg BT 422.52 430.10 Td ( ) Tj ET Q q 0 0 0 rg BT 425.58 430.10 Td (In ) Tj ET Q q 0 0 0 rg BT 436.97 430.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 475.30 430.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 522.80 430.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.18 430.10 Td (leasing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 418.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 88.31 418.10 Td (will ) Tj ET Q q 0 0 0 rg BT 106.58 418.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 138.17 418.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.67 418.10 Td (include ) Tj ET Q q 0 0 0 rg BT 180.81 418.10 Td (qualitative ) Tj ET Q q 0 0 0 rg BT 225.73 418.10 Td (and ) Tj ET Q q 0 0 0 rg BT 242.89 418.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 276.69 418.10 Td (quantitative ) Tj ET Q q 0 0 0 rg BT 326.62 418.10 Td (information. ) Tj ET Q q 0 0 0 rg BT 379.04 418.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.75 418.10 Td (For ) Tj ET Q q 0 0 0 rg BT 398.36 418.10 Td (public ) Tj ET Q q 0 0 0 rg BT 426.07 418.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 459.57 418.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 482.28 418.10 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 518.33 418.10 Td (is ) Tj ET Q q 0 0 0 rg BT 527.71 418.10 Td (ef) Tj ET Q q 0 0 0 rg BT 535.30 418.10 Td (fective ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.85 406.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 88.19 406.10 Td (years ) Tj ET Q q 0 0 0 rg BT 111.98 406.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 154.66 406.10 Td (after ) Tj ET Q q 0 0 0 rg BT 175.66 406.10 Td (December ) Tj ET Q q 0 0 0 rg BT 219.43 406.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 234.62 406.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 259.80 406.10 Td (including ) Tj ET Q q 0 0 0 rg BT 300.27 406.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 331.83 406.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 363.96 406.10 Td (within ) Tj ET Q q 0 0 0 rg BT 392.20 406.10 Td (those ) Tj ET Q q 0 0 0 rg BT 416.00 406.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 440.34 406.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 466.03 406.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 488.73 406.10 Td (2016-02 ) Tj ET Q q 0 0 0 rg BT 524.74 406.10 Td (mandates ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 394.10 Td (a ) Tj ET Q q 0 0 0 rg BT 55.64 394.10 Td (modified ) Tj ET Q q 0 0 0 rg BT 93.44 394.10 Td (retrospective ) Tj ET Q q 0 0 0 rg BT 146.78 394.10 Td (transition ) Tj ET Q q 0 0 0 rg BT 186.26 394.10 Td (method. ) Tj ET Q q 0 0 0 rg BT 220.33 394.10 Td (The ) Tj ET Q q 0 0 0 rg BT 237.58 394.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 278.17 394.10 Td (is ) Tj ET Q q 0 0 0 rg BT 286.54 394.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 324.33 394.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 367.68 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 381.60 394.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 418.29 394.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 447.20 394.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.12 394.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 497.82 394.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.47 394.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 529.18 394.10 Td (2016-02 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.10 Td (will ) Tj ET Q q 0 0 0 rg BT 67.56 382.10 Td (have ) Tj ET Q q 0 0 0 rg BT 88.93 382.10 Td (on ) Tj ET Q q 0 0 0 rg BT 101.43 382.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.15 382.10 Td (Company) Tj ET Q q 0 0 0 rg BT 157.82 382.10 Td (s ) Tj ET Q q 0 0 0 rg BT 164.21 382.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 217.25 382.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 254.73 382.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 299.44 382.10 Td (and ) Tj ET Q q 0 0 0 rg BT 316.38 382.10 Td (disclosures.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.10 Td (In ) Tj ET Q q 0 0 0 rg BT 63.25 358.10 Td (March ) Tj ET Q q 0 0 0 rg BT 94.77 358.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 122.69 358.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.32 358.10 Td (F) Tj ET Q q 0 0 0 rg BT 145.14 358.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 170.02 358.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 199.24 358.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 224.66 358.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 244.80 358.10 Td (2016-08,) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 283.13 358.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 322.42 358.10 Td (fr) Tj ET Q q 0 0 0 rg BT 328.71 358.10 Td (om ) Tj ET Q q 0 0 0 rg BT 346.36 358.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 391.22 358.10 Td (with ) Tj ET Q q 0 0 0 rg BT 413.87 358.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 465.40 358.10 Td (Principal ) Tj ET Q q 0 0 0 rg BT 508.59 358.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 539.17 358.10 Td (Agent ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 346.10 Td (Considerations ) Tj ET Q q 0 0 0 rg BT 113.07 346.10 Td (\(Reporting ) Tj ET Q q 0 0 0 rg BT 158.84 346.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 195.15 346.10 Td (Gr) Tj ET Q q 0 0 0 rg BT 205.89 346.10 Td (oss ) Tj ET Q q 0 0 0 rg BT 221.13 346.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 249.13 346.10 Td (Net\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.34 346.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 299.07 346.10 Td (2016-08\). ) Tj ET Q q 0 0 0 rg BT 345.11 346.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.38 346.10 Td (The ) Tj ET Q q 0 0 0 rg BT 365.38 346.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 418.37 346.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.60 346.10 Td (this ) Tj ET Q q 0 0 0 rg BT 444.95 346.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 467.41 346.10 Td (are ) Tj ET Q q 0 0 0 rg BT 482.06 346.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 518.95 346.10 Td (to ) Tj ET Q q 0 0 0 rg BT 529.17 346.10 Td (improve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 66.93 334.10 Td (operability ) Tj ET Q q 0 0 0 rg BT 115.46 334.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.11 334.10 Td (understandability ) Tj ET Q q 0 0 0 rg BT 209.75 334.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.29 334.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.71 334.10 Td (implementation ) Tj ET Q q 0 0 0 rg BT 308.69 334.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 349.99 334.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 378.53 334.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.37 334.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 415.58 334.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 454.12 334.10 Td (on ) Tj ET Q q 0 0 0 rg BT 469.33 334.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 510.09 334.10 Td (versus ) Tj ET Q q 0 0 0 rg BT 540.85 334.10 Td (agent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 322.10 Td (considerations ) Tj ET Q q 0 0 0 rg BT 109.76 322.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.70 322.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 161.41 322.10 Td (an ) Tj ET Q q 0 0 0 rg BT 173.35 322.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 198.62 322.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 228.89 322.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 263.04 322.10 Td (on ) Tj ET Q q 0 0 0 rg BT 275.54 322.10 Td (a ) Tj ET Q q 0 0 0 rg BT 282.47 322.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 306.09 322.10 Td (or ) Tj ET Q q 0 0 0 rg BT 316.92 322.10 Td (net ) Tj ET Q q 0 0 0 rg BT 331.63 322.10 Td (basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.37 298.10 Td (April ) Tj ET Q q 0 0 0 rg BT 82.45 298.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 106.92 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 121.11 298.10 Td (F) Tj ET Q q 0 0 0 rg BT 125.93 298.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 147.36 298.10 Td (issued) Tj ET Q q 0 0 0 rg BT 174.30 298.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 196.28 298.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 212.98 298.10 Td (2016-10, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 250.78 298.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 286.61 298.10 Td (fr) Tj ET Q q 0 0 0 rg BT 292.91 298.10 Td (om ) Tj ET Q q 0 0 0 rg BT 307.11 298.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 348.53 298.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.73 298.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 415.81 298.10 Td (Identifying ) Tj ET Q q 0 0 0 rg BT 461.11 298.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 515.29 298.10 Td (Obligations ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.58 286.10 Td (Licensing) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.46 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 109.54 286.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 140.39 286.10 Td (2016-10\). ) Tj ET Q q 0 0 0 rg BT 187.06 286.10 Td () Tj ET Q q 0 0 0 rg BT 189.01 286.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 212.09 286.10 Td (2016-10provides ) Tj ET Q q 0 0 0 rg BT 285.44 286.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 324.61 286.10 Td (on ) Tj ET Q q 0 0 0 rg BT 337.68 286.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 384.64 286.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 438.24 286.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 485.76 286.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.27 286.10 Td (licensing. ) Tj ET Q q 0 0 0 rg BT 544.73 286.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (update ) Tj ET Q q 0 0 0 rg BT 78.66 274.10 Td (clarifies ) Tj ET Q q 0 0 0 rg BT 113.36 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 128.07 274.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 166.67 274.10 Td (in ) Tj ET Q q 0 0 0 rg BT 176.39 274.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 198.90 274.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 234.73 274.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 267.77 274.10 Td (to ) Tj ET Q q 0 0 0 rg BT 278.05 274.10 Td (identifying ) Tj ET Q q 0 0 0 rg BT 324.43 274.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 377.45 274.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 424.40 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.34 274.10 Td (licensing. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 250.10 Td (In ) Tj ET Q q 0 0 0 rg BT 60.85 250.10 Td (May ) Tj ET Q q 0 0 0 rg BT 82.21 250.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 107.73 250.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.97 250.10 Td (F) Tj ET Q q 0 0 0 rg BT 127.79 250.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 150.26 250.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 177.62 250.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 200.64 250.10 Td (No. ) Tj ET Q q 0 0 0 rg BT 218.39 250.10 Td (2016-12, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 257.24 250.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 294.13 250.10 Td (fr) Tj ET Q q 0 0 0 rg BT 300.42 250.10 Td (om ) Tj ET Q q 0 0 0 rg BT 315.67 250.10 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 358.14 250.10 Td (with ) Tj ET Q q 0 0 0 rg BT 378.39 250.10 Td (Customers: ) Tj ET Q q 0 0 0 rg BT 427.52 250.10 Td (Narr) Tj ET Q q 0 0 0 rg BT 446.61 250.10 Td (ow ) Tj ET Q q 0 0 0 rg BT 461.30 250.10 Td (Scope ) Tj ET Q q 0 0 0 rg BT 488.20 250.10 Td (Impr) Tj ET Q q 0 0 0 rg BT 507.27 250.10 Td (ovements ) Tj ET Q q 0 0 0 rg BT 547.50 250.10 Td (and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 238.10 Td (Practical ) Tj ET Q q 0 0 0 rg BT 91.94 238.10 Td (Expedients) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.81 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 141.04 238.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 174.04 238.10 Td (2016-12\). ) Tj ET Q q 0 0 0 rg BT 222.86 238.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.94 238.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 252.17 238.10 Td (2016-12 ) Tj ET Q q 0 0 0 rg BT 290.72 238.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 330.39 238.10 Td (for ) Tj ET Q q 0 0 0 rg BT 347.28 238.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 403.04 238.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.90 238.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 440.13 238.10 Td (2014-09 ) Tj ET Q q 0 0 0 rg BT 478.68 238.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 522.23 238.10 Td (transition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.10 Td (collectability) Tj ET Q q 0 0 0 rg BT 101.05 226.10 Td (, ) Tj ET Q q 0 0 0 rg BT 106.52 226.10 Td (noncash ) Tj ET Q q 0 0 0 rg BT 142.26 226.10 Td (consideration, ) Tj ET Q q 0 0 0 rg BT 201.60 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 219.01 226.10 Td (presentation ) Tj ET Q q 0 0 0 rg BT 270.85 226.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.16 226.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 304.56 226.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 319.75 226.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.16 226.10 Td (other ) Tj ET Q q 0 0 0 rg BT 360.68 226.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 391.42 226.10 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 419.94 226.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 467.05 226.10 Td (,) Tj ET Q q 0 0 0 rg BT 471.50 226.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 494.47 226.10 Td (2016-12clarifies ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.10 Td (that, ) Tj ET Q q 0 0 0 rg BT 69.03 214.10 Td (for ) Tj ET Q q 0 0 0 rg BT 82.72 214.10 Td (a ) Tj ET Q q 0 0 0 rg BT 89.18 214.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 123.42 214.10 Td (to ) Tj ET Q q 0 0 0 rg BT 133.23 214.10 Td (be ) Tj ET Q q 0 0 0 rg BT 144.69 214.10 Td (considered ) Tj ET Q q 0 0 0 rg BT 190.04 214.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 233.72 214.10 Td (at ) Tj ET Q q 0 0 0 rg BT 242.97 214.10 Td (transition, ) Tj ET Q q 0 0 0 rg BT 285.27 214.10 Td (all ) Tj ET Q q 0 0 0 rg BT 297.30 214.10 Td (or ) Tj ET Q q 0 0 0 rg BT 307.66 214.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 360.24 214.10 Td (all ) Tj ET Q q 0 0 0 rg BT 372.26 214.10 Td (of ) Tj ET Q q 0 0 0 rg BT 382.63 214.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.87 214.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 430.55 214.10 Td (must ) Tj ET Q q 0 0 0 rg BT 452.03 214.10 Td (have ) Tj ET Q q 0 0 0 rg BT 472.93 214.10 Td (been ) Tj ET Q q 0 0 0 rg BT 493.84 214.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 539.73 214.10 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.10 Td (legacy ) Tj ET Q q 0 0 0 rg BT 78.26 202.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 104.38 202.10 Td (. ) Tj ET Q q 0 0 0 rg BT 109.55 202.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.21 202.10 Td (In ) Tj ET Q q 0 0 0 rg BT 123.21 202.10 Td (addition,) Tj ET Q q 0 0 0 rg BT 160.43 202.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 183.11 202.10 Td (2016-12clarifies ) Tj ET Q q 0 0 0 rg BT 253.81 202.10 Td (how ) Tj ET Q q 0 0 0 rg BT 273.69 202.10 Td (an ) Tj ET Q q 0 0 0 rg BT 285.80 202.10 Td (entity ) Tj ET Q q 0 0 0 rg BT 311.24 202.10 Td (should ) Tj ET Q q 0 0 0 rg BT 340.58 202.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 376.56 202.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.44 202.10 Td (collectability ) Tj ET Q q 0 0 0 rg BT 446.31 202.10 Td (threshold ) Tj ET Q q 0 0 0 rg BT 486.20 202.10 Td (and ) Tj ET Q q 0 0 0 rg BT 503.30 202.10 Td (when ) Tj ET Q q 0 0 0 rg BT 527.63 202.10 Td (an ) Tj ET Q q 0 0 0 rg BT 539.73 202.10 Td (entity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (can ) Tj ET Q q 0 0 0 rg BT 65.88 190.10 Td (recognize ) Tj ET Q q 0 0 0 rg BT 107.24 190.10 Td (nonrefundable ) Tj ET Q q 0 0 0 rg BT 167.49 190.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 223.87 190.10 Td (received ) Tj ET Q q 0 0 0 rg BT 260.23 190.10 Td (as ) Tj ET Q q 0 0 0 rg BT 271.06 190.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 305.20 190.10 Td (if ) Tj ET Q q 0 0 0 rg BT 313.81 190.10 Td (an ) Tj ET Q q 0 0 0 rg BT 325.75 190.10 Td (arrangement ) Tj ET Q q 0 0 0 rg BT 378.22 190.10 Td (does ) Tj ET Q q 0 0 0 rg BT 399.05 190.10 Td (not ) Tj ET Q q 0 0 0 rg BT 414.33 190.10 Td (meet ) Tj ET Q q 0 0 0 rg BT 436.26 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 450.98 190.10 Td (standard) Tj ET Q q 0 0 0 rg BT 487.63 190.10 Td (s ) Tj ET Q q 0 0 0 rg BT 494.03 190.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 528.73 190.10 Td (criteria. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.98 168.10 Td (August ) Tj ET Q q 0 0 0 rg BT 91.64 168.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 116.91 168.10 Td (the ) Tj ET Q q 0 0 0 rg BT 131.89 168.10 Td (F) Tj ET Q q 0 0 0 rg BT 136.71 168.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 158.93 168.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 186.08 168.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 208.85 168.10 Td (2016-15, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 247.45 168.10 Td (Statement ) Tj ET Q q 0 0 0 rg BT 289.65 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 300.19 168.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 323.52 168.10 Td (Flows ) Tj ET Q q 0 0 0 rg BT 350.73 168.10 Td (\(T) Tj ET Q q 0 0 0 rg BT 358.70 168.10 Td (opic ) Tj ET Q q 0 0 0 rg BT 378.68 168.10 Td (230\): ) Tj ET Q q 0 0 0 rg BT 403.11 168.10 Td (Classification ) Tj ET Q q 0 0 0 rg BT 461.44 168.10 Td (of ) Tj ET Q q 0 0 0 rg BT 471.98 168.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 505.30 168.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 528.63 168.10 Td (Receipts ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.14 156.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 90.33 156.10 Td (Payments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.21 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.85 156.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 162.26 156.10 Td (2016-15\). ) Tj ET Q q 0 0 0 rg BT 208.49 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.55 156.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 233.19 156.10 Td (2016-15 ) Tj ET Q q 0 0 0 rg BT 269.16 156.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 306.23 156.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 344.96 156.10 Td (on ) Tj ET Q q 0 0 0 rg BT 357.60 156.10 Td (how ) Tj ET Q q 0 0 0 rg BT 377.46 156.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 407.30 156.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 427.70 156.10 Td (receipts ) Tj ET Q q 0 0 0 rg BT 461.43 156.10 Td (and ) Tj ET Q q 0 0 0 rg BT 478.51 156.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 498.91 156.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 539.88 156.10 Td (are ) Tj ET Q q 0 0 0 rg BT 554.72 156.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.08 144.10 Td (presented ) Tj ET Q q 0 0 0 rg BT 101.53 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.11 144.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 158.01 144.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.93 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.28 144.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 222.74 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.21 144.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 253.12 144.10 Td (flows. ) Tj ET Q q 0 0 0 rg BT 279.98 144.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.12 144.10 Td (For ) Tj ET Q q 0 0 0 rg BT 298.15 144.10 Td (public ) Tj ET Q q 0 0 0 rg BT 325.28 144.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 358.33 144.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 380.47 144.10 Td (2016-15 ) Tj ET Q q 0 0 0 rg BT 415.94 144.10 Td (is ) Tj ET Q q 0 0 0 rg BT 424.75 144.10 Td (ef) Tj ET Q q 0 0 0 rg BT 432.34 144.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 461.68 144.10 Td (for ) Tj ET Q q 0 0 0 rg BT 475.48 144.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 499.27 144.10 Td (years ) Tj ET Q q 0 0 0 rg BT 522.51 144.10 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (after ) Tj ET Q q 0 0 0 rg BT 69.72 132.10 Td (December ) Tj ET Q q 0 0 0 rg BT 112.71 132.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 127.12 132.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 151.53 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 167.87 132.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 198.66 132.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 230.01 132.10 Td (within ) Tj ET Q q 0 0 0 rg BT 257.47 132.10 Td (those ) Tj ET Q q 0 0 0 rg BT 280.48 132.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 304.05 132.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 329.55 132.10 Td (Early ) Tj ET Q q 0 0 0 rg BT 353.11 132.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 390.02 132.10 Td (is ) Tj ET Q q 0 0 0 rg BT 398.59 132.10 Td (permitted. ) Tj ET Q q 0 0 0 rg BT 441.32 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 443.09 132.10 Td (The ) Tj ET Q q 0 0 0 rg BT 460.54 132.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 497.44 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 507.26 132.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 529.17 132.10 Td (2016-15 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (will ) Tj ET Q q 0 0 0 rg BT 67.92 120.10 Td (modify ) Tj ET Q q 0 0 0 rg BT 99.68 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 114.76 120.10 Td (Company's ) Tj ET Q q 0 0 0 rg BT 162.21 120.10 Td (current ) Tj ET Q q 0 0 0 rg BT 193.39 120.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 240.69 120.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.00 120.10 Td (reclassifications ) Tj ET Q q 0 0 0 rg BT 325.28 120.10 Td (within ) Tj ET Q q 0 0 0 rg BT 353.70 120.10 Td (the ) Tj ET Q q 0 0 0 rg BT 368.79 120.10 Td (condensed ) Tj ET Q q 0 0 0 rg BT 413.86 120.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 467.27 120.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 508.46 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.65 120.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 540.29 120.10 Td (flows ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (but ) Tj ET Q q 0 0 0 rg BT 64.78 108.10 Td (is ) Tj ET Q q 0 0 0 rg BT 73.95 108.10 Td (not ) Tj ET Q q 0 0 0 rg BT 89.23 108.10 Td (expected ) Tj ET Q q 0 0 0 rg BT 127.26 108.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.54 108.10 Td (have ) Tj ET Q q 0 0 0 rg BT 158.91 108.10 Td (a ) Tj ET Q q 0 0 0 rg BT 165.85 108.10 Td (material ) Tj ET Q q 0 0 0 rg BT 201.11 108.10 Td (ef) Tj ET Q q 0 0 0 rg BT 208.70 108.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 226.18 108.10 Td (on ) Tj ET Q q 0 0 0 rg BT 238.68 108.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.40 108.10 Td (Company) Tj ET Q q 0 0 0 rg BT 295.07 108.10 Td (s ) Tj ET Q q 0 0 0 rg BT 301.46 108.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 354.50 108.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 391.98 108.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 436.69 108.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.63 108.10 Td (disclosures.) 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (In ) Tj ET Q q 0 0 0 rg BT 59.65 632.10 Td (February ) Tj ET Q q 0 0 0 rg BT 97.56 632.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 121.88 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.91 632.10 Td (F) Tj ET Q q 0 0 0 rg BT 140.73 632.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 162.00 632.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 188.41 632.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 210.23 632.10 Td (2017-05, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 247.88 632.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 273.02 632.10 Td (Income ) Tj ET Q q 0 0 0 rg BT 304.27 632.10 Td (- ) Tj ET Q q 0 0 0 rg BT 309.41 632.10 Td (Gains ) Tj ET Q q 0 0 0 rg BT 335.12 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 351.93 632.10 Td (Losses ) Tj ET Q q 0 0 0 rg BT 380.42 632.10 Td (fr) Tj ET Q q 0 0 0 rg BT 386.72 632.10 Td (om ) Tj ET Q q 0 0 0 rg BT 400.76 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.79 632.10 Td (Der) Tj ET Q q 0 0 0 rg BT 429.97 632.10 Td (ecognition ) Tj ET Q q 0 0 0 rg BT 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BT 537.51 620.10 Td (Assets) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 79.58 608.10 Td (2017-05\). ) Tj ET Q q 0 0 0 rg BT 125.48 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.28 608.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 149.59 608.10 Td (2017-05 ) Tj ET Q q 0 0 0 rg BT 185.23 608.10 Td (is ) Tj ET Q q 0 0 0 rg BT 194.20 608.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 230.94 608.10 Td (to ) Tj ET Q q 0 0 0 rg BT 241.03 608.10 Td (clarify ) Tj ET Q q 0 0 0 rg BT 269.43 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.95 608.10 Td (scope ) Tj ET Q q 0 0 0 rg BT 309.03 608.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.66 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.19 608.10 Td (original ) Tj ET Q q 0 0 0 rg BT 367.60 608.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 406.00 608.10 Td (within ) Tj ET Q q 0 0 0 rg BT 433.86 608.10 Td (Subtopic ) Tj ET Q q 0 0 0 rg BT 471.72 608.10 Td (610-20 ) Tj ET Q q 0 0 0 rg BT 502.36 608.10 Td (that ) Tj ET Q q 0 0 0 rg BT 519.66 608.10 Td (was ) Tj ET Q q 0 0 0 rg BT 537.52 608.10 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.50 596.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 107.58 596.10 Td (with ) Tj ET Q q 0 0 0 rg BT 127.87 596.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 151.09 596.10 Td (2014-09, ) Tj ET Q q 0 0 0 rg BT 190.14 596.10 Td (which ) Tj ET Q q 0 0 0 rg BT 217.79 596.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 255.45 596.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 294.76 596.10 Td (for ) Tj ET Q q 0 0 0 rg BT 309.64 596.10 Td (recognizing ) Tj ET Q q 0 0 0 rg BT 360.05 596.10 Td (gains ) Tj ET Q q 0 0 0 rg BT 384.38 596.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.04 596.10 Td (losses ) Tj ET Q q 0 0 0 rg BT 429.14 596.10 Td (from ) Tj ET Q q 0 0 0 rg BT 451.80 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.23 596.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 500.99 596.10 Td (of ) Tj ET Q q 0 0 0 rg BT 512.53 596.10 Td (nonfinancial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 75.57 584.10 Td (in ) Tj ET Q q 0 0 0 rg BT 86.09 584.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 124.92 584.10 Td (with ) Tj ET Q q 0 0 0 rg BT 145.44 584.10 Td (noncustomers. ) Tj ET Q q 0 0 0 rg BT 206.23 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.37 584.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 231.11 584.10 Td (2017-05 ) Tj ET Q q 0 0 0 rg BT 267.18 584.10 Td (additionally ) Tj ET Q q 0 0 0 rg BT 317.69 584.10 Td (added ) Tj ET Q q 0 0 0 rg BT 344.31 584.10 Td (guidance ) Tj ET Q q 0 0 0 rg BT 383.14 584.10 Td (for ) Tj ET Q q 0 0 0 rg BT 397.55 584.10 Td (partial ) Tj ET Q q 0 0 0 rg BT 425.83 584.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 448.01 584.10 Td (of ) Tj ET Q q 0 0 0 rg BT 459.08 584.10 Td (nonfinancial ) Tj ET Q q 0 0 0 rg BT 511.80 584.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 540.37 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 542.51 584.10 Td (ASU ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (2017-05 ) Tj ET Q q 0 0 0 rg BT 85.81 572.10 Td (is ) Tj ET Q q 0 0 0 rg BT 95.47 572.10 Td (ef) Tj ET Q q 0 0 0 rg BT 103.05 572.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 133.24 572.10 Td (for ) Tj ET Q q 0 0 0 rg BT 147.88 572.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 172.52 572.10 Td (years ) Tj ET Q q 0 0 0 rg BT 196.60 572.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 239.58 572.10 Td (after ) Tj ET Q q 0 0 0 rg BT 260.88 572.10 Td (December ) Tj ET Q q 0 0 0 rg BT 304.95 572.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 320.43 572.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 345.92 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 363.34 572.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 395.20 572.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 427.63 572.10 Td (within ) Tj ET Q q 0 0 0 rg BT 456.17 572.10 Td (those ) Tj ET Q q 0 0 0 rg BT 480.26 572.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 504.90 572.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 531.48 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 534.25 572.10 Td (W) Tj ET Q q 0 0 0 rg BT 542.88 572.10 Td (e ) Tj ET Q q 0 0 0 rg BT 550.30 572.10 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 560.10 Td (required ) Tj ET Q q 0 0 0 rg BT 85.01 560.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.99 560.10 Td (adopt ) Tj ET Q q 0 0 0 rg BT 118.91 560.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 141.12 560.10 Td (2017-05 ) Tj ET Q q 0 0 0 rg BT 176.64 560.10 Td (concurrent ) Tj ET Q q 0 0 0 rg BT 221.59 560.10 Td (with ) Tj ET Q q 0 0 0 rg BT 241.57 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.98 560.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 293.17 560.10 Td (of ) Tj ET Q q 0 0 0 rg BT 303.21 560.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 325.41 560.10 Td (2014-09. ) Tj ET Q q 0 0 0 rg BT 363.28 560.10 Td (The ) Tj ET Q q 0 0 0 rg BT 381.02 560.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 422.11 560.10 Td (is ) Tj ET Q q 0 0 0 rg BT 430.97 560.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 469.26 560.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 513.11 560.10 Td (the ) Tj ET Q q 0 0 0 rg BT 527.52 560.10 Td (potential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 79.21 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 93.93 548.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 131.42 548.10 Td (of ) Tj ET Q q 0 0 0 rg BT 141.70 548.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 164.21 548.10 Td (2017-05 ) Tj ET Q q 0 0 0 rg BT 200.04 548.10 Td (will ) Tj ET Q q 0 0 0 rg BT 218.09 548.10 Td (have ) Tj ET Q q 0 0 0 rg BT 239.47 548.10 Td (on ) Tj ET Q q 0 0 0 rg BT 251.97 548.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.69 548.10 Td (Company) Tj ET Q q 0 0 0 rg BT 308.35 548.10 Td (s ) Tj ET Q q 0 0 0 rg BT 314.74 548.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 367.79 548.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.27 548.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 449.98 548.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.92 548.10 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 60.15 524.10 Td (March ) Tj ET Q q 0 0 0 rg BT 88.58 524.10 Td (2017, ) Tj ET Q q 0 0 0 rg BT 113.40 524.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.94 524.10 Td (F) Tj ET Q q 0 0 0 rg BT 132.76 524.10 Td (ASB ) Tj ET Q q 0 0 0 rg BT 154.54 524.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 181.35 524.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 203.68 524.10 Td (2017-08, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 241.83 524.10 Td (Receivables ) Tj ET Q q 0 0 0 rg BT 291.91 524.10 Td (- ) Tj ET Q q 0 0 0 rg BT 297.56 524.10 Td (Nonr) Tj ET Q q 0 0 0 rg BT 317.75 524.10 Td (efundable ) Tj ET Q q 0 0 0 rg BT 359.51 524.10 Td (Fees ) Tj ET Q q 0 0 0 rg BT 380.71 524.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.03 524.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 423.69 524.10 Td (Costs ) Tj ET Q q 0 0 0 rg BT 448.24 524.10 Td (\(Subtopic ) Tj ET Q q 0 0 0 rg BT 488.89 524.10 Td (310-20\): ) Tj ET Q q 0 0 0 rg BT 526.21 524.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 535.84 524.10 Td (emium ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 512.10 Td (Amortization ) Tj ET Q q 0 0 0 rg BT 103.57 512.10 Td (on ) Tj ET Q q 0 0 0 rg BT 115.42 512.10 Td (Pur) Tj ET Q q 0 0 0 rg BT 130.04 512.10 Td (chased ) Tj ET Q q 0 0 0 rg BT 159.66 512.10 Td (Callable ) Tj ET Q q 0 0 0 rg BT 195.95 512.10 Td (Debt ) Tj ET Q q 0 0 0 rg BT 217.23 512.10 Td (Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.66 512.10 Td ( ) Tj ET Q q 0 0 0 rg BT 258.51 512.10 Td (\(ASU ) Tj ET Q q 0 0 0 rg BT 288.13 512.10 Td (2017-08\), ) Tj ET Q q 0 0 0 rg BT 333.57 512.10 Td (which ) Tj ET Q q 0 0 0 rg BT 359.85 512.10 Td (shortens ) Tj ET Q q 0 0 0 rg BT 395.03 512.10 Td (the ) Tj ET Q q 0 0 0 rg BT 409.09 512.10 Td (amortization ) Tj ET Q q 0 0 0 rg BT 461.47 512.10 Td (period ) Tj ET Q q 0 0 0 rg BT 488.86 512.10 Td (for ) Tj ET Q q 0 0 0 rg BT 502.37 512.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 531.41 512.10 Td (callable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 69.04 500.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 109.13 500.10 Td (held ) Tj ET Q q 0 0 0 rg BT 128.67 500.10 Td (at ) Tj ET Q q 0 0 0 rg BT 138.22 500.10 Td (a ) Tj ET Q q 0 0 0 rg BT 144.98 500.10 Td (premium. ) Tj ET Q q 0 0 0 rg BT 185.91 500.10 Td (Specifically) Tj ET Q q 0 0 0 rg BT 233.02 500.10 Td (, ) Tj ET Q q 0 0 0 rg BT 237.85 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 252.39 500.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 305.26 500.10 Td (require ) Tj ET Q q 0 0 0 rg BT 335.90 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.44 500.10 Td (premium ) Tj ET Q q 0 0 0 rg BT 388.87 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 398.97 500.10 Td (be ) Tj ET Q q 0 0 0 rg BT 410.74 500.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 453.04 500.10 Td (to ) Tj ET Q q 0 0 0 rg BT 463.15 500.10 Td (the ) Tj ET Q q 0 0 0 rg BT 477.69 500.10 Td (earliest ) Tj ET Q q 0 0 0 rg BT 508.89 500.10 Td (call ) Tj ET Q q 0 0 0 rg BT 525.65 500.10 Td (date. ) Tj ET Q q 0 0 0 rg BT 546.96 500.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.10 Td (amendments ) Tj ET Q q 0 0 0 rg BT 103.48 488.10 Td (do ) Tj ET Q q 0 0 0 rg BT 116.92 488.10 Td (not ) Tj ET Q q 0 0 0 rg BT 133.14 488.10 Td (require ) Tj ET Q q 0 0 0 rg BT 164.90 488.10 Td (an ) Tj ET Q q 0 0 0 rg BT 177.78 488.10 Td (accounting ) Tj ET Q q 0 0 0 rg BT 225.09 488.10 Td (change ) Tj ET Q q 0 0 0 rg BT 256.85 488.10 Td (for ) Tj ET Q q 0 0 0 rg BT 271.95 488.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 313.16 488.10 Td (held ) Tj ET Q q 0 0 0 rg BT 333.82 488.10 Td (at ) Tj ET Q q 0 0 0 rg BT 344.47 488.10 Td (a ) Tj ET Q q 0 0 0 rg BT 352.35 488.10 Td (discount; ) Tj ET Q q 0 0 0 rg BT 392.46 488.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.12 488.10 Td (discount ) Tj ET Q q 0 0 0 rg BT 445.45 488.10 Td (continues ) Tj ET Q q 0 0 0 rg BT 487.21 488.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.43 488.10 Td (be ) Tj ET Q q 0 0 0 rg BT 511.31 488.10 Td (amortized ) Tj ET Q q 0 0 0 rg BT 554.74 488.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 82.73 476.10 Td (. ) Tj ET Q q 0 0 0 rg BT 87.93 476.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.63 476.10 Td (For ) Tj ET Q q 0 0 0 rg BT 107.21 476.10 Td (public ) Tj ET Q q 0 0 0 rg BT 134.91 476.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 168.39 476.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 191.09 476.10 Td (2017-08 ) Tj ET Q q 0 0 0 rg BT 227.12 476.10 Td (is ) Tj ET Q q 0 0 0 rg BT 236.48 476.10 Td (ef) Tj ET Q q 0 0 0 rg BT 244.07 476.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 273.97 476.10 Td (for ) Tj ET Q q 0 0 0 rg BT 288.33 476.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 312.68 476.10 Td (years ) Tj ET Q q 0 0 0 rg BT 336.48 476.10 Td (beginning ) Tj ET Q q 0 0 0 rg BT 379.17 476.10 Td (after ) Tj ET Q q 0 0 0 rg BT 400.18 476.10 Td (December ) Tj ET Q q 0 0 0 rg BT 443.96 476.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 459.16 476.10 Td (2018, ) Tj ET Q q 0 0 0 rg BT 484.35 476.10 Td (and ) Tj ET Q q 0 0 0 rg BT 501.49 476.10 Td (interim ) Tj ET Q q 0 0 0 rg BT 533.07 476.10 Td (periods ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.10 Td (within ) Tj ET Q q 0 0 0 rg BT 76.49 464.10 Td (those ) Tj ET Q q 0 0 0 rg BT 99.04 464.10 Td (fiscal ) Tj ET Q q 0 0 0 rg BT 122.13 464.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 147.17 464.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.50 464.10 Td (The ) Tj ET Q q 0 0 0 rg BT 165.48 464.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 205.81 464.10 Td (does ) Tj ET Q q 0 0 0 rg BT 225.57 464.10 Td (not ) Tj ET Q q 0 0 0 rg BT 239.79 464.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 270.10 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.75 464.10 Td (adoption ) Tj ET Q q 0 0 0 rg BT 320.19 464.10 Td (of ) Tj ET Q q 0 0 0 rg BT 329.63 464.10 Td (ASU ) Tj ET Q q 0 0 0 rg BT 351.08 464.10 Td (2017-08 ) Tj ET Q q 0 0 0 rg BT 385.84 464.10 Td (will ) Tj ET Q q 0 0 0 rg BT 402.84 464.10 Td (have ) Tj ET Q q 0 0 0 rg BT 423.15 464.10 Td (a ) Tj ET Q q 0 0 0 rg BT 429.03 464.10 Td (material ) Tj ET Q q 0 0 0 rg BT 463.22 464.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 491.87 464.10 Td (on ) Tj ET Q q 0 0 0 rg BT 503.31 464.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.96 464.10 Td (Company) Tj ET Q q 0 0 0 rg BT 558.63 464.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 452.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 102.54 452.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 140.02 452.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 184.73 452.10 Td (and ) Tj ET Q q 0 0 0 rg BT 201.67 452.10 Td (disclosures.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 428.10 Td (NOTE 2. Inventory and Capitalized Inter) Tj ET Q q 0 0 0 rg BT 226.55 428.10 Td (est) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 406.10 Td (Inventory) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 91.23 384.10 Td (is ) Tj ET Q q 0 0 0 rg BT 100.75 384.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 138.58 384.10 Td (at ) Tj ET Q q 0 0 0 rg BT 148.66 384.10 Td (cost, ) Tj ET Q q 0 0 0 rg BT 170.12 384.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 197.97 384.10 Td (events ) Tj ET Q q 0 0 0 rg BT 226.37 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 243.67 384.10 Td (circumstances ) Tj ET Q q 0 0 0 rg BT 303.16 384.10 Td (indicate ) Tj ET Q q 0 0 0 rg BT 337.66 384.10 Td (that ) Tj ET Q q 0 0 0 rg BT 355.51 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 370.58 384.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 406.75 384.10 Td (value ) Tj ET Q q 0 0 0 rg BT 431.26 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.45 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 457.52 384.10 Td (land ) Tj ET Q q 0 0 0 rg BT 477.59 384.10 Td (is ) Tj ET Q q 0 0 0 rg BT 487.11 384.10 Td (impaired, ) Tj ET Q q 0 0 0 rg BT 528.01 384.10 Td (at ) Tj ET Q q 0 0 0 rg BT 538.08 384.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (point ) Tj ET Q q 0 0 0 rg BT 72.96 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.08 372.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 129.30 372.10 Td (is ) Tj ET Q q 0 0 0 rg BT 138.88 372.10 Td (written ) Tj ET Q q 0 0 0 rg BT 170.10 372.10 Td (down ) Tj ET Q q 0 0 0 rg BT 195.23 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 205.91 372.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 222.69 372.10 Td (value ) Tj ET Q q 0 0 0 rg BT 247.24 372.10 Td (\(see ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 266.2431640625 370.7669921875 m 293.58349609375 370.7669921875 l s q 0 0 1 rg BT 266.24 372.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 288.58 372.10 Td (4) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 293.58 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.49 372.10 Td (for ) Tj ET Q q 0 0 0 rg BT 311.05 372.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 353.94 372.10 Td (details ) Tj ET Q q 0 0 0 rg BT 382.94 372.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 416.39 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.07 372.10 Td (our ) Tj ET Q q 0 0 0 rg BT 443.30 372.10 Td (procedures ) Tj ET Q q 0 0 0 rg BT 490.07 372.10 Td (for ) Tj ET Q q 0 0 0 rg BT 504.63 372.10 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 549.18 372.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (inventories ) Tj ET Q q 0 0 0 rg BT 95.68 360.10 Td (for ) Tj ET Q q 0 0 0 rg BT 109.08 360.10 Td (impairment\). ) Tj ET Q q 0 0 0 rg BT 162.75 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 164.49 360.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 205.11 360.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 240.18 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 254.14 360.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 275.88 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.95 360.10 Td (land ) Tj ET Q q 0 0 0 rg BT 304.91 360.10 Td (acquisition, ) Tj ET Q q 0 0 0 rg BT 353.03 360.10 Td (land ) Tj ET Q q 0 0 0 rg BT 371.99 360.10 Td (development ) Tj ET Q q 0 0 0 rg BT 425.39 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 441.57 360.10 Td (home ) Tj ET Q q 0 0 0 rg BT 465.53 360.10 Td (construction, ) Tj ET Q q 0 0 0 rg BT 519.20 360.10 Td (capitalized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 83.14 348.10 Td (real ) Tj ET Q q 0 0 0 rg BT 99.83 348.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 124.30 348.10 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 149.06 348.10 Td (direct ) Tj ET Q q 0 0 0 rg BT 173.53 348.10 Td (overhead ) Tj ET Q q 0 0 0 rg BT 211.88 348.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 233.58 348.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 268.61 348.10 Td (during ) Tj ET Q q 0 0 0 rg BT 296.42 348.10 Td (development ) Tj ET Q q 0 0 0 rg BT 349.78 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 365.92 348.10 Td (home ) Tj ET Q q 0 0 0 rg BT 389.85 348.10 Td (construction, ) Tj ET Q q 0 0 0 rg BT 443.49 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 459.63 348.10 Td (common ) Tj ET Q q 0 0 0 rg BT 496.33 348.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 518.04 348.10 Td (that ) Tj ET Q q 0 0 0 rg BT 534.74 348.10 Td (benefit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 336.10 Td (entire ) Tj ET Q q 0 0 0 rg BT 89.48 336.10 Td (community) Tj ET Q q 0 0 0 rg BT 134.38 336.10 Td (, ) Tj ET Q q 0 0 0 rg BT 139.38 336.10 Td (less ) Tj ET Q q 0 0 0 rg BT 156.88 336.10 Td (impairments, ) Tj ET Q q 0 0 0 rg BT 211.87 336.10 Td (if ) Tj ET Q q 0 0 0 rg BT 220.48 336.10 Td (any) Tj ET Q q 0 0 0 rg BT 234.27 336.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.67 314.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 98.39 314.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.22 314.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.93 314.10 Td (Company) Tj ET Q q 0 0 0 rg BT 165.60 314.10 Td (s ) Tj ET Q q 0 0 0 rg BT 171.99 314.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 212.82 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 223.65 314.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.48 314.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 278.07 314.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.07 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 300.57 314.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.51 314.10 Td (December ) Tj ET Q q 0 0 0 rg BT 361.10 314.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 376.10 314.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.10 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.60 314.10 Td (is ) Tj ET Q q 0 0 0 rg BT 407.77 314.10 Td (as ) Tj ET Q q 0 0 0 rg BT 418.60 314.10 Td (follows: ) Tj ET Q q 0 0 0 rg BT 453.88 314.10 Td ( ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 290.6 m 406 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 290.6 m 479 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 290.6 m 489 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 290.6 m 562 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 290.6 m 406 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 290.6 m 479 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 290.6 m 489 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 290.6 m 562 290.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 198.60000000000002 m 406 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 198.60000000000002 m 479 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 198.60000000000002 m 489 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 198.60000000000002 m 562 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 198.60000000000002 m 406 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 186.60000000000002 m 406 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 198.60000000000002 m 479 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 186.60000000000002 m 479 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 198.60000000000002 m 489 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 186.60000000000002 m 489 186.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 198.60000000000002 m 562 198.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 186.60000000000002 m 562 186.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 294.85 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 294.85 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.50 294.83 Td (March 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.55 294.85 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 282.55 Td (Single-family lots, land and land development costs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 282.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 282.68 Td (616,239) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 282.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 282.55 Td (602,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 270.55 Td (Land held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 270.68 Td (10,475) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 270.55 Td (12,155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 258.55 Td (Homes under construction) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 258.68 Td (538,758) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 258.55 Td (494,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 246.55 Td (Model homes and furnishings - at cost \(less accumulated depreciation: March 31, 2017 - $12,795;) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 238.55 Td ( December 31, 2016 - $1) Tj ET Q q 0 0 0 rg BT 140.73 238.55 Td (1,835\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 238.83 Td (72,108) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 238.85 Td (68,727) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 226.55 Td (Community development district infrastructure) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.80 226.68 Td (6,277) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 226.55 Td (476) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 214.55 Td (Land purchase deposits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 214.68 Td (30,795) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 214.55 Td (29,856) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 202.55 Td (Consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 202.68 Td (11,966) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 202.55 Td (7,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 190.55 Td (Total inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 190.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 190.68 Td (1,286,618) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 190.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.80 190.55 Td (1,215,934) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.10 Td (Single-family ) Tj ET Q q 0 0 0 rg BT 106.96 163.10 Td (lots, ) Tj ET Q q 0 0 0 rg BT 126.38 163.10 Td (land ) Tj ET Q q 0 0 0 rg BT 146.07 163.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.99 163.10 Td (land ) Tj ET Q q 0 0 0 rg BT 182.68 163.10 Td (development ) Tj ET Q q 0 0 0 rg BT 236.80 163.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 259.27 163.10 Td (include ) Tj ET Q q 0 0 0 rg BT 291.18 163.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 308.64 163.10 Td (land ) Tj ET Q q 0 0 0 rg BT 328.33 163.10 Td (that ) Tj ET Q q 0 0 0 rg BT 345.80 163.10 Td (the ) Tj ET Q q 0 0 0 rg BT 360.49 163.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 401.85 163.10 Td (has ) Tj ET Q q 0 0 0 rg BT 417.65 163.10 Td (purchased ) Tj ET Q q 0 0 0 rg BT 460.66 163.10 Td (to ) Tj ET Q q 0 0 0 rg BT 470.92 163.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 505.04 163.10 Td (into ) Tj ET Q q 0 0 0 rg BT 523.07 163.10 Td (lots, ) Tj ET Q q 0 0 0 rg BT 542.50 163.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 85.18 151.10 Td (to ) Tj ET Q q 0 0 0 rg BT 95.33 151.10 Td (develop ) Tj ET Q q 0 0 0 rg BT 129.35 151.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.93 151.10 Td (raw ) Tj ET Q q 0 0 0 rg BT 161.28 151.10 Td (land ) Tj ET Q q 0 0 0 rg BT 180.87 151.10 Td (into ) Tj ET Q q 0 0 0 rg BT 198.79 151.10 Td (lots, ) Tj ET Q q 0 0 0 rg BT 218.10 151.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.91 151.10 Td (lots ) Tj ET Q q 0 0 0 rg BT 251.72 151.10 Td (for ) Tj ET Q q 0 0 0 rg BT 265.75 151.10 Td (which ) Tj ET Q q 0 0 0 rg BT 292.55 151.10 Td (development ) Tj ET Q q 0 0 0 rg BT 346.57 151.10 Td (has ) Tj ET Q q 0 0 0 rg BT 362.26 151.10 Td (been ) Tj ET Q q 0 0 0 rg BT 383.51 151.10 Td (completed, ) Tj ET Q q 0 0 0 rg BT 430.02 151.10 Td (but ) Tj ET Q q 0 0 0 rg BT 445.17 151.10 Td (which ) Tj ET Q q 0 0 0 rg BT 471.97 151.10 Td (have ) Tj ET Q q 0 0 0 rg BT 493.21 151.10 Td (not ) Tj ET Q q 0 0 0 rg BT 508.36 151.10 Td (yet ) Tj ET Q q 0 0 0 rg BT 522.94 151.10 Td (been ) Tj ET Q q 0 0 0 rg BT 544.18 151.10 Td (used ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 139.10 Td (start ) Tj ET Q q 0 0 0 rg BT 79.50 139.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 131.43 139.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.26 139.10 Td (a ) Tj ET Q q 0 0 0 rg BT 149.20 139.10 Td (home.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.10 Td (Homes ) Tj ET Q q 0 0 0 rg BT 79.69 117.10 Td (under ) Tj ET Q q 0 0 0 rg BT 104.31 117.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 155.61 117.10 Td (include ) Tj ET Q q 0 0 0 rg BT 186.90 117.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 214.86 117.10 Td (that ) Tj ET Q q 0 0 0 rg BT 231.72 117.10 Td (are ) Tj ET Q q 0 0 0 rg BT 245.78 117.10 Td (in ) Tj ET Q q 0 0 0 rg BT 255.42 117.10 Td (various ) Tj ET Q q 0 0 0 rg BT 286.71 117.10 Td (stages ) Tj ET Q q 0 0 0 rg BT 313.01 117.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.20 117.10 Td (construction. ) Tj ET Q q 0 0 0 rg BT 376.99 117.10 Td ( ) Tj ET Q q 0 0 0 rg BT 378.44 117.10 Td (As ) Tj ET Q q 0 0 0 rg BT 391.41 117.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.60 117.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 444.55 117.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.55 117.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.41 117.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.71 117.10 Td (December ) Tj ET Q q 0 0 0 rg BT 525.65 117.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.01 117.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 117.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.10 Td (we ) Tj ET Q q 0 0 0 rg BT 63.09 105.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.45 105.10 Td (993) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.45 105.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.38 105.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 124.41 105.10 Td (\(with ) Tj ET Q q 0 0 0 rg BT 147.45 105.10 Td (a ) Tj ET Q q 0 0 0 rg BT 153.81 105.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 189.05 105.10 Td (value ) Tj ET Q q 0 0 0 rg BT 212.63 105.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.89 105.10 Td ($194.4 ) Tj ET Q q 0 0 0 rg BT 252.32 105.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.21 105.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 286.47 105.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.83 105.10 Td (996) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.83 105.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.76 105.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 347.79 105.10 Td (\(with ) Tj ET Q q 0 0 0 rg BT 370.83 105.10 Td (a ) Tj ET Q q 0 0 0 rg BT 377.19 105.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 412.43 105.10 Td (value ) Tj ET Q q 0 0 0 rg BT 436.01 105.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.27 105.10 Td ($199.4 ) Tj ET Q q 0 0 0 rg BT 475.70 105.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.59 105.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 512.34 105.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.01 105.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.10 Td (included ) Tj ET Q q 0 0 0 rg BT 86.43 93.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 93.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 125.32 93.10 Td (under ) Tj ET Q q 0 0 0 rg BT 150.59 93.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 202.52 93.10 Td (that ) Tj ET Q q 0 0 0 rg BT 220.02 93.10 Td (were ) Tj ET Q q 0 0 0 rg BT 241.95 93.10 Td (not ) Tj ET Q q 0 0 0 rg BT 257.22 93.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 288.05 93.10 Td (to ) Tj ET Q q 0 0 0 rg BT 298.33 93.10 Td (a ) Tj ET Q q 0 0 0 rg BT 305.27 93.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 327.21 93.10 Td (contract.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.10 Td (Model ) Tj ET Q q 0 0 0 rg BT 78.96 71.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 108.42 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 126.22 71.10 Td (furnishings ) Tj ET Q q 0 0 0 rg BT 174.57 71.10 Td (include ) Tj ET Q q 0 0 0 rg BT 207.36 71.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 236.82 71.10 Td (that ) Tj ET Q q 0 0 0 rg BT 255.17 71.10 Td (are ) Tj ET Q q 0 0 0 rg BT 270.73 71.10 Td (under ) Tj ET Q q 0 0 0 rg BT 296.85 71.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 349.64 71.10 Td (or ) Tj ET Q q 0 0 0 rg BT 361.32 71.10 Td (have ) Tj ET Q q 0 0 0 rg BT 383.55 71.10 Td (been ) Tj ET Q q 0 0 0 rg BT 405.78 71.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 450.79 71.10 Td (and ) Tj ET Q q 0 0 0 rg BT 468.58 71.10 Td (are ) Tj ET Q q 0 0 0 rg BT 484.14 71.10 Td (being ) Tj ET Q q 0 0 0 rg BT 509.71 71.10 Td (used ) Tj ET Q q 0 0 0 rg BT 531.39 71.10 Td (as ) Tj ET Q q 0 0 0 rg BT 543.08 71.10 Td (sales ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 59.10 Td (models. ) Tj ET Q q 0 0 0 rg BT 83.24 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.42 59.10 Td (The ) Tj ET Q q 0 0 0 rg BT 103.32 59.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 135.67 59.10 Td (also ) Tj ET Q q 0 0 0 rg BT 154.13 59.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 189.81 59.10 Td (the ) Tj ET Q q 0 0 0 rg BT 204.38 59.10 Td (net ) Tj ET Q q 0 0 0 rg BT 218.95 59.10 Td (book ) Tj ET Q q 0 0 0 rg BT 241.30 59.10 Td (value ) Tj ET Q q 0 0 0 rg BT 265.31 59.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.99 59.10 Td (furnishings ) Tj ET Q q 0 0 0 rg BT 323.34 59.10 Td (included ) Tj ET Q q 0 0 0 rg BT 360.13 59.10 Td (in ) Tj ET Q q 0 0 0 rg BT 370.26 59.10 Td (our ) Tj ET Q q 0 0 0 rg BT 385.94 59.10 Td (model ) Tj ET Q q 0 0 0 rg BT 413.29 59.10 Td (homes. ) Tj ET Q q 0 0 0 rg BT 444.25 59.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.60 59.10 Td (Depreciation ) Tj ET Q q 0 0 0 rg BT 500.60 59.10 Td (on ) Tj ET Q q 0 0 0 rg BT 512.95 59.10 Td (model ) Tj ET Q q 0 0 0 rg BT 540.30 59.10 Td (home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 47.10 Td (furnishings ) Tj ET Q q 0 0 0 rg BT 97.00 47.10 Td (is ) Tj ET Q q 0 0 0 rg BT 106.17 47.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 143.65 47.10 Td (using ) Tj ET Q q 0 0 0 rg BT 167.82 47.10 Td (an ) Tj ET Q q 0 0 0 rg BT 179.75 47.10 Td (accelerated ) Tj ET Q q 0 0 0 rg BT 227.21 47.10 Td (method ) Tj ET Q q 0 0 0 rg BT 259.71 47.10 Td (over ) Tj ET Q q 0 0 0 rg BT 279.97 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.69 47.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 335.51 47.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 362.45 47.10 Td (life ) Tj ET Q q 0 0 0 rg BT 378.27 47.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.10 47.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.82 47.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 432.15 47.10 Td (which ) Tj ET Q q 0 0 0 rg BT 459.09 47.10 Td (is ) Tj ET Q q 0 0 0 rg BT 468.26 47.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 505.75 47.10 Td (three ) Tj ET Q q 0 0 0 rg BT 528.24 47.10 Td (years.) Tj ET Q endstream endobj 21 0 obj <>] /Rotate 0 /Contents 22 0 R>> endobj 22 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 /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 740.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.19 740.10 Td (own ) Tj ET Q q 0 0 0 rg BT 85.02 740.10 Td (lots ) Tj ET Q q 0 0 0 rg BT 102.08 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.47 740.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 142.28 740.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 196.55 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 206.94 740.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 238.44 740.10 Td (that ) Tj ET Q q 0 0 0 rg BT 256.05 740.10 Td (have ) Tj ET Q q 0 0 0 rg BT 277.54 740.10 Td (Community ) Tj ET Q q 0 0 0 rg BT 327.93 740.10 Td (Development ) Tj ET Q q 0 0 0 rg BT 384.42 740.10 Td (Districts ) Tj ET Q q 0 0 0 rg BT 420.91 740.10 Td (\(CDDs\). ) Tj ET Q q 0 0 0 rg BT 466.38 740.10 Td (The ) Tj ET Q q 0 0 0 rg BT 484.54 740.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.03 740.10 Td (records ) Tj ET Q q 0 0 0 rg BT 558.07 740.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 84.13 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 99.31 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 115.05 728.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 156.89 728.10 Td (developer ) Tj ET Q q 0 0 0 rg BT 199.83 728.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 247.80 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 266.31 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 282.04 728.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 320.54 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 338.50 728.10 Td (estimable ) Tj ET Q q 0 0 0 rg BT 380.34 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 398.30 728.10 Td (user ) Tj ET Q q 0 0 0 rg BT 418.48 728.10 Td (fees ) Tj ET Q q 0 0 0 rg BT 438.10 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 456.62 728.10 Td (are ) Tj ET Q q 0 0 0 rg BT 472.35 728.10 Td (required ) Tj ET Q q 0 0 0 rg BT 509.18 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 520.48 728.10 Td (be ) Tj ET Q q 0 0 0 rg BT 533.44 728.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 554.18 728.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (transferred ) Tj ET Q q 0 0 0 rg BT 95.39 716.10 Td (at ) Tj ET Q q 0 0 0 rg BT 105.18 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 119.98 716.10 Td (time ) Tj ET Q q 0 0 0 rg BT 140.33 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 155.13 716.10 Td (parcel ) Tj ET Q q 0 0 0 rg BT 182.14 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 193.05 716.10 Td (unit ) Tj ET Q q 0 0 0 rg BT 211.18 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 220.44 716.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 239.69 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 250.04 716.10 Td (an ) Tj ET Q q 0 0 0 rg BT 262.06 716.10 Td (end ) Tj ET Q q 0 0 0 rg BT 279.08 716.10 Td (user) Tj ET Q q 0 0 0 rg BT 295.19 716.10 Td (.) Tj ET Q q 0 0 0 rg BT 302.51 716.10 Td (The ) Tj ET Q q 0 0 0 rg BT 320.64 716.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 362.10 716.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 395.22 716.10 Td (this ) Tj ET Q q 0 0 0 rg BT 412.25 716.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 445.94 716.10 Td (at ) Tj ET Q q 0 0 0 rg BT 455.74 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.54 716.10 Td (time ) Tj ET Q q 0 0 0 rg BT 490.89 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.80 716.10 Td (closing ) Tj ET Q q 0 0 0 rg BT 533.27 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 716.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 82.71 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 93.71 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 108.60 704.10 Td (property) Tj ET Q q 0 0 0 rg BT 141.83 704.10 Td (.) Tj ET Q q 0 0 0 rg BT 149.15 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 167.37 704.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 208.93 704.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 246.58 704.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.69 704.10 Td ($6.3 ) Tj ET Q q 0 0 0 rg BT 273.87 704.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.76 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.43 704.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.54 704.10 Td ($0.5 ) Tj ET Q q 0 0 0 rg BT 342.72 704.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.61 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.28 704.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 408.06 704.10 Td (related ) Tj ET Q q 0 0 0 rg BT 437.94 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 448.39 704.10 Td (these ) Tj ET Q q 0 0 0 rg BT 471.61 704.10 Td (CDD ) Tj ET Q q 0 0 0 rg BT 495.40 704.10 Td (bond ) Tj ET Q q 0 0 0 rg BT 518.07 704.10 Td (obligations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 71.16 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.66 692.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 117.26 692.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.26 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 139.76 692.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.70 692.10 Td (December ) Tj ET Q q 0 0 0 rg BT 200.28 692.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 215.28 692.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.28 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 240.28 692.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 287.94 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 292.94 692.10 Td (along ) Tj ET Q q 0 0 0 rg BT 317.66 692.10 Td (with ) Tj ET Q q 0 0 0 rg BT 337.94 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 352.65 692.10 Td (related ) Tj ET Q q 0 0 0 rg BT 382.36 692.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 423.18 692.10 Td (infrastructure.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Land ) Tj ET Q q 0 0 0 rg BT 72.29 668.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 110.07 668.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 145.09 668.10 Td (include ) Tj ET Q q 0 0 0 rg BT 176.77 668.10 Td (both ) Tj ET Q q 0 0 0 rg BT 196.79 668.10 Td (refundable ) Tj ET Q q 0 0 0 rg BT 241.79 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.47 668.10 Td (non-refundable ) Tj ET Q q 0 0 0 rg BT 321.80 668.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 357.93 668.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 377.39 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.41 668.10 Td (third ) Tj ET Q q 0 0 0 rg BT 408.54 668.10 Td (party ) Tj ET Q q 0 0 0 rg BT 431.33 668.10 Td (sellers ) Tj ET Q q 0 0 0 rg BT 459.12 668.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 491.91 668.10 Td (to ) Tj ET Q q 0 0 0 rg BT 501.93 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.39 668.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 554.17 668.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (land. ) Tj ET Q q 0 0 0 rg BT 71.17 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 73.11 656.10 Td (On ) Tj ET Q q 0 0 0 rg BT 87.28 656.10 Td (an ) Tj ET Q q 0 0 0 rg BT 98.67 656.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 133.40 656.10 Td (basis, ) Tj ET Q q 0 0 0 rg BT 157.84 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.01 656.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 212.84 656.10 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 252.00 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 266.16 656.10 Td (land ) Tj ET Q q 0 0 0 rg BT 285.33 656.10 Td (option ) Tj ET Q q 0 0 0 rg BT 312.83 656.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 360.31 656.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 392.80 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.53 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 416.69 656.10 Td (land ) Tj ET Q q 0 0 0 rg BT 435.86 656.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 473.34 656.10 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 510.57 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.52 656.10 Td (In ) Tj ET Q q 0 0 0 rg BT 522.80 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.96 656.10 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.28 644.10 Td (which ) Tj ET Q q 0 0 0 rg BT 103.39 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 117.28 644.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 157.84 644.10 Td (makes ) Tj ET Q q 0 0 0 rg BT 185.06 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.95 644.10 Td (decision ) Tj ET Q q 0 0 0 rg BT 233.95 644.10 Td (not ) Tj ET Q q 0 0 0 rg BT 248.40 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 257.85 644.10 Td (proceed ) Tj ET Q q 0 0 0 rg BT 291.17 644.10 Td (with ) Tj ET Q q 0 0 0 rg BT 310.62 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.50 644.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 361.71 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.72 644.10 Td (land ) Tj ET Q q 0 0 0 rg BT 390.61 644.10 Td (under ) Tj ET Q q 0 0 0 rg BT 415.05 644.10 Td (an ) Tj ET Q q 0 0 0 rg BT 426.16 644.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 471.97 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 485.86 644.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 526.42 644.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (any ) Tj ET Q q 0 0 0 rg BT 66.44 632.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 101.72 632.10 Td (and ) Tj ET Q q 0 0 0 rg BT 118.66 632.10 Td (accumulated ) Tj ET Q q 0 0 0 rg BT 171.68 632.10 Td (pre-acquisition ) Tj ET Q q 0 0 0 rg BT 234.16 632.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 256.66 632.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 289.71 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 299.98 632.10 Td (such ) Tj ET Q q 0 0 0 rg BT 320.81 632.10 Td (agreement.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 98.11 610.10 Td (Interest) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.10 588.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.04 588.10 Td (capitalizes ) Tj ET Q q 0 0 0 rg BT 155.30 588.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 187.79 588.10 Td (during ) Tj ET Q q 0 0 0 rg BT 216.95 588.10 Td (land ) Tj ET Q q 0 0 0 rg BT 237.22 588.10 Td (development ) Tj ET Q q 0 0 0 rg BT 291.93 588.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.42 588.10 Td (home ) Tj ET Q q 0 0 0 rg BT 334.70 588.10 Td (construction.Capitalized ) Tj ET Q q 0 0 0 rg BT 440.22 588.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 472.71 588.10 Td (is ) Tj ET Q q 0 0 0 rg BT 482.44 588.10 Td (char) Tj ET Q q 0 0 0 rg BT 499.46 588.10 Td (ged ) Tj ET Q q 0 0 0 rg BT 516.96 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 527.79 588.10 Td (land ) Tj ET Q q 0 0 0 rg BT 548.06 588.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 83.36 576.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 105.54 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.17 576.10 Td (expensed ) Tj ET Q q 0 0 0 rg BT 161.56 576.10 Td (as ) Tj ET Q q 0 0 0 rg BT 172.08 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.48 576.10 Td (related ) Tj ET Q q 0 0 0 rg BT 215.87 576.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 256.38 576.10 Td (is ) Tj ET Q q 0 0 0 rg BT 265.24 576.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 304.63 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.59 576.10 Td (a ) Tj ET Q q 0 0 0 rg BT 321.22 576.10 Td (third ) Tj ET Q q 0 0 0 rg BT 342.29 576.10 Td (party) Tj ET Q q 0 0 0 rg BT 362.19 576.10 Td (.) Tj ET Q q 0 0 0 rg BT 369.51 576.10 Td (The ) Tj ET Q q 0 0 0 rg BT 387.24 576.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 426.64 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 437.16 576.10 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 482.65 576.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.27 576.10 Td (for ) Tj ET Q q 0 0 0 rg BT 528.12 576.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 576.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.90 Td (months ) Tj ET Q q 0 0 0 rg BT 81.45 562.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 107.83 562.90 Td (March ) Tj ET Q q 0 0 0 rg BT 136.42 562.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 151.42 562.90 Td (2017 ) Tj ET Q q 0 0 0 rg BT 173.92 562.90 Td (and ) Tj ET Q q 0 0 0 rg BT 190.86 562.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.86 562.90 Td ( ) Tj ET Q q 0 0 0 rg BT 213.36 562.90 Td (is ) Tj ET Q q 0 0 0 rg BT 222.53 562.90 Td (as ) Tj ET Q q 0 0 0 rg BT 233.36 562.90 Td (follows) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 263.36 562.90 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 539.4 m 498 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 539.4 m 505 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 539.4 m 562 539.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 526.4 m 441 526.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 526.4 m 498 526.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 526.4 m 505 526.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 526.4 m 562 526.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 526.4 m 441 526.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 526.4 m 498 526.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 526.4 m 505 526.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 526.4 m 562 526.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 487.4 m 441 487.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 487.4 m 498 487.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 487.4 m 505 487.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 487.4 m 562 487.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 487.4 m 562 487.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 457.4 m 441 457.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 441 457.4 m 498 457.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 498 457.4 m 505 457.4 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 457.4 m 562 457.4 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 446.10 543.63 Td (Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 530.65 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 530.65 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.00 530.63 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 525.00 530.65 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 517.65 Td (Capitalized interest, beginning of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.50 517.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.80 517.63 Td (16,012) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 517.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 517.65 Td (16,740) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 504.65 Td (Interest ) Tj ET Q q 0 0 0 rg BT 77.49 504.65 Td (capitalized ) Tj ET Q q 0 0 0 rg BT 114.13 504.65 Td (to ) Tj ET Q q 0 0 0 rg BT 122.36 504.65 Td (inventory) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 504.63 Td (3,762) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 504.65 Td (3,756) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 491.65 Td (Capitalized interest charged to land and housing costs and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.10 491.63 Td (\(3,766) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 491.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 491.65 Td (\(3,544) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 491.65 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 478.65 Td (Capitalized ) Tj ET Q q 0 0 0 rg BT 89.93 478.65 Td (interest, ) Tj ET Q q 0 0 0 rg BT 117.48 478.65 Td (end ) Tj ET Q q 0 0 0 rg BT 131.03 478.65 Td (of ) Tj ET Q q 0 0 0 rg BT 139.69 478.65 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.50 478.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 472.80 478.63 Td (16,008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 478.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 478.65 Td (16,952) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 461.65 Td (Interest incurred) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.50 461.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 461.63 Td (9,100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 507.50 461.65 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 461.65 Td (9,021) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 435.90 Td (NOTE 3. Investment in Joint ) Tj ET Q q 0 0 0 rg BT 175.44 435.90 Td (V) Tj ET Q q 0 0 0 rg BT 181.75 435.90 Td (entur) Tj ET Q q 0 0 0 rg BT 204.90 435.90 Td (e ) Tj ET Q q 0 0 0 rg BT 211.28 435.90 Td (Arrangements) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 413.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.56 413.90 Td (in ) Tj ET Q q 0 0 0 rg BT 108.40 413.90 Td (Joint ) Tj ET Q q 0 0 0 rg BT 132.01 413.90 Td (V) Tj ET Q q 0 0 0 rg BT 137.58 413.90 Td (enture ) Tj ET Q q 0 0 0 rg BT 166.38 413.90 Td (Arrangements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 391.90 Td (In ) Tj ET Q q 0 0 0 rg BT 60.08 391.90 Td (order ) Tj ET Q q 0 0 0 rg BT 83.44 391.90 Td (to ) Tj ET Q q 0 0 0 rg BT 93.47 391.90 Td (minimize ) Tj ET Q q 0 0 0 rg BT 133.49 391.90 Td (our ) Tj ET Q q 0 0 0 rg BT 149.07 391.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 195.21 391.90 Td (and ) Tj ET Q q 0 0 0 rg BT 211.90 391.90 Td (risk ) Tj ET Q q 0 0 0 rg BT 229.15 391.90 Td (of ) Tj ET Q q 0 0 0 rg BT 239.74 391.90 Td (land ) Tj ET Q q 0 0 0 rg BT 259.21 391.90 Td (exposure ) Tj ET Q q 0 0 0 rg BT 297.56 391.90 Td (in ) Tj ET Q q 0 0 0 rg BT 307.59 391.90 Td (a ) Tj ET Q q 0 0 0 rg BT 314.28 391.90 Td (single ) Tj ET Q q 0 0 0 rg BT 340.42 391.90 Td (location, ) Tj ET Q q 0 0 0 rg BT 377.39 391.90 Td (we ) Tj ET Q q 0 0 0 rg BT 391.30 391.90 Td (have ) Tj ET Q q 0 0 0 rg BT 412.43 391.90 Td (periodically ) Tj ET Q q 0 0 0 rg BT 462.44 391.90 Td (partnered ) Tj ET Q q 0 0 0 rg BT 502.45 391.90 Td (with ) Tj ET Q q 0 0 0 rg BT 522.48 391.90 Td (other ) Tj ET Q q 0 0 0 rg BT 545.28 391.90 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 379.90 Td (developers ) Tj ET Q q 0 0 0 rg BT 94.32 379.90 Td (or ) Tj ET Q q 0 0 0 rg BT 104.15 379.90 Td (homebuilders ) Tj ET Q q 0 0 0 rg BT 160.08 379.90 Td (to ) Tj ET Q q 0 0 0 rg BT 169.36 379.90 Td (share ) Tj ET Q q 0 0 0 rg BT 191.96 379.90 Td (in ) Tj ET Q q 0 0 0 rg BT 201.24 379.90 Td (the ) Tj ET Q q 0 0 0 rg BT 214.96 379.90 Td (land ) Tj ET Q q 0 0 0 rg BT 233.68 379.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 279.06 379.90 Td (and ) Tj ET Q q 0 0 0 rg BT 295.00 379.90 Td (development ) Tj ET Q q 0 0 0 rg BT 348.15 379.90 Td (of ) Tj ET Q q 0 0 0 rg BT 357.99 379.90 Td (a ) Tj ET Q q 0 0 0 rg BT 363.93 379.90 Td (property ) Tj ET Q q 0 0 0 rg BT 399.30 379.90 Td (through ) Tj ET Q q 0 0 0 rg BT 431.91 379.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 451.75 379.90 Td (ownership ) Tj ET Q q 0 0 0 rg BT 494.91 379.90 Td (and ) Tj ET Q q 0 0 0 rg BT 510.85 379.90 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 367.90 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 99.95 367.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 120.70 367.90 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 159.49 367.90 Td (and ) Tj ET Q q 0 0 0 rg BT 176.34 367.90 Td (other ) Tj ET Q q 0 0 0 rg BT 199.30 367.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 229.49 367.90 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 288.27 367.90 Td ( ) Tj ET Q q 0 0 0 rg BT 290.68 367.90 Td (During ) Tj ET Q q 0 0 0 rg BT 321.43 367.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.06 367.90 Td (three ) Tj ET Q q 0 0 0 rg BT 358.46 367.90 Td (month ) Tj ET Q q 0 0 0 rg BT 386.43 367.90 Td (period ) Tj ET Q q 0 0 0 rg BT 414.39 367.90 Td (ended ) Tj ET Q q 0 0 0 rg BT 440.68 367.90 Td (March ) Tj ET Q q 0 0 0 rg BT 469.19 367.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 484.11 367.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.11 367.90 Td (, ) Tj ET Q q 0 0 0 rg BT 509.02 367.90 Td (we ) Tj ET Q q 0 0 0 rg BT 523.10 367.90 Td (decreased ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 355.90 Td (our ) Tj ET Q q 0 0 0 rg BT 64.89 355.90 Td (total ) Tj ET Q q 0 0 0 rg BT 84.72 355.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 130.67 355.90 Td (in ) Tj ET Q q 0 0 0 rg BT 140.51 355.90 Td (such ) Tj ET Q q 0 0 0 rg BT 160.90 355.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 181.29 355.90 Td (venture ) Tj ET Q q 0 0 0 rg BT 213.34 355.90 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 269.26 355.90 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.32 355.90 Td ($3.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.21 355.90 Td ( ) Tj ET Q q 0 0 0 rg BT 332.27 355.90 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.77 355.90 Td ($28.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.66 355.90 Td ( ) Tj ET Q q 0 0 0 rg BT 409.72 355.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.00 355.90 Td (December ) Tj ET Q q 0 0 0 rg BT 462.15 355.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 476.71 355.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.71 355.90 Td ( ) Tj ET Q q 0 0 0 rg BT 498.77 355.90 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.61 355.90 Td ($24.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 355.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 343.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 58.24 343.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 100.86 343.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.86 343.90 Td (, ) Tj ET Q q 0 0 0 rg BT 124.88 343.90 Td (which ) Tj ET Q q 0 0 0 rg BT 150.84 343.90 Td (was ) Tj ET Q q 0 0 0 rg BT 167.92 343.90 Td (driven ) Tj ET Q q 0 0 0 rg BT 194.99 343.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 233.72 343.90 Td (by ) Tj ET Q q 0 0 0 rg BT 245.24 343.90 Td (our ) Tj ET Q q 0 0 0 rg BT 260.10 343.90 Td (increased ) Tj ET Q q 0 0 0 rg BT 299.37 343.90 Td (lot ) Tj ET Q q 0 0 0 rg BT 311.45 343.90 Td (distributions ) Tj ET Q q 0 0 0 rg BT 362.98 343.90 Td (from ) Tj ET Q q 0 0 0 rg BT 383.94 343.90 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 446.00 343.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 465.86 343.90 Td (ventures ) Tj ET Q q 0 0 0 rg BT 501.26 343.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.11 343.90 Td ($7.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 343.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 331.90 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 331.90 Td (fset, ) Tj ET Q q 0 0 0 rg BT 77.09 331.90 Td (in ) Tj ET Q q 0 0 0 rg BT 87.37 331.90 Td (part, ) Tj ET Q q 0 0 0 rg BT 107.91 331.90 Td (by ) Tj ET Q q 0 0 0 rg BT 120.41 331.90 Td (our ) Tj ET Q q 0 0 0 rg BT 136.24 331.90 Td (cash ) Tj ET Q q 0 0 0 rg BT 156.51 331.90 Td (contributions ) Tj ET Q q 0 0 0 rg BT 211.79 331.90 Td (to ) Tj ET Q q 0 0 0 rg BT 222.06 331.90 Td (our ) Tj ET Q q 0 0 0 rg BT 237.89 331.90 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 300.94 331.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 321.77 331.90 Td (ventures ) Tj ET Q q 0 0 0 rg BT 358.15 331.90 Td (during ) Tj ET Q q 0 0 0 rg BT 386.76 331.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.47 331.90 Td (first ) Tj ET Q q 0 0 0 rg BT 420.08 331.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 450.90 331.90 Td (of ) Tj ET Q q 0 0 0 rg BT 461.73 331.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.73 331.90 Td ( ) Tj ET Q q 0 0 0 rg BT 484.23 331.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.06 331.90 Td ($3.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.95 331.90 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 309.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 309.90 Td (e ) Tj ET Q q 0 0 0 rg BT 65.08 309.90 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.46 309.90 Td (that ) Tj ET Q q 0 0 0 rg BT 113.96 309.90 Td (the ) Tj ET Q q 0 0 0 rg BT 128.68 309.90 Td (Company) Tj ET Q q 0 0 0 rg BT 170.34 309.90 Td (s ) Tj ET Q q 0 0 0 rg BT 176.74 309.90 Td (maximum ) Tj ET Q q 0 0 0 rg BT 219.79 309.90 Td (exposure ) Tj ET Q q 0 0 0 rg BT 258.39 309.90 Td (related ) Tj ET Q q 0 0 0 rg BT 288.10 309.90 Td (to ) Tj ET Q q 0 0 0 rg BT 298.38 309.90 Td (its ) Tj ET Q q 0 0 0 rg BT 310.33 309.90 Td (investment ) Tj ET Q q 0 0 0 rg BT 356.72 309.90 Td (in ) Tj ET Q q 0 0 0 rg BT 367.00 309.90 Td (these ) Tj ET Q q 0 0 0 rg BT 390.05 309.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 410.89 309.90 Td (venture ) Tj ET Q q 0 0 0 rg BT 443.38 309.90 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 499.75 309.90 Td (as ) Tj ET Q q 0 0 0 rg BT 510.58 309.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.42 309.90 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 297.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 297.90 Td ( ) Tj ET Q q 0 0 0 rg BT 72.25 297.90 Td (is ) Tj ET Q q 0 0 0 rg BT 81.67 297.90 Td (the ) Tj ET Q q 0 0 0 rg BT 96.63 297.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 129.38 297.90 Td (invested ) Tj ET Q q 0 0 0 rg BT 165.45 297.90 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.53 297.90 Td ($24.2 ) Tj ET Q q 0 0 0 rg BT 201.78 297.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.67 297.90 Td (, ) Tj ET Q q 0 0 0 rg BT 235.92 297.90 Td (which ) Tj ET Q q 0 0 0 rg BT 263.11 297.90 Td (is ) Tj ET Q q 0 0 0 rg BT 272.53 297.90 Td (reported ) Tj ET Q q 0 0 0 rg BT 308.59 297.90 Td (as ) Tj ET Q q 0 0 0 rg BT 319.67 297.90 Td (Investment ) Tj ET Q q 0 0 0 rg BT 366.85 297.90 Td (in ) Tj ET Q q 0 0 0 rg BT 377.38 297.90 Td (Joint ) Tj ET Q q 0 0 0 rg BT 399.38 297.90 Td (V) Tj ET Q q 0 0 0 rg BT 405.49 297.90 Td (enture ) Tj ET Q q 0 0 0 rg BT 432.62 297.90 Td (Arrangements ) Tj ET Q q 0 0 0 rg BT 492.01 297.90 Td (on ) Tj ET Q q 0 0 0 rg BT 504.76 297.90 Td (our ) Tj ET Q q 0 0 0 rg BT 520.84 297.90 Td (Unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 285.90 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 97.10 285.90 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 153.04 285.90 Td (Balance ) Tj ET Q q 0 0 0 rg BT 188.41 285.90 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 220.18 285.90 Td (although ) Tj ET Q q 0 0 0 rg BT 258.35 285.90 Td (we ) Tj ET Q q 0 0 0 rg BT 273.17 285.90 Td (expect ) Tj ET Q q 0 0 0 rg BT 302.43 285.90 Td (to ) Tj ET Q q 0 0 0 rg BT 313.37 285.90 Td (invest ) Tj ET Q q 0 0 0 rg BT 340.43 285.90 Td (further ) Tj ET Q q 0 0 0 rg BT 370.80 285.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 407.85 285.90 Td (in ) Tj ET Q q 0 0 0 rg BT 418.79 285.90 Td (these ) Tj ET Q q 0 0 0 rg BT 442.51 285.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 464.01 285.90 Td (venture ) Tj ET Q q 0 0 0 rg BT 497.16 285.90 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 554.19 285.90 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 273.90 Td (development ) Tj ET Q q 0 0 0 rg BT 103.65 273.90 Td (of ) Tj ET Q q 0 0 0 rg BT 114.48 273.90 Td (the ) Tj ET Q q 0 0 0 rg BT 129.20 273.90 Td (properties ) Tj ET Q q 0 0 0 rg BT 171.68 273.90 Td (progresses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 251.90 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 251.90 Td (e ) Tj ET Q q 0 0 0 rg BT 66.01 251.90 Td (use ) Tj ET Q q 0 0 0 rg BT 82.78 251.90 Td (the ) Tj ET Q q 0 0 0 rg BT 98.43 251.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 126.86 251.90 Td (method ) Tj ET Q q 0 0 0 rg BT 160.29 251.90 Td (of ) Tj ET Q q 0 0 0 rg BT 172.05 251.90 Td (accounting ) Tj ET Q q 0 0 0 rg BT 219.36 251.90 Td (for ) Tj ET Q q 0 0 0 rg BT 234.46 251.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 285.66 251.90 Td (in ) Tj ET Q q 0 0 0 rg BT 296.88 251.90 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 360.85 251.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 382.63 251.90 Td (ventures ) Tj ET Q q 0 0 0 rg BT 419.94 251.90 Td (over ) Tj ET Q q 0 0 0 rg BT 441.14 251.90 Td (which ) Tj ET Q q 0 0 0 rg BT 469.01 251.90 Td (we ) Tj ET Q q 0 0 0 rg BT 484.11 251.90 Td (exercise ) Tj ET Q q 0 0 0 rg BT 520.30 251.90 Td (significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 239.90 Td (influence ) Tj ET Q q 0 0 0 rg BT 88.81 239.90 Td (but ) Tj ET Q q 0 0 0 rg BT 103.70 239.90 Td (do ) Tj ET Q q 0 0 0 rg BT 115.82 239.90 Td (not ) Tj ET Q q 0 0 0 rg BT 130.71 239.90 Td (have ) Tj ET Q q 0 0 0 rg BT 151.69 239.90 Td (a ) Tj ET Q q 0 0 0 rg BT 158.25 239.90 Td (controlling ) Tj ET Q q 0 0 0 rg BT 204.24 239.90 Td (interest. ) Tj ET Q q 0 0 0 rg BT 238.28 239.90 Td ( ) Tj ET Q q 0 0 0 rg BT 240.40 239.90 Td (Under ) Tj ET Q q 0 0 0 rg BT 267.50 239.90 Td (the ) Tj ET Q q 0 0 0 rg BT 281.83 239.90 Td (equity ) Tj ET Q q 0 0 0 rg BT 308.93 239.90 Td (method, ) Tj ET Q q 0 0 0 rg BT 343.54 239.90 Td (our ) Tj ET Q q 0 0 0 rg BT 358.98 239.90 Td (share ) Tj ET Q q 0 0 0 rg BT 382.19 239.90 Td (of ) Tj ET Q q 0 0 0 rg BT 392.63 239.90 Td (the ) Tj ET Q q 0 0 0 rg BT 406.96 239.90 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 469.62 239.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 490.06 239.90 Td (ventures) Tj ET Q q 0 0 0 rg BT 526.53 239.90 Td ( ) Tj ET Q q 0 0 0 rg BT 528.64 239.90 Td (earnings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 227.90 Td (or ) Tj ET Q q 0 0 0 rg BT 59.93 227.90 Td (loss, ) Tj ET Q q 0 0 0 rg BT 80.09 227.90 Td (if ) Tj ET Q q 0 0 0 rg BT 88.29 227.90 Td (any) Tj ET Q q 0 0 0 rg BT 102.08 227.90 Td (, ) Tj ET Q q 0 0 0 rg BT 106.68 227.90 Td (is ) Tj ET Q q 0 0 0 rg BT 115.44 227.90 Td (included ) Tj ET Q q 0 0 0 rg BT 151.98 227.90 Td (in ) Tj ET Q q 0 0 0 rg BT 161.85 227.90 Td (our ) Tj ET Q q 0 0 0 rg BT 177.28 227.90 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 229.92 227.90 Td (statement ) Tj ET Q q 0 0 0 rg BT 270.33 227.90 Td (of ) Tj ET Q q 0 0 0 rg BT 280.76 227.90 Td (income. ) Tj ET Q q 0 0 0 rg BT 314.79 227.90 Td ( ) Tj ET Q q 0 0 0 rg BT 316.74 227.90 Td (The ) Tj ET Q q 0 0 0 rg BT 334.38 227.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 375.37 227.90 Td (assesses ) Tj ET Q q 0 0 0 rg BT 410.24 227.90 Td (its ) Tj ET Q q 0 0 0 rg BT 421.78 227.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 471.65 227.90 Td (in ) Tj ET Q q 0 0 0 rg BT 481.53 227.90 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 544.17 227.90 Td (joint ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 215.90 Td (ventures ) Tj ET Q q 0 0 0 rg BT 85.50 215.90 Td (for ) Tj ET Q q 0 0 0 rg BT 99.28 215.90 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 156.93 215.90 Td (on ) Tj ET Q q 0 0 0 rg BT 169.06 215.90 Td (a ) Tj ET Q q 0 0 0 rg BT 175.62 215.90 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 213.83 215.90 Td (basis. ) Tj ET Q q 0 0 0 rg BT 238.46 215.90 Td ( ) Tj ET Q q 0 0 0 rg BT 240.58 215.90 Td (Refer ) Tj ET Q q 0 0 0 rg BT 264.91 215.90 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 274.8125 214.56699218749998 m 301.3740234375 214.56699218749998 l s q 0 0 1 rg BT 274.81 215.90 Td (Note ) Tj ET Q q 0 0 1 rg BT 296.37 215.90 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 301.37 215.90 Td ( ) Tj ET Q q 0 0 0 rg BT 303.50 215.90 Td (for ) Tj ET Q q 0 0 0 rg BT 317.28 215.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 359.39 215.90 Td (details ) Tj ET Q q 0 0 0 rg BT 387.62 215.90 Td (relating ) Tj ET Q q 0 0 0 rg BT 420.29 215.90 Td (to ) Tj ET Q q 0 0 0 rg BT 430.19 215.90 Td (our ) Tj ET Q q 0 0 0 rg BT 445.64 215.90 Td (procedures ) Tj ET Q q 0 0 0 rg BT 491.63 215.90 Td (for ) Tj ET Q q 0 0 0 rg BT 505.41 215.90 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 549.19 215.90 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 203.90 Td (investments ) Tj ET Q q 0 0 0 rg BT 99.77 203.90 Td (for ) Tj ET Q q 0 0 0 rg BT 113.93 203.90 Td (impairment.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.90 Td (For ) Tj ET Q q 0 0 0 rg BT 65.97 181.90 Td (joint ) Tj ET Q q 0 0 0 rg BT 86.89 181.90 Td (venture ) Tj ET Q q 0 0 0 rg BT 119.46 181.90 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 175.91 181.90 Td (where ) Tj ET Q q 0 0 0 rg BT 202.92 181.90 Td (a ) Tj ET Q q 0 0 0 rg BT 209.94 181.90 Td (special ) Tj ET Q q 0 0 0 rg BT 240.29 181.90 Td (purpose ) Tj ET Q q 0 0 0 rg BT 274.53 181.90 Td (entity ) Tj ET Q q 0 0 0 rg BT 299.89 181.90 Td (is ) Tj ET Q q 0 0 0 rg BT 309.14 181.90 Td (established ) Tj ET Q q 0 0 0 rg BT 356.16 181.90 Td (to ) Tj ET Q q 0 0 0 rg BT 366.52 181.90 Td (own ) Tj ET Q q 0 0 0 rg BT 386.32 181.90 Td (the ) Tj ET Q q 0 0 0 rg BT 401.12 181.90 Td (property) Tj ET Q q 0 0 0 rg BT 434.35 181.90 Td (, ) Tj ET Q q 0 0 0 rg BT 439.43 181.90 Td (we ) Tj ET Q q 0 0 0 rg BT 453.67 181.90 Td (generally ) Tj ET Q q 0 0 0 rg BT 493.46 181.90 Td (enter ) Tj ET Q q 0 0 0 rg BT 516.03 181.90 Td (into ) Tj ET Q q 0 0 0 rg BT 534.17 181.90 Td (limited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.90 Td (liability ) Tj ET Q q 0 0 0 rg BT 82.90 169.90 Td (company ) Tj ET Q q 0 0 0 rg BT 121.85 169.90 Td (or ) Tj ET Q q 0 0 0 rg BT 132.48 169.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 162.54 169.90 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 218.70 169.90 Td (\(LLCs\) ) Tj ET Q q 0 0 0 rg BT 259.31 169.90 Td (with ) Tj ET Q q 0 0 0 rg BT 279.38 169.90 Td (the ) Tj ET Q q 0 0 0 rg BT 293.89 169.90 Td (other ) Tj ET Q q 0 0 0 rg BT 316.73 169.90 Td (partners. ) Tj ET Q q 0 0 0 rg BT 353.73 169.90 Td ( ) Tj ET Q q 0 0 0 rg BT 355.86 169.90 Td (The ) Tj ET Q q 0 0 0 rg BT 373.70 169.90 Td (Company) Tj ET Q q 0 0 0 rg BT 415.37 169.90 Td (s ) Tj ET Q q 0 0 0 rg BT 421.55 169.90 Td (ownership ) Tj ET Q q 0 0 0 rg BT 465.51 169.90 Td (in ) Tj ET Q q 0 0 0 rg BT 475.58 169.90 Td (these ) Tj ET Q q 0 0 0 rg BT 498.42 169.90 Td (LLCs ) Tj ET Q q 0 0 0 rg BT 523.49 169.90 Td (as ) Tj ET Q q 0 0 0 rg BT 534.12 169.90 Td (of ) Tj ET Q q 0 0 0 rg BT 544.74 169.90 Td (both ) Tj ET Q q 0 0 0 rg BT 565.02 169.90 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 92.79 157.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.79 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 114.98 157.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.61 157.90 Td (December ) Tj ET Q q 0 0 0 rg BT 174.89 157.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 189.58 157.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.58 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 211.78 157.90 Td (ranged ) Tj ET Q q 0 0 0 rg BT 241.17 157.90 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.81 157.90 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.14 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 283.33 157.90 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.30 157.90 Td (74%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.63 157.90 Td (. ) Tj ET Q q 0 0 0 rg BT 316.32 157.90 Td ( ) Tj ET Q q 0 0 0 rg BT 318.36 157.90 Td (These ) Tj ET Q q 0 0 0 rg BT 344.42 157.90 Td (entities ) Tj ET Q q 0 0 0 rg BT 375.50 157.90 Td (typically ) Tj ET Q q 0 0 0 rg BT 412.68 157.90 Td (engage ) Tj ET Q q 0 0 0 rg BT 443.19 157.90 Td (in ) Tj ET Q q 0 0 0 rg BT 453.16 157.90 Td (land ) Tj ET Q q 0 0 0 rg BT 472.57 157.90 Td (development ) Tj ET Q q 0 0 0 rg BT 526.41 157.90 Td (activities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.90 Td (for ) Tj ET Q q 0 0 0 rg BT 63.66 145.90 Td (the ) Tj ET Q q 0 0 0 rg BT 78.38 145.90 Td (purpose ) Tj ET Q q 0 0 0 rg BT 112.54 145.90 Td (of ) Tj ET Q q 0 0 0 rg BT 123.37 145.90 Td (distributing ) Tj ET Q q 0 0 0 rg BT 171.98 145.90 Td (or ) Tj ET Q q 0 0 0 rg BT 182.81 145.90 Td (selling ) Tj ET Q q 0 0 0 rg BT 211.98 145.90 Td (developed ) Tj ET Q q 0 0 0 rg BT 255.57 145.90 Td (lots ) Tj ET Q q 0 0 0 rg BT 272.52 145.90 Td (to ) Tj ET Q q 0 0 0 rg BT 282.80 145.90 Td (the ) Tj ET Q q 0 0 0 rg BT 297.51 145.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 338.90 145.90 Td (and ) Tj ET Q q 0 0 0 rg BT 355.84 145.90 Td (its ) Tj ET Q q 0 0 0 rg BT 367.79 145.90 Td (partners ) Tj ET Q q 0 0 0 rg BT 402.49 145.90 Td (in ) Tj ET Q q 0 0 0 rg BT 412.77 145.90 Td (the ) Tj ET Q q 0 0 0 rg BT 427.49 145.90 Td (LLC.) Tj ET Q endstream endobj 23 0 obj <> endobj 24 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (V) Tj ET Q q 0 0 0 rg BT 55.06 740.25 Td (ariable ) Tj ET Q q 0 0 0 rg BT 86.45 740.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 120.62 740.25 Td (Entities) 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 58.54 718.25 Td (ith ) Tj ET Q q 0 0 0 rg BT 72.45 718.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 104.12 718.25 Td (to ) Tj ET Q q 0 0 0 rg BT 115.25 718.25 Td (our ) Tj ET Q q 0 0 0 rg BT 131.93 718.25 Td (investments ) Tj ET Q q 0 0 0 rg BT 183.06 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 194.19 718.25 Td (these ) Tj ET Q q 0 0 0 rg BT 218.09 718.25 Td (LLCs, ) Tj ET Q q 0 0 0 rg BT 246.72 718.25 Td (we ) Tj ET Q q 0 0 0 rg BT 261.74 718.25 Td (are ) Tj ET Q q 0 0 0 rg BT 277.30 718.25 Td (required, ) Tj ET Q q 0 0 0 rg BT 316.47 718.25 Td (under ) Tj ET Q q 0 0 0 rg BT 341.85 718.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 364.66 718.25 Td (810-10, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 398.84 718.25 Td (Consolidation) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.51 718.25 Td ( ) Tj ET Q q 0 0 0 rg BT 458.87 718.25 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 489.44 718.25 Td (810\), ) Tj ET Q q 0 0 0 rg BT 518.06 718.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.20 718.25 Td (evaluate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 83.06 706.25 Td (or ) Tj ET Q q 0 0 0 rg BT 92.74 706.25 Td (not ) Tj ET Q q 0 0 0 rg BT 106.87 706.25 Td (such ) Tj ET Q q 0 0 0 rg BT 126.55 706.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 156.79 706.25 Td (should ) Tj ET Q q 0 0 0 rg BT 184.81 706.25 Td (be ) Tj ET Q q 0 0 0 rg BT 195.60 706.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 247.49 706.25 Td (into ) Tj ET Q q 0 0 0 rg BT 264.40 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 279.08 706.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 330.97 706.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 367.31 706.25 Td (statements. ) Tj ET Q q 0 0 0 rg BT 413.37 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 414.62 706.25 Td (W) Tj ET Q q 0 0 0 rg BT 423.26 706.25 Td (e ) Tj ET Q q 0 0 0 rg BT 429.05 706.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 461.51 706.25 Td (perform ) Tj ET Q q 0 0 0 rg BT 495.07 706.25 Td (these ) Tj ET Q q 0 0 0 rg BT 516.97 706.25 Td (evaluations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (when ) Tj ET Q q 0 0 0 rg BT 72.82 694.25 Td (each ) Tj ET Q q 0 0 0 rg BT 92.80 694.25 Td (new ) Tj ET Q q 0 0 0 rg BT 111.13 694.25 Td (entity ) Tj ET Q q 0 0 0 rg BT 135.57 694.25 Td (is ) Tj ET Q q 0 0 0 rg BT 143.90 694.25 Td (created ) Tj ET Q q 0 0 0 rg BT 174.43 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.53 694.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 212.19 694.25 Td (any ) Tj ET Q q 0 0 0 rg BT 228.29 694.25 Td (events ) Tj ET Q q 0 0 0 rg BT 255.51 694.25 Td (that ) Tj ET Q q 0 0 0 rg BT 272.17 694.25 Td (require ) Tj ET Q q 0 0 0 rg BT 302.14 694.25 Td (reconsideration ) Tj ET Q q 0 0 0 rg BT 365.45 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.44 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.32 694.25 Td (entity) Tj ET Q q 0 0 0 rg BT 411.45 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 415.61 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 417.28 694.25 Td (See ) Tj ET Q q 0 0 0 rg BT 433.38 694.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 454.48 694.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 463.65 694.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 508.63 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 518.63 694.25 Td (Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 99.67 682.25 Td (Policies ) Tj ET Q q 0 0 0 rg BT 134.84 682.25 Td (- ) Tj ET Q q 0 0 0 rg BT 141.43 682.25 Td (V) Tj ET Q q 0 0 0 rg BT 147.54 682.25 Td (ariable ) Tj ET Q q 0 0 0 rg BT 178.25 682.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 211.75 682.25 Td (Entities ) Tj ET Q q 0 0 0 rg BT 250.25 682.25 Td (in ) Tj ET Q q 0 0 0 rg BT 261.53 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.26 682.25 Td (Company) Tj ET Q q 0 0 0 rg BT 318.93 682.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.33 682.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.33 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 349.84 682.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 375.02 682.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 399.08 682.25 Td (for ) Tj ET Q q 0 0 0 rg BT 414.25 682.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 457.75 682.25 Td (information ) Tj ET Q q 0 0 0 rg BT 508.47 682.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 550.29 682.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (Company) Tj ET Q q 0 0 0 rg BT 91.17 670.25 Td (s ) Tj ET Q q 0 0 0 rg BT 97.56 670.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 152.83 670.25 Td (for ) Tj ET Q q 0 0 0 rg BT 166.99 670.25 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 211.14 670.25 Td (entities ) Tj ET Q q 0 0 0 rg BT 242.52 670.25 Td (for ) Tj ET Q q 0 0 0 rg BT 256.68 670.25 Td (consolidation.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (Land ) Tj ET Q q 0 0 0 rg BT 73.67 648.25 Td (Option ) Tj ET Q q 0 0 0 rg BT 104.14 648.25 Td (Agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.08 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.55 626.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 110.68 626.25 Td (course ) Tj ET Q q 0 0 0 rg BT 139.04 626.25 Td (of ) Tj ET Q q 0 0 0 rg BT 149.62 626.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 188.26 626.25 Td (the ) Tj ET Q q 0 0 0 rg BT 202.73 626.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 243.88 626.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 270.01 626.25 Td (into ) Tj ET Q q 0 0 0 rg BT 287.82 626.25 Td (land ) Tj ET Q q 0 0 0 rg BT 307.29 626.25 Td (option ) Tj ET Q q 0 0 0 rg BT 335.10 626.25 Td (or ) Tj ET Q q 0 0 0 rg BT 345.68 626.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 383.47 626.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 431.26 626.25 Td ( ) Tj ET Q q 0 0 0 rg BT 433.51 626.25 Td (for ) Tj ET Q q 0 0 0 rg BT 447.42 626.25 Td (which ) Tj ET Q q 0 0 0 rg BT 474.11 626.25 Td (we ) Tj ET Q q 0 0 0 rg BT 488.03 626.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 527.48 626.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 544.18 626.25 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.25 Td (refundable ) Tj ET Q q 0 0 0 rg BT 94.70 614.25 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 132.42 614.25 Td ( ) Tj ET Q q 0 0 0 rg BT 134.87 614.25 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 172.31 614.25 Td (to ) Tj ET Q q 0 0 0 rg BT 182.54 614.25 Td (these ) Tj ET Q q 0 0 0 rg BT 205.53 614.25 Td (land ) Tj ET Q q 0 0 0 rg BT 225.19 614.25 Td (option ) Tj ET Q q 0 0 0 rg BT 253.19 614.25 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 303.67 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.33 614.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 359.67 614.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 396.55 614.25 Td (a ) Tj ET Q q 0 0 0 rg BT 403.43 614.25 Td (deposit ) Tj ET Q q 0 0 0 rg BT 434.76 614.25 Td (to ) Tj ET Q q 0 0 0 rg BT 444.99 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 459.65 614.25 Td (seller ) Tj ET Q q 0 0 0 rg BT 483.75 614.25 Td (as ) Tj ET Q q 0 0 0 rg BT 494.53 614.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 550.84 614.25 Td (for ) 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 63.68 602.25 Td (right ) Tj ET Q q 0 0 0 rg BT 84.54 602.25 Td (to ) Tj ET Q q 0 0 0 rg BT 94.29 602.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 131.79 602.25 Td (land ) Tj ET Q q 0 0 0 rg BT 150.97 602.25 Td (at ) Tj ET Q q 0 0 0 rg BT 160.16 602.25 Td (dif) Tj ET Q q 0 0 0 rg BT 171.09 602.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 196.37 602.25 Td (times ) Tj ET Q q 0 0 0 rg BT 220.00 602.25 Td (in ) Tj ET Q q 0 0 0 rg BT 229.75 602.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.93 602.25 Td (future, ) Tj ET Q q 0 0 0 rg BT 272.28 602.25 Td (usually ) Tj ET Q q 0 0 0 rg BT 303.13 602.25 Td (at ) Tj ET Q q 0 0 0 rg BT 312.32 602.25 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 372.03 602.25 Td (prices.In ) Tj ET Q q 0 0 0 rg BT 411.21 602.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 458.14 602.25 Td (with ) Tj ET Q q 0 0 0 rg BT 477.45 602.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 498.87 602.25 Td (810, ) Tj ET Q q 0 0 0 rg BT 518.34 602.25 Td (we ) Tj ET Q q 0 0 0 rg BT 531.97 602.25 Td (analyze ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.44 590.25 Td (land ) Tj ET Q q 0 0 0 rg BT 85.27 590.25 Td (option ) Tj ET Q q 0 0 0 rg BT 113.44 590.25 Td (or ) Tj ET Q q 0 0 0 rg BT 124.39 590.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 162.54 590.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 210.69 590.25 Td (to ) Tj ET Q q 0 0 0 rg BT 221.08 590.25 Td (determine ) Tj ET Q q 0 0 0 rg BT 263.67 590.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 298.49 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 313.32 590.25 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 373.14 590.25 Td (land ) Tj ET Q q 0 0 0 rg BT 392.97 590.25 Td (sellers ) Tj ET Q q 0 0 0 rg BT 421.14 590.25 Td (are ) Tj ET Q q 0 0 0 rg BT 435.77 590.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 458.93 590.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 478.48 590.25 Td (if ) Tj ET Q q 0 0 0 rg BT 487.21 590.25 Td (so, ) Tj ET Q q 0 0 0 rg BT 501.21 590.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 536.03 590.25 Td (we ) Tj ET Q q 0 0 0 rg BT 550.31 590.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.86 578.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 97.66 578.25 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 141.98 578.25 Td (, ) Tj ET Q q 0 0 0 rg BT 146.62 578.25 Td (as ) Tj ET Q q 0 0 0 rg BT 157.09 578.25 Td (further ) Tj ET Q q 0 0 0 rg BT 186.44 578.25 Td (described ) Tj ET Q q 0 0 0 rg BT 226.90 578.25 Td (in ) Tj ET Q q 0 0 0 rg BT 236.82 578.25 Td (Note ) Tj ET Q q 0 0 0 rg BT 258.40 578.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 268.05 578.25 Td (Summary ) Tj ET Q q 0 0 0 rg BT 313.51 578.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.99 578.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 369.54 578.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 418.34 578.25 Td (Policies ) Tj ET Q q 0 0 0 rg BT 452.14 578.25 Td (- ) Tj ET Q q 0 0 0 rg BT 457.62 578.25 Td (Land ) Tj ET Q q 0 0 0 rg BT 480.31 578.25 Td (Option ) Tj ET Q q 0 0 0 rg BT 509.75 578.25 Td (Agreements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.04 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.02 566.25 Td (Company) Tj ET Q q 0 0 0 rg BT 116.69 566.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.34 566.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.34 566.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.11 566.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 170.54 566.25 Td (10-K. ) Tj ET Q q 0 0 0 rg BT 196.36 566.25 Td ( ) Tj ET Q q 0 0 0 rg BT 199.12 566.25 Td (If ) Tj ET Q q 0 0 0 rg BT 208.54 566.25 Td (we ) Tj ET Q q 0 0 0 rg BT 222.97 566.25 Td (are ) Tj ET Q q 0 0 0 rg BT 237.94 566.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 271.79 566.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.34 566.25 Td (be ) Tj ET Q q 0 0 0 rg BT 294.54 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 309.52 566.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 343.94 566.25 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 391.67 566.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.77 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 417.55 566.25 Td (VIE, ) Tj ET Q q 0 0 0 rg BT 439.47 566.25 Td (we ) Tj ET Q q 0 0 0 rg BT 453.90 566.25 Td (will ) Tj ET Q q 0 0 0 rg BT 472.22 566.25 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 520.52 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 535.30 566.25 Td (VIE ) Tj ET Q q 0 0 0 rg BT 554.73 566.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (our ) Tj ET Q q 0 0 0 rg BT 66.54 554.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 120.80 554.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 159.49 554.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 205.42 554.25 Td (and ) Tj ET Q q 0 0 0 rg BT 223.57 554.25 Td (reflect ) Tj ET Q q 0 0 0 rg BT 252.82 554.25 Td (such ) Tj ET Q q 0 0 0 rg BT 274.86 554.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 301.90 554.25 Td (and ) Tj ET Q q 0 0 0 rg BT 320.05 554.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 360.98 554.25 Td (in ) Tj ET Q q 0 0 0 rg BT 372.48 554.25 Td (our ) Tj ET Q q 0 0 0 rg BT 389.52 554.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 446.01 554.25 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 488.60 554.25 Td (not ) Tj ET Q q 0 0 0 rg BT 505.09 554.25 Td (Owned ) Tj ET Q q 0 0 0 rg BT 537.68 554.25 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 554.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 93.13 542.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 139.54 542.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 194.29 542.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 228.47 542.25 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 259.05 542.25 Td ( ) Tj ET Q q 0 0 0 rg BT 260.59 542.25 Td (At ) Tj ET Q q 0 0 0 rg BT 272.56 542.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.31 542.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 335.39 542.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.39 542.25 Td ( ) Tj ET Q q 0 0 0 rg BT 357.36 542.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.77 542.25 Td (December ) Tj ET Q q 0 0 0 rg BT 416.83 542.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 431.30 542.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.30 542.25 Td (, ) Tj ET Q q 0 0 0 rg BT 455.78 542.25 Td (we ) Tj ET Q q 0 0 0 rg BT 469.41 542.25 Td (concluded ) Tj ET Q q 0 0 0 rg BT 512.48 542.25 Td (that ) Tj ET Q q 0 0 0 rg BT 529.45 542.25 Td (we ) Tj ET Q q 0 0 0 rg BT 543.08 542.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.25 Td (not ) Tj ET Q q 0 0 0 rg BT 64.78 530.25 Td (the ) Tj ET Q q 0 0 0 rg BT 79.50 530.25 Td (primary ) Tj ET Q q 0 0 0 rg BT 113.65 530.25 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 161.12 530.25 Td (of ) Tj ET Q q 0 0 0 rg BT 171.95 530.25 Td (any ) Tj ET Q q 0 0 0 rg BT 188.71 530.25 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 211.76 530.25 Td (from ) Tj ET Q q 0 0 0 rg BT 233.70 530.25 Td (which ) Tj ET Q q 0 0 0 rg BT 260.64 530.25 Td (we ) Tj ET Q q 0 0 0 rg BT 274.80 530.25 Td (are ) Tj ET Q q 0 0 0 rg BT 289.50 530.25 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 335.88 530.25 Td (land ) Tj ET Q q 0 0 0 rg BT 355.60 530.25 Td (under ) Tj ET Q q 0 0 0 rg BT 380.87 530.25 Td (option ) Tj ET Q q 0 0 0 rg BT 408.92 530.25 Td (or ) Tj ET Q q 0 0 0 rg BT 419.75 530.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 457.79 530.25 Td (agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 508.25 Td (4. ) Tj ET Q q 0 0 0 rg BT 90.34 508.25 Td (Fair) Tj ET Q q 0 0 0 rg BT 108.48 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.80 508.25 Td (V) Tj ET Q q 0 0 0 rg BT 117.11 508.25 Td (alue ) Tj ET Q q 0 0 0 rg BT 137.39 508.25 Td (Measur) Tj ET Q q 0 0 0 rg BT 169.97 508.25 Td (ements) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.25 Td (There ) Tj ET Q q 0 0 0 rg BT 75.82 486.25 Td (are ) Tj ET Q q 0 0 0 rg BT 91.04 486.25 Td (three ) Tj ET Q q 0 0 0 rg BT 114.03 486.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 170.35 486.25 Td (input ) Tj ET Q q 0 0 0 rg BT 193.91 486.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 220.25 486.25 Td (for ) Tj ET Q q 0 0 0 rg BT 234.92 486.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 286.24 486.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 303.13 486.25 Td (value: ) Tj ET Q q 0 0 0 rg BT 330.57 486.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 356.34 486.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 366.85 486.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 392.62 486.25 Td (2, ) Tj ET Q q 0 0 0 rg BT 403.13 486.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.57 486.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 446.35 486.25 Td (3. ) Tj ET Q q 0 0 0 rg BT 456.85 486.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 475.97 486.25 Td (values ) Tj ET Q q 0 0 0 rg BT 504.52 486.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 552.51 486.25 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 74.81 474.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 82.35 474.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 109.34 474.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 136.88 474.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 166.64 474.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 193.06 474.25 Td (in ) Tj ET Q q 0 0 0 rg BT 203.38 474.25 Td (active ) Tj ET Q q 0 0 0 rg BT 229.80 474.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 264.00 474.25 Td (for ) Tj ET Q q 0 0 0 rg BT 278.20 474.25 Td (identical ) Tj ET Q q 0 0 0 rg BT 315.17 474.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 341.05 474.25 Td (or ) Tj ET Q q 0 0 0 rg BT 351.92 474.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 391.68 474.25 Td (that ) Tj ET Q q 0 0 0 rg BT 409.22 474.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.98 474.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 465.41 474.25 Td (has ) Tj ET Q q 0 0 0 rg BT 481.29 474.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.05 474.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 524.14 474.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.47 474.25 Td (access. ) Tj ET Q q 0 0 0 rg BT 565.00 474.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 68.54 462.25 Td (values ) Tj ET Q q 0 0 0 rg BT 97.01 462.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 144.92 462.25 Td (by ) Tj ET Q q 0 0 0 rg BT 157.85 462.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 183.54 462.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 191.47 462.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 218.85 462.25 Td (utilize ) Tj ET Q q 0 0 0 rg BT 246.77 462.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 274.14 462.25 Td (other ) Tj ET Q q 0 0 0 rg BT 297.62 462.25 Td (than ) Tj ET Q q 0 0 0 rg BT 317.77 462.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 347.91 462.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 374.72 462.25 Td (included ) Tj ET Q q 0 0 0 rg BT 412.08 462.25 Td (in ) Tj ET Q q 0 0 0 rg BT 422.79 462.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 448.48 462.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 456.41 462.25 Td (that ) Tj ET Q q 0 0 0 rg BT 474.33 462.25 Td (are ) Tj ET Q q 0 0 0 rg BT 489.47 462.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 535.71 462.25 Td (for ) Tj ET Q q 0 0 0 rg BT 550.30 462.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 70.72 450.25 Td (or ) Tj ET Q q 0 0 0 rg BT 80.84 450.25 Td (liability) Tj ET Q q 0 0 0 rg BT 111.30 450.25 Td (, ) Tj ET Q q 0 0 0 rg BT 115.59 450.25 Td (either ) Tj ET Q q 0 0 0 rg BT 140.14 450.25 Td (directly ) Tj ET Q q 0 0 0 rg BT 172.46 450.25 Td (or ) Tj ET Q q 0 0 0 rg BT 182.58 450.25 Td (indirectly) Tj ET Q q 0 0 0 rg BT 220.25 450.25 Td (. ) Tj ET Q q 0 0 0 rg BT 224.54 450.25 Td ( ) Tj ET Q q 0 0 0 rg BT 226.32 450.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 250.87 450.25 Td (2 ) Tj ET Q q 0 0 0 rg BT 257.66 450.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 283.89 450.25 Td (include ) Tj ET Q q 0 0 0 rg BT 315.11 450.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 344.12 450.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 369.78 450.25 Td (for ) Tj ET Q q 0 0 0 rg BT 383.23 450.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 412.79 450.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 437.90 450.25 Td (and ) Tj ET Q q 0 0 0 rg BT 454.13 450.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 493.13 450.25 Td (in ) Tj ET Q q 0 0 0 rg BT 502.69 450.25 Td (active ) Tj ET Q q 0 0 0 rg BT 528.35 450.25 Td (markets, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 67.00 438.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 94.52 438.25 Td (other ) Tj ET Q q 0 0 0 rg BT 118.13 438.25 Td (than ) Tj ET Q q 0 0 0 rg BT 138.41 438.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 168.69 438.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 195.64 438.25 Td (that ) Tj ET Q q 0 0 0 rg BT 213.70 438.25 Td (are ) Tj ET Q q 0 0 0 rg BT 228.97 438.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 275.35 438.25 Td (for ) Tj ET Q q 0 0 0 rg BT 290.08 438.25 Td (the ) Tj ET Q q 0 0 0 rg BT 305.36 438.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 327.86 438.25 Td (or ) Tj ET Q q 0 0 0 rg BT 339.26 438.25 Td (liability) Tj ET Q q 0 0 0 rg BT 369.72 438.25 Td (, ) Tj ET Q q 0 0 0 rg BT 375.28 438.25 Td (such ) Tj ET Q q 0 0 0 rg BT 396.68 438.25 Td (as ) Tj ET Q q 0 0 0 rg BT 408.07 438.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 440.57 438.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 462.51 438.25 Td (and ) Tj ET Q q 0 0 0 rg BT 480.02 438.25 Td (yield ) Tj ET Q q 0 0 0 rg BT 503.08 438.25 Td (curves ) Tj ET Q q 0 0 0 rg BT 532.24 438.25 Td (that ) Tj ET Q q 0 0 0 rg BT 550.30 438.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.25 Td (observable ) Tj ET Q q 0 0 0 rg BT 95.27 426.25 Td (at ) Tj ET Q q 0 0 0 rg BT 104.93 426.25 Td (commonly ) Tj ET Q q 0 0 0 rg BT 150.16 426.25 Td (quoted ) Tj ET Q q 0 0 0 rg BT 179.82 426.25 Td (intervals. ) Tj ET Q q 0 0 0 rg BT 219.21 426.25 Td ( ) Tj ET Q q 0 0 0 rg BT 221.66 426.25 Td (Level ) Tj ET Q q 0 0 0 rg BT 246.87 426.25 Td (3 ) Tj ET Q q 0 0 0 rg BT 254.32 426.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 281.22 426.25 Td (are ) Tj ET Q q 0 0 0 rg BT 295.88 426.25 Td (unobservable ) Tj ET Q q 0 0 0 rg BT 351.64 426.25 Td (inputs ) Tj ET Q q 0 0 0 rg BT 378.54 426.25 Td (for ) Tj ET Q q 0 0 0 rg BT 392.65 426.25 Td (the ) Tj ET Q q 0 0 0 rg BT 407.32 426.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 429.21 426.25 Td (or ) Tj ET Q q 0 0 0 rg BT 439.99 426.25 Td (liability) Tj ET Q q 0 0 0 rg BT 470.45 426.25 Td (, ) Tj ET Q q 0 0 0 rg BT 475.40 426.25 Td (and ) Tj ET Q q 0 0 0 rg BT 492.29 426.25 Td (include ) Tj ET Q q 0 0 0 rg BT 524.17 426.25 Td (situations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.25 Td (where ) Tj ET Q q 0 0 0 rg BT 76.43 414.25 Td (there ) Tj ET Q q 0 0 0 rg BT 98.91 414.25 Td (is ) Tj ET Q q 0 0 0 rg BT 108.08 414.25 Td (little, ) Tj ET Q q 0 0 0 rg BT 131.41 414.25 Td (if ) Tj ET Q q 0 0 0 rg BT 140.02 414.25 Td (any) Tj ET Q q 0 0 0 rg BT 153.81 414.25 Td (, ) Tj ET Q q 0 0 0 rg BT 158.81 414.25 Td (market ) Tj ET Q q 0 0 0 rg BT 189.08 414.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 221.57 414.25 Td (for ) Tj ET Q q 0 0 0 rg BT 235.73 414.25 Td (the ) Tj ET Q q 0 0 0 rg BT 250.44 414.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 272.38 414.25 Td (or ) Tj ET Q q 0 0 0 rg BT 283.21 414.25 Td (liability) Tj ET Q q 0 0 0 rg BT 313.67 414.25 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (Assets ) Tj ET Q q 0 0 0 rg BT 77.56 392.25 Td (Measured ) Tj ET Q q 0 0 0 rg BT 121.17 392.25 Td (on ) Tj ET Q q 0 0 0 rg BT 134.24 392.25 Td (a ) Tj ET Q q 0 0 0 rg BT 141.74 392.25 Td (Recurring ) Tj ET Q q 0 0 0 rg BT 186.47 392.25 Td (Basis) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.27 370.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.39 370.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 147.82 370.25 Td (both ) Tj ET Q q 0 0 0 rg BT 167.83 370.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 207.82 370.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 231.16 370.25 Td (held ) Tj ET Q q 0 0 0 rg BT 250.60 370.25 Td (for ) Tj ET Q q 0 0 0 rg BT 264.49 370.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 282.27 370.25 Td (and ) Tj ET Q q 0 0 0 rg BT 298.93 370.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 330.60 370.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 347.81 370.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 367.25 370.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 423.92 370.25 Td (\(IRLCs\) ) Tj ET Q q 0 0 0 rg BT 468.35 370.25 Td (at ) Tj ET Q q 0 0 0 rg BT 477.80 370.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 493.90 370.25 Td (value. ) Tj ET Q q 0 0 0 rg BT 520.29 370.25 Td ( ) Tj ET Q q 0 0 0 rg BT 522.52 370.25 Td (Fair ) Tj ET Q q 0 0 0 rg BT 540.85 370.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 358.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 106.25 358.25 Td (results ) Tj ET Q q 0 0 0 rg BT 135.79 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 147.01 358.25 Td (a ) Tj ET Q q 0 0 0 rg BT 154.88 358.25 Td (better ) Tj ET Q q 0 0 0 rg BT 181.08 358.25 Td (presentation ) Tj ET Q q 0 0 0 rg BT 233.39 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 245.16 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.81 358.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 296.45 358.25 Td (in ) Tj ET Q q 0 0 0 rg BT 307.67 358.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 324.98 358.25 Td (values ) Tj ET Q q 0 0 0 rg BT 353.97 358.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.73 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 381.39 358.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 405.93 358.25 Td (and ) Tj ET Q q 0 0 0 rg BT 423.81 358.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.46 358.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 482.88 358.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 532.98 358.25 Td (used ) Tj ET Q q 0 0 0 rg BT 554.74 358.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 346.25 Td (economically ) Tj ET Q q 0 0 0 rg BT 105.87 346.25 Td (hedge ) Tj ET Q q 0 0 0 rg BT 132.24 346.25 Td (them.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.58 324.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.55 324.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 106.63 324.25 Td (course ) Tj ET Q q 0 0 0 rg BT 135.48 324.25 Td (of ) Tj ET Q q 0 0 0 rg BT 146.57 324.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 185.71 324.25 Td (our ) Tj ET Q q 0 0 0 rg BT 201.79 324.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 239.53 324.25 Td (services ) Tj ET Q q 0 0 0 rg BT 274.49 324.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 310.56 324.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 337.19 324.25 Td (into ) Tj ET Q q 0 0 0 rg BT 355.50 324.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 402.68 324.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 459.87 324.25 Td (to ) Tj ET Q q 0 0 0 rg BT 470.40 324.25 Td (extend ) Tj ET Q q 0 0 0 rg BT 499.81 324.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 525.32 324.25 Td (to ) Tj ET Q q 0 0 0 rg BT 535.85 324.25 Td (buyers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.86 312.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 115.22 312.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 143.36 312.25 Td (with ) Tj ET Q q 0 0 0 rg BT 163.17 312.25 Td (fixed ) Tj ET Q q 0 0 0 rg BT 185.75 312.25 Td (expiration ) Tj ET Q q 0 0 0 rg BT 228.32 312.25 Td (dates.) Tj ET Q q 0 0 0 rg BT 256.19 312.25 Td (The ) Tj ET Q q 0 0 0 rg BT 273.77 312.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 330.24 312.25 Td (become ) Tj ET Q q 0 0 0 rg BT 363.37 312.25 Td (ef) Tj ET Q q 0 0 0 rg BT 370.95 312.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 400.19 312.25 Td (when ) Tj ET Q q 0 0 0 rg BT 423.88 312.25 Td (the ) Tj ET Q q 0 0 0 rg BT 438.13 312.25 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 480.71 312.25 Td (lock-in ) Tj ET Q q 0 0 0 rg BT 519.94 312.25 Td (a ) Tj ET Q q 0 0 0 rg BT 526.41 312.25 Td (specified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 300.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.35 300.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 98.75 300.25 Td (within ) Tj ET Q q 0 0 0 rg BT 126.72 300.25 Td (established ) Tj ET Q q 0 0 0 rg BT 173.57 300.25 Td (time ) Tj ET Q q 0 0 0 rg BT 193.76 300.25 Td (frames.Market ) Tj ET Q q 0 0 0 rg BT 259.75 300.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 277.17 300.25 Td (arises ) Tj ET Q q 0 0 0 rg BT 302.35 300.25 Td (if ) Tj ET Q q 0 0 0 rg BT 310.87 300.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 342.72 300.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 364.01 300.25 Td (move ) Tj ET Q q 0 0 0 rg BT 388.65 300.25 Td (adversely ) Tj ET Q q 0 0 0 rg BT 429.38 300.25 Td (between ) Tj ET Q q 0 0 0 rg BT 465.11 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 479.74 300.25 Td (time ) Tj ET Q q 0 0 0 rg BT 499.92 300.25 Td (of ) Tj ET Q q 0 0 0 rg BT 510.67 300.25 Td (the ) Tj ET Q q 0 0 0 rg BT 525.30 300.25 Td (lock-in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 288.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.98 288.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 83.01 288.25 Td (by ) Tj ET Q q 0 0 0 rg BT 96.16 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 111.53 288.25 Td (borrower ) Tj ET Q q 0 0 0 rg BT 151.33 288.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.92 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 184.29 288.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 202.99 288.25 Td (date ) Tj ET Q q 0 0 0 rg BT 222.80 288.25 Td (of ) Tj ET Q q 0 0 0 rg BT 234.28 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 249.65 288.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 270.02 288.25 Td (to ) Tj ET Q q 0 0 0 rg BT 280.95 288.25 Td (an ) Tj ET Q q 0 0 0 rg BT 293.54 288.25 Td (investor) Tj ET Q q 0 0 0 rg BT 325.20 288.25 Td (.) Tj ET Q q 0 0 0 rg BT 332.52 288.25 Td (T) Tj ET Q q 0 0 0 rg BT 337.93 288.25 Td (o ) Tj ET Q q 0 0 0 rg BT 346.08 288.25 Td (mitigate ) Tj ET Q q 0 0 0 rg BT 382.00 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.37 288.25 Td (ef) Tj ET Q q 0 0 0 rg BT 404.96 288.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 423.10 288.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.58 288.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.95 288.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 482.53 288.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 500.67 288.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 518.82 288.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 554.74 288.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 90.65 276.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 107.89 276.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 127.37 276.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 184.07 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.10 276.25 Td (borrowers, ) Tj ET Q q 0 0 0 rg BT 239.41 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 253.88 276.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 295.03 276.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 321.17 276.25 Td (into ) Tj ET Q q 0 0 0 rg BT 338.98 276.25 Td (optional ) Tj ET Q q 0 0 0 rg BT 374.02 276.25 Td (or ) Tj ET Q q 0 0 0 rg BT 384.61 276.25 Td (mandatory ) Tj ET Q q 0 0 0 rg BT 429.63 276.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 464.65 276.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 498.56 276.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 516.37 276.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 554.72 276.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (sell ) Tj ET Q q 0 0 0 rg BT 66.18 264.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 93.42 264.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 117.33 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 134.56 264.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 206.77 264.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 247.33 264.25 Td (to ) Tj ET Q q 0 0 0 rg BT 257.91 264.25 Td (broker/dealers.) Tj ET Q q 0 0 0 rg BT 322.42 264.25 Td (The ) Tj ET Q q 0 0 0 rg BT 340.76 264.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 375.21 264.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 393.56 264.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 432.45 264.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 452.46 264.25 Td (in ) Tj ET Q q 0 0 0 rg BT 463.04 264.25 Td (an ) Tj ET Q q 0 0 0 rg BT 475.28 264.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 507.51 264.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 525.29 264.25 Td (and ) Tj ET Q q 0 0 0 rg BT 542.53 264.25 Td (price ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (for ) Tj ET Q q 0 0 0 rg BT 64.74 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.54 252.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 99.67 252.25 Td (of ) Tj ET Q q 0 0 0 rg BT 111.58 252.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 136.27 252.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 167.63 252.25 Td (to ) Tj ET Q q 0 0 0 rg BT 178.98 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 194.78 252.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 229.46 252.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 248.03 252.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 268.82 252.25 Td (commitments.) Tj ET Q q 0 0 0 rg BT 330.58 252.25 Td (The ) Tj ET Q q 0 0 0 rg BT 349.71 252.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 392.18 252.25 Td (does ) Tj ET Q q 0 0 0 rg BT 414.09 252.25 Td (not ) Tj ET Q q 0 0 0 rg BT 430.45 252.25 Td (engage ) Tj ET Q q 0 0 0 rg BT 462.35 252.25 Td (in ) Tj ET Q q 0 0 0 rg BT 473.71 252.25 Td (speculative ) Tj ET Q q 0 0 0 rg BT 522.27 252.25 Td (trading ) Tj ET Q q 0 0 0 rg BT 554.18 252.25 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 92.20 240.25 Td (activities.Both ) Tj ET Q q 0 0 0 rg BT 157.96 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.89 240.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 190.59 240.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 210.52 240.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 267.67 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 278.17 240.25 Td (borrowers ) Tj ET Q q 0 0 0 rg BT 321.42 240.25 Td (and ) Tj ET Q q 0 0 0 rg BT 338.58 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 353.51 240.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 387.87 240.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 406.14 240.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 444.94 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 455.44 240.25 Td (broker/dealers ) Tj ET Q q 0 0 0 rg BT 515.34 240.25 Td (or ) Tj ET Q q 0 0 0 rg BT 526.39 240.25 Td (investors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (are ) Tj ET Q q 0 0 0 rg BT 63.77 228.25 Td (undesignated ) Tj ET Q q 0 0 0 rg BT 118.60 228.25 Td (derivatives, ) Tj ET Q q 0 0 0 rg BT 167.04 228.25 Td (and ) Tj ET Q q 0 0 0 rg BT 183.54 228.25 Td (accordingly) Tj ET Q q 0 0 0 rg BT 230.09 228.25 Td (, ) Tj ET Q q 0 0 0 rg BT 234.66 228.25 Td (are ) Tj ET Q q 0 0 0 rg BT 248.93 228.25 Td (marked ) Tj ET Q q 0 0 0 rg BT 280.98 228.25 Td (to ) Tj ET Q q 0 0 0 rg BT 290.82 228.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 306.76 228.25 Td (value ) Tj ET Q q 0 0 0 rg BT 330.48 228.25 Td (through ) Tj ET Q q 0 0 0 rg BT 363.65 228.25 Td (earnings.Changes ) Tj ET Q q 0 0 0 rg BT 441.53 228.25 Td (in ) Tj ET Q q 0 0 0 rg BT 451.38 228.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 467.32 228.25 Td (value ) Tj ET Q q 0 0 0 rg BT 491.04 228.25 Td (measurements ) Tj ET Q q 0 0 0 rg BT 550.30 228.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (included ) Tj ET Q q 0 0 0 rg BT 86.43 216.25 Td (in ) Tj ET Q q 0 0 0 rg BT 96.71 216.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 133.09 216.25 Td (in ) Tj ET Q q 0 0 0 rg BT 143.37 216.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.08 216.25 Td (accompanying ) Tj ET Q q 0 0 0 rg BT 218.89 216.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 263.61 216.25 Td (of ) Tj ET Q q 0 0 0 rg BT 274.44 216.25 Td (income.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.25 Td (The ) Tj ET Q q 0 0 0 rg BT 68.03 194.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 84.89 194.25 Td (value ) Tj ET Q q 0 0 0 rg BT 109.53 194.25 Td (of ) Tj ET Q q 0 0 0 rg BT 120.85 194.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 161.60 194.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 185.69 194.25 Td (held ) Tj ET Q q 0 0 0 rg BT 205.89 194.25 Td (for ) Tj ET Q q 0 0 0 rg BT 220.54 194.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 239.07 194.25 Td (is ) Tj ET Q q 0 0 0 rg BT 248.72 194.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 290.03 194.25 Td (based ) Tj ET Q q 0 0 0 rg BT 315.78 194.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 355.98 194.25 Td (on ) Tj ET Q q 0 0 0 rg BT 368.96 194.25 Td (published ) Tj ET Q q 0 0 0 rg BT 410.84 194.25 Td (prices ) Tj ET Q q 0 0 0 rg BT 437.70 194.25 Td (for ) Tj ET Q q 0 0 0 rg BT 452.34 194.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 524.74 194.25 Td (securities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.25 Td (with ) Tj ET Q q 0 0 0 rg BT 71.35 182.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 103.20 182.25 Td (characteristics.) Tj ET Q q 0 0 0 rg BT 167.70 182.25 Td (T) Tj ET Q q 0 0 0 rg BT 173.11 182.25 Td (o ) Tj ET Q q 0 0 0 rg BT 182.19 182.25 Td (calculate ) Tj ET Q q 0 0 0 rg BT 221.79 182.25 Td (the ) Tj ET Q q 0 0 0 rg BT 238.07 182.25 Td (ef) Tj ET Q q 0 0 0 rg BT 245.66 182.25 Td (fects ) Tj ET Q q 0 0 0 rg BT 268.61 182.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.01 182.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 314.52 182.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 333.58 182.25 Td (movements, ) Tj ET Q q 0 0 0 rg BT 386.25 182.25 Td (the ) Tj ET Q q 0 0 0 rg BT 402.54 182.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 445.50 182.25 Td (utilizes ) Tj ET Q q 0 0 0 rg BT 478.46 182.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 523.62 182.25 Td (published ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 121.32 170.25 Td (security ) Tj ET Q q 0 0 0 rg BT 155.38 170.25 Td (prices, ) Tj ET Q q 0 0 0 rg BT 184.16 170.25 Td (and ) Tj ET Q q 0 0 0 rg BT 201.00 170.25 Td (multiplies ) Tj ET Q q 0 0 0 rg BT 243.41 170.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.03 170.25 Td (price ) Tj ET Q q 0 0 0 rg BT 280.43 170.25 Td (movement ) Tj ET Q q 0 0 0 rg BT 325.04 170.25 Td (between ) Tj ET Q q 0 0 0 rg BT 360.77 170.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.39 170.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 392.78 170.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 412.40 170.25 Td (date ) Tj ET Q q 0 0 0 rg BT 431.46 170.25 Td (and ) Tj ET Q q 0 0 0 rg BT 448.31 170.25 Td (the ) Tj ET Q q 0 0 0 rg BT 462.93 170.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 495.87 170.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 518.82 170.25 Td (date ) Tj ET Q q 0 0 0 rg BT 537.89 170.25 Td (by ) Tj ET Q q 0 0 0 rg BT 550.29 170.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 85.47 158.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 105.88 158.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 159.62 158.25 Td (amount.) Tj ET Q q 0 0 0 rg BT 196.94 158.25 Td (The ) Tj ET Q q 0 0 0 rg BT 215.68 158.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 257.76 158.25 Td (sells ) Tj ET Q q 0 0 0 rg BT 278.73 158.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 303.04 158.25 Td (on ) Tj ET Q q 0 0 0 rg BT 316.23 158.25 Td (a ) Tj ET Q q 0 0 0 rg BT 323.86 158.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 363.71 158.25 Td (released ) Tj ET Q q 0 0 0 rg BT 399.66 158.25 Td (or ) Tj ET Q q 0 0 0 rg BT 411.19 158.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 451.04 158.25 Td (retained ) Tj ET Q q 0 0 0 rg BT 486.43 158.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 512.13 158.25 Td (and ) Tj ET Q q 0 0 0 rg BT 529.76 158.25 Td (receives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 88.51 146.25 Td (compensation.) Tj ET Q q 0 0 0 rg BT 151.37 146.25 Td (Thus, ) Tj ET Q q 0 0 0 rg BT 176.22 146.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.79 146.25 Td (value ) Tj ET Q q 0 0 0 rg BT 214.80 146.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.49 146.25 Td (the ) Tj ET Q q 0 0 0 rg BT 240.06 146.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 279.07 146.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 304.20 146.25 Td (included ) Tj ET Q q 0 0 0 rg BT 340.98 146.25 Td (in ) Tj ET Q q 0 0 0 rg BT 351.12 146.25 Td (the ) Tj ET Q q 0 0 0 rg BT 365.69 146.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 381.92 146.25 Td (value ) Tj ET Q q 0 0 0 rg BT 405.93 146.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 461.59 146.25 Td (is ) Tj ET Q q 0 0 0 rg BT 470.61 146.25 Td (based ) Tj ET Q q 0 0 0 rg BT 495.74 146.25 Td (upon ) Tj ET Q q 0 0 0 rg BT 518.09 146.25 Td (contractual ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 74.43 134.25 Td (with ) Tj ET Q q 0 0 0 rg BT 94.92 134.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 133.74 134.25 Td (and ) Tj ET Q q 0 0 0 rg BT 150.89 134.25 Td (depends ) Tj ET Q q 0 0 0 rg BT 186.37 134.25 Td (on ) Tj ET Q q 0 0 0 rg BT 199.08 134.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.01 134.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 233.94 134.25 Td (type. ) Tj ET Q q 0 0 0 rg BT 256.17 134.25 Td (The ) Tj ET Q q 0 0 0 rg BT 274.43 134.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 316.02 134.25 Td (applies ) Tj ET Q q 0 0 0 rg BT 347.06 134.25 Td (a ) Tj ET Q q 0 0 0 rg BT 354.21 134.25 Td (fallout ) Tj ET Q q 0 0 0 rg BT 383.03 134.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 400.72 134.25 Td (to ) Tj ET Q q 0 0 0 rg BT 411.21 134.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 440.59 134.25 Td (when ) Tj ET Q q 0 0 0 rg BT 464.96 134.25 Td (measuring ) Tj ET Q q 0 0 0 rg BT 509.33 134.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.26 134.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.85 134.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.25 Td (of ) Tj ET Q q 0 0 0 rg BT 59.97 122.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 77.09 122.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 96.45 122.25 Td (commitments.Fallout ) Tj ET Q q 0 0 0 rg BT 188.86 122.25 Td (is ) Tj ET Q q 0 0 0 rg BT 197.67 122.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 229.79 122.25 Td (as ) Tj ET Q q 0 0 0 rg BT 240.26 122.25 Td (locked ) Tj ET Q q 0 0 0 rg BT 269.06 122.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 288.41 122.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 344.99 122.25 Td (for ) Tj ET Q q 0 0 0 rg BT 358.79 122.25 Td (which ) Tj ET Q q 0 0 0 rg BT 385.36 122.25 Td (the ) Tj ET Q q 0 0 0 rg BT 399.72 122.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 440.75 122.25 Td (does ) Tj ET Q q 0 0 0 rg BT 461.21 122.25 Td (not ) Tj ET Q q 0 0 0 rg BT 476.13 122.25 Td (close ) Tj ET Q q 0 0 0 rg BT 498.82 122.25 Td (a ) Tj ET Q q 0 0 0 rg BT 505.39 122.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 545.30 122.25 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 110.25 Td (is ) Tj ET Q q 0 0 0 rg BT 75.61 110.25 Td (based ) Tj ET Q q 0 0 0 rg BT 100.88 110.25 Td (on ) Tj ET Q q 0 0 0 rg BT 113.38 110.25 Td (management) Tj ET Q q 0 0 0 rg BT 167.24 110.25 Td (s ) Tj ET Q q 0 0 0 rg BT 173.64 110.25 Td (judgment ) Tj ET Q q 0 0 0 rg BT 213.91 110.25 Td (and ) Tj ET Q q 0 0 0 rg BT 230.85 110.25 Td (company ) Tj ET Q q 0 0 0 rg BT 270.00 110.25 Td (experience.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.09 88.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 83.00 88.25 Td (value ) Tj ET Q q 0 0 0 rg BT 106.69 88.25 Td (of ) Tj ET Q q 0 0 0 rg BT 117.06 88.25 Td (the ) Tj ET Q q 0 0 0 rg BT 131.32 88.25 Td (Company) Tj ET Q q 0 0 0 rg BT 172.98 88.25 Td (s ) Tj ET Q q 0 0 0 rg BT 178.91 88.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 212.60 88.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 234.08 88.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 272.21 88.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.03 88.25 Td (broker/dealers ) Tj ET Q q 0 0 0 rg BT 341.26 88.25 Td (solely ) Tj ET Q q 0 0 0 rg BT 367.19 88.25 Td (considers ) Tj ET Q q 0 0 0 rg BT 406.99 88.25 Td (the ) Tj ET Q q 0 0 0 rg BT 421.25 88.25 Td (market ) Tj ET Q q 0 0 0 rg BT 451.05 88.25 Td (price ) Tj ET Q q 0 0 0 rg BT 473.07 88.25 Td (movement ) Tj ET Q q 0 0 0 rg BT 517.32 88.25 Td (of ) Tj ET Q q 0 0 0 rg BT 527.69 88.25 Td (the ) Tj ET Q q 0 0 0 rg BT 541.95 88.25 Td (same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.25 Td (type ) Tj ET Q q 0 0 0 rg BT 68.62 76.25 Td (of ) Tj ET Q q 0 0 0 rg BT 78.86 76.25 Td (security ) Tj ET Q q 0 0 0 rg BT 112.42 76.25 Td (between ) Tj ET Q q 0 0 0 rg BT 147.64 76.25 Td (the ) Tj ET Q q 0 0 0 rg BT 161.76 76.25 Td (trade ) Tj ET Q q 0 0 0 rg BT 183.65 76.25 Td (date ) Tj ET Q q 0 0 0 rg BT 202.22 76.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.56 76.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.68 76.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 265.12 76.25 Td (sheet ) Tj ET Q q 0 0 0 rg BT 287.57 76.25 Td (date.) Tj ET Q q 0 0 0 rg BT 311.55 76.25 Td (The ) Tj ET Q q 0 0 0 rg BT 329.00 76.25 Td (market ) Tj ET Q q 0 0 0 rg BT 358.67 76.25 Td (price ) Tj ET Q q 0 0 0 rg BT 380.56 76.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 414.67 76.25 Td (are ) Tj ET Q q 0 0 0 rg BT 428.79 76.25 Td (multiplied ) Tj ET Q q 0 0 0 rg BT 471.80 76.25 Td (by ) Tj ET Q q 0 0 0 rg BT 483.71 76.25 Td (the ) Tj ET Q q 0 0 0 rg BT 497.83 76.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 532.51 76.25 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 64.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.05 64.25 Td (forward ) Tj ET Q q 0 0 0 rg BT 109.20 64.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 131.14 64.25 Td (contracts ) Tj ET Q q 0 0 0 rg BT 169.73 64.25 Td (to ) Tj ET Q q 0 0 0 rg BT 180.01 64.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 215.82 64.25 Td (the ) Tj ET Q q 0 0 0 rg BT 230.54 64.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 246.92 64.25 Td (value.) 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 301.00 33.60 Td (12) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 83.49 740.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 104.69 740.25 Td (Lock ) Tj ET Q q 0 0 0 rg BT 127.56 740.25 Td (Commitments. ) Tj ET Q q 0 0 0 rg BT 189.61 740.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.93 740.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 220.92 740.25 Td (are ) Tj ET Q q 0 0 0 rg BT 235.44 740.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 273.85 740.25 Td (to ) Tj ET Q q 0 0 0 rg BT 283.95 740.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 313.47 740.25 Td (home-buying ) Tj ET Q q 0 0 0 rg BT 369.11 740.25 Td (customers ) Tj ET Q q 0 0 0 rg BT 411.98 740.25 Td (who ) Tj ET Q q 0 0 0 rg BT 431.52 740.25 Td (have ) Tj ET Q q 0 0 0 rg BT 452.71 740.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 484.47 740.25 Td (for ) Tj ET Q q 0 0 0 rg BT 498.44 740.25 Td (a ) Tj ET Q q 0 0 0 rg BT 505.20 740.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 545.28 740.25 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.13 728.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 87.75 728.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 117.13 728.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 149.31 728.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 174.26 728.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.88 728.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 244.72 728.25 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 277.72 728.25 Td ( ) Tj ET Q q 0 0 0 rg BT 279.75 728.25 Td (T) Tj ET Q q 0 0 0 rg BT 285.16 728.25 Td (ypically) Tj ET Q q 0 0 0 rg BT 316.72 728.25 Td (, ) Tj ET Q q 0 0 0 rg BT 321.41 728.25 Td (the ) Tj ET Q q 0 0 0 rg BT 335.81 728.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 364.67 728.25 Td (will ) Tj ET Q q 0 0 0 rg BT 382.41 728.25 Td (have ) Tj ET Q q 0 0 0 rg BT 403.47 728.25 Td (a ) Tj ET Q q 0 0 0 rg BT 410.10 728.25 Td (term ) Tj ET Q q 0 0 0 rg BT 430.61 728.25 Td (of ) Tj ET Q q 0 0 0 rg BT 441.13 728.25 Td (less ) Tj ET Q q 0 0 0 rg BT 458.31 728.25 Td (than ) Tj ET Q q 0 0 0 rg BT 477.72 728.25 Td (six ) Tj ET Q q 0 0 0 rg BT 491.57 728.25 Td (months; ) Tj ET Q q 0 0 0 rg BT 525.99 728.25 Td (however) Tj ET Q q 0 0 0 rg BT 560.01 728.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 716.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 89.48 716.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 126.14 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.85 716.25 Td (term ) Tj ET Q q 0 0 0 rg BT 161.68 716.25 Td (could ) Tj ET Q q 0 0 0 rg BT 186.39 716.25 Td (extend ) Tj ET Q q 0 0 0 rg BT 215.55 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 225.83 716.25 Td (nine ) Tj ET Q q 0 0 0 rg BT 245.54 716.25 Td (months.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (Some ) Tj ET Q q 0 0 0 rg BT 75.30 694.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 105.00 694.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.23 694.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 166.02 694.25 Td (to ) Tj ET Q q 0 0 0 rg BT 176.82 694.25 Td (a ) Tj ET Q q 0 0 0 rg BT 184.28 694.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 218.40 694.25 Td (third ) Tj ET Q q 0 0 0 rg BT 240.31 694.25 Td (party ) Tj ET Q q 0 0 0 rg BT 263.88 694.25 Td (investor ) Tj ET Q q 0 0 0 rg BT 299.12 694.25 Td (through ) Tj ET Q q 0 0 0 rg BT 333.26 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.50 694.25 Td (use ) Tj ET Q q 0 0 0 rg BT 364.85 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.21 694.25 Td (best-ef) Tj ET Q q 0 0 0 rg BT 403.23 694.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 424.59 694.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 452.05 694.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 472.29 694.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 508.08 694.25 Td (commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (matching ) Tj ET Q q 0 0 0 rg BT 88.57 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.65 682.25 Td (exact ) Tj ET Q q 0 0 0 rg BT 125.61 682.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 149.69 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.88 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.96 682.25 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 198.60 682.25 Td (loan. ) Tj ET Q q 0 0 0 rg BT 220.18 682.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.05 682.25 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 278.90 682.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 307.43 682.25 Td (are ) Tj ET Q q 0 0 0 rg BT 321.50 682.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 366.68 682.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 408.52 682.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 457.05 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.35 682.25 Td (are ) Tj ET Q q 0 0 0 rg BT 487.42 682.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 503.16 682.25 Td (value ) Tj ET Q q 0 0 0 rg BT 526.68 682.25 Td (adjusted, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.50 670.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 121.99 670.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 141.71 670.25 Td (or ) Tj ET Q q 0 0 0 rg BT 152.54 670.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 170.60 670.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 208.07 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 218.35 670.25 Td (current ) Tj ET Q q 0 0 0 rg BT 249.17 670.25 Td (earnings. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (Forward ) Tj ET Q q 0 0 0 rg BT 88.88 648.25 Td (Sales ) Tj ET Q q 0 0 0 rg BT 113.82 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 125.41 648.25 Td (Mortgage-Backed ) Tj ET Q q 0 0 0 rg BT 202.55 648.25 Td (Securities. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.87 648.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.13 648.25 Td (Forward ) Tj ET Q q 0 0 0 rg BT 289.27 648.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 311.97 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 323.56 648.25 Td (mortgage-backed ) Tj ET Q q 0 0 0 rg BT 396.23 648.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 437.26 648.25 Td (\(FMBSs\) ) Tj ET Q q 0 0 0 rg BT 486.63 648.25 Td (are ) Tj ET Q q 0 0 0 rg BT 502.10 648.25 Td (used ) Tj ET Q q 0 0 0 rg BT 523.69 648.25 Td (to ) Tj ET Q q 0 0 0 rg BT 534.73 648.25 Td (protect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 104.65 636.25 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 129.82 636.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 153.31 636.25 Td (against ) Tj ET Q q 0 0 0 rg BT 184.02 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 198.62 636.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 216.01 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 226.72 636.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 261.32 636.25 Td (in ) Tj ET Q q 0 0 0 rg BT 271.48 636.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 303.30 636.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 324.56 636.25 Td (between ) Tj ET Q q 0 0 0 rg BT 360.26 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 374.86 636.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 394.47 636.25 Td (date ) Tj ET Q q 0 0 0 rg BT 413.51 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 430.33 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.93 636.25 Td (funding ) Tj ET Q q 0 0 0 rg BT 478.43 636.25 Td (date. ) Tj ET Q q 0 0 0 rg BT 499.97 636.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.35 636.25 Td (FMBSs ) Tj ET Q q 0 0 0 rg BT 535.31 636.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (to ) Tj ET Q q 0 0 0 rg BT 60.00 624.25 Td (uncommitted ) Tj ET Q q 0 0 0 rg BT 115.49 624.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 144.88 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 159.81 624.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 200.29 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 217.45 624.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 260.71 624.25 Td (for ) Tj ET Q q 0 0 0 rg BT 275.09 624.25 Td (as ) Tj ET Q q 0 0 0 rg BT 286.14 624.25 Td (non-designated ) Tj ET Q q 0 0 0 rg BT 349.95 624.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 392.66 624.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 442.04 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.20 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 474.13 624.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 511.83 624.25 Td (at ) Tj ET Q q 0 0 0 rg BT 521.76 624.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 538.36 624.25 Td (value, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 612.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 93.39 612.25 Td (and ) Tj ET Q q 0 0 0 rg BT 110.33 612.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 136.72 612.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 174.19 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 184.47 612.25 Td (current ) Tj ET Q q 0 0 0 rg BT 215.29 612.25 Td (earnings. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 92.05 590.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 120.17 590.25 Td (Held ) Tj ET Q q 0 0 0 rg BT 142.71 590.25 Td (for ) Tj ET Q q 0 0 0 rg BT 157.49 590.25 Td (Sale.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 177.77 590.25 Td ( ) Tj ET Q q 0 0 0 rg BT 180.32 590.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.87 590.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 224.30 590.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 247.96 590.25 Td (held ) Tj ET Q q 0 0 0 rg BT 267.73 590.25 Td (for ) Tj ET Q q 0 0 0 rg BT 281.95 590.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 300.05 590.25 Td (consists ) Tj ET Q q 0 0 0 rg BT 334.27 590.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 374.03 590.25 Td (of ) Tj ET Q q 0 0 0 rg BT 384.92 590.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 440.79 590.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 484.99 590.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 508.65 590.25 Td (collateralized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (by ) Tj ET Q q 0 0 0 rg BT 61.26 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 75.24 578.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 120.32 578.25 Td (property) Tj ET Q q 0 0 0 rg BT 153.55 578.25 Td (.Generally) Tj ET Q q 0 0 0 rg BT 199.82 578.25 Td (, ) Tj ET Q q 0 0 0 rg BT 204.08 578.25 Td (all ) Tj ET Q q 0 0 0 rg BT 215.84 578.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.92 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 239.90 578.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 279.42 578.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 302.29 578.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.49 578.25 Td (related ) Tj ET Q q 0 0 0 rg BT 347.45 578.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 385.87 578.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 410.40 578.25 Td (are ) Tj ET Q q 0 0 0 rg BT 424.37 578.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 442.80 578.25 Td (to ) Tj ET Q q 0 0 0 rg BT 452.34 578.25 Td (third-party ) Tj ET Q q 0 0 0 rg BT 496.86 578.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 534.73 578.25 Td (shortly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (after ) Tj ET Q q 0 0 0 rg BT 69.67 566.25 Td (origination. ) Tj ET Q q 0 0 0 rg BT 120.40 566.25 Td (During ) Tj ET Q q 0 0 0 rg BT 150.58 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 164.64 566.25 Td (period ) Tj ET Q q 0 0 0 rg BT 192.04 566.25 Td (between ) Tj ET Q q 0 0 0 rg BT 227.20 566.25 Td (when ) Tj ET Q q 0 0 0 rg BT 250.71 566.25 Td (a ) Tj ET Q q 0 0 0 rg BT 257.00 566.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 276.07 566.25 Td (is ) Tj ET Q q 0 0 0 rg BT 284.59 566.25 Td (closed ) Tj ET Q q 0 0 0 rg BT 311.98 566.25 Td (and ) Tj ET Q q 0 0 0 rg BT 328.27 566.25 Td (when ) Tj ET Q q 0 0 0 rg BT 351.78 566.25 Td (it ) Tj ET Q q 0 0 0 rg BT 359.19 566.25 Td (is ) Tj ET Q q 0 0 0 rg BT 367.71 566.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 386.23 566.25 Td (to ) Tj ET Q q 0 0 0 rg BT 395.86 566.25 Td (an ) Tj ET Q q 0 0 0 rg BT 407.14 566.25 Td (investor) Tj ET Q q 0 0 0 rg BT 438.96 566.25 Td (, ) Tj ET Q q 0 0 0 rg BT 443.31 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 457.38 566.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 488.66 566.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 505.49 566.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 522.34 566.25 Td (is ) Tj ET Q q 0 0 0 rg BT 530.86 566.25 Td (covered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (through ) Tj ET Q q 0 0 0 rg BT 82.74 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 97.09 554.25 Td (use ) Tj ET Q q 0 0 0 rg BT 112.55 554.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.02 554.25 Td (a ) Tj ET Q q 0 0 0 rg BT 129.59 554.25 Td (best-ef) Tj ET Q q 0 0 0 rg BT 156.61 554.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 177.08 554.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 211.41 554.25 Td (or ) Tj ET Q q 0 0 0 rg BT 221.88 554.25 Td (by ) Tj ET Q q 0 0 0 rg BT 234.01 554.25 Td (FMBSs. ) Tj ET Q q 0 0 0 rg BT 269.22 554.25 Td ( ) Tj ET Q q 0 0 0 rg BT 271.20 554.25 Td (The ) Tj ET Q q 0 0 0 rg BT 288.88 554.25 Td (FMBSs ) Tj ET Q q 0 0 0 rg BT 321.58 554.25 Td (are ) Tj ET Q q 0 0 0 rg BT 335.92 554.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 375.82 554.25 Td (and ) Tj ET Q q 0 0 0 rg BT 392.39 554.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 435.06 554.25 Td (for ) Tj ET Q q 0 0 0 rg BT 448.85 554.25 Td (as ) Tj ET Q q 0 0 0 rg BT 459.31 554.25 Td (non-designated ) Tj ET Q q 0 0 0 rg BT 522.54 554.25 Td (derivative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.25 Td (instruments, ) Tj ET Q q 0 0 0 rg BT 101.17 542.25 Td (with ) Tj ET Q q 0 0 0 rg BT 121.44 542.25 Td (gains ) Tj ET Q q 0 0 0 rg BT 145.05 542.25 Td (and ) Tj ET Q q 0 0 0 rg BT 161.99 542.25 Td (losses ) Tj ET Q q 0 0 0 rg BT 188.38 542.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 225.86 542.25 Td (in ) Tj ET Q q 0 0 0 rg BT 236.14 542.25 Td (current ) Tj ET Q q 0 0 0 rg BT 266.95 542.25 Td (earnings. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 520.25 Td (table ) Tj ET Q q 0 0 0 rg BT 89.48 520.25 Td (below ) Tj ET Q q 0 0 0 rg BT 116.42 520.25 Td (shows ) Tj ET Q q 0 0 0 rg BT 143.92 520.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.64 520.25 Td (notional ) Tj ET Q q 0 0 0 rg BT 193.91 520.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 230.30 520.25 Td (of ) Tj ET Q q 0 0 0 rg BT 241.13 520.25 Td (our ) Tj ET Q q 0 0 0 rg BT 256.96 520.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 294.44 520.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 343.61 520.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.32 520.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 396.92 520.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.92 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 419.42 520.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.36 520.25 Td (December ) Tj ET Q q 0 0 0 rg BT 479.94 520.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 494.94 520.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.94 520.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 496.75 m 406 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 496.75 m 479 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 496.75 m 489 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 496.75 m 562 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 496.75 m 406 496.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 418.75 m 406 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 406 418.75 m 479 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 479 418.75 m 489 418.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 489 418.75 m 562 418.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 501.00 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.50 500.98 Td (March 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 493.55 501.00 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 488.00 Td (Best efforts contracts and related committed IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.50 487.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.80 487.98 Td (7,681) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.50 488.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 488.00 Td (6,607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 475.00 Td (Uncommitted IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 474.98 Td (111,427) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 475.00 Td (66,875) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 462.00 Td (FMBSs related to uncommitted IRLCs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.80 461.98 Td (112,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 462.00 Td (66,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 449.00 Td (Best efforts contracts and related mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 448.98 Td (15,515) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 449.00 Td (125,348) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 436.00 Td (FMBSs related to mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 435.98 Td (97,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 436.00 Td (33,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 423.00 Td (Mortgage loans held for sale covered by FMBSs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 453.80 422.98 Td (96,333) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 423.00 Td (32,870) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.73 397.25 Td (table ) Tj ET Q q 0 0 0 rg BT 89.85 397.25 Td (below ) Tj ET Q q 0 0 0 rg BT 116.98 397.25 Td (shows ) Tj ET Q q 0 0 0 rg BT 144.67 397.25 Td (the ) Tj ET Q q 0 0 0 rg BT 159.57 397.25 Td (level ) Tj ET Q q 0 0 0 rg BT 181.69 397.25 Td (and ) Tj ET Q q 0 0 0 rg BT 198.81 397.25 Td (measurement ) Tj ET Q q 0 0 0 rg BT 254.81 397.25 Td (of ) Tj ET Q q 0 0 0 rg BT 265.82 397.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 291.84 397.25 Td (and ) Tj ET Q q 0 0 0 rg BT 308.96 397.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 348.87 397.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 389.87 397.25 Td (on ) Tj ET Q q 0 0 0 rg BT 402.55 397.25 Td (a ) Tj ET Q q 0 0 0 rg BT 409.68 397.25 Td (recurring ) Tj ET Q q 0 0 0 rg BT 449.01 397.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 471.69 397.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.59 397.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 525.38 397.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.38 397.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.06 397.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.25 Td (December ) Tj ET Q q 0 0 0 rg BT 93.08 385.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.08 385.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 385.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 345.75 m 220 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 345.75 m 266 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 345.75 m 296 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 345.75 m 372 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 345.75 m 399 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 345.75 m 448 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 345.75 m 475 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 345.75 m 526 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 345.75 m 562 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 345.75 m 448 345.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 297.75 m 220 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 297.75 m 266 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 297.75 m 296 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 297.75 m 372 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 297.75 m 399 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 297.75 m 448 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 297.75 m 475 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 297.75 m 526 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 297.75 m 562 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 50 285.75 m 220 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 297.75 m 266 297.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 220 285.75 m 266 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 266 285.75 m 296 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 296 285.75 m 372 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 372 285.75 m 399 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 399 285.75 m 448 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 448 285.75 m 475 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 475 285.75 m 526 285.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 526 285.75 m 562 285.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 350.00 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 239.65 365.98 Td (Fair) Tj ET Q q 0 0 0 rg BT 254.17 365.98 Td ( ) Tj ET Q q 0 0 0 rg BT 256.02 365.98 Td (V) Tj ET Q q 0 0 0 rg BT 261.06 365.98 Td (alue ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 232.45 357.98 Td (Measur) Tj ET Q q 0 0 0 rg BT 258.52 357.98 Td (ements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 231.00 349.98 Td (Mar) Tj ET Q q 0 0 0 rg BT 245.96 349.98 Td (ch 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 306.85 365.98 Td (Quoted Prices in ) Tj ET Q q 0 0 0 rg BT 365.29 365.98 Td (Active ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.95 357.98 Td (Markets for) Tj ET Q q 0 0 0 rg BT 339.90 357.98 Td ( Identical ) Tj ET Q q 0 0 0 rg BT 373.68 357.98 Td (Assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.00 349.98 Td (\(Level 1\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 406.90 365.98 Td (Significant Other) Tj ET Q q 0 0 0 rg BT 466.09 365.98 Td ( ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 404.80 357.98 Td (Observable Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 421.50 349.98 Td (\(Level 2\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 499.55 365.98 Td (Significant ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.30 357.98 Td (Unobservable Inputs) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 503.00 349.98 Td (\(Level 3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 337.70 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.50 337.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.75 337.83 Td (113,596) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.50 337.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 337.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.50 337.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.75 337.83 Td (113,596) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 337.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 337.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 325.70 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.10 325.83 Td (\(681) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.80 325.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 325.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.10 325.83 Td (\(681) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 325.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 325.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 313.70 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 244.75 313.83 Td (1,092) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 313.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 426.75 313.83 Td (1,092) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 313.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 301.70 Td (Best-efforts contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 248.10 301.83 Td (\(324) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 262.80 301.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 301.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.10 301.83 Td (\(324) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 444.80 301.83 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 301.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.50 289.70 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 222.50 289.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 236.75 289.83 Td (113,683) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.50 289.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 360.80 289.83 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.50 289.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 418.75 289.83 Td (113,683) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 289.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 514.80 289.83 Td () 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 49.5 246.75 m 219.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 246.75 m 264.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 246.75 m 294.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 246.75 m 370.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 246.75 m 397.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 246.75 m 445.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 246.75 m 474.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 246.75 m 525.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 246.75 m 561.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 246.75 m 294.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 246.75 m 397.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 246.75 m 445.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 246.75 m 474.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 246.75 m 561.5 246.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 194.75 m 445.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 194.75 m 219.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49.5 181.75 m 219.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 194.75 m 264.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 219.5 181.75 m 264.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 194.75 m 294.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 264.5 181.75 m 294.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 194.75 m 370.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 294.5 181.75 m 370.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 194.75 m 397.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 370.5 181.75 m 397.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 194.75 m 445.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 397.5 181.75 m 445.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 194.75 m 474.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445.5 181.75 m 474.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 194.75 m 525.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 474.5 181.75 m 525.5 181.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 194.75 m 561.5 194.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 525.5 181.75 m 561.5 181.75 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 251.00 Td (Description of Financial Instrument \(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 240.00 267.00 Td (Fair ) Tj ET Q q 0 0 0 rg BT 254.74 267.00 Td (V) Tj ET Q q 0 0 0 rg BT 259.63 267.00 Td (alue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.15 259.00 Td (Measurements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.05 251.00 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.35 267.00 Td (Quoted Prices in ) Tj ET Q q 0 0 0 rg BT 362.23 267.00 Td (Active ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 300.50 259.00 Td (Markets for Identical ) Tj ET Q q 0 0 0 rg BT 369.59 259.00 Td (Assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 330.70 251.00 Td (\(Level 1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 407.80 267.00 Td (Significant Other ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.25 259.00 Td (Observable Inputs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 420.70 251.00 Td (\(Level 2\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 499.90 267.00 Td (Significant ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 484.25 259.00 Td (Unobservable Inputs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 502.70 251.00 Td (\(Level 3\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 238.00 Td (Mortgage loans held for sale) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.00 238.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 238.00 Td (154,020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.00 238.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 238.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 238.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.25 238.00 Td (154,020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.00 238.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 238.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 225.00 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 225.00 Td (230) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 225.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 225.00 Td (230) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 225.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 212.00 Td (Interest rate lock commitments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 249.30 212.00 Td (250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 212.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.30 212.00 Td (250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 212.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 199.00 Td (Best-efforts contracts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 250.60 199.00 Td (\(90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 261.30 199.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 199.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.60 199.00 Td (\(90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.30 199.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 199.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 52.00 186.00 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 222.00 186.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 235.25 186.00 Td (154,410) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 297.00 186.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.30 186.00 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 400.00 186.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 416.25 186.00 Td (154,410) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 477.00 186.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 514.30 186.00 Td () Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 158.25 Td (following ) Tj ET Q q 0 0 0 rg BT 108.26 158.25 Td (table ) Tj ET Q q 0 0 0 rg BT 129.86 158.25 Td (sets ) Tj ET Q q 0 0 0 rg BT 147.03 158.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 168.63 158.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.01 158.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 215.17 158.25 Td (of ) Tj ET Q q 0 0 0 rg BT 225.66 158.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 245.05 158.25 Td (\(loss\) ) Tj ET Q q 0 0 0 rg BT 269.43 158.25 Td (recognized, ) Tj ET Q q 0 0 0 rg BT 317.96 158.25 Td (within ) Tj ET Q q 0 0 0 rg BT 345.68 158.25 Td (our ) Tj ET Q q 0 0 0 rg BT 361.17 158.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 394.98 158.25 Td (in ) Tj ET Q q 0 0 0 rg BT 404.93 158.25 Td (the ) Tj ET Q q 0 0 0 rg BT 419.31 158.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 463.13 158.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 509.73 158.25 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.25 Td (Statements ) Tj ET Q q 0 0 0 rg BT 95.33 146.25 Td (of ) Tj ET Q q 0 0 0 rg BT 105.61 146.25 Td (Income, ) Tj ET Q q 0 0 0 rg BT 140.04 146.25 Td (on ) Tj ET Q q 0 0 0 rg BT 151.99 146.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 177.27 146.25 Td (and ) Tj ET Q q 0 0 0 rg BT 193.66 146.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 232.82 146.25 Td (measured ) Tj ET Q q 0 0 0 rg BT 273.08 146.25 Td (on ) Tj ET Q q 0 0 0 rg BT 285.03 146.25 Td (a ) Tj ET Q q 0 0 0 rg BT 291.42 146.25 Td (recurring ) Tj ET Q q 0 0 0 rg BT 330.01 146.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 351.96 146.25 Td (for ) Tj ET Q q 0 0 0 rg BT 365.57 146.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.73 146.25 Td (three ) Tj ET Q q 0 0 0 rg BT 401.67 146.25 Td (months ) Tj ET Q q 0 0 0 rg BT 433.06 146.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 458.89 146.25 Td (March ) Tj ET Q q 0 0 0 rg BT 486.94 146.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 501.38 146.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 523.33 146.25 Td (and ) Tj ET Q q 0 0 0 rg BT 539.72 146.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 559.72 146.25 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 122.75 m 500 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 122.75 m 507 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 122.75 m 562 122.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 109.75 m 445 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 109.75 m 500 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 109.75 m 507 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 109.75 m 562 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 109.75 m 500 109.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 61.75 m 445 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 61.75 m 500 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 61.75 m 507 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 61.75 m 562 61.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 49.75 m 445 49.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 49.75 m 500 49.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 49.75 m 507 49.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 49.75 m 562 49.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 126.98 Td (Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 114.00 Td (Description \(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 113.98 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 114.00 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 101.70 Td (Mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 101.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 101.83 Td (4,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 101.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 101.70 Td (1,360) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 89.70 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.10 89.83 Td (\(911) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 89.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 89.70 Td (\(766) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 89.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 77.70 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 77.83 Td (842) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 77.70 Td (569) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 65.70 Td (Best-efforts contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.10 65.83 Td (\(234) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 65.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 65.70 Td (69) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 53.70 Td (Total gain recognized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 53.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 53.83 Td (4,571) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 53.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 53.70 Td (1,232) Tj ET Q BT /F1 10.00 Tf ET 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 (13) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.37 728.10 Td (following ) Tj ET Q q 0 0 0 rg BT 110.58 728.10 Td (tables ) Tj ET Q q 0 0 0 rg BT 137.22 728.10 Td (set ) Tj ET Q q 0 0 0 rg BT 151.65 728.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 174.41 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 189.95 728.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 207.15 728.10 Td (value ) Tj ET Q q 0 0 0 rg BT 232.13 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.78 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.32 728.10 Td (Company) Tj ET Q q 0 0 0 rg BT 300.98 728.10 Td (s ) Tj ET Q q 0 0 0 rg BT 308.20 728.10 Td (derivative ) Tj ET Q q 0 0 0 rg BT 351.50 728.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 401.49 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 419.25 728.10 Td (their ) Tj ET Q q 0 0 0 rg BT 440.89 728.10 Td (location ) Tj ET Q q 0 0 0 rg BT 476.43 728.10 Td (within ) Tj ET Q q 0 0 0 rg BT 505.31 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.84 728.10 Td (Unaudited ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 96.52 716.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 151.88 716.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 186.66 716.10 Td (Sheets ) Tj ET Q q 0 0 0 rg BT 215.35 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 229.59 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.39 716.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 276.41 716.10 Td (indicated ) Tj ET Q q 0 0 0 rg BT 315.64 716.10 Td (\(except ) Tj ET Q q 0 0 0 rg BT 347.65 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 361.89 716.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 402.24 716.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 425.93 716.10 Td (held ) Tj ET Q q 0 0 0 rg BT 445.73 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 459.97 716.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 478.10 716.10 Td (which ) Tj ET Q q 0 0 0 rg BT 505.12 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 514.37 716.10 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 554.17 716.10 Td (as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 704.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 91.69 704.10 Td (line ) Tj ET Q q 0 0 0 rg BT 109.19 704.10 Td (item\):) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 669.6 m 313 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 669.6 m 327 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 669.6 m 396 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 669.6 m 482 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 669.6 m 496 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 669.6 m 562 669.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 649.6 m 227 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 649.6 m 238 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 649.6 m 313 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 649.6 m 327 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 649.6 m 396 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 649.6 m 407 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 649.6 m 482 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 649.6 m 496 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 649.6 m 562 649.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 613.6 m 227 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 613.6 m 238 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 613.6 m 313 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 613.6 m 327 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 613.6 m 396 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 613.6 m 407 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 613.6 m 482 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 613.6 m 496 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 613.6 m 562 613.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 601.6 m 227 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 601.6 m 238 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 601.6 m 313 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 601.6 m 327 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 601.6 m 396 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 601.6 m 407 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 601.6 m 482 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 601.6 m 496 601.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 601.6 m 562 601.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 287.05 685.68 Td (Asset Derivatives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 449.00 685.68 Td (Liability Derivatives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 290.00 673.68 Td (March 31, 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 673.68 Td (March 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 653.85 Td (Description of Derivatives) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 251.10 661.68 Td (Balance Sheet ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 259.85 653.68 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 343.15 661.68 Td (Fair) Tj ET Q q 0 0 0 rg BT 357.67 661.68 Td ( ) Tj ET Q q 0 0 0 rg BT 359.52 661.68 Td (V) Tj ET Q q 0 0 0 rg BT 364.56 661.68 Td (alue ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.65 653.68 Td (\(in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 420.10 661.68 Td (Balance Sheet) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.85 653.68 Td (Location) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.65 661.68 Td (Fair) Tj ET Q q 0 0 0 rg BT 525.17 661.68 Td ( ) Tj ET Q q 0 0 0 rg BT 527.02 661.68 Td (V) Tj ET Q q 0 0 0 rg BT 532.06 661.68 Td (alue ) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.15 653.68 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 641.55 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.05 641.68 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.50 641.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 641.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.25 641.68 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.50 641.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 641.68 Td (681) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 629.55 Td (Interest rate lock commitments) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.05 629.68 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.80 629.68 Td (1,092) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.25 629.68 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 629.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 617.55 Td (Best-efforts contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 254.05 617.68 Td (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 384.80 617.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 417.25 617.68 Td (Other liabilities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 546.80 617.68 Td (324) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 605.55 Td (Total fair value measurements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 329.50 605.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 374.80 605.68 Td (1,092) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.50 605.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 605.68 Td (1,005) 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 238 567.6 m 313 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 567.6 m 327 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 567.6 m 396 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 567.6 m 482 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 567.6 m 496 567.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 567.6 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 49 547.6 m 227 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 547.6 m 238 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 547.6 m 313 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 547.6 m 327 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 547.6 m 396 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 547.6 m 407 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 547.6 m 482 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 547.6 m 496 547.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 547.6 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 49 511.6 m 227 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 511.6 m 238 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 511.6 m 313 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 511.6 m 327 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 511.6 m 396 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 511.6 m 407 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 511.6 m 482 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 511.6 m 496 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 511.6 m 562 511.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 499.6 m 227 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 227 499.6 m 238 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 238 499.6 m 313 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 499.6 m 327 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 327 499.6 m 396 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 396 499.6 m 407 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 407 499.6 m 482 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 482 499.6 m 496 499.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 499.6 m 562 499.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.15 583.55 Td (Asset Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 450.75 583.55 Td (Liability Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 285.05 571.55 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.55 571.55 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 551.85 Td (Description of Derivatives) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 252.20 559.55 Td (Balance Sheet ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.75 551.55 Td (Location) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.50 559.55 Td (Fair ) Tj ET Q q 0 0 0 rg BT 359.24 559.55 Td (V) Tj ET Q q 0 0 0 rg BT 364.13 559.55 Td (alue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.20 551.55 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 421.20 559.55 Td (Balance Sheet) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.75 551.55 Td (Location) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 512.00 559.55 Td (Fair ) Tj ET Q q 0 0 0 rg BT 526.74 559.55 Td (V) Tj ET Q q 0 0 0 rg BT 531.63 559.55 Td (alue ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.70 551.55 Td (\(in thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 539.55 Td (Forward sales of mortgage-backed securities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.55 539.55 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 539.55 Td (230) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.00 539.55 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 527.55 Td (Interest rate lock commitments) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.55 527.55 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 527.55 Td (250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.00 527.55 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 515.55 Td (Best-efforts contracts) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.55 515.55 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 384.80 515.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 419.00 515.55 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 515.55 Td (90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 503.55 Td (Total fair value measurements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 329.50 503.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 503.55 Td (480) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 503.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 503.55 Td (90) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (Assets ) Tj ET Q q 0 0 0 rg BT 77.56 478.10 Td (Measured ) Tj ET Q q 0 0 0 rg BT 121.17 478.10 Td (on ) Tj ET Q q 0 0 0 rg BT 134.24 478.10 Td (a ) Tj ET Q q 0 0 0 rg BT 141.74 478.10 Td (Non-Recurring ) Tj ET Q q 0 0 0 rg BT 207.58 478.10 Td (Basis) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (Inventory) Tj ET Q q 0 0 0 rg BT 89.13 456.10 Td (. ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 94.12 456.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.61 456.10 Td (The ) Tj ET Q q 0 0 0 rg BT 114.65 456.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 156.03 456.10 Td (assesses ) Tj ET Q q 0 0 0 rg BT 191.29 456.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 232.11 456.10 Td (for ) Tj ET Q q 0 0 0 rg BT 246.26 456.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 304.28 456.10 Td (on ) Tj ET Q q 0 0 0 rg BT 316.77 456.10 Td (a ) Tj ET Q q 0 0 0 rg BT 323.70 456.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 362.29 456.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 384.78 456.10 Td (based ) Tj ET Q q 0 0 0 rg BT 410.04 456.10 Td (on ) Tj ET Q q 0 0 0 rg BT 422.53 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.24 456.10 Td (dif) Tj ET Q q 0 0 0 rg BT 448.17 456.10 Td (ference ) Tj ET Q q 0 0 0 rg BT 480.08 456.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.35 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 505.05 456.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 540.86 456.10 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.44 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 75.26 444.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 116.19 444.10 Td (and ) Tj ET Q q 0 0 0 rg BT 133.23 444.10 Td (its ) Tj ET Q q 0 0 0 rg BT 145.28 444.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 161.77 444.10 Td (value ) Tj ET Q q 0 0 0 rg BT 186.03 444.10 Td (at ) Tj ET Q q 0 0 0 rg BT 195.85 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.67 444.10 Td (time ) Tj ET Q q 0 0 0 rg BT 231.05 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.98 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 256.80 444.10 Td (evaluation. ) Tj ET Q q 0 0 0 rg BT 303.56 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.17 444.10 Td (Determining ) Tj ET Q q 0 0 0 rg BT 359.31 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 374.13 444.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 390.62 444.10 Td (value ) Tj ET Q q 0 0 0 rg BT 414.88 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.81 444.10 Td (a ) Tj ET Q q 0 0 0 rg BT 432.85 444.10 Td (community) Tj ET Q q 0 0 0 rg BT 481.18 444.10 Td (s ) Tj ET Q q 0 0 0 rg BT 487.68 444.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 528.61 444.10 Td (involves ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.62 432.10 Td (number ) Tj ET Q q 0 0 0 rg BT 89.85 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 100.86 432.10 Td (variables, ) Tj ET Q q 0 0 0 rg BT 142.13 432.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 182.02 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.14 432.10 Td (projections, ) Tj ET Q q 0 0 0 rg BT 248.76 432.10 Td (which ) Tj ET Q q 0 0 0 rg BT 275.88 432.10 Td (are ) Tj ET Q q 0 0 0 rg BT 290.76 432.10 Td (Level ) Tj ET Q q 0 0 0 rg BT 316.21 432.10 Td (3 ) Tj ET Q q 0 0 0 rg BT 323.89 432.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 379.88 432.10 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 409.51 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.19 432.10 Td (See ) Tj ET Q q 0 0 0 rg BT 429.31 432.10 Td (Note ) Tj ET Q q 0 0 0 rg BT 451.43 432.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 461.61 432.10 Td (Summary ) Tj ET Q q 0 0 0 rg BT 507.62 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 518.63 432.10 Td (Significant ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 100.51 420.10 Td (Policies ) Tj ET Q q 0 0 0 rg BT 136.53 420.10 Td (- ) Tj ET Q q 0 0 0 rg BT 144.21 420.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 191.88 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 204.01 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 220.58 420.10 Td (Company) Tj ET Q q 0 0 0 rg BT 262.25 420.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.50 420.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.50 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.85 420.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 320.87 420.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 345.78 420.10 Td (for ) Tj ET Q q 0 0 0 rg BT 361.79 420.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 406.14 420.10 Td (information ) Tj ET Q q 0 0 0 rg BT 457.70 420.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 500.37 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.94 420.10 Td (Company) Tj ET Q q 0 0 0 rg BT 558.61 420.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (methodology ) Tj ET Q q 0 0 0 rg BT 104.77 408.10 Td (for ) Tj ET Q q 0 0 0 rg BT 118.93 408.10 Td (determining ) Tj ET Q q 0 0 0 rg BT 169.75 408.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 186.13 408.10 Td (value.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.26 386.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.37 386.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 127.81 386.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 172.23 386.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 223.90 386.10 Td (to ) Tj ET Q q 0 0 0 rg BT 233.89 386.10 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 269.42 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 283.86 386.10 Td (recoverability ) Tj ET Q q 0 0 0 rg BT 341.60 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 352.15 386.10 Td (its ) Tj ET Q q 0 0 0 rg BT 363.81 386.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 401.49 386.10 Td (, ) Tj ET Q q 0 0 0 rg BT 406.20 386.10 Td (such ) Tj ET Q q 0 0 0 rg BT 426.75 386.10 Td (as ) Tj ET Q q 0 0 0 rg BT 437.30 386.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 477.83 386.10 Td (average ) Tj ET Q q 0 0 0 rg BT 511.14 386.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 540.02 386.10 Td (price, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 103.50 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.50 374.10 Td (development ) Tj ET Q q 0 0 0 rg BT 178.71 374.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 205.77 374.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 252.55 374.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 275.43 374.10 Td (\(reflecting ) Tj ET Q q 0 0 0 rg BT 321.63 374.10 Td (any ) Tj ET Q q 0 0 0 rg BT 340.63 374.10 Td (product ) Tj ET Q q 0 0 0 rg BT 375.74 374.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 395.86 374.10 Td (change ) Tj ET Q q 0 0 0 rg BT 428.73 374.10 Td (strategies ) Tj ET Q q 0 0 0 rg BT 471.06 374.10 Td (implemented ) Tj ET Q q 0 0 0 rg BT 527.83 374.10 Td (or ) Tj ET Q q 0 0 0 rg BT 540.72 374.10 Td (to ) Tj ET Q q 0 0 0 rg BT 553.06 374.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (implemented\), ) Tj ET Q q 0 0 0 rg BT 110.53 362.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 140.20 362.10 Td (strategies, ) Tj ET Q q 0 0 0 rg BT 183.46 362.10 Td (alternative ) Tj ET Q q 0 0 0 rg BT 228.65 362.10 Td (land ) Tj ET Q q 0 0 0 rg BT 248.87 362.10 Td (uses ) Tj ET Q q 0 0 0 rg BT 269.08 362.10 Td (\(including ) Tj ET Q q 0 0 0 rg BT 313.18 362.10 Td (disposition ) Tj ET Q q 0 0 0 rg BT 360.08 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.41 362.10 Td (all ) Tj ET Q q 0 0 0 rg BT 384.40 362.10 Td (or ) Tj ET Q q 0 0 0 rg BT 395.72 362.10 Td (a ) Tj ET Q q 0 0 0 rg BT 403.16 362.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 435.04 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 446.37 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.58 362.10 Td (land ) Tj ET Q q 0 0 0 rg BT 481.80 362.10 Td (owned\), ) Tj ET Q q 0 0 0 rg BT 517.29 362.10 Td (or ) Tj ET Q q 0 0 0 rg BT 528.61 362.10 Td (discount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 73.02 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 75.16 350.10 Td (Changes ) Tj ET Q q 0 0 0 rg BT 111.75 350.10 Td (in ) Tj ET Q q 0 0 0 rg BT 121.67 350.10 Td (these ) Tj ET Q q 0 0 0 rg BT 144.36 350.10 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 195.95 350.10 Td (could ) Tj ET Q q 0 0 0 rg BT 220.31 350.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 262.99 350.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 292.35 350.10 Td (future ) Tj ET Q q 0 0 0 rg BT 318.37 350.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 338.28 350.10 Td (flow ) Tj ET Q q 0 0 0 rg BT 358.75 350.10 Td (and ) Tj ET Q q 0 0 0 rg BT 375.33 350.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 391.36 350.10 Td (value ) Tj ET Q q 0 0 0 rg BT 415.15 350.10 Td (estimates ) Tj ET Q q 0 0 0 rg BT 454.51 350.10 Td (and ) Tj ET Q q 0 0 0 rg BT 471.09 350.10 Td (may ) Tj ET Q q 0 0 0 rg BT 490.45 350.10 Td (lead ) Tj ET Q q 0 0 0 rg BT 509.25 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 350.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.47 338.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 84.21 338.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 127.40 338.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 176.69 338.10 Td (char) Tj ET Q q 0 0 0 rg BT 193.72 338.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 210.24 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.22 338.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.63 338.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 266.20 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.40 338.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 288.14 338.10 Td (analysis ) Tj ET Q q 0 0 0 rg BT 323.55 338.10 Td (is ) Tj ET Q q 0 0 0 rg BT 333.42 338.10 Td (conducted ) Tj ET Q q 0 0 0 rg BT 377.71 338.10 Td (only ) Tj ET Q q 0 0 0 rg BT 398.68 338.10 Td (if ) Tj ET Q q 0 0 0 rg BT 407.98 338.10 Td (indicators ) Tj ET Q q 0 0 0 rg BT 450.61 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 462.14 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 469.77 338.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 501.84 338.10 Td (in ) Tj ET Q q 0 0 0 rg BT 512.81 338.10 Td (value ) Tj ET Q q 0 0 0 rg BT 537.66 338.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 338.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 89.84 326.10 Td (exist, ) Tj ET Q q 0 0 0 rg BT 113.24 326.10 Td (which ) Tj ET Q q 0 0 0 rg BT 139.69 326.10 Td (include, ) Tj ET Q q 0 0 0 rg BT 173.64 326.10 Td (among ) Tj ET Q q 0 0 0 rg BT 202.87 326.10 Td (other ) Tj ET Q q 0 0 0 rg BT 225.43 326.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 254.39 326.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 289.17 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 298.96 326.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 322.08 326.10 Td (mar) Tj ET Q q 0 0 0 rg BT 337.45 326.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 352.24 326.10 Td (on ) Tj ET Q q 0 0 0 rg BT 364.25 326.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 385.71 326.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 423.81 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 433.60 326.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 467.27 326.10 Td (or ) Tj ET Q q 0 0 0 rg BT 477.62 326.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 505.74 326.10 Td (that ) Tj ET Q q 0 0 0 rg BT 522.75 326.10 Td (have ) Tj ET Q q 0 0 0 rg BT 543.64 326.10 Td (been ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 92.54 314.10 Td (slower ) Tj ET Q q 0 0 0 rg BT 122.54 314.10 Td (than ) Tj ET Q q 0 0 0 rg BT 143.09 314.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 190.29 314.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 235.85 314.10 Td (pace, ) Tj ET Q q 0 0 0 rg BT 260.00 314.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 296.10 314.10 Td (in ) Tj ET Q q 0 0 0 rg BT 307.21 314.10 Td (average ) Tj ET Q q 0 0 0 rg BT 341.63 314.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 364.41 314.10 Td (price ) Tj ET Q q 0 0 0 rg BT 387.73 314.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.40 314.10 Td (high ) Tj ET Q q 0 0 0 rg BT 420.51 314.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 460.50 314.10 Td (of) Tj ET Q q 0 0 0 rg BT 468.65 314.10 Td (fers ) Tj ET Q q 0 0 0 rg BT 486.97 314.10 Td (by ) Tj ET Q q 0 0 0 rg BT 500.31 314.10 Td (management ) Tj ET Q q 0 0 0 rg BT 554.73 314.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (improve ) Tj ET Q q 0 0 0 rg BT 85.30 302.10 Td (absorptions, ) Tj ET Q q 0 0 0 rg BT 136.38 302.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 171.62 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.87 302.10 Td (mar) Tj ET Q q 0 0 0 rg BT 197.24 302.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 216.38 302.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 257.17 302.10 Td (future ) Tj ET Q q 0 0 0 rg BT 283.53 302.10 Td (land ) Tj ET Q q 0 0 0 rg BT 303.22 302.10 Td (sales, ) Tj ET Q q 0 0 0 rg BT 327.63 302.10 Td (or ) Tj ET Q q 0 0 0 rg BT 338.44 302.10 Td (declines ) Tj ET Q q 0 0 0 rg BT 373.67 302.10 Td (in ) Tj ET Q q 0 0 0 rg BT 383.93 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.62 302.10 Td (value ) Tj ET Q q 0 0 0 rg BT 422.75 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.55 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.24 302.10 Td (land ) Tj ET Q q 0 0 0 rg BT 467.94 302.10 Td (itself ) Tj ET Q q 0 0 0 rg BT 490.41 302.10 Td (as ) Tj ET Q q 0 0 0 rg BT 501.21 302.10 Td (a ) Tj ET Q q 0 0 0 rg BT 508.12 302.10 Td (result ) Tj ET Q q 0 0 0 rg BT 532.81 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 543.62 302.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (party ) Tj ET Q q 0 0 0 rg BT 72.23 290.10 Td (appraisals. ) Tj ET Q q 0 0 0 rg BT 116.90 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 119.09 290.10 Td (If ) Tj ET Q q 0 0 0 rg BT 127.93 290.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 181.78 290.10 Td (are ) Tj ET Q q 0 0 0 rg BT 196.17 290.10 Td (not ) Tj ET Q q 0 0 0 rg BT 211.13 290.10 Td (recoverable ) Tj ET Q q 0 0 0 rg BT 259.95 290.10 Td (based ) Tj ET Q q 0 0 0 rg BT 284.90 290.10 Td (on ) Tj ET Q q 0 0 0 rg BT 297.09 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.49 290.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 352.00 290.10 Td (future ) Tj ET Q q 0 0 0 rg BT 378.06 290.10 Td (undiscounted ) Tj ET Q q 0 0 0 rg BT 433.57 290.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 453.52 290.10 Td (flows, ) Tj ET Q q 0 0 0 rg BT 480.43 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 494.83 290.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 543.11 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 553.08 290.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 96.01 278.10 Td (is ) Tj ET Q q 0 0 0 rg BT 105.33 278.10 Td (measured ) Tj ET Q q 0 0 0 rg BT 146.30 278.10 Td (as ) Tj ET Q q 0 0 0 rg BT 157.28 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 172.15 278.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 204.80 278.10 Td (by ) Tj ET Q q 0 0 0 rg BT 217.45 278.10 Td (which ) Tj ET Q q 0 0 0 rg BT 244.54 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.41 278.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 295.37 278.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 328.02 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.00 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.87 278.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 379.85 278.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 414.15 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 429.02 278.10 Td (estimated ) Tj ET Q q 0 0 0 rg BT 469.99 278.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 486.52 278.10 Td (value ) Tj ET Q q 0 0 0 rg BT 510.82 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.80 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.67 278.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 565.00 278.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.33 266.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.05 266.10 Td (three ) Tj ET Q q 0 0 0 rg BT 117.53 266.10 Td (months ) Tj ET Q q 0 0 0 rg BT 149.48 266.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 175.86 266.10 Td (March ) Tj ET Q q 0 0 0 rg BT 204.46 266.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 219.46 266.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 241.96 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.89 266.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.89 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 283.89 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 298.61 266.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 340.00 266.10 Td (did ) Tj ET Q q 0 0 0 rg BT 355.28 266.10 Td (not ) Tj ET Q q 0 0 0 rg BT 370.55 266.10 Td (record ) Tj ET Q q 0 0 0 rg BT 398.59 266.10 Td (any ) Tj ET Q q 0 0 0 rg BT 415.53 266.10 Td (impairment ) Tj ET Q q 0 0 0 rg BT 464.13 266.10 Td (char) Tj ET Q q 0 0 0 rg BT 481.16 266.10 Td (ges ) Tj ET Q q 0 0 0 rg BT 496.99 266.10 Td (on ) Tj ET Q q 0 0 0 rg BT 509.49 266.10 Td (its ) Tj ET Q q 0 0 0 rg BT 521.43 266.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 559.11 266.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 241.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 97.47 241.70 Td (in ) Tj ET Q q 0 0 0 rg BT 108.22 241.70 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 175.07 241.70 Td (Joint ) Tj ET Q q 0 0 0 rg BT 198.60 241.70 Td (V) Tj ET Q q 0 0 0 rg BT 204.16 241.70 Td (entures. ) Tj ET Q BT /F3 12.00 Tf ET q 0 0 0 rg BT 239.63 241.70 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.63 241.70 Td (W) Tj ET Q q 0 0 0 rg BT 251.27 241.70 Td (e ) Tj ET Q q 0 0 0 rg BT 258.12 241.70 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 293.84 241.70 Td (our ) Tj ET Q q 0 0 0 rg BT 309.58 241.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 359.76 241.70 Td (in ) Tj ET Q q 0 0 0 rg BT 369.95 241.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 432.90 241.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 453.65 241.70 Td (ventures ) Tj ET Q q 0 0 0 rg BT 489.93 241.70 Td (for ) Tj ET Q q 0 0 0 rg BT 504.00 241.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 552.51 241.70 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 229.70 Td (a ) Tj ET Q q 0 0 0 rg BT 56.50 229.70 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 95.15 229.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 117.71 229.70 Td (based ) Tj ET Q q 0 0 0 rg BT 143.04 229.70 Td (on ) Tj ET Q q 0 0 0 rg BT 155.60 229.70 Td (the ) Tj ET Q q 0 0 0 rg BT 170.38 229.70 Td (dif) Tj ET Q q 0 0 0 rg BT 181.31 229.70 Td (ference ) Tj ET Q q 0 0 0 rg BT 213.28 229.70 Td (in ) Tj ET Q q 0 0 0 rg BT 223.62 229.70 Td (the ) Tj ET Q q 0 0 0 rg BT 238.40 229.70 Td (investment) Tj ET Q q 0 0 0 rg BT 285.06 229.70 Td (s ) Tj ET Q q 0 0 0 rg BT 291.51 229.70 Td (carrying ) Tj ET Q q 0 0 0 rg BT 327.38 229.70 Td (value ) Tj ET Q q 0 0 0 rg BT 351.60 229.70 Td (and ) Tj ET Q q 0 0 0 rg BT 368.60 229.70 Td (its ) Tj ET Q q 0 0 0 rg BT 380.60 229.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 397.04 229.70 Td (value ) Tj ET Q q 0 0 0 rg BT 421.26 229.70 Td (at ) Tj ET Q q 0 0 0 rg BT 431.03 229.70 Td (the ) Tj ET Q q 0 0 0 rg BT 445.81 229.70 Td (time ) Tj ET Q q 0 0 0 rg BT 466.14 229.70 Td (of ) Tj ET Q q 0 0 0 rg BT 477.03 229.70 Td (the ) Tj ET Q q 0 0 0 rg BT 491.81 229.70 Td (evaluation. ) Tj ET Q q 0 0 0 rg BT 538.52 229.70 Td ( ) Tj ET Q q 0 0 0 rg BT 541.08 229.70 Td (If ) Tj ET Q q 0 0 0 rg BT 550.30 229.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 217.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 91.87 217.70 Td (has ) Tj ET Q q 0 0 0 rg BT 108.68 217.70 Td (determined ) Tj ET Q q 0 0 0 rg BT 157.14 217.70 Td (that ) Tj ET Q q 0 0 0 rg BT 175.62 217.70 Td (the ) Tj ET Q q 0 0 0 rg BT 191.32 217.70 Td (decline ) Tj ET Q q 0 0 0 rg BT 223.67 217.70 Td (in ) Tj ET Q q 0 0 0 rg BT 234.93 217.70 Td (value ) Tj ET Q q 0 0 0 rg BT 260.07 217.70 Td (is ) Tj ET Q q 0 0 0 rg BT 270.22 217.70 Td (other ) Tj ET Q q 0 0 0 rg BT 294.25 217.70 Td (than ) Tj ET Q q 0 0 0 rg BT 314.94 217.70 Td (temporary) Tj ET Q q 0 0 0 rg BT 355.39 217.70 Td (, ) Tj ET Q q 0 0 0 rg BT 361.37 217.70 Td (the ) Tj ET Q q 0 0 0 rg BT 377.07 217.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 419.44 217.70 Td (would ) Tj ET Q q 0 0 0 rg BT 447.92 217.70 Td (write ) Tj ET Q q 0 0 0 rg BT 471.95 217.70 Td (down ) Tj ET Q q 0 0 0 rg BT 497.65 217.70 Td (the ) Tj ET Q q 0 0 0 rg BT 513.35 217.70 Td (value ) Tj ET Q q 0 0 0 rg BT 538.48 217.70 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 217.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 205.70 Td (investment ) Tj ET Q q 0 0 0 rg BT 95.05 205.70 Td (to ) Tj ET Q q 0 0 0 rg BT 104.50 205.70 Td (its ) Tj ET Q q 0 0 0 rg BT 115.62 205.70 Td (estimated ) Tj ET Q q 0 0 0 rg BT 155.61 205.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 171.16 205.70 Td (value. ) Tj ET Q q 0 0 0 rg BT 196.99 205.70 Td ( ) Tj ET Q q 0 0 0 rg BT 198.66 205.70 Td (Determining ) Tj ET Q q 0 0 0 rg BT 250.87 205.70 Td (the ) Tj ET Q q 0 0 0 rg BT 264.76 205.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 280.31 205.70 Td (value ) Tj ET Q q 0 0 0 rg BT 303.64 205.70 Td (of ) Tj ET Q q 0 0 0 rg BT 313.64 205.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 363.08 205.70 Td (in ) Tj ET Q q 0 0 0 rg BT 372.53 205.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 434.75 205.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 454.75 205.70 Td (ventures ) Tj ET Q q 0 0 0 rg BT 490.30 205.70 Td (involves ) Tj ET Q q 0 0 0 rg BT 525.86 205.70 Td (a ) Tj ET Q q 0 0 0 rg BT 531.97 205.70 Td (number ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 193.70 Td (of ) Tj ET Q q 0 0 0 rg BT 59.87 193.70 Td (variables, ) Tj ET Q q 0 0 0 rg BT 100.51 193.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 139.76 193.70 Td (and ) Tj ET Q q 0 0 0 rg BT 156.24 193.70 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 210.23 193.70 Td (which ) Tj ET Q q 0 0 0 rg BT 236.71 193.70 Td (are ) Tj ET Q q 0 0 0 rg BT 250.96 193.70 Td (Level ) Tj ET Q q 0 0 0 rg BT 275.76 193.70 Td (3 ) Tj ET Q q 0 0 0 rg BT 282.80 193.70 Td (measurement ) Tj ET Q q 0 0 0 rg BT 338.15 193.70 Td (inputs. ) Tj ET Q q 0 0 0 rg BT 367.14 193.70 Td (See ) Tj ET Q q 0 0 0 rg BT 383.62 193.70 Td (Note ) Tj ET Q q 0 0 0 rg BT 405.10 193.70 Td (1, ) Tj ET Q q 0 0 0 rg BT 414.64 193.70 Td (Summary ) Tj ET Q q 0 0 0 rg BT 460.01 193.70 Td (of ) Tj ET Q q 0 0 0 rg BT 470.38 193.70 Td (Significant ) Tj ET Q q 0 0 0 rg BT 515.85 193.70 Td (Accounting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 181.70 Td (Policies ) Tj ET Q q 0 0 0 rg BT 83.47 181.70 Td (- ) Tj ET Q q 0 0 0 rg BT 89.10 181.70 Td (Investment ) Tj ET Q q 0 0 0 rg BT 135.84 181.70 Td (in ) Tj ET Q q 0 0 0 rg BT 145.93 181.70 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 210.99 181.70 Td (Joint ) Tj ET Q q 0 0 0 rg BT 232.58 181.70 Td (V) Tj ET Q q 0 0 0 rg BT 238.69 181.70 Td (entures, ) Tj ET Q q 0 0 0 rg BT 276.81 181.70 Td (in ) Tj ET Q q 0 0 0 rg BT 286.90 181.70 Td (the ) Tj ET Q q 0 0 0 rg BT 301.42 181.70 Td (Company) Tj ET Q q 0 0 0 rg BT 343.08 181.70 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.28 181.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.28 181.70 Td ( ) Tj ET Q q 0 0 0 rg BT 371.58 181.70 Td (Form ) Tj ET Q q 0 0 0 rg BT 395.56 181.70 Td (10-K ) Tj ET Q q 0 0 0 rg BT 418.42 181.70 Td (for ) Tj ET Q q 0 0 0 rg BT 432.38 181.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 474.68 181.70 Td (information ) Tj ET Q q 0 0 0 rg BT 524.19 181.70 Td (regarding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 169.70 Td (the ) Tj ET Q q 0 0 0 rg BT 64.62 169.70 Td (Company) Tj ET Q q 0 0 0 rg BT 106.29 169.70 Td (s ) Tj ET Q q 0 0 0 rg BT 113.08 169.70 Td (methodology ) Tj ET Q q 0 0 0 rg BT 168.76 169.70 Td (for ) Tj ET Q q 0 0 0 rg BT 183.33 169.70 Td (determining ) Tj ET Q q 0 0 0 rg BT 234.55 169.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 251.34 169.70 Td (value. ) Tj ET Q q 0 0 0 rg BT 278.40 169.70 Td ( ) Tj ET Q q 0 0 0 rg BT 281.30 169.70 Td (Because ) Tj ET Q q 0 0 0 rg BT 317.52 169.70 Td (of ) Tj ET Q q 0 0 0 rg BT 328.76 169.70 Td (the ) Tj ET Q q 0 0 0 rg BT 343.88 169.70 Td (high ) Tj ET Q q 0 0 0 rg BT 364.56 169.70 Td (degree ) Tj ET Q q 0 0 0 rg BT 394.11 169.70 Td (of ) Tj ET Q q 0 0 0 rg BT 405.35 169.70 Td (judgment ) Tj ET Q q 0 0 0 rg BT 446.03 169.70 Td (involved ) Tj ET Q q 0 0 0 rg BT 483.93 169.70 Td (in ) Tj ET Q q 0 0 0 rg BT 494.61 169.70 Td (developing ) Tj ET Q q 0 0 0 rg BT 541.95 169.70 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 157.70 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 103.85 157.70 Td (it ) Tj ET Q q 0 0 0 rg BT 111.81 157.70 Td (is ) Tj ET Q q 0 0 0 rg BT 120.88 157.70 Td (possible ) Tj ET Q q 0 0 0 rg BT 156.06 157.70 Td (that ) Tj ET Q q 0 0 0 rg BT 173.46 157.70 Td (changes ) Tj ET Q q 0 0 0 rg BT 208.06 157.70 Td (in ) Tj ET Q q 0 0 0 rg BT 218.24 157.70 Td (these ) Tj ET Q q 0 0 0 rg BT 241.19 157.70 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 293.04 157.70 Td (could ) Tj ET Q q 0 0 0 rg BT 317.66 157.70 Td (materially ) Tj ET Q q 0 0 0 rg BT 360.60 157.70 Td (impact ) Tj ET Q q 0 0 0 rg BT 390.21 157.70 Td (future ) Tj ET Q q 0 0 0 rg BT 416.49 157.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 436.66 157.70 Td (flow ) Tj ET Q q 0 0 0 rg BT 457.39 157.70 Td (and ) Tj ET Q q 0 0 0 rg BT 474.23 157.70 Td (fair ) Tj ET Q q 0 0 0 rg BT 490.51 157.70 Td (value ) Tj ET Q q 0 0 0 rg BT 514.57 157.70 Td (estimates ) Tj ET Q q 0 0 0 rg BT 554.18 157.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 145.70 Td (the ) Tj ET Q q 0 0 0 rg BT 63.65 145.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 113.35 145.70 Td (which ) Tj ET Q q 0 0 0 rg BT 139.72 145.70 Td (may ) Tj ET Q q 0 0 0 rg BT 158.87 145.70 Td (lead ) Tj ET Q q 0 0 0 rg BT 177.45 145.70 Td (the ) Tj ET Q q 0 0 0 rg BT 191.60 145.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 232.42 145.70 Td (to ) Tj ET Q q 0 0 0 rg BT 242.12 145.70 Td (incur ) Tj ET Q q 0 0 0 rg BT 264.60 145.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 306.52 145.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 354.55 145.70 Td (char) Tj ET Q q 0 0 0 rg BT 371.58 145.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 386.84 145.70 Td (in ) Tj ET Q q 0 0 0 rg BT 396.55 145.70 Td (the ) Tj ET Q q 0 0 0 rg BT 410.69 145.70 Td (future. ) Tj ET Q q 0 0 0 rg BT 439.00 145.70 Td ( ) Tj ET Q q 0 0 0 rg BT 440.93 145.70 Td (During ) Tj ET Q q 0 0 0 rg BT 471.19 145.70 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.34 145.70 Td (three ) Tj ET Q q 0 0 0 rg BT 507.25 145.70 Td (months ) Tj ET Q q 0 0 0 rg BT 538.63 145.70 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 133.70 Td (March ) Tj ET Q q 0 0 0 rg BT 77.39 133.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 91.69 133.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 113.49 133.70 Td (and ) Tj ET Q q 0 0 0 rg BT 129.72 133.70 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.72 133.70 Td (, ) Tj ET Q q 0 0 0 rg BT 154.02 133.70 Td (the ) Tj ET Q q 0 0 0 rg BT 168.03 133.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 208.71 133.70 Td (did ) Tj ET Q q 0 0 0 rg BT 223.29 133.70 Td (not ) Tj ET Q q 0 0 0 rg BT 237.86 133.70 Td (record ) Tj ET Q q 0 0 0 rg BT 265.19 133.70 Td (any ) Tj ET Q q 0 0 0 rg BT 281.43 133.70 Td (impairment ) Tj ET Q q 0 0 0 rg BT 329.32 133.70 Td (char) Tj ET Q q 0 0 0 rg BT 346.35 133.70 Td (ges ) Tj ET Q q 0 0 0 rg BT 361.47 133.70 Td (on ) Tj ET Q q 0 0 0 rg BT 373.27 133.70 Td (its ) Tj ET Q q 0 0 0 rg BT 384.51 133.70 Td (investments ) Tj ET Q q 0 0 0 rg BT 434.08 133.70 Td (in ) Tj ET Q q 0 0 0 rg BT 443.66 133.70 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 506.00 133.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 526.13 133.70 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 49.5 110.13505859375005 m 142.5908203125 110.13505859375005 l s q 0 0 0 rg BT 49.50 111.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.57 111.70 Td (Instruments) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 89.70 Td (Counterparty ) Tj ET Q q 0 0 0 rg BT 106.92 89.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 134.88 89.70 Td (Risk. ) Tj ET Q q 0 0 0 rg BT 158.13 89.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.54 89.70 Td (T) Tj ET Q q 0 0 0 rg BT 165.95 89.70 Td (o ) Tj ET Q q 0 0 0 rg BT 173.36 89.70 Td (reduce ) Tj ET Q q 0 0 0 rg BT 202.41 89.70 Td (the ) Tj ET Q q 0 0 0 rg BT 217.04 89.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 234.45 89.70 Td (associated ) Tj ET Q q 0 0 0 rg BT 277.95 89.70 Td (with ) Tj ET Q q 0 0 0 rg BT 298.14 89.70 Td (losses ) Tj ET Q q 0 0 0 rg BT 324.44 89.70 Td (that ) Tj ET Q q 0 0 0 rg BT 341.84 89.70 Td (would ) Tj ET Q q 0 0 0 rg BT 369.25 89.70 Td (be ) Tj ET Q q 0 0 0 rg BT 381.10 89.70 Td (recognized ) Tj ET Q q 0 0 0 rg BT 427.37 89.70 Td (if ) Tj ET Q q 0 0 0 rg BT 435.89 89.70 Td (counterparties ) Tj ET Q q 0 0 0 rg BT 494.94 89.70 Td (failed ) Tj ET Q q 0 0 0 rg BT 520.11 89.70 Td (to ) Tj ET Q q 0 0 0 rg BT 530.29 89.70 Td (perform ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 77.70 Td (as ) Tj ET Q q 0 0 0 rg BT 60.20 77.70 Td (contracted, ) Tj ET Q q 0 0 0 rg BT 106.70 77.70 Td (the ) Tj ET Q q 0 0 0 rg BT 121.28 77.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 162.54 77.70 Td (limits ) Tj ET Q q 0 0 0 rg BT 187.69 77.70 Td (the ) Tj ET Q q 0 0 0 rg BT 202.27 77.70 Td (entities ) Tj ET Q q 0 0 0 rg BT 233.52 77.70 Td (with ) Tj ET Q q 0 0 0 rg BT 253.66 77.70 Td (whom ) Tj ET Q q 0 0 0 rg BT 281.03 77.70 Td (management ) Tj ET Q q 0 0 0 rg BT 334.48 77.70 Td (can ) Tj ET Q q 0 0 0 rg BT 350.72 77.70 Td (enter ) Tj ET Q q 0 0 0 rg BT 373.07 77.70 Td (into ) Tj ET Q q 0 0 0 rg BT 391.00 77.70 Td (commitments. ) Tj ET Q q 0 0 0 rg BT 450.30 77.70 Td ( ) Tj ET Q q 0 0 0 rg BT 452.50 77.70 Td (This ) Tj ET Q q 0 0 0 rg BT 472.64 77.70 Td (risk ) Tj ET Q q 0 0 0 rg BT 490.01 77.70 Td (of ) Tj ET Q q 0 0 0 rg BT 500.70 77.70 Td (accounting ) Tj ET Q q 0 0 0 rg BT 546.94 77.70 Td (loss ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 65.70 Td (is ) Tj ET Q q 0 0 0 rg BT 58.71 65.70 Td (the ) Tj ET Q q 0 0 0 rg BT 73.47 65.70 Td (dif) Tj ET Q q 0 0 0 rg BT 84.40 65.70 Td (ference ) Tj ET Q q 0 0 0 rg BT 116.36 65.70 Td (between ) Tj ET Q q 0 0 0 rg BT 152.22 65.70 Td (the ) Tj ET Q q 0 0 0 rg BT 166.98 65.70 Td (market ) Tj ET Q q 0 0 0 rg BT 197.28 65.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 214.81 65.70 Td (at ) Tj ET Q q 0 0 0 rg BT 224.57 65.70 Td (the ) Tj ET Q q 0 0 0 rg BT 239.33 65.70 Td (time ) Tj ET Q q 0 0 0 rg BT 259.65 65.70 Td (of ) Tj ET Q q 0 0 0 rg BT 270.52 65.70 Td (non-performance ) Tj ET Q q 0 0 0 rg BT 341.92 65.70 Td (by ) Tj ET Q q 0 0 0 rg BT 354.46 65.70 Td (the ) Tj ET Q q 0 0 0 rg BT 369.22 65.70 Td (counterparty ) Tj ET Q q 0 0 0 rg BT 422.29 65.70 Td (and ) Tj ET Q q 0 0 0 rg BT 439.27 65.70 Td (the ) Tj ET Q q 0 0 0 rg BT 454.03 65.70 Td (rate ) Tj ET Q q 0 0 0 rg BT 471.56 65.70 Td (to ) Tj ET Q q 0 0 0 rg BT 481.88 65.70 Td (which ) Tj ET Q q 0 0 0 rg BT 508.87 65.70 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 65.70 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 53.70 Td (committed. ) Tj ET Q endstream endobj 29 0 obj <><>] /Rotate 0 /Contents 30 0 R>> endobj 30 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 /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 67.41 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.67 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.46 740.10 Td (presents ) Tj ET Q q 0 0 0 rg BT 165.60 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.18 740.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 215.86 740.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 252.11 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 268.92 740.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 285.16 740.10 Td (values ) Tj ET Q q 0 0 0 rg BT 313.07 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 323.77 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 338.35 740.10 Td (Company) Tj ET Q q 0 0 0 rg BT 380.02 740.10 Td (s ) Tj ET Q q 0 0 0 rg BT 386.27 740.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 423.62 740.10 Td (instruments ) Tj ET Q q 0 0 0 rg BT 472.65 740.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.23 740.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 525.70 740.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.70 740.10 Td ( ) 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 (December ) Tj ET Q q 0 0 0 rg BT 93.31 728.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 108.54 728.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.54 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 133.77 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.30 728.10 Td (The ) Tj ET Q q 0 0 0 rg BT 154.58 728.10 Td (objective ) Tj ET Q q 0 0 0 rg BT 193.96 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.02 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.97 728.10 Td (fair ) Tj ET Q q 0 0 0 rg BT 236.57 728.10 Td (value ) Tj ET Q q 0 0 0 rg BT 260.96 728.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 317.00 728.10 Td (is ) Tj ET Q q 0 0 0 rg BT 326.40 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 336.91 728.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 372.96 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 387.90 728.10 Td (price ) Tj ET Q q 0 0 0 rg BT 410.62 728.10 Td (at ) Tj ET Q q 0 0 0 rg BT 420.56 728.10 Td (which ) Tj ET Q q 0 0 0 rg BT 447.73 728.10 Td (an ) Tj ET Q q 0 0 0 rg BT 459.90 728.10 Td (orderly ) Tj ET Q q 0 0 0 rg BT 491.50 728.10 Td (transaction ) Tj ET Q q 0 0 0 rg BT 538.11 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 548.61 728.10 Td (sell ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 65.07 716.10 Td (asset ) Tj ET Q q 0 0 0 rg BT 87.87 716.10 Td (or ) Tj ET Q q 0 0 0 rg BT 99.56 716.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 133.45 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 149.02 716.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 183.49 716.10 Td (would ) Tj ET Q q 0 0 0 rg BT 211.85 716.10 Td (take ) Tj ET Q q 0 0 0 rg BT 231.86 716.10 Td (place ) Tj ET Q q 0 0 0 rg BT 256.31 716.10 Td (between ) Tj ET Q q 0 0 0 rg BT 292.98 716.10 Td (market ) Tj ET Q q 0 0 0 rg BT 324.10 716.10 Td (participants ) Tj ET Q q 0 0 0 rg BT 374.11 716.10 Td (at ) Tj ET Q q 0 0 0 rg BT 384.68 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.26 716.10 Td (measurement ) Tj ET Q q 0 0 0 rg BT 456.92 716.10 Td (date ) Tj ET Q q 0 0 0 rg BT 476.94 716.10 Td (under ) Tj ET Q q 0 0 0 rg BT 503.06 716.10 Td (current ) Tj ET Q q 0 0 0 rg BT 534.73 716.10 Td (market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (conditions. ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 681.6 m 388 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 681.6 m 395 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 681.6 m 445 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 681.6 m 455 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 681.6 m 505 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 681.6 m 512 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 681.6 m 562 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 660.6 m 328 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 660.6 m 338 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 681.6 m 388 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 660.6 m 395 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 681.6 m 445 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 660.6 m 455 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 681.6 m 505 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 660.6 m 505 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 660.6 m 512 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 681.6 m 562 681.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 660.6 m 562 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 660.6 m 328 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 660.6 m 338 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 660.6 m 388 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 660.6 m 395 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 660.6 m 445 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 660.6 m 455 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 660.6 m 505 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 660.6 m 512 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 660.6 m 562 660.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 444.6 m 328 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 328 444.6 m 338 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 338 444.6 m 388 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 388 444.6 m 395 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 395 444.6 m 445 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 444.6 m 455 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 444.6 m 505 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 505 444.6 m 512 444.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 512 444.6 m 562 444.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 364.50 685.68 Td (March 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.55 685.55 Td (December 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 664.85 Td (\(In thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.70 672.83 Td (Carrying) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 348.45 664.83 Td (Amount) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 401.65 664.83 Td (Fair Value) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.25 672.85 Td (Carrying) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 466.35 664.85 Td (Amount) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 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Tf ET q 0 0 0 rg BT 358.75 544.68 Td (106,937) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.75 544.68 Td (106,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 544.55 Td (152,895) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 544.55 Td (152,895) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 532.55 Td (Notes payable - other) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.75 532.68 Td (7,022) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.75 532.68 Td (6,744) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 483.75 532.55 Td (6,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 532.55 Td (5,999) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 520.55 Td (Convertible senior subordinated notes due 2017 ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 218.58 524.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 520.68 Td (57,500) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.75 520.68 Td (64,759) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 520.55 Td (57,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 520.55 Td (65,957) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 508.55 Td (Convertible senior subordinated notes due 2018 ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 218.58 512.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 508.68 Td (86,250) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 419.75 508.68 Td (87,759) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 508.55 Td (86,250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 508.55 Td (88,105) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 496.55 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 136.82 500.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.75 496.68 Td (300,000) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 415.75 496.68 Td (313,500) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 475.75 496.55 Td (300,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 496.55 Td (314,250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 484.55 Td (Best-efforts 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0 rg BT 341.80 429.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 367.92 429.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 407.39 429.50 Td (which ) Tj ET Q q 0 0 0 rg BT 429.07 429.50 Td (does ) Tj ET Q q 0 0 0 rg BT 445.87 429.50 Td (not ) Tj ET Q q 0 0 0 rg BT 458.22 429.50 Td (include ) Tj ET Q q 0 0 0 rg BT 483.90 429.50 Td (the ) Tj ET Q q 0 0 0 rg BT 495.80 429.50 Td (impact ) Tj ET Q q 0 0 0 rg BT 519.71 429.50 Td (of ) Tj ET Q q 0 0 0 rg BT 528.50 429.50 Td (premiums, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 419.90 Td (discounts, ) Tj ET Q q 0 0 0 rg BT 101.72 419.90 Td (and ) Tj ET Q q 0 0 0 rg BT 115.27 419.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 131.05 419.90 Td (issuance ) Tj ET Q q 0 0 0 rg BT 160.15 419.90 Td (costs ) Tj ET Q q 0 0 0 rg BT 178.15 419.90 Td (that ) Tj ET Q q 0 0 0 rg BT 192.14 419.90 Td (are ) Tj ET Q q 0 0 0 rg BT 203.91 419.90 Td (amortized ) Tj ET Q q 0 0 0 rg BT 237.89 419.90 Td (to ) Tj ET Q q 0 0 0 rg BT 246.12 419.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 271.66 419.90 Td (cost ) Tj ET Q q 0 0 0 rg BT 286.55 419.90 Td (over ) Tj ET Q q 0 0 0 rg BT 302.77 419.90 Td (the ) Tj ET Q q 0 0 0 rg BT 314.54 419.90 Td (respective ) Tj ET Q q 0 0 0 rg BT 348.96 419.90 Td (terms ) Tj ET Q q 0 0 0 rg BT 368.74 419.90 Td (of ) Tj ET Q q 0 0 0 rg BT 377.40 419.90 Td (the ) Tj ET Q q 0 0 0 rg BT 389.18 419.90 Td (notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.90 Td (The ) Tj ET Q q 0 0 0 rg BT 66.89 397.90 Td (following ) Tj ET Q q 0 0 0 rg BT 107.61 397.90 Td (methods ) Tj ET Q q 0 0 0 rg BT 143.34 397.90 Td (and ) Tj ET Q q 0 0 0 rg BT 159.62 397.90 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 210.91 397.90 Td (were ) Tj ET Q q 0 0 0 rg BT 232.17 397.90 Td (used ) Tj ET Q q 0 0 0 rg BT 252.34 397.90 Td (by ) Tj ET Q q 0 0 0 rg BT 264.18 397.90 Td (the ) Tj ET Q q 0 0 0 rg BT 278.24 397.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 318.97 397.90 Td (in ) Tj ET Q q 0 0 0 rg BT 328.59 397.90 Td (estimating ) Tj ET Q q 0 0 0 rg BT 372.09 397.90 Td (its ) Tj ET Q q 0 0 0 rg BT 383.37 397.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 399.09 397.90 Td (value ) Tj ET Q q 0 0 0 rg BT 422.59 397.90 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 468.86 397.90 Td (of ) Tj ET Q q 0 0 0 rg BT 479.03 397.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.85 397.90 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 385.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.22 385.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 102.82 385.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.82 385.90 Td ( ) Tj ET Q q 0 0 0 rg BT 125.32 385.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.25 385.90 Td (December ) Tj ET Q q 0 0 0 rg BT 185.84 385.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 200.84 385.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.84 385.90 Td (:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 363.90 Td (Cash, ) Tj ET Q q 0 0 0 rg BT 75.02 363.90 Td (Cash ) Tj ET Q q 0 0 0 rg BT 98.04 363.90 Td (Equivalents ) Tj ET Q q 0 0 0 rg BT 148.83 363.90 Td (and ) Tj ET Q q 0 0 0 rg BT 166.29 363.90 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 209.29 363.90 Td (Cash.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.91 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 234.81 363.90 Td ( ) Tj ET Q q 0 0 0 rg BT 236.57 363.90 Td (The ) Tj ET Q q 0 0 0 rg BT 254.01 363.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 289.22 363.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 325.00 363.90 Td (of ) Tj ET Q q 0 0 0 rg BT 335.23 363.90 Td (these ) Tj ET Q q 0 0 0 rg BT 357.67 363.90 Td (items ) Tj ET Q q 0 0 0 rg BT 381.23 363.90 Td (approximate ) Tj ET Q q 0 0 0 rg BT 433.11 363.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 448.88 363.90 Td (value ) Tj ET Q q 0 0 0 rg BT 472.43 363.90 Td (because ) Tj ET Q q 0 0 0 rg BT 505.97 363.90 Td (they ) Tj ET Q q 0 0 0 rg BT 525.09 363.90 Td (are ) Tj ET Q q 0 0 0 rg BT 539.19 363.90 Td (short-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.90 Td (term ) Tj ET Q q 0 0 0 rg BT 70.33 351.90 Td (by ) Tj ET Q q 0 0 0 rg BT 82.83 351.90 Td (nature. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 329.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 92.50 329.90 Td (Loans ) Tj ET Q q 0 0 0 rg BT 121.05 329.90 Td (Held ) Tj ET Q q 0 0 0 rg BT 144.04 329.90 Td (for ) Tj ET Q q 0 0 0 rg BT 159.26 329.90 Td (Sale, ) Tj ET Q q 0 0 0 rg BT 182.53 329.90 Td (Forward ) Tj ET Q q 0 0 0 rg BT 221.65 329.90 Td (Sales ) Tj ET Q q 0 0 0 rg BT 246.32 329.90 Td (of ) Tj ET Q q 0 0 0 rg BT 257.64 329.90 Td (Mortgage-Backed ) Tj ET Q q 0 0 0 rg BT 334.52 329.90 Td (Securities, ) Tj ET Q q 0 0 0 rg BT 380.57 329.90 Td (Commitments ) Tj ET Q q 0 0 0 rg BT 440.80 329.90 Td (to ) Tj ET Q q 0 0 0 rg BT 451.57 329.90 Td (Extend ) Tj ET Q q 0 0 0 rg BT 484.01 329.90 Td (Real ) Tj ET Q q 0 0 0 rg BT 505.90 329.90 Td (Estate ) Tj ET Q q 0 0 0 rg BT 534.45 329.90 Td (Loans, ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 317.90 Td (Best-Ef) Tj ET Q q 0 0 0 rg BT 80.43 317.90 Td (forts ) Tj ET Q q 0 0 0 rg BT 101.73 317.90 Td (Contracts ) Tj ET Q q 0 0 0 rg BT 144.16 317.90 Td (for ) Tj ET Q q 0 0 0 rg BT 158.79 317.90 Td (Committed ) Tj ET Q q 0 0 0 rg BT 206.21 317.90 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 235.85 317.90 Td (and ) Tj ET Q q 0 0 0 rg BT 253.83 317.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 296.24 317.90 Td (Loans ) Tj ET Q q 0 0 0 rg BT 324.21 317.90 Td (Held ) Tj ET Q q 0 0 0 rg BT 346.62 317.90 Td (for ) Tj ET Q q 0 0 0 rg BT 361.26 317.90 Td (Sale, ) Tj ET Q q 0 0 0 rg BT 383.95 317.90 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 434.14 317.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 463.78 317.90 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 521.77 317.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 547.51 317.90 Td (due ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 305.90 Td (2017, ) Tj ET Q q 0 0 0 rg BT 73.92 305.90 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 123.62 305.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 152.77 305.90 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 210.26 305.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 235.51 305.90 Td (due ) Tj ET Q q 0 0 0 rg BT 252.43 305.90 Td (2018 ) Tj ET Q q 0 0 0 rg BT 274.36 305.90 Td (and ) Tj ET Q q 0 0 0 rg BT 291.84 305.90 Td (Senior ) Tj ET Q q 0 0 0 rg BT 320.99 305.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 346.24 305.90 Td (due ) Tj ET Q q 0 0 0 rg BT 363.16 305.90 Td (2021. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.59 305.90 Td ( ) Tj ET Q q 0 0 0 rg BT 389.37 305.90 Td (The ) Tj ET Q q 0 0 0 rg BT 406.84 305.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 422.64 305.90 Td (value ) Tj ET Q q 0 0 0 rg BT 446.21 305.90 Td (of ) Tj ET Q q 0 0 0 rg BT 456.46 305.90 Td (these ) Tj ET Q q 0 0 0 rg BT 478.93 305.90 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.83 305.90 Td (instruments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 293.90 Td (was ) Tj ET Q q 0 0 0 rg BT 67.00 293.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 113.92 293.90 Td (based ) Tj ET Q q 0 0 0 rg BT 138.63 293.90 Td (upon ) Tj ET Q q 0 0 0 rg BT 160.57 293.90 Td (market ) Tj ET Q q 0 0 0 rg BT 190.28 293.90 Td (quotes ) Tj ET Q q 0 0 0 rg BT 218.33 293.90 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.49 293.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 270.54 293.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.54 293.90 Td ( ) Tj ET Q q 0 0 0 rg BT 292.48 293.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.86 293.90 Td (December ) Tj ET Q q 0 0 0 rg BT 351.89 293.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 366.33 293.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.33 293.90 Td (. ) Tj ET Q q 0 0 0 rg BT 390.77 293.90 Td ( ) Tj ET Q q 0 0 0 rg BT 392.58 293.90 Td (The ) Tj ET Q q 0 0 0 rg BT 410.07 293.90 Td (market ) Tj ET Q q 0 0 0 rg BT 439.77 293.90 Td (quotes ) Tj ET Q q 0 0 0 rg BT 467.83 293.90 Td (used ) Tj ET Q q 0 0 0 rg BT 488.10 293.90 Td (were ) Tj ET Q q 0 0 0 rg BT 509.47 293.90 Td (quoted ) Tj ET Q q 0 0 0 rg BT 538.63 293.90 Td (prices ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 281.90 Td (for ) Tj ET Q q 0 0 0 rg BT 63.93 281.90 Td (similar ) Tj ET Q q 0 0 0 rg BT 94.46 281.90 Td (assets ) Tj ET Q q 0 0 0 rg BT 120.56 281.90 Td (or ) Tj ET Q q 0 0 0 rg BT 131.65 281.90 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 171.64 281.90 Td (along ) Tj ET Q q 0 0 0 rg BT 196.62 281.90 Td (with ) Tj ET Q q 0 0 0 rg BT 217.16 281.90 Td (inputs ) Tj ET Q q 0 0 0 rg BT 244.38 281.90 Td (taken ) Tj ET Q q 0 0 0 rg BT 268.80 281.90 Td (from ) Tj ET Q q 0 0 0 rg BT 291.00 281.90 Td (observable ) Tj ET Q q 0 0 0 rg BT 337.08 281.90 Td (market ) Tj ET Q q 0 0 0 rg BT 367.61 281.90 Td (data ) Tj ET Q q 0 0 0 rg BT 387.03 281.90 Td (by ) Tj ET Q q 0 0 0 rg BT 399.79 281.90 Td (correlation. ) Tj ET Q q 0 0 0 rg BT 448.37 281.90 Td ( ) Tj ET Q q 0 0 0 rg BT 450.93 281.90 Td (The ) Tj ET Q q 0 0 0 rg BT 469.25 281.90 Td (inputs ) Tj ET Q q 0 0 0 rg BT 496.46 281.90 Td (were ) Tj ET Q q 0 0 0 rg BT 518.65 281.90 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 554.74 281.90 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 269.90 Td (account ) Tj ET Q q 0 0 0 rg BT 83.09 269.90 Td (for ) Tj ET Q q 0 0 0 rg BT 97.25 269.90 Td (the ) Tj ET Q q 0 0 0 rg BT 111.97 269.90 Td (condition ) Tj ET Q q 0 0 0 rg BT 152.24 269.90 Td (of ) Tj ET Q q 0 0 0 rg BT 163.07 269.90 Td (the ) Tj ET Q q 0 0 0 rg BT 177.79 269.90 Td (asset ) Tj ET Q q 0 0 0 rg BT 199.73 269.90 Td (or ) Tj ET Q q 0 0 0 rg BT 210.56 269.90 Td (liability) Tj ET Q q 0 0 0 rg BT 241.02 269.90 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 247.90 Td (Split ) Tj ET Q q 0 0 0 rg BT 71.31 247.90 Td (Dollar ) Tj ET Q q 0 0 0 rg BT 100.90 247.90 Td (Life ) Tj ET Q q 0 0 0 rg BT 120.47 247.90 Td (Insurance ) Tj ET Q q 0 0 0 rg BT 165.63 247.90 Td (Policy ) Tj ET Q q 0 0 0 rg BT 194.09 247.90 Td (and ) Tj ET Q q 0 0 0 rg BT 212.57 247.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 238.81 247.90 Td (Receivable.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.73 247.90 Td ( ) Tj ET Q q 0 0 0 rg BT 288.65 247.90 Td ( ) Tj ET Q q 0 0 0 rg BT 291.36 247.90 Td (The ) Tj ET Q q 0 0 0 rg BT 309.82 247.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 351.06 247.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 367.85 247.90 Td (value ) Tj ET Q q 0 0 0 rg BT 392.43 247.90 Td (was ) Tj ET Q q 0 0 0 rg BT 410.90 247.90 Td (determined ) Tj ET Q q 0 0 0 rg BT 458.79 247.90 Td (by ) Tj ET Q q 0 0 0 rg BT 471.71 247.90 Td (calculating ) Tj ET Q q 0 0 0 rg BT 518.50 247.90 Td (the ) Tj ET Q q 0 0 0 rg BT 533.63 247.90 Td (present ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.90 Td (value ) Tj ET Q q 0 0 0 rg BT 73.19 235.90 Td (of ) Tj ET Q q 0 0 0 rg BT 83.56 235.90 Td (the ) Tj ET Q q 0 0 0 rg BT 97.81 235.90 Td (amounts ) Tj ET Q q 0 0 0 rg BT 133.74 235.90 Td (based ) Tj ET Q q 0 0 0 rg BT 158.55 235.90 Td (on ) Tj ET Q q 0 0 0 rg BT 170.58 235.90 Td (the ) Tj ET Q q 0 0 0 rg BT 184.84 235.90 Td (estimated ) Tj ET Q q 0 0 0 rg BT 225.20 235.90 Td (timing ) Tj ET Q q 0 0 0 rg BT 253.35 235.90 Td (of ) Tj ET Q q 0 0 0 rg BT 263.71 235.90 Td (receipts ) Tj ET Q q 0 0 0 rg BT 296.85 235.90 Td (using ) Tj ET Q q 0 0 0 rg BT 320.55 235.90 Td (discount ) Tj ET Q q 0 0 0 rg BT 356.48 235.90 Td (rates ) Tj ET Q q 0 0 0 rg BT 377.39 235.90 Td (that ) Tj ET Q q 0 0 0 rg BT 394.42 235.90 Td (incorporate ) Tj ET Q q 0 0 0 rg BT 441.99 235.90 Td (management) Tj ET Q q 0 0 0 rg BT 495.86 235.90 Td (s ) Tj ET Q q 0 0 0 rg BT 501.79 235.90 Td (estimate ) Tj ET Q q 0 0 0 rg BT 537.15 235.90 Td (of ) Tj ET Q q 0 0 0 rg BT 547.52 235.90 Td (risk ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.90 Td (associated ) Tj ET Q q 0 0 0 rg BT 93.09 223.90 Td (with ) Tj ET Q q 0 0 0 rg BT 113.37 223.90 Td (the ) Tj ET Q q 0 0 0 rg BT 128.09 223.90 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 187.80 223.90 Td (note ) Tj ET Q q 0 0 0 rg BT 207.51 223.90 Td (receivable.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 201.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.03 201.90 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.00 201.90 Td (- ) Tj ET Q q 0 0 0 rg BT 115.54 201.90 Td (Homebuilding ) Tj ET Q q 0 0 0 rg BT 177.20 201.90 Td (Operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.26 201.90 Td ( ) Tj ET Q q 0 0 0 rg BT 227.46 201.90 Td ( ) Tj ET Q q 0 0 0 rg BT 229.51 201.90 Td (The ) Tj ET Q q 0 0 0 rg BT 247.26 201.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 278.90 201.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 296.09 201.90 Td (available ) Tj ET Q q 0 0 0 rg BT 334.38 201.90 Td (to ) Tj ET Q q 0 0 0 rg BT 344.36 201.90 Td (the ) Tj ET Q q 0 0 0 rg BT 358.78 201.90 Td (Company ) Tj ET Q q 0 0 0 rg BT 399.88 201.90 Td (during ) Tj ET Q q 0 0 0 rg BT 428.19 201.90 Td (the ) Tj ET Q q 0 0 0 rg BT 442.61 201.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 473.13 201.90 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.21 201.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 542.51 201.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 189.90 Td (fluctuated ) Tj ET Q q 0 0 0 rg BT 91.49 189.90 Td (with ) Tj ET Q q 0 0 0 rg BT 111.29 189.90 Td (the ) Tj ET Q q 0 0 0 rg BT 125.07 189.90 Td (Alternate ) Tj ET Q q 0 0 0 rg BT 164.29 189.90 Td (Base ) Tj ET Q q 0 0 0 rg BT 185.74 189.90 Td (Rate ) Tj ET Q q 0 0 0 rg BT 206.08 189.90 Td (or ) Tj ET Q q 0 0 0 rg BT 216.43 189.90 Td (the ) Tj ET Q q 0 0 0 rg BT 230.66 189.90 Td (Eurodollar ) Tj ET Q q 0 0 0 rg BT 275.44 189.90 Td (Rate ) Tj ET Q q 0 0 0 rg BT 295.77 189.90 Td (for ) Tj ET Q q 0 0 0 rg BT 309.45 189.90 Td (the ) Tj ET Q q 0 0 0 rg BT 323.68 189.90 Td (Company) Tj ET Q q 0 0 0 rg BT 365.34 189.90 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.25 189.90 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.64 189.90 Td ( ) Tj ET Q q 0 0 0 rg BT 424.66 189.90 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 467.21 189.90 Td (revolving ) Tj ET Q q 0 0 0 rg BT 507.55 189.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 532.32 189.90 Td (facility) Tj ET Q q 0 0 0 rg BT 560.00 189.90 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 177.90 Td (dated ) Tj ET Q q 0 0 0 rg BT 73.67 177.90 Td (July ) Tj ET Q q 0 0 0 rg BT 92.86 177.90 Td (18, ) Tj ET Q q 0 0 0 rg BT 107.88 177.90 Td (2013, ) Tj ET Q q 0 0 0 rg BT 132.90 177.90 Td (as ) Tj ET Q q 0 0 0 rg BT 143.75 177.90 Td (amended ) Tj ET Q q 0 0 0 rg BT 182.36 177.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 200.43 177.90 Td (Credit ) Tj ET Q q 0 0 0 rg BT 232.38 177.90 Td (Facility\), ) Tj ET Q q 0 0 0 rg BT 275.72 177.90 Td (and ) Tj ET Q q 0 0 0 rg BT 292.67 177.90 Td (thus ) Tj ET Q q 0 0 0 rg BT 311.86 177.90 Td (the ) Tj ET Q q 0 0 0 rg BT 326.60 177.90 Td (carrying ) Tj ET Q q 0 0 0 rg BT 362.43 177.90 Td (value ) Tj ET Q q 0 0 0 rg BT 386.61 177.90 Td (is ) Tj ET Q q 0 0 0 rg BT 395.79 177.90 Td (a ) Tj ET Q q 0 0 0 rg BT 402.75 177.90 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 448.02 177.90 Td (estimate ) Tj ET Q q 0 0 0 rg BT 483.86 177.90 Td (of ) Tj ET Q q 0 0 0 rg BT 494.71 177.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 511.11 177.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 537.78 177.90 Td ( ) Tj ET Q q 0 0 0 rg BT 540.30 177.90 Td (Refer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 165.90 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 59.7783203125 164.56699218749998 m 86.716796875 164.56699218749998 l s q 0 0 1 rg BT 59.78 165.90 Td (Note ) Tj ET Q q 0 0 1 rg BT 81.72 165.90 Td (7) 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 86.72 165.90 Td ( ) Tj ET Q q 0 0 0 rg BT 89.22 165.90 Td (for ) Tj ET Q q 0 0 0 rg BT 103.38 165.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 145.87 165.90 Td (information ) Tj ET Q q 0 0 0 rg BT 195.58 165.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 236.39 165.90 Td (the ) Tj ET Q q 0 0 0 rg BT 251.11 165.90 Td (Credit ) Tj ET Q q 0 0 0 rg BT 278.61 165.90 Td (Facility) Tj ET Q q 0 0 0 rg BT 308.51 165.90 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 143.90 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.24 143.90 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.41 143.90 Td (- ) Tj ET Q q 0 0 0 rg BT 116.14 143.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 159.12 143.90 Td (Services ) Tj ET Q q 0 0 0 rg BT 195.40 143.90 Td (Operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.46 143.90 Td ( ) Tj ET Q q 0 0 0 rg BT 245.87 143.90 Td ( ) Tj ET Q q 0 0 0 rg BT 248.27 143.90 Td (M/I ) Tj ET Q q 0 0 0 rg BT 265.68 143.90 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 307.80 143.90 Td (LLC ) Tj ET Q q 0 0 0 rg BT 329.09 143.90 Td (\(M/I ) Tj ET Q q 0 0 0 rg BT 354.26 143.90 Td (Financial\) ) Tj ET Q q 0 0 0 rg BT 401.65 143.90 Td (is ) Tj ET Q q 0 0 0 rg BT 410.73 143.90 Td (a ) Tj ET Q q 0 0 0 rg BT 417.57 143.90 Td (party ) Tj ET Q q 0 0 0 rg BT 440.53 143.90 Td (to ) Tj ET Q q 0 0 0 rg BT 450.71 143.90 Td (two ) Tj ET Q q 0 0 0 rg BT 468.12 143.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 493.29 143.90 Td (agreements: ) Tj ET Q q 0 0 0 rg BT 544.00 143.90 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 558.07 143.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 131.90 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.89 131.90 Td ( ) Tj ET Q q 0 0 0 rg BT 102.82 131.90 Td (secured ) Tj ET Q q 0 0 0 rg BT 135.29 131.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 174.98 131.90 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 228.01 131.90 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 274.08 131.90 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.67 131.90 Td (June24, ) Tj ET Q q 0 0 0 rg BT 332.93 131.90 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.93 131.90 Td ( ) Tj ET Q q 0 0 0 rg BT 354.86 131.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 372.34 131.90 Td (MIF ) Tj ET Q q 0 0 0 rg BT 396.49 131.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 437.15 131.90 Td (W) Tj ET Q q 0 0 0 rg BT 445.79 131.90 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 491.17 131.90 Td (Agreement\); ) Tj ET Q q 0 0 0 rg BT 548.07 131.90 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 119.90 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 63.17 119.90 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.62 119.90 Td ($15 ) Tj ET Q q 0 0 0 rg BT 86.63 119.90 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.52 119.90 Td ( ) Tj ET Q q 0 0 0 rg BT 117.53 119.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 157.30 119.90 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 202.62 119.90 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 248.77 119.90 Td (dated ) Tj ET Q q 0 0 0 rg BT 272.43 119.90 Td (November ) Tj ET Q q 0 0 0 rg BT 316.65 119.90 Td (3, ) Tj ET Q q 0 0 0 rg BT 326.16 119.90 Td (2015, ) Tj ET Q q 0 0 0 rg BT 350.66 119.90 Td (as ) Tj ET Q q 0 0 0 rg BT 361.00 119.90 Td (amended ) Tj ET Q q 0 0 0 rg BT 399.11 119.90 Td (on ) Tj ET Q q 0 0 0 rg BT 411.12 119.90 Td (October ) Tj ET Q q 0 0 0 rg BT 445.33 119.90 Td (31, ) Tj ET Q q 0 0 0 rg BT 459.84 119.90 Td (2016 ) Tj ET Q q 0 0 0 rg BT 481.85 119.90 Td (\(the ) Tj ET Q q 0 0 0 rg BT 499.41 119.90 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.64 119.90 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 107.90 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 98.40 107.90 Td (Facility\). ) Tj ET Q q 0 0 0 rg BT 141.48 107.90 Td ( ) Tj ET Q q 0 0 0 rg BT 143.73 107.90 Td (For ) Tj ET Q q 0 0 0 rg BT 159.88 107.90 Td (each ) Tj ET Q q 0 0 0 rg BT 180.45 107.90 Td (of ) Tj ET Q q 0 0 0 rg BT 191.03 107.90 Td (these ) Tj ET Q q 0 0 0 rg BT 213.83 107.90 Td (credit ) Tj ET Q q 0 0 0 rg BT 238.85 107.90 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 278.04 107.90 Td (the ) Tj ET Q q 0 0 0 rg BT 292.51 107.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 324.20 107.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 341.44 107.90 Td (is ) Tj ET Q q 0 0 0 rg BT 350.36 107.90 Td (based ) Tj ET Q q 0 0 0 rg BT 375.38 107.90 Td (on ) Tj ET Q q 0 0 0 rg BT 387.64 107.90 Td (a ) Tj ET Q q 0 0 0 rg BT 394.33 107.90 Td (variable ) Tj ET Q q 0 0 0 rg BT 428.79 107.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 446.03 107.90 Td (index, ) Tj ET Q q 0 0 0 rg BT 473.00 107.90 Td (and ) Tj ET Q q 0 0 0 rg BT 489.70 107.90 Td (thus ) Tj ET Q q 0 0 0 rg BT 508.62 107.90 Td (their ) Tj ET Q q 0 0 0 rg BT 529.20 107.90 Td (carrying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 95.90 Td (value ) Tj ET Q q 0 0 0 rg BT 73.47 95.90 Td (is ) Tj ET Q q 0 0 0 rg BT 82.45 95.90 Td (a ) Tj ET Q q 0 0 0 rg BT 89.20 95.90 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 134.27 95.90 Td (estimate ) Tj ET Q q 0 0 0 rg BT 169.90 95.90 Td (of ) Tj ET Q q 0 0 0 rg BT 180.54 95.90 Td (fair ) Tj ET Q q 0 0 0 rg BT 196.73 95.90 Td (value. ) Tj ET Q q 0 0 0 rg BT 223.20 95.90 Td ( ) Tj ET Q q 0 0 0 rg BT 225.34 95.90 Td (The ) Tj ET Q q 0 0 0 rg BT 243.20 95.90 Td (interest ) Tj ET Q q 0 0 0 rg BT 274.95 95.90 Td (rate ) Tj ET Q q 0 0 0 rg BT 292.24 95.90 Td (available ) Tj ET Q q 0 0 0 rg BT 330.64 95.90 Td (to ) Tj ET Q q 0 0 0 rg BT 340.73 95.90 Td (M/I ) Tj ET Q q 0 0 0 rg BT 358.05 95.90 Td (Financial ) Tj ET Q q 0 0 0 rg BT 397.57 95.90 Td (during ) Tj ET Q q 0 0 0 rg BT 425.99 95.90 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.52 95.90 Td (first ) Tj ET Q q 0 0 0 rg BT 458.94 95.90 Td (quarter ) Tj ET Q q 0 0 0 rg BT 489.57 95.90 Td (of ) Tj ET Q q 0 0 0 rg BT 500.21 95.90 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.21 95.90 Td ( ) Tj ET Q q 0 0 0 rg BT 522.52 95.90 Td (fluctuated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 83.90 Td (with ) Tj ET Q q 0 0 0 rg BT 70.72 83.90 Td (LIBOR. ) Tj ET Q q 0 0 0 rg BT 106.65 83.90 Td ( ) Tj ET Q q 0 0 0 rg BT 110.09 83.90 Td (Refer ) Tj ET Q q 0 0 0 rg BT 135.74 83.90 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 146.951171875 82.56699218749998 m 174.8271484375 82.56699218749998 l s q 0 0 1 rg BT 146.95 83.90 Td (Note ) Tj ET Q q 0 0 1 rg BT 169.83 83.90 Td (7) 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 174.83 83.90 Td ( ) Tj ET Q q 0 0 0 rg BT 178.26 83.90 Td (for ) Tj ET Q q 0 0 0 rg BT 193.36 83.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 236.79 83.90 Td (information ) Tj ET Q q 0 0 0 rg BT 287.44 83.90 Td (regarding ) Tj ET Q q 0 0 0 rg BT 329.19 83.90 Td (the ) Tj ET Q q 0 0 0 rg BT 344.85 83.90 Td (MIF ) Tj ET Q q 0 0 0 rg BT 366.07 83.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 408.13 83.90 Td (W) Tj ET Q q 0 0 0 rg BT 416.77 83.90 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 463.33 83.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 511.19 83.90 Td (and ) Tj ET Q q 0 0 0 rg BT 529.06 83.90 Td (the ) Tj ET Q q 0 0 0 rg BT 544.72 83.90 Td (MIF ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 71.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 90.88 71.90 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 140.02 71.90 Td (Facility) Tj ET Q q 0 0 0 rg BT 169.92 71.90 Td (.) Tj ET Q endstream endobj 31 0 obj <> endobj 32 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.46 740.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.86 740.25 Td (- ) Tj ET Q q 0 0 0 rg BT 116.82 740.25 Td (Other) Tj ET Q q 0 0 0 rg BT 140.16 740.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.66 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 145.30 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.74 740.25 Td (The ) Tj ET Q q 0 0 0 rg BT 165.92 740.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 206.87 740.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 223.38 740.25 Td (value ) Tj ET Q q 0 0 0 rg BT 247.67 740.25 Td (was ) Tj ET Q q 0 0 0 rg BT 265.86 740.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 313.47 740.25 Td (by ) Tj ET Q q 0 0 0 rg BT 326.10 740.25 Td (calculating ) Tj ET Q q 0 0 0 rg BT 372.60 740.25 Td (the ) Tj ET Q q 0 0 0 rg BT 387.46 740.25 Td (present ) Tj ET Q q 0 0 0 rg BT 418.97 740.25 Td (value ) Tj ET Q q 0 0 0 rg BT 443.25 740.25 Td (of ) Tj ET Q q 0 0 0 rg BT 454.22 740.25 Td (the ) Tj ET Q q 0 0 0 rg BT 469.07 740.25 Td (future ) Tj ET Q q 0 0 0 rg BT 495.58 740.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 515.98 740.25 Td (flows ) Tj ET Q q 0 0 0 rg BT 540.83 740.25 Td (using ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 728.25 Td (Company) Tj ET Q q 0 0 0 rg BT 105.88 728.25 Td (s ) Tj ET Q q 0 0 0 rg BT 112.27 728.25 Td (current ) Tj ET Q q 0 0 0 rg BT 143.09 728.25 Td (incremental ) Tj ET Q q 0 0 0 rg BT 192.79 728.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 236.95 728.25 Td (rate. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (Letters ) Tj ET Q q 0 0 0 rg BT 80.72 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 91.95 706.25 Td (Credit.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.01 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 122.91 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.80 706.25 Td (Letters ) Tj ET Q q 0 0 0 rg BT 156.47 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.69 706.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 193.35 706.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.58 706.25 Td ($33.9 ) Tj ET Q q 0 0 0 rg BT 229.98 706.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.87 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.77 706.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.11 706.25 Td ($37.7 ) Tj ET Q q 0 0 0 rg BT 304.50 706.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.40 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 336.29 706.25 Td (represent ) Tj ET Q q 0 0 0 rg BT 375.84 706.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 413.73 706.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 471.06 706.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.18 706.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 525.17 706.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 545.17 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.07 706.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (December ) Tj ET Q q 0 0 0 rg BT 92.62 694.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 107.15 694.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.15 694.25 Td (, ) Tj ET Q q 0 0 0 rg BT 131.68 694.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 179.34 694.25 Td (. ) Tj ET Q q 0 0 0 rg BT 183.88 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 185.76 694.25 Td (The ) Tj ET Q q 0 0 0 rg BT 203.34 694.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 229.81 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.17 694.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 264.97 694.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 304.20 694.25 Td (expire ) Tj ET Q q 0 0 0 rg BT 331.22 694.25 Td (within ) Tj ET Q q 0 0 0 rg BT 358.81 694.25 Td (one ) Tj ET Q q 0 0 0 rg BT 375.28 694.25 Td (or ) Tj ET Q q 0 0 0 rg BT 385.64 694.25 Td (two ) Tj ET Q q 0 0 0 rg BT 402.68 694.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 428.31 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 430.19 694.25 Td (The ) Tj ET Q q 0 0 0 rg BT 447.77 694.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 488.13 694.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 504.04 694.25 Td (value ) Tj ET Q q 0 0 0 rg BT 527.72 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.09 694.25 Td (letters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 682.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 85.59 682.25 Td (was ) Tj ET Q q 0 0 0 rg BT 103.65 682.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 151.13 682.25 Td (using ) Tj ET Q q 0 0 0 rg BT 175.30 682.25 Td (fees ) Tj ET Q q 0 0 0 rg BT 193.89 682.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 232.49 682.25 Td (char) Tj ET Q q 0 0 0 rg BT 249.51 682.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 266.45 682.25 Td (for ) Tj ET Q q 0 0 0 rg BT 280.61 682.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 310.89 682.25 Td (agreements.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 660.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 660.25 Td (5. ) Tj ET Q q 0 0 0 rg BT 90.34 660.25 Td (Guarantees ) Tj ET Q q 0 0 0 rg BT 142.28 660.25 Td (and ) Tj ET Q q 0 0 0 rg BT 160.90 660.25 Td (Indemnifications) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 638.25 Td (In ) Tj ET Q q 0 0 0 rg BT 61.29 638.25 Td (the ) Tj ET Q q 0 0 0 rg BT 76.97 638.25 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 114.31 638.25 Td (course ) Tj ET Q q 0 0 0 rg BT 143.87 638.25 Td (of ) Tj ET Q q 0 0 0 rg BT 155.66 638.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 195.51 638.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 213.97 638.25 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 257.14 638.25 Td (a ) Tj ET Q q 0 0 0 rg BT 265.04 638.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 321.82 638.25 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 366.39 638.25 Td (of ) Tj ET Q q 0 0 0 rg BT 378.18 638.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 396.65 638.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 430.94 638.25 Td (Inc., ) Tj ET Q q 0 0 0 rg BT 452.17 638.25 Td (enters ) Tj ET Q q 0 0 0 rg BT 479.50 638.25 Td (into ) Tj ET Q q 0 0 0 rg BT 498.52 638.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 547.51 638.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 626.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 90.77 626.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 120.38 626.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 165.54 626.25 Td (of ) Tj ET Q q 0 0 0 rg BT 176.28 626.25 Td (its ) Tj ET Q q 0 0 0 rg BT 188.13 626.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 228.30 626.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 251.82 626.25 Td (that ) Tj ET Q q 0 0 0 rg BT 269.22 626.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 286.63 626.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 326.24 626.25 Td (will ) Tj ET Q q 0 0 0 rg BT 344.21 626.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 389.92 626.25 Td (a ) Tj ET Q q 0 0 0 rg BT 396.76 626.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 416.39 626.25 Td (if ) Tj ET Q q 0 0 0 rg BT 424.90 626.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 454.51 626.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 498.58 626.25 Td (occur) Tj ET Q q 0 0 0 rg BT 520.39 626.25 Td (, ) Tj ET Q q 0 0 0 rg BT 525.29 626.25 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.25 Td (if ) Tj ET Q q 0 0 0 rg BT 57.06 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 70.72 614.25 Td (mortgagor ) Tj ET Q q 0 0 0 rg BT 113.82 614.25 Td (does ) Tj ET Q q 0 0 0 rg BT 133.60 614.25 Td (not ) Tj ET Q q 0 0 0 rg BT 147.83 614.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 168.71 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 182.37 614.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 206.04 614.25 Td (of ) Tj ET Q q 0 0 0 rg BT 215.82 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 229.48 614.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 248.15 614.25 Td (within ) Tj ET Q q 0 0 0 rg BT 275.15 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.81 614.25 Td (first ) Tj ET Q q 0 0 0 rg BT 306.37 614.25 Td (six ) Tj ET Q q 0 0 0 rg BT 319.49 614.25 Td (months ) Tj ET Q q 0 0 0 rg BT 350.38 614.25 Td (after ) Tj ET Q q 0 0 0 rg BT 370.15 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 383.81 614.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 400.81 614.25 Td (of ) Tj ET Q q 0 0 0 rg BT 410.58 614.25 Td (the ) Tj ET Q q 0 0 0 rg BT 424.25 614.25 Td (loan. ) Tj ET Q q 0 0 0 rg BT 445.41 614.25 Td ( ) Tj ET Q q 0 0 0 rg BT 446.86 614.25 Td (Loans ) Tj ET Q q 0 0 0 rg BT 472.75 614.25 Td (totaling ) Tj ET Q q 0 0 0 rg BT 504.75 614.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.25 Td ($31.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 602.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.59 602.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.23 602.25 Td ($27.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.12 602.25 Td ( ) Tj ET Q q 0 0 0 rg BT 178.32 602.25 Td (were ) Tj ET Q q 0 0 0 rg BT 199.95 602.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 233.79 602.25 Td (under ) Tj ET Q q 0 0 0 rg BT 258.76 602.25 Td (these ) Tj ET Q q 0 0 0 rg BT 281.51 602.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 326.46 602.25 Td (as ) Tj ET Q q 0 0 0 rg BT 336.99 602.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.52 602.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 390.82 602.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.82 602.25 Td ( ) Tj ET Q q 0 0 0 rg BT 413.02 602.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.66 602.25 Td (December ) Tj ET Q q 0 0 0 rg BT 472.94 602.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 487.64 602.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.64 602.25 Td (, ) Tj ET Q q 0 0 0 rg BT 512.34 602.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.00 602.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.16 590.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 99.91 590.25 Td ( ) Tj ET Q q 0 0 0 rg BT 102.02 590.25 Td (in ) Tj ET Q q 0 0 0 rg BT 111.91 590.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 135.13 590.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 168.89 590.25 Td (by ) Tj ET Q q 0 0 0 rg BT 181.00 590.25 Td (these ) Tj ET Q q 0 0 0 rg BT 203.66 590.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 248.53 590.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.08 590.25 Td (December ) Tj ET Q q 0 0 0 rg BT 313.27 590.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 327.89 590.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.89 590.25 Td ( ) Tj ET Q q 0 0 0 rg BT 350.00 590.25 Td (is ) Tj ET Q q 0 0 0 rg BT 358.78 590.25 Td (a ) Tj ET Q q 0 0 0 rg BT 365.33 590.25 Td (result ) Tj ET Q q 0 0 0 rg BT 389.66 590.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.10 590.25 Td (a ) Tj ET Q q 0 0 0 rg BT 406.65 590.25 Td (change ) Tj ET Q q 0 0 0 rg BT 437.08 590.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.97 590.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.30 590.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 478.97 590.25 Td (of ) Tj ET Q q 0 0 0 rg BT 489.41 590.25 Td (investors ) Tj ET Q q 0 0 0 rg BT 527.63 590.25 Td (and ) Tj ET Q q 0 0 0 rg BT 544.18 590.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.25 Td (related ) Tj ET Q q 0 0 0 rg BT 79.33 578.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 117.50 578.25 Td (terms. ) Tj ET Q q 0 0 0 rg BT 144.85 578.25 Td () Tj ET Q q 0 0 0 rg BT 146.80 578.25 Td (A) Tj ET Q q 0 0 0 rg BT 153.47 578.25 Td ( ) Tj ET Q q 0 0 0 rg BT 156.10 578.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 187.62 578.25 Td (of ) Tj ET Q q 0 0 0 rg BT 198.58 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 213.42 578.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 247.70 578.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 267.55 578.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.96 578.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 295.59 578.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 335.43 578.25 Td (for ) Tj ET Q q 0 0 0 rg BT 349.72 578.25 Td (providing ) Tj ET Q q 0 0 0 rg BT 391.24 578.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.09 578.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 451.47 578.25 Td (on ) Tj ET Q q 0 0 0 rg BT 464.10 578.25 Td (these ) Tj ET Q q 0 0 0 rg BT 487.28 578.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 511.02 578.25 Td (was ) Tj ET Q q 0 0 0 rg BT 529.20 578.25 Td (deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.42 566.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 103.21 566.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.21 566.25 Td (, ) Tj ET Q q 0 0 0 rg BT 128.41 566.25 Td (and ) Tj ET Q q 0 0 0 rg BT 145.55 566.25 Td (will ) Tj ET Q q 0 0 0 rg BT 163.81 566.25 Td (be ) Tj ET Q q 0 0 0 rg BT 175.94 566.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 222.51 566.25 Td (in ) Tj ET Q q 0 0 0 rg BT 232.98 566.25 Td (income ) Tj ET Q q 0 0 0 rg BT 265.12 566.25 Td (as ) Tj ET Q q 0 0 0 rg BT 276.15 566.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 293.84 566.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 333.76 566.25 Td (is ) Tj ET Q q 0 0 0 rg BT 343.13 566.25 Td (released ) Tj ET Q q 0 0 0 rg BT 378.58 566.25 Td (from ) Tj ET Q q 0 0 0 rg BT 400.72 566.25 Td (its ) Tj ET Q q 0 0 0 rg BT 412.86 566.25 Td (obligation ) Tj ET Q q 0 0 0 rg BT 456.11 566.25 Td (under ) Tj ET Q q 0 0 0 rg BT 481.58 566.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.50 566.25 Td (guarantees. ) Tj ET Q q 0 0 0 rg BT 544.45 566.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 566.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 67.00 554.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 110.59 554.25 Td (with ) Tj ET Q q 0 0 0 rg BT 130.87 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.59 554.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 190.84 554.25 Td (above ) Tj ET Q q 0 0 0 rg BT 217.22 554.25 Td (is ) Tj ET Q q 0 0 0 rg BT 226.39 554.25 Td (of) Tj ET Q q 0 0 0 rg BT 234.54 554.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 251.48 554.25 Td (by ) Tj ET Q q 0 0 0 rg BT 263.98 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 278.69 554.25 Td (value ) Tj ET Q q 0 0 0 rg BT 302.85 554.25 Td (of ) Tj ET Q q 0 0 0 rg BT 313.68 554.25 Td (the ) Tj ET Q q 0 0 0 rg BT 328.40 554.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 374.22 554.25 Td (assets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 66.68 532.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 106.07 532.25 Td (has ) Tj ET Q q 0 0 0 rg BT 121.57 532.25 Td (received ) Tj ET Q q 0 0 0 rg BT 157.61 532.25 Td (inquiries ) Tj ET Q q 0 0 0 rg BT 194.78 532.25 Td (concerning ) Tj ET Q q 0 0 0 rg BT 241.38 532.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 295.22 532.25 Td (matters ) Tj ET Q q 0 0 0 rg BT 326.83 532.25 Td (from ) Tj ET Q q 0 0 0 rg BT 348.44 532.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 393.38 532.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.88 532.25 Td (its ) Tj ET Q q 0 0 0 rg BT 415.51 532.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 438.79 532.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 479.29 532.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 508.67 532.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 531.95 532.25 Td (totaling ) Tj ET Q q 0 0 0 rg BT 565.00 532.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.76 520.25 Td ($0.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 158.65 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 161.15 520.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.09 520.25 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.98 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 229.48 520.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.20 520.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 282.80 520.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.80 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 305.30 520.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.23 520.25 Td (December ) Tj ET Q q 0 0 0 rg BT 365.82 520.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 380.82 520.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.82 520.25 Td (, ) Tj ET Q q 0 0 0 rg BT 405.82 520.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 453.48 520.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 498.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 66.48 498.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 105.67 498.25 Td (has ) Tj ET Q q 0 0 0 rg BT 120.98 498.25 Td (also ) Tj ET Q q 0 0 0 rg BT 139.07 498.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 184.91 498.25 Td (the ) Tj ET Q q 0 0 0 rg BT 199.10 498.25 Td (collectability ) Tj ET Q q 0 0 0 rg BT 253.28 498.25 Td (of ) Tj ET Q q 0 0 0 rg BT 263.59 498.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 292.77 498.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 315.86 498.25 Td (to ) Tj ET Q q 0 0 0 rg BT 325.62 498.25 Td (third ) Tj ET Q q 0 0 0 rg BT 346.49 498.25 Td (party ) Tj ET Q q 0 0 0 rg BT 369.01 498.25 Td (insurers ) Tj ET Q q 0 0 0 rg BT 402.65 498.25 Td (\(U.S. ) Tj ET Q q 0 0 0 rg BT 425.74 498.25 Td (Department ) Tj ET Q q 0 0 0 rg BT 474.92 498.25 Td (of ) Tj ET Q q 0 0 0 rg BT 485.23 498.25 Td (Housing ) Tj ET Q q 0 0 0 rg BT 521.10 498.25 Td (and ) Tj ET Q q 0 0 0 rg BT 537.52 498.25 Td (Urban ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 486.25 Td (Development ) Tj ET Q q 0 0 0 rg BT 105.31 486.25 Td (and ) Tj ET Q q 0 0 0 rg BT 121.70 486.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 141.28 486.25 Td (V) Tj ET Q q 0 0 0 rg BT 147.39 486.25 Td (eterans ) Tj ET Q q 0 0 0 rg BT 177.22 486.25 Td (Administration\) ) Tj ET Q q 0 0 0 rg BT 243.05 486.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.32 486.25 Td (those ) Tj ET Q q 0 0 0 rg BT 276.37 486.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 299.42 486.25 Td (for ) Tj ET Q q 0 0 0 rg BT 313.02 486.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 344.40 486.25 Td (ranging ) Tj ET Q q 0 0 0 rg BT 376.89 486.25 Td (from ) Tj ET Q q 0 0 0 rg BT 398.27 486.25 Td (five ) Tj ET Q q 0 0 0 rg BT 415.76 486.25 Td (to ) Tj ET Q q 0 0 0 rg BT 425.48 486.25 Td (thirty ) Tj ET Q q 0 0 0 rg BT 449.09 486.25 Td (years. ) Tj ET Q q 0 0 0 rg BT 474.63 486.25 Td ( ) Tj ET Q q 0 0 0 rg BT 476.15 486.25 Td (As ) Tj ET Q q 0 0 0 rg BT 489.20 486.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.47 486.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 542.52 486.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 474.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.01 474.25 Td (December ) Tj ET Q q 0 0 0 rg BT 109.17 474.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 123.75 474.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.75 474.25 Td (, ) Tj ET Q q 0 0 0 rg BT 148.32 474.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.61 474.25 Td (total ) Tj ET Q q 0 0 0 rg BT 182.46 474.25 Td (of ) Tj ET Q q 0 0 0 rg BT 192.86 474.25 Td (all ) Tj ET Q q 0 0 0 rg BT 204.93 474.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 228.11 474.25 Td (indemnified ) Tj ET Q q 0 0 0 rg BT 278.51 474.25 Td (to ) Tj ET Q q 0 0 0 rg BT 288.36 474.25 Td (third ) Tj ET Q q 0 0 0 rg BT 309.32 474.25 Td (party ) Tj ET Q q 0 0 0 rg BT 331.94 474.25 Td (insurers ) Tj ET Q q 0 0 0 rg BT 365.68 474.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 398.29 474.25 Td (to ) Tj ET Q q 0 0 0 rg BT 408.15 474.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.44 474.25 Td (above ) Tj ET Q q 0 0 0 rg BT 448.39 474.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 496.00 474.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.62 474.25 Td ($1.4million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 462.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.29 462.25 Td ($1.6 ) Tj ET Q q 0 0 0 rg BT 86.14 462.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.03 462.25 Td (, ) Tj ET Q q 0 0 0 rg BT 119.88 462.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 167.54 462.25 Td (. ) Tj ET Q q 0 0 0 rg BT 172.39 462.25 Td ( ) Tj ET Q q 0 0 0 rg BT 174.57 462.25 Td (The ) Tj ET Q q 0 0 0 rg BT 192.47 462.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 235.37 462.25 Td (potential ) Tj ET Q q 0 0 0 rg BT 272.71 462.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 305.06 462.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.74 462.25 Td (future ) Tj ET Q q 0 0 0 rg BT 341.96 462.25 Td (payments ) Tj ET Q q 0 0 0 rg BT 382.64 462.25 Td (is ) Tj ET Q q 0 0 0 rg BT 391.66 462.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 415.66 462.25 Td (to ) Tj ET Q q 0 0 0 rg BT 425.79 462.25 Td (the ) Tj ET Q q 0 0 0 rg BT 440.36 462.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 489.37 462.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 508.94 462.25 Td (value ) Tj ET Q q 0 0 0 rg BT 532.95 462.25 Td (less ) Tj ET Q q 0 0 0 rg BT 550.30 462.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (value ) Tj ET Q q 0 0 0 rg BT 73.66 450.25 Td (of ) Tj ET Q q 0 0 0 rg BT 84.49 450.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.20 450.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 145.03 450.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 166.97 450.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 186.14 450.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 245.84 450.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 268.34 450.25 Td (incurred ) Tj ET Q q 0 0 0 rg BT 304.16 450.25 Td (related ) Tj ET Q q 0 0 0 rg BT 333.86 450.25 Td (to ) Tj ET Q q 0 0 0 rg BT 344.14 450.25 Td (foreclosure ) Tj ET Q q 0 0 0 rg BT 391.61 450.25 Td (on ) Tj ET Q q 0 0 0 rg BT 404.11 450.25 Td (the ) Tj ET Q q 0 0 0 rg BT 418.83 450.25 Td (loans, ) Tj ET Q q 0 0 0 rg BT 444.94 450.25 Td (should ) Tj ET Q q 0 0 0 rg BT 474.11 450.25 Td (this ) Tj ET Q q 0 0 0 rg BT 491.06 450.25 Td (event ) Tj ET Q q 0 0 0 rg BT 515.21 450.25 Td (occur) Tj ET Q q 0 0 0 rg BT 536.87 450.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.64 428.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.12 428.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 146.69 428.25 Td (a ) Tj ET Q q 0 0 0 rg BT 153.72 428.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 187.42 428.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 220.55 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 230.93 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.74 428.25 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 291.08 428.25 Td (described ) Tj ET Q q 0 0 0 rg BT 331.99 428.25 Td (above ) Tj ET Q q 0 0 0 rg BT 358.46 428.25 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.60 428.25 Td ($0.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.50 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 443.09 428.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.12 428.25 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.01 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 511.60 428.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.41 428.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.00 416.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.94 416.25 Td (December ) Tj ET Q q 0 0 0 rg BT 132.52 416.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 147.52 416.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.52 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 172.52 416.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 220.18 416.25 Td (, ) Tj ET Q q 0 0 0 rg BT 225.18 416.25 Td (which ) Tj ET Q q 0 0 0 rg BT 252.12 416.25 Td (is ) Tj ET Q q 0 0 0 rg BT 261.29 416.25 Td (management) Tj ET Q q 0 0 0 rg BT 315.16 416.25 Td (s ) Tj ET Q q 0 0 0 rg BT 321.55 416.25 Td (best ) Tj ET Q q 0 0 0 rg BT 340.16 416.25 Td (estimate ) Tj ET Q q 0 0 0 rg BT 375.98 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 386.81 416.25 Td (the ) Tj ET Q q 0 0 0 rg BT 401.53 416.25 Td (Company) Tj ET Q q 0 0 0 rg BT 443.19 416.25 Td (s ) Tj ET Q q 0 0 0 rg BT 449.58 416.25 Td (liability) Tj ET Q q 0 0 0 rg BT 480.04 416.25 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 394.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 394.25 Td (6. ) Tj ET Q q 0 0 0 rg BT 90.34 394.25 Td (Commitments ) Tj ET Q q 0 0 0 rg BT 153.38 394.25 Td (and ) Tj ET Q q 0 0 0 rg BT 172.00 394.25 Td (Contingencies) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 372.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 372.25 Td (arranty) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 350.25 Td (e ) Tj ET Q q 0 0 0 rg BT 65.38 350.25 Td (use ) Tj ET Q q 0 0 0 rg BT 81.51 350.25 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 142.63 350.25 Td (for ) Tj ET Q q 0 0 0 rg BT 157.10 350.25 Td (nearly ) Tj ET Q q 0 0 0 rg BT 184.89 350.25 Td (all ) Tj ET Q q 0 0 0 rg BT 197.69 350.25 Td (aspects ) Tj ET Q q 0 0 0 rg BT 229.37 350.25 Td (of ) Tj ET Q q 0 0 0 rg BT 240.50 350.25 Td (home ) Tj ET Q q 0 0 0 rg BT 265.52 350.25 Td (construction. ) Tj ET Q q 0 0 0 rg BT 319.64 350.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 360.23 350.25 Td (our ) Tj ET Q q 0 0 0 rg BT 376.36 350.25 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 437.48 350.25 Td (are ) Tj ET Q q 0 0 0 rg BT 452.49 350.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 492.50 350.25 Td (required ) Tj ET Q q 0 0 0 rg BT 528.62 350.25 Td (to ) Tj ET Q q 0 0 0 rg BT 539.20 350.25 Td (repair ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.11 338.25 Td (replace ) Tj ET Q q 0 0 0 rg BT 97.14 338.25 Td (any ) Tj ET Q q 0 0 0 rg BT 113.74 338.25 Td (product ) Tj ET Q q 0 0 0 rg BT 146.46 338.25 Td (or ) Tj ET Q q 0 0 0 rg BT 156.96 338.25 Td (labor ) Tj ET Q q 0 0 0 rg BT 179.67 338.25 Td (defects, ) Tj ET Q q 0 0 0 rg BT 212.65 338.25 Td (we ) Tj ET Q q 0 0 0 rg BT 226.48 338.25 Td (are, ) Tj ET Q q 0 0 0 rg BT 243.36 338.25 Td (during ) Tj ET Q q 0 0 0 rg BT 271.63 338.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 314.89 338.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 352.60 338.25 Td (periods, ) Tj ET Q q 0 0 0 rg BT 386.70 338.25 Td (ultimately ) Tj ET Q q 0 0 0 rg BT 429.42 338.25 Td (responsible ) Tj ET Q q 0 0 0 rg BT 477.13 338.25 Td (to ) Tj ET Q q 0 0 0 rg BT 487.08 338.25 Td (the ) Tj ET Q q 0 0 0 rg BT 501.46 338.25 Td (homeowner ) Tj ET Q q 0 0 0 rg BT 550.84 338.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.25 Td (making ) Tj ET Q q 0 0 0 rg BT 81.73 326.25 Td (such ) Tj ET Q q 0 0 0 rg BT 102.30 326.25 Td (repairs. ) Tj ET Q q 0 0 0 rg BT 133.75 326.25 Td (As ) Tj ET Q q 0 0 0 rg BT 147.11 326.25 Td (such, ) Tj ET Q q 0 0 0 rg BT 170.18 326.25 Td (we ) Tj ET Q q 0 0 0 rg BT 184.07 326.25 Td (record ) Tj ET Q q 0 0 0 rg BT 211.85 326.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 249.63 326.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 284.62 326.25 Td (to ) Tj ET Q q 0 0 0 rg BT 294.64 326.25 Td (cover ) Tj ET Q q 0 0 0 rg BT 319.09 326.25 Td (our ) Tj ET Q q 0 0 0 rg BT 334.66 326.25 Td (exposure ) Tj ET Q q 0 0 0 rg BT 372.99 326.25 Td (to ) Tj ET Q q 0 0 0 rg BT 383.01 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 397.47 326.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 419.70 326.25 Td (for ) Tj ET Q q 0 0 0 rg BT 433.60 326.25 Td (materials ) Tj ET Q q 0 0 0 rg BT 472.49 326.25 Td (and ) Tj ET Q q 0 0 0 rg BT 489.17 326.25 Td (labor ) Tj ET Q q 0 0 0 rg BT 511.96 326.25 Td (not ) Tj ET Q q 0 0 0 rg BT 526.97 326.25 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.13 314.25 Td (be ) Tj ET Q q 0 0 0 rg BT 70.42 314.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 103.91 314.25 Td (by ) Tj ET Q q 0 0 0 rg BT 115.76 314.25 Td (our ) Tj ET Q q 0 0 0 rg BT 130.95 314.25 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 191.11 314.25 Td (to ) Tj ET Q q 0 0 0 rg BT 200.74 314.25 Td (the ) Tj ET Q q 0 0 0 rg BT 214.81 314.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 241.09 314.25 Td (they ) Tj ET Q q 0 0 0 rg BT 260.16 314.25 Td (relate ) Tj ET Q q 0 0 0 rg BT 284.21 314.25 Td (to ) Tj ET Q q 0 0 0 rg BT 293.84 314.25 Td (warranty-type ) Tj ET Q q 0 0 0 rg BT 351.78 314.25 Td (claims. ) Tj ET Q q 0 0 0 rg BT 382.10 314.25 Td (W) Tj ET Q q 0 0 0 rg BT 390.73 314.25 Td (arranty ) Tj ET Q q 0 0 0 rg BT 420.90 314.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 455.51 314.25 Td (are ) Tj ET Q q 0 0 0 rg BT 469.57 314.25 Td (established ) Tj ET Q q 0 0 0 rg BT 515.85 314.25 Td (by ) Tj ET Q q 0 0 0 rg BT 527.70 314.25 Td (char) Tj ET Q q 0 0 0 rg BT 544.73 314.25 Td (ging ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.25 Td (cost ) Tj ET Q q 0 0 0 rg BT 68.22 302.25 Td (of ) Tj ET Q q 0 0 0 rg BT 79.17 302.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 101.22 302.25 Td (and ) Tj ET Q q 0 0 0 rg BT 118.27 302.25 Td (crediting ) Tj ET Q q 0 0 0 rg BT 156.43 302.25 Td (a ) Tj ET Q q 0 0 0 rg BT 163.48 302.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 201.64 302.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 233.12 302.25 Td (for ) Tj ET Q q 0 0 0 rg BT 247.39 302.25 Td (each ) Tj ET Q q 0 0 0 rg BT 268.32 302.25 Td (home ) Tj ET Q q 0 0 0 rg BT 293.15 302.25 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 335.47 302.25 Td ( ) Tj ET Q q 0 0 0 rg BT 337.90 302.25 Td (W) Tj ET Q q 0 0 0 rg BT 346.54 302.25 Td (arranty ) Tj ET Q q 0 0 0 rg BT 377.47 302.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 412.84 302.25 Td (are ) Tj ET Q q 0 0 0 rg BT 427.66 302.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 465.25 302.25 Td (for ) Tj ET Q q 0 0 0 rg BT 479.53 302.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 523.79 302.25 Td (under ) Tj ET Q q 0 0 0 rg BT 549.17 302.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.25 Td (Home ) Tj ET Q q 0 0 0 rg BT 76.62 290.25 Td (Builder) Tj ET Q q 0 0 0 rg BT 106.99 290.25 Td () Tj ET Q q 0 0 0 rg BT 109.77 290.25 Td (s ) Tj ET Q q 0 0 0 rg BT 116.34 290.25 Td (Limited ) Tj ET Q q 0 0 0 rg BT 150.49 290.25 Td (W) Tj ET Q q 0 0 0 rg BT 159.13 290.25 Td (arranty ) Tj ET Q q 0 0 0 rg BT 190.12 290.25 Td (\(HBL) Tj ET Q q 0 0 0 rg BT 217.15 290.25 Td (W\), ) Tj ET Q q 0 0 0 rg BT 239.54 290.25 Td (and ) Tj ET Q q 0 0 0 rg BT 256.66 290.25 Td (our ) Tj ET Q q 0 0 0 rg BT 272.67 290.25 Td (30-year ) Tj ET Q q 0 0 0 rg BT 305.89 290.25 Td (\(of) Tj ET Q q 0 0 0 rg BT 317.37 290.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 340.59 290.25 Td (on ) Tj ET Q q 0 0 0 rg BT 353.27 290.25 Td (all ) Tj ET Q q 0 0 0 rg BT 365.95 290.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 394.74 290.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 414.09 290.25 Td (after ) Tj ET Q q 0 0 0 rg BT 434.50 290.25 Td (April ) Tj ET Q q 0 0 0 rg BT 458.29 290.25 Td (25, ) Tj ET Q q 0 0 0 rg BT 473.47 290.25 Td (1998 ) Tj ET Q q 0 0 0 rg BT 496.15 290.25 Td (and ) Tj ET Q q 0 0 0 rg BT 513.27 290.25 Td (on ) Tj ET Q q 0 0 0 rg BT 525.95 290.25 Td (or ) Tj ET Q q 0 0 0 rg BT 536.97 290.25 Td (before ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.25 Td (December ) Tj ET Q q 0 0 0 rg BT 93.01 278.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 102.94 278.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 125.37 278.25 Td (in ) Tj ET Q q 0 0 0 rg BT 135.58 278.25 Td (all ) Tj ET Q q 0 0 0 rg BT 148.00 278.25 Td (of ) Tj ET Q q 0 0 0 rg BT 158.76 278.25 Td (our ) Tj ET Q q 0 0 0 rg BT 174.52 278.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 208.60 278.25 Td (except ) Tj ET Q q 0 0 0 rg BT 237.12 278.25 Td (our ) Tj ET Q q 0 0 0 rg BT 252.70 278.25 Td (T) Tj ET Q q 0 0 0 rg BT 258.11 278.25 Td (exas ) Tj ET Q q 0 0 0 rg BT 278.31 278.25 Td (markets\), ) Tj ET Q q 0 0 0 rg BT 318.22 278.25 Td (15-year ) Tj ET Q q 0 0 0 rg BT 351.19 278.25 Td (\(of) Tj ET Q q 0 0 0 rg BT 362.67 278.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 385.63 278.25 Td (on ) Tj ET Q q 0 0 0 rg BT 398.06 278.25 Td (all ) Tj ET Q q 0 0 0 rg BT 410.49 278.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 439.02 278.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 458.12 278.25 Td (after ) Tj ET Q q 0 0 0 rg BT 478.86 278.25 Td (December ) Tj ET Q q 0 0 0 rg BT 522.38 278.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 532.30 278.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 554.73 278.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.25 Td (all ) Tj ET Q q 0 0 0 rg BT 62.23 266.25 Td (of ) Tj ET Q q 0 0 0 rg BT 73.29 266.25 Td (our ) Tj ET Q q 0 0 0 rg BT 89.35 266.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 123.73 266.25 Td (except ) Tj ET Q q 0 0 0 rg BT 152.56 266.25 Td (our ) Tj ET Q q 0 0 0 rg BT 168.42 266.25 Td (T) Tj ET Q q 0 0 0 rg BT 173.83 266.25 Td (exas ) Tj ET Q q 0 0 0 rg BT 194.33 266.25 Td (markets\) ) Tj ET Q q 0 0 0 rg BT 232.05 266.25 Td (or ) Tj ET Q q 0 0 0 rg BT 243.11 266.25 Td (10-year ) Tj ET Q q 0 0 0 rg BT 276.38 266.25 Td (\(of) Tj ET Q q 0 0 0 rg BT 287.86 266.25 Td (fered ) Tj ET Q q 0 0 0 rg BT 311.13 266.25 Td (on ) Tj ET Q q 0 0 0 rg BT 323.86 266.25 Td (all ) Tj ET Q q 0 0 0 rg BT 336.58 266.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 365.42 266.25 Td (sold ) Tj ET Q q 0 0 0 rg BT 384.82 266.25 Td (in ) Tj ET Q q 0 0 0 rg BT 395.33 266.25 Td (our ) Tj ET Q q 0 0 0 rg BT 411.19 266.25 Td (T) Tj ET Q q 0 0 0 rg BT 416.60 266.25 Td (exas ) Tj ET Q q 0 0 0 rg BT 437.10 266.25 Td (markets\) ) Tj ET Q q 0 0 0 rg BT 474.82 266.25 Td (transferable ) Tj ET Q q 0 0 0 rg BT 524.74 266.25 Td (structural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 87.54 254.25 Td (in ) Tj ET Q q 0 0 0 rg BT 97.82 254.25 Td (Other ) Tj ET Q q 0 0 0 rg BT 123.08 254.25 Td (Liabilities ) Tj ET Q q 0 0 0 rg BT 166.13 254.25 Td (on ) Tj ET Q q 0 0 0 rg BT 178.63 254.25 Td (the ) Tj ET Q q 0 0 0 rg BT 193.35 254.25 Td (Company) Tj ET Q q 0 0 0 rg BT 235.01 254.25 Td (s ) Tj ET Q q 0 0 0 rg BT 241.40 254.25 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 285.56 254.25 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 332.50 254.25 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 387.77 254.25 Td (Balance ) Tj ET Q q 0 0 0 rg BT 422.47 254.25 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 453.58 254.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.70 232.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 103.89 232.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 138.30 232.25 Td (for ) Tj ET Q q 0 0 0 rg BT 151.61 232.25 Td (the ) Tj ET Q q 0 0 0 rg BT 165.48 232.25 Td (HBL) Tj ET Q q 0 0 0 rg BT 184.74 232.25 Td (W) Tj ET Q q 0 0 0 rg BT 194.00 232.25 Td ( ) Tj ET Q q 0 0 0 rg BT 195.65 232.25 Td (are ) Tj ET Q q 0 0 0 rg BT 209.51 232.25 Td (established ) Tj ET Q q 0 0 0 rg BT 255.60 232.25 Td (as ) Tj ET Q q 0 0 0 rg BT 265.58 232.25 Td (a ) Tj ET Q q 0 0 0 rg BT 271.67 232.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 316.63 232.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.61 232.25 Td (average ) Tj ET Q q 0 0 0 rg BT 359.35 232.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 380.44 232.25 Td (price ) Tj ET Q q 0 0 0 rg BT 402.08 232.25 Td (and ) Tj ET Q q 0 0 0 rg BT 418.17 232.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 453.15 232.25 Td (based ) Tj ET Q q 0 0 0 rg BT 477.57 232.25 Td (on ) Tj ET Q q 0 0 0 rg BT 489.22 232.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 528.08 232.25 Td (payment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.25 Td (patterns ) Tj ET Q q 0 0 0 rg BT 84.50 220.25 Td (determined, ) Tj ET Q q 0 0 0 rg BT 135.33 220.25 Td (generally) Tj ET Q q 0 0 0 rg BT 171.88 220.25 Td (, ) Tj ET Q q 0 0 0 rg BT 177.73 220.25 Td (by ) Tj ET Q q 0 0 0 rg BT 191.08 220.25 Td (geographic ) Tj ET Q q 0 0 0 rg BT 238.85 220.25 Td (area ) Tj ET Q q 0 0 0 rg BT 258.84 220.25 Td (and ) Tj ET Q q 0 0 0 rg BT 276.63 220.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 304.40 220.25 Td (trends. ) Tj ET Q q 0 0 0 rg BT 334.68 220.25 Td ( ) Tj ET Q q 0 0 0 rg BT 338.03 220.25 Td (Factors ) Tj ET Q q 0 0 0 rg BT 370.82 220.25 Td (that ) Tj ET Q q 0 0 0 rg BT 389.16 220.25 Td (are ) Tj ET Q q 0 0 0 rg BT 404.71 220.25 Td (given ) Tj ET Q q 0 0 0 rg BT 430.28 220.25 Td (consideration ) Tj ET Q q 0 0 0 rg BT 487.50 220.25 Td (in ) Tj ET Q q 0 0 0 rg BT 498.62 220.25 Td (determining ) Tj ET Q q 0 0 0 rg BT 550.29 220.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.25 Td (HBL) Tj ET Q q 0 0 0 rg BT 68.76 208.25 Td (W) Tj ET Q q 0 0 0 rg BT 78.02 208.25 Td ( ) Tj ET Q q 0 0 0 rg BT 80.50 208.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 115.75 208.25 Td (include: ) Tj ET Q q 0 0 0 rg BT 150.44 208.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 164.59 208.25 Td (the ) Tj ET Q q 0 0 0 rg BT 179.29 208.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 218.99 208.25 Td (range ) Tj ET Q q 0 0 0 rg BT 243.68 208.25 Td (of ) Tj ET Q q 0 0 0 rg BT 254.50 208.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 290.87 208.25 Td (paid ) Tj ET Q q 0 0 0 rg BT 310.57 208.25 Td (per ) Tj ET Q q 0 0 0 rg BT 325.82 208.25 Td (average ) Tj ET Q q 0 0 0 rg BT 359.39 208.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 381.32 208.25 Td (price ) Tj ET Q q 0 0 0 rg BT 403.79 208.25 Td (on ) Tj ET Q q 0 0 0 rg BT 416.27 208.25 Td (a ) Tj ET Q q 0 0 0 rg BT 423.20 208.25 Td (home; ) Tj ET Q q 0 0 0 rg BT 450.68 208.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 464.82 208.25 Td (type ) Tj ET Q q 0 0 0 rg BT 484.52 208.25 Td (and ) Tj ET Q q 0 0 0 rg BT 501.45 208.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 519.49 208.25 Td (of ) Tj ET Q q 0 0 0 rg BT 530.31 208.25 Td (amenity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.25 Td (packages ) Tj ET Q q 0 0 0 rg BT 88.89 196.25 Td (added ) Tj ET Q q 0 0 0 rg BT 115.50 196.25 Td (to ) Tj ET Q q 0 0 0 rg BT 126.02 196.25 Td (the ) Tj ET Q q 0 0 0 rg BT 140.98 196.25 Td (home; ) Tj ET Q q 0 0 0 rg BT 168.72 196.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 183.12 196.25 Td (any ) Tj ET Q q 0 0 0 rg BT 200.30 196.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 238.57 196.25 Td (expenditures ) Tj ET Q q 0 0 0 rg BT 292.41 196.25 Td (not ) Tj ET Q q 0 0 0 rg BT 307.93 196.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 353.98 196.25 Td (to ) Tj ET Q q 0 0 0 rg BT 364.50 196.25 Td (be ) Tj ET Q q 0 0 0 rg BT 376.68 196.25 Td (normal ) Tj ET Q q 0 0 0 rg BT 407.75 196.25 Td (and ) Tj ET Q q 0 0 0 rg BT 424.93 196.25 Td (recurring; ) Tj ET Q q 0 0 0 rg BT 467.09 196.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 481.49 196.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 510.35 196.25 Td (of ) Tj ET Q q 0 0 0 rg BT 521.42 196.25 Td (payments; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.25 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 63.77 184.25 Td (improvements ) Tj ET Q q 0 0 0 rg BT 123.60 184.25 Td (in ) Tj ET Q q 0 0 0 rg BT 133.99 184.25 Td (quality ) Tj ET Q q 0 0 0 rg BT 164.38 184.25 Td (of ) Tj ET Q q 0 0 0 rg BT 175.33 184.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 227.38 184.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 265.52 184.25 Td (to ) Tj ET Q q 0 0 0 rg BT 275.92 184.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 305.74 184.25 Td (future ) Tj ET Q q 0 0 0 rg BT 332.23 184.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 370.39 184.25 Td (expenditures; ) Tj ET Q q 0 0 0 rg BT 426.87 184.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.93 184.25 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 458.20 184.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 502.48 184.25 Td (that ) Tj ET Q q 0 0 0 rg BT 520.09 184.25 Td (may ) Tj ET Q q 0 0 0 rg BT 539.92 184.25 Td (af) Tj ET Q q 0 0 0 rg BT 547.51 184.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.94 172.25 Td (projects ) Tj ET Q q 0 0 0 rg BT 114.83 172.25 Td (and ) Tj ET Q q 0 0 0 rg BT 132.50 172.25 Td (require ) Tj ET Q q 0 0 0 rg BT 164.05 172.25 Td (a ) Tj ET Q q 0 0 0 rg BT 171.72 172.25 Td (dif) Tj ET Q q 0 0 0 rg BT 182.65 172.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 209.20 172.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 255.74 172.25 Td (of ) Tj ET Q q 0 0 0 rg BT 267.30 172.25 Td (average ) Tj ET Q q 0 0 0 rg BT 301.62 172.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 324.29 172.25 Td (price ) Tj ET Q q 0 0 0 rg BT 347.52 172.25 Td (for ) Tj ET Q q 0 0 0 rg BT 362.41 172.25 Td (those ) Tj ET Q q 0 0 0 rg BT 386.75 172.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 421.08 172.25 Td (projects. ) Tj ET Q q 0 0 0 rg BT 458.47 172.25 Td ( ) Tj ET Q q 0 0 0 rg BT 461.71 172.25 Td (Changes ) Tj ET Q q 0 0 0 rg BT 499.38 172.25 Td (in ) Tj ET Q q 0 0 0 rg BT 510.39 172.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 550.84 172.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.25 Td (warranties ) Tj ET Q q 0 0 0 rg BT 95.49 160.25 Td (occur ) Tj ET Q q 0 0 0 rg BT 122.04 160.25 Td (due ) Tj ET Q q 0 0 0 rg BT 140.82 160.25 Td (to ) Tj ET Q q 0 0 0 rg BT 152.95 160.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 189.50 160.25 Td (in ) Tj ET Q q 0 0 0 rg BT 201.62 160.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.18 160.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 259.74 160.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 298.52 160.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 346.16 160.25 Td (and ) Tj ET Q q 0 0 0 rg BT 364.94 160.25 Td (dif) Tj ET Q q 0 0 0 rg BT 375.87 160.25 Td (ferences ) Tj ET Q q 0 0 0 rg BT 413.52 160.25 Td (between ) Tj ET Q q 0 0 0 rg BT 451.18 160.25 Td (the ) Tj ET Q q 0 0 0 rg BT 467.74 160.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 495.96 160.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 534.74 160.25 Td (pattern ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 100.02 148.25 Td (during ) Tj ET Q q 0 0 0 rg BT 128.34 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 142.78 148.25 Td (period ) Tj ET Q q 0 0 0 rg BT 170.54 148.25 Td (and ) Tj ET Q q 0 0 0 rg BT 187.20 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 201.63 148.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 241.06 148.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 277.71 148.25 Td (pattern ) Tj ET Q q 0 0 0 rg BT 307.69 148.25 Td (used ) Tj ET Q q 0 0 0 rg BT 328.24 148.25 Td (in ) Tj ET Q q 0 0 0 rg BT 338.23 148.25 Td (our ) Tj ET Q q 0 0 0 rg BT 353.78 148.25 Td (evaluation ) Tj ET Q q 0 0 0 rg BT 397.64 148.25 Td (of ) Tj ET Q q 0 0 0 rg BT 408.19 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 422.63 148.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 460.38 148.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 491.46 148.25 Td (balance ) Tj ET Q q 0 0 0 rg BT 524.21 148.25 Td (at ) Tj ET Q q 0 0 0 rg BT 533.65 148.25 Td (the ) Tj ET Q q 0 0 0 rg BT 548.08 148.25 Td (end ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 136.25 Td (each ) Tj ET Q q 0 0 0 rg BT 81.15 136.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 108.91 136.25 Td (. ) Tj ET Q q 0 0 0 rg BT 113.91 136.25 Td ( ) Tj ET Q q 0 0 0 rg BT 115.86 136.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 145.01 136.25 Td (future ) Tj ET Q q 0 0 0 rg BT 171.39 136.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 209.43 136.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 231.93 136.25 Td (could ) Tj ET Q q 0 0 0 rg BT 256.64 136.25 Td (dif) Tj ET Q q 0 0 0 rg BT 267.57 136.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 281.17 136.25 Td (from ) Tj ET Q q 0 0 0 rg BT 303.11 136.25 Td (our ) Tj ET Q q 0 0 0 rg BT 318.94 136.25 Td (current ) Tj ET Q q 0 0 0 rg BT 349.75 136.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 390.57 136.25 Td (amount.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 114.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.64 114.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 105.77 114.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 141.12 114.25 Td (for ) Tj ET Q q 0 0 0 rg BT 155.38 114.25 Td (our ) Tj ET Q q 0 0 0 rg BT 171.30 114.25 Td (transferable ) Tj ET Q q 0 0 0 rg BT 221.08 114.25 Td (structural ) Tj ET Q q 0 0 0 rg BT 261.44 114.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 299.57 114.25 Td (programs ) Tj ET Q q 0 0 0 rg BT 339.93 114.25 Td (are ) Tj ET Q q 0 0 0 rg BT 354.72 114.25 Td (established ) Tj ET Q q 0 0 0 rg BT 401.75 114.25 Td (on ) Tj ET Q q 0 0 0 rg BT 414.34 114.25 Td (a ) Tj ET Q q 0 0 0 rg BT 421.37 114.25 Td (per) Tj ET Q q 0 0 0 rg BT 433.94 114.25 Td (-unit ) Tj ET Q q 0 0 0 rg BT 455.42 114.25 Td (basis. ) Tj ET Q q 0 0 0 rg BT 480.51 114.25 Td ( ) Tj ET Q q 0 0 0 rg BT 482.92 114.25 Td (While ) Tj ET Q q 0 0 0 rg BT 509.94 114.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.75 114.25 Td (structural ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 87.26 102.25 Td (reserve ) Tj ET Q q 0 0 0 rg BT 118.35 102.25 Td (is ) Tj ET Q q 0 0 0 rg BT 127.24 102.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 164.44 102.25 Td (as ) Tj ET Q q 0 0 0 rg BT 174.99 102.25 Td (each ) Tj ET Q q 0 0 0 rg BT 195.53 102.25 Td (house ) Tj ET Q q 0 0 0 rg BT 221.08 102.25 Td (is ) Tj ET Q q 0 0 0 rg BT 229.97 102.25 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 271.89 102.25 Td (the ) Tj ET Q q 0 0 0 rg BT 286.33 102.25 Td (suf) Tj ET Q q 0 0 0 rg BT 298.37 102.25 Td (ficiency ) Tj ET Q q 0 0 0 rg BT 332.80 102.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.35 102.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.79 102.25 Td (structural ) Tj ET Q q 0 0 0 rg BT 397.77 102.25 Td (warranty ) Tj ET Q q 0 0 0 rg BT 435.53 102.25 Td (per ) Tj ET Q q 0 0 0 rg BT 450.52 102.25 Td (unit ) Tj ET Q q 0 0 0 rg BT 468.30 102.25 Td (char) Tj ET Q q 0 0 0 rg BT 485.33 102.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 496.99 102.25 Td (and ) Tj ET Q q 0 0 0 rg BT 513.65 102.25 Td (total ) Tj ET Q q 0 0 0 rg BT 533.64 102.25 Td (reserve ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 90.25 Td (is ) Tj ET Q q 0 0 0 rg BT 59.66 90.25 Td (re-evaluated ) Tj ET Q q 0 0 0 rg BT 112.56 90.25 Td (on ) Tj ET Q q 0 0 0 rg BT 126.05 90.25 Td (an ) Tj ET Q q 0 0 0 rg BT 138.97 90.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 169.12 90.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 195.11 90.25 Td (with ) Tj ET Q q 0 0 0 rg BT 216.37 90.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.08 90.25 Td (assistance ) Tj ET Q q 0 0 0 rg BT 275.55 90.25 Td (of ) Tj ET Q q 0 0 0 rg BT 287.37 90.25 Td (an ) Tj ET Q q 0 0 0 rg BT 300.30 90.25 Td (actuary) Tj ET Q q 0 0 0 rg BT 329.07 90.25 Td (, ) Tj ET Q q 0 0 0 rg BT 335.06 90.25 Td (using ) Tj ET Q q 0 0 0 rg BT 360.22 90.25 Td (our ) Tj ET Q q 0 0 0 rg BT 377.04 90.25 Td (own ) Tj ET Q q 0 0 0 rg BT 397.75 90.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 438.45 90.25 Td (data ) Tj ET Q q 0 0 0 rg BT 458.59 90.25 Td (and ) Tj ET Q q 0 0 0 rg BT 476.52 90.25 Td (trends, ) Tj ET Q q 0 0 0 rg BT 506.95 90.25 Td (industry-wide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 78.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 88.63 78.25 Td (data ) Tj ET Q q 0 0 0 rg BT 107.21 78.25 Td (and ) Tj ET Q q 0 0 0 rg BT 123.56 78.25 Td (trends, ) Tj ET Q q 0 0 0 rg BT 152.42 78.25 Td (and ) Tj ET Q q 0 0 0 rg BT 168.78 78.25 Td (other ) Tj ET Q q 0 0 0 rg BT 191.24 78.25 Td (project ) Tj ET Q q 0 0 0 rg BT 220.93 78.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 253.94 78.25 Td (factors. ) Tj ET Q q 0 0 0 rg BT 285.56 78.25 Td ( ) Tj ET Q q 0 0 0 rg BT 287.34 78.25 Td (The ) Tj ET Q q 0 0 0 rg BT 304.81 78.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 339.49 78.25 Td (are ) Tj ET Q q 0 0 0 rg BT 353.61 78.25 Td (also ) Tj ET Q q 0 0 0 rg BT 371.64 78.25 Td (evaluated ) Tj ET Q q 0 0 0 rg BT 411.87 78.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 449.88 78.25 Td (and ) Tj ET Q q 0 0 0 rg BT 466.24 78.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 501.49 78.25 Td (if ) Tj ET Q q 0 0 0 rg BT 509.51 78.25 Td (we ) Tj ET Q q 0 0 0 rg BT 523.09 78.25 Td (encounter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 66.25 Td (activity ) Tj ET Q q 0 0 0 rg BT 81.64 66.25 Td (that ) Tj ET Q q 0 0 0 rg BT 98.79 66.25 Td (is ) Tj ET Q q 0 0 0 rg BT 107.61 66.25 Td (inconsistent ) Tj ET Q q 0 0 0 rg BT 157.54 66.25 Td (with ) Tj ET Q q 0 0 0 rg BT 177.47 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 191.84 66.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 231.20 66.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 276.66 66.25 Td (used ) Tj ET Q q 0 0 0 rg BT 297.14 66.25 Td (in ) Tj ET Q q 0 0 0 rg BT 307.07 66.25 Td (the ) Tj ET Q q 0 0 0 rg BT 321.44 66.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 350.25 66.25 Td (analysis. ) Tj ET Q q 0 0 0 rg BT 387.11 66.25 Td ( ) Tj ET Q q 0 0 0 rg BT 389.11 66.25 Td (These ) Tj ET Q q 0 0 0 rg BT 415.14 66.25 Td (reserves ) Tj ET Q q 0 0 0 rg BT 450.05 66.25 Td (are ) Tj ET Q q 0 0 0 rg BT 464.41 66.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 494.89 66.25 Td (to ) Tj ET Q q 0 0 0 rg BT 504.82 66.25 Td (variability ) Tj ET Q q 0 0 0 rg BT 548.07 66.25 Td (due ) 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 (16) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.67 740.10 Td (uncertainties ) Tj ET Q q 0 0 0 rg BT 113.14 740.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 153.85 740.10 Td (structural ) Tj ET Q q 0 0 0 rg BT 194.00 740.10 Td (defect ) Tj ET Q q 0 0 0 rg BT 220.81 740.10 Td (claims ) Tj ET Q q 0 0 0 rg BT 249.30 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 263.35 740.10 Td (products ) Tj ET Q q 0 0 0 rg BT 300.17 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 314.22 740.10 Td (build, ) Tj ET Q q 0 0 0 rg BT 339.67 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 354.27 740.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 388.31 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.48 740.10 Td (which ) Tj ET Q q 0 0 0 rg BT 425.31 740.10 Td (we ) Tj ET Q q 0 0 0 rg BT 439.35 740.10 Td (build, ) Tj ET Q q 0 0 0 rg BT 464.80 740.10 Td (claim ) Tj ET Q q 0 0 0 rg BT 489.40 740.10 Td (settlement ) Tj ET Q q 0 0 0 rg BT 532.88 740.10 Td (history) Tj ET Q q 0 0 0 rg BT 560.01 740.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 90.32 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.25 728.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 129.19 728.10 Td (interpretations, ) Tj ET Q q 0 0 0 rg BT 191.95 728.10 Td (among ) Tj ET Q q 0 0 0 rg BT 221.66 728.10 Td (other ) Tj ET Q q 0 0 0 rg BT 244.71 728.10 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (While ) Tj ET Q q 0 0 0 rg BT 76.45 706.10 Td (we ) Tj ET Q q 0 0 0 rg BT 90.63 706.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 122.02 706.10 Td (that ) Tj ET Q q 0 0 0 rg BT 139.53 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.38 706.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 193.43 706.10 Td (reserves ) Tj ET Q q 0 0 0 rg BT 228.71 706.10 Td (are ) Tj ET Q q 0 0 0 rg BT 243.43 706.10 Td (suf) Tj ET Q q 0 0 0 rg BT 255.47 706.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 283.53 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.83 706.10 Td (cover ) Tj ET Q q 0 0 0 rg BT 318.55 706.10 Td (our ) Tj ET Q q 0 0 0 rg BT 334.40 706.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 374.12 706.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 399.13 706.10 Td (there ) Tj ET Q q 0 0 0 rg BT 421.64 706.10 Td (can ) Tj ET Q q 0 0 0 rg BT 438.03 706.10 Td (be ) Tj ET Q q 0 0 0 rg BT 449.99 706.10 Td (no ) Tj ET Q q 0 0 0 rg BT 462.50 706.10 Td (assurances ) Tj ET Q q 0 0 0 rg BT 507.78 706.10 Td (that ) Tj ET Q q 0 0 0 rg BT 525.29 706.10 Td (historical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (data ) Tj ET Q q 0 0 0 rg BT 68.66 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 85.59 694.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 112.53 694.10 Td (will ) Tj ET Q q 0 0 0 rg BT 130.59 694.10 Td (accurately ) Tj ET Q q 0 0 0 rg BT 174.17 694.10 Td (predict ) Tj ET Q q 0 0 0 rg BT 204.43 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.26 694.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 246.63 694.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 284.67 694.10 Td (costs.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 672.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 672.10 Td ( ) Tj ET Q q 0 0 0 rg BT 58.67 672.10 Td (summary ) Tj ET Q q 0 0 0 rg BT 98.39 672.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.22 672.10 Td (warranty ) Tj ET Q q 0 0 0 rg BT 147.25 672.10 Td (activity ) Tj ET Q q 0 0 0 rg BT 179.74 672.10 Td (for ) Tj ET Q q 0 0 0 rg BT 193.90 672.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.62 672.10 Td (three ) Tj ET Q q 0 0 0 rg BT 231.11 672.10 Td (months ) Tj ET Q q 0 0 0 rg BT 263.05 672.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 289.43 672.10 Td (March ) Tj ET Q q 0 0 0 rg BT 318.03 672.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 333.03 672.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 355.53 672.10 Td (and ) Tj ET Q q 0 0 0 rg BT 372.47 672.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.47 672.10 Td ( ) Tj ET Q q 0 0 0 rg BT 394.97 672.10 Td (is ) Tj ET Q q 0 0 0 rg BT 404.14 672.10 Td (as ) Tj ET Q q 0 0 0 rg BT 414.97 672.10 Td (follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 648.6 m 500 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 648.6 m 507 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 648.6 m 562 648.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 637.6 m 445 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 637.6 m 500 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 637.6 m 507 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 637.6 m 562 637.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 582.6 m 445 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 571.6 m 445 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 582.6 m 500 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 571.6 m 500 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 582.6 m 507 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 571.6 m 507 571.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 582.6 m 562 582.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 571.6 m 562 571.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 652.83 Td (Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 640.55 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 640.55 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 640.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 640.55 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 629.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.73 629.55 Td (arranty ) Tj ET Q q 0 0 0 rg BT 83.06 629.55 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 113.27 629.55 Td (beginning ) Tj ET Q q 0 0 0 rg BT 147.27 629.55 Td (of ) Tj ET Q q 0 0 0 rg BT 155.93 629.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 629.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 629.68 Td (27,732) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 629.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 629.55 Td (14,282) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 618.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.73 618.55 Td (arranty ) Tj ET Q q 0 0 0 rg BT 83.06 618.55 Td (expense ) Tj ET Q q 0 0 0 rg BT 110.83 618.55 Td (on ) Tj ET Q q 0 0 0 rg BT 120.83 618.55 Td (homes ) Tj ET Q q 0 0 0 rg BT 143.71 618.55 Td (delivered ) Tj ET Q q 0 0 0 rg BT 175.48 618.55 Td (during ) Tj ET Q q 0 0 0 rg BT 198.36 618.55 Td (the ) Tj ET Q q 0 0 0 rg BT 210.14 618.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 618.68 Td (2,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 618.55 Td (2,039) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 607.55 Td (Changes ) Tj ET Q q 0 0 0 rg BT 81.05 607.55 Td (in ) Tj ET Q q 0 0 0 rg BT 89.27 607.55 Td (estimates ) Tj ET Q q 0 0 0 rg BT 121.04 607.55 Td (for ) Tj ET Q q 0 0 0 rg BT 132.37 607.55 Td (pre-existing ) Tj ET Q q 0 0 0 rg BT 172.58 607.55 Td (warranties) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 607.68 Td (730) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 607.55 Td (683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 596.55 Td (Char) Tj ET Q q 0 0 0 rg BT 66.91 596.55 Td (ges ) Tj ET Q q 0 0 0 rg BT 79.57 596.55 Td (related ) Tj ET Q q 0 0 0 rg BT 103.33 596.55 Td (to ) Tj ET Q q 0 0 0 rg BT 111.55 596.55 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 158.42 596.55 Td (claims ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 181.30 600.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.80 596.68 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 596.55 Td (2,155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 585.55 Td (Settlements ) Tj ET Q q 0 0 0 rg BT 90.83 585.55 Td (made ) Tj ET Q q 0 0 0 rg BT 110.15 585.55 Td (during ) Tj ET Q q 0 0 0 rg BT 133.04 585.55 Td (the ) Tj ET Q q 0 0 0 rg BT 144.81 585.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 585.68 Td (\(5,911) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 585.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 585.55 Td (\(3,864) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 585.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 574.55 Td (W) Tj ET Q q 0 0 0 rg BT 58.41 574.55 Td (arranty ) Tj ET Q q 0 0 0 rg BT 83.06 574.55 Td (reserves, ) Tj ET Q q 0 0 0 rg BT 113.27 574.55 Td (end ) Tj ET Q q 0 0 0 rg BT 126.82 574.55 Td (of ) Tj ET Q q 0 0 0 rg BT 135.48 574.55 Td (period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 574.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 574.68 Td (24,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 574.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 574.55 Td (15,295) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 556.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 556.50 Td (Estimated ) Tj ET Q q 0 0 0 rg BT 101.49 556.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 148.36 556.50 Td (claim ) Tj ET Q q 0 0 0 rg BT 168.13 556.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 188.13 556.50 Td (as ) Tj ET Q q 0 0 0 rg BT 196.79 556.50 Td (described ) Tj ET Q q 0 0 0 rg BT 229.44 556.50 Td (below) Tj ET Q q 0 0 0 rg BT 248.47 556.50 Td (, ) Tj ET Q q 0 0 0 rg BT 252.47 556.50 Td (have ) Tj ET Q q 0 0 0 rg BT 269.57 556.50 Td (been ) Tj ET Q q 0 0 0 rg BT 286.68 556.50 Td (included ) Tj ET Q q 0 0 0 rg BT 316.22 556.50 Td (in ) Tj ET Q q 0 0 0 rg BT 324.45 556.50 Td (warranty ) Tj ET Q q 0 0 0 rg BT 354.88 556.50 Td (accruals.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.50 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 532.50 Td (e ) Tj ET Q q 0 0 0 rg BT 64.66 532.50 Td (have ) Tj ET Q q 0 0 0 rg BT 85.62 532.50 Td (received ) Tj ET Q q 0 0 0 rg BT 121.56 532.50 Td (claims ) Tj ET Q q 0 0 0 rg BT 149.75 532.50 Td (related ) Tj ET Q q 0 0 0 rg BT 179.03 532.50 Td (to ) Tj ET Q q 0 0 0 rg BT 188.89 532.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 216.52 532.50 Td (installation ) Tj ET Q q 0 0 0 rg BT 263.04 532.50 Td (from ) Tj ET Q q 0 0 0 rg BT 284.56 532.50 Td (homeowners ) Tj ET Q q 0 0 0 rg BT 337.74 532.50 Td (in ) Tj ET Q q 0 0 0 rg BT 347.60 532.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 376.88 532.50 Td (of ) Tj ET Q q 0 0 0 rg BT 387.29 532.50 Td (our ) Tj ET Q q 0 0 0 rg BT 402.70 532.50 Td (communities ) Tj ET Q q 0 0 0 rg BT 456.45 532.50 Td (in ) Tj ET Q q 0 0 0 rg BT 466.31 532.50 Td (our ) Tj ET Q q 0 0 0 rg BT 481.57 532.50 Td (T) Tj ET Q q 0 0 0 rg BT 486.98 532.50 Td (ampa ) Tj ET Q q 0 0 0 rg BT 510.71 532.50 Td (and ) Tj ET Q q 0 0 0 rg BT 527.23 532.50 Td (Orlando, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 80.68 520.50 Td (markets ) Tj ET Q q 0 0 0 rg BT 114.63 520.50 Td (and ) Tj ET Q q 0 0 0 rg BT 131.36 520.50 Td (have ) Tj ET Q q 0 0 0 rg BT 152.53 520.50 Td (been ) Tj ET Q q 0 0 0 rg BT 173.70 520.50 Td (named ) Tj ET Q q 0 0 0 rg BT 202.64 520.50 Td (as ) Tj ET Q q 0 0 0 rg BT 213.27 520.50 Td (a ) Tj ET Q q 0 0 0 rg BT 220.00 520.50 Td (defendant ) Tj ET Q q 0 0 0 rg BT 261.71 520.50 Td (in ) Tj ET Q q 0 0 0 rg BT 271.79 520.50 Td (legal ) Tj ET Q q 0 0 0 rg BT 293.51 520.50 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 344.12 520.50 Td (initiated ) Tj ET Q q 0 0 0 rg BT 379.18 520.50 Td (by ) Tj ET Q q 0 0 0 rg BT 391.47 520.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 420.97 520.50 Td (of ) Tj ET Q q 0 0 0 rg BT 431.59 520.50 Td (such ) Tj ET Q q 0 0 0 rg BT 452.21 520.50 Td (homeowners. ) Tj ET Q q 0 0 0 rg BT 508.10 520.50 Td ( ) Tj ET Q q 0 0 0 rg BT 510.23 520.50 Td (These ) Tj ET Q q 0 0 0 rg BT 536.40 520.50 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.50 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.21 508.50 Td (relate ) Tj ET Q q 0 0 0 rg BT 113.91 508.50 Td (to ) Tj ET Q q 0 0 0 rg BT 124.19 508.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 152.80 508.50 Td (built ) Tj ET Q q 0 0 0 rg BT 173.64 508.50 Td (prior ) Tj ET Q q 0 0 0 rg BT 195.57 508.50 Td (to ) Tj ET Q q 0 0 0 rg BT 205.85 508.50 Td (2014 ) Tj ET Q q 0 0 0 rg BT 228.35 508.50 Td (which ) Tj ET Q q 0 0 0 rg BT 255.29 508.50 Td (have ) Tj ET Q q 0 0 0 rg BT 276.67 508.50 Td (second ) Tj ET Q q 0 0 0 rg BT 306.94 508.50 Td (story ) Tj ET Q q 0 0 0 rg BT 329.44 508.50 Td (elevations ) Tj ET Q q 0 0 0 rg BT 372.48 508.50 Td (with ) Tj ET Q q 0 0 0 rg BT 392.76 508.50 Td (frame ) Tj ET Q q 0 0 0 rg BT 418.57 508.50 Td (construction.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.50 Td (During ) Tj ET Q q 0 0 0 rg BT 79.72 484.50 Td (2015, ) Tj ET Q q 0 0 0 rg BT 104.10 484.50 Td (we ) Tj ET Q q 0 0 0 rg BT 117.65 484.50 Td (repaired ) Tj ET Q q 0 0 0 rg BT 152.29 484.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 181.38 484.50 Td (of ) Tj ET Q q 0 0 0 rg BT 191.59 484.50 Td (the ) Tj ET Q q 0 0 0 rg BT 205.70 484.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 245.90 484.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 273.90 484.50 Td (and ) Tj ET Q q 0 0 0 rg BT 290.22 484.50 Td (accrued ) Tj ET Q q 0 0 0 rg BT 323.19 484.50 Td (for ) Tj ET Q q 0 0 0 rg BT 336.74 484.50 Td (the ) Tj ET Q q 0 0 0 rg BT 350.84 484.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 391.05 484.50 Td (future ) Tj ET Q q 0 0 0 rg BT 416.81 484.50 Td (cost ) Tj ET Q q 0 0 0 rg BT 434.81 484.50 Td (of ) Tj ET Q q 0 0 0 rg BT 445.02 484.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 474.12 484.50 Td (for ) Tj ET Q q 0 0 0 rg BT 487.66 484.50 Td (the ) Tj ET Q q 0 0 0 rg BT 501.77 484.50 Td (other ) Tj ET Q q 0 0 0 rg BT 524.20 484.50 Td (identified ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 77.88 472.50 Td (on ) Tj ET Q q 0 0 0 rg BT 90.16 472.50 Td (which ) Tj ET Q q 0 0 0 rg BT 116.87 472.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 146.35 472.50 Td (had ) Tj ET Q q 0 0 0 rg BT 163.06 472.50 Td (yet ) Tj ET Q q 0 0 0 rg BT 177.56 472.50 Td (to ) Tj ET Q q 0 0 0 rg BT 187.61 472.50 Td (be ) Tj ET Q q 0 0 0 rg BT 199.32 472.50 Td (completed. ) Tj ET Q q 0 0 0 rg BT 245.75 472.50 Td ( ) Tj ET Q q 0 0 0 rg BT 247.86 472.50 Td (The ) Tj ET Q q 0 0 0 rg BT 265.68 472.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 306.81 472.50 Td (amounts ) Tj ET Q q 0 0 0 rg BT 342.98 472.50 Td (of ) Tj ET Q q 0 0 0 rg BT 353.58 472.50 Td (such ) Tj ET Q q 0 0 0 rg BT 374.18 472.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 399.77 472.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 422.05 472.50 Td (and ) Tj ET Q q 0 0 0 rg BT 438.76 472.50 Td (accruals ) Tj ET Q q 0 0 0 rg BT 473.79 472.50 Td (were ) Tj ET Q q 0 0 0 rg BT 495.49 472.50 Td (not ) Tj ET Q q 0 0 0 rg BT 510.55 472.50 Td (material, ) Tj ET Q q 0 0 0 rg BT 548.08 472.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.50 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 460.50 Td (reserve ) Tj ET Q q 0 0 0 rg BT 95.58 460.50 Td (for ) Tj ET Q q 0 0 0 rg BT 109.74 460.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 150.56 460.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 179.17 460.50 Td (in ) Tj ET Q q 0 0 0 rg BT 189.45 460.50 Td (need ) Tj ET Q q 0 0 0 rg BT 210.83 460.50 Td (of ) Tj ET Q q 0 0 0 rg BT 221.66 460.50 Td (more ) Tj ET Q q 0 0 0 rg BT 244.71 460.50 Td (than ) Tj ET Q q 0 0 0 rg BT 264.42 460.50 Td (minor ) Tj ET Q q 0 0 0 rg BT 290.81 460.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 316.62 460.50 Td (at ) Tj ET Q q 0 0 0 rg BT 326.34 460.50 Td (December ) Tj ET Q q 0 0 0 rg BT 369.92 460.50 Td (31, ) Tj ET Q q 0 0 0 rg BT 384.92 460.50 Td (2015 ) Tj ET Q q 0 0 0 rg BT 407.42 460.50 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.48 460.50 Td ($0.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.37 460.50 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.50 Td (During ) Tj ET Q q 0 0 0 rg BT 79.64 436.50 Td (2016, ) Tj ET Q q 0 0 0 rg BT 103.95 436.50 Td (we ) Tj ET Q q 0 0 0 rg BT 117.42 436.50 Td (recorded ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.20 436.50 Td ($19.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.09 436.50 Td ( ) Tj ET Q q 0 0 0 rg BT 209.90 436.50 Td (for ) Tj ET Q q 0 0 0 rg BT 223.37 436.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 248.50 436.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 270.31 436.50 Td (for ) Tj ET Q q 0 0 0 rg BT 283.77 436.50 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 297.24 436.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 325.16 436.50 Td (in ) Tj ET Q q 0 0 0 rg BT 334.75 436.50 Td (our ) Tj ET Q q 0 0 0 rg BT 349.89 436.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 380.58 436.50 Td (communities ) Tj ET Q q 0 0 0 rg BT 434.05 436.50 Td (that ) Tj ET Q q 0 0 0 rg BT 450.86 436.50 Td (we ) Tj ET Q q 0 0 0 rg BT 464.33 436.50 Td (had ) Tj ET Q q 0 0 0 rg BT 480.57 436.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 520.70 436.50 Td (as ) Tj ET Q q 0 0 0 rg BT 530.84 436.50 Td (needing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 424.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 75.11 424.50 Td (but ) Tj ET Q q 0 0 0 rg BT 90.17 424.50 Td (have ) Tj ET Q q 0 0 0 rg BT 111.34 424.50 Td (not ) Tj ET Q q 0 0 0 rg BT 126.41 424.50 Td (yet ) Tj ET Q q 0 0 0 rg BT 140.92 424.50 Td (completed ) Tj ET Q q 0 0 0 rg BT 184.86 424.50 Td (the ) Tj ET Q q 0 0 0 rg BT 199.36 424.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 224.97 424.50 Td (and ) Tj ET Q q 0 0 0 rg BT 241.70 424.50 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 255.65 424.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 296.26 424.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 321.86 424.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 344.15 424.50 Td (for ) Tj ET Q q 0 0 0 rg BT 358.10 424.50 Td (homes ) Tj ET Q q 0 0 0 rg BT 386.50 424.50 Td (in ) Tj ET Q q 0 0 0 rg BT 396.57 424.50 Td (our ) Tj ET Q q 0 0 0 rg BT 412.19 424.50 Td (Florida ) Tj ET Q q 0 0 0 rg BT 443.37 424.50 Td (communities ) Tj ET Q q 0 0 0 rg BT 497.32 424.50 Td (that ) Tj ET Q q 0 0 0 rg BT 514.60 424.50 Td (we ) Tj ET Q q 0 0 0 rg BT 528.55 424.50 Td (have ) Tj ET Q q 0 0 0 rg BT 549.72 424.50 Td (not ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 412.50 Td (yet ) Tj ET Q q 0 0 0 rg BT 63.91 412.50 Td (identified ) Tj ET Q q 0 0 0 rg BT 104.42 412.50 Td (as ) Tj ET Q q 0 0 0 rg BT 114.95 412.50 Td (needing ) Tj ET Q q 0 0 0 rg BT 148.80 412.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 174.31 412.50 Td (but ) Tj ET Q q 0 0 0 rg BT 189.28 412.50 Td (that ) Tj ET Q q 0 0 0 rg BT 206.47 412.50 Td (may ) Tj ET Q q 0 0 0 rg BT 225.88 412.50 Td (require ) Tj ET Q q 0 0 0 rg BT 256.39 412.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 281.90 412.50 Td (in ) Tj ET Q q 0 0 0 rg BT 291.87 412.50 Td (the ) Tj ET Q q 0 0 0 rg BT 306.28 412.50 Td (future. ) Tj ET Q q 0 0 0 rg BT 334.85 412.50 Td ( ) Tj ET Q q 0 0 0 rg BT 336.89 412.50 Td (These ) Tj ET Q q 0 0 0 rg BT 362.96 412.50 Td (char) Tj ET Q q 0 0 0 rg BT 379.98 412.50 Td (ges ) Tj ET Q q 0 0 0 rg BT 395.51 412.50 Td (are ) Tj ET Q q 0 0 0 rg BT 409.91 412.50 Td (included ) Tj ET Q q 0 0 0 rg BT 446.54 412.50 Td (as ) Tj ET Q q 0 0 0 rg BT 457.06 412.50 Td (changes ) Tj ET Q q 0 0 0 rg BT 491.46 412.50 Td (in ) Tj ET Q q 0 0 0 rg BT 501.43 412.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 536.95 412.50 Td (within ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 400.50 Td (our ) Tj ET Q q 0 0 0 rg BT 65.18 400.50 Td (warranty ) Tj ET Q q 0 0 0 rg BT 103.07 400.50 Td (reserve. ) Tj ET Q q 0 0 0 rg BT 136.78 400.50 Td ( ) Tj ET Q q 0 0 0 rg BT 138.96 400.50 Td (The ) Tj ET Q q 0 0 0 rg BT 156.86 400.50 Td (remaining ) Tj ET Q q 0 0 0 rg BT 199.75 400.50 Td (reserve ) Tj ET Q q 0 0 0 rg BT 230.97 400.50 Td (for ) Tj ET Q q 0 0 0 rg BT 244.98 400.50 Td (both ) Tj ET Q q 0 0 0 rg BT 265.11 400.50 Td (known ) Tj ET Q q 0 0 0 rg BT 294.68 400.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 320.35 400.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 342.70 400.50 Td (and ) Tj ET Q q 0 0 0 rg BT 359.49 400.50 Td (an ) Tj ET Q q 0 0 0 rg BT 371.27 400.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 406.94 400.50 Td (of ) Tj ET Q q 0 0 0 rg BT 417.63 400.50 Td (future ) Tj ET Q q 0 0 0 rg BT 443.85 400.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 466.20 400.50 Td (of ) Tj ET Q q 0 0 0 rg BT 476.88 400.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 535.31 400.50 Td (repairs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.50 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.06 388.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 102.49 388.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.49 388.50 Td ( ) Tj ET Q q 0 0 0 rg BT 124.83 388.50 Td (included ) Tj ET Q q 0 0 0 rg BT 161.60 388.50 Td (within ) Tj ET Q q 0 0 0 rg BT 189.50 388.50 Td (our ) Tj ET Q q 0 0 0 rg BT 205.17 388.50 Td (warranty ) Tj ET Q q 0 0 0 rg BT 243.04 388.50 Td (reserve ) Tj ET Q q 0 0 0 rg BT 274.25 388.50 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.14 388.50 Td ($8.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.03 388.50 Td (. ) Tj ET Q q 0 0 0 rg BT 345.87 388.50 Td ( ) Tj ET Q q 0 0 0 rg BT 348.04 388.50 Td (W) Tj ET Q q 0 0 0 rg BT 356.68 388.50 Td (e ) Tj ET Q q 0 0 0 rg BT 363.46 388.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 394.67 388.50 Td (that ) Tj ET Q q 0 0 0 rg BT 412.00 388.50 Td (this ) Tj ET Q q 0 0 0 rg BT 428.79 388.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 461.12 388.50 Td (is ) Tj ET Q q 0 0 0 rg BT 470.13 388.50 Td (suf) Tj ET Q q 0 0 0 rg BT 482.17 388.50 Td (ficient ) Tj ET Q q 0 0 0 rg BT 510.05 388.50 Td (to ) Tj ET Q q 0 0 0 rg BT 520.17 388.50 Td (cover ) Tj ET Q q 0 0 0 rg BT 544.72 388.50 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.50 Td (known ) Tj ET Q q 0 0 0 rg BT 79.22 376.50 Td (and ) Tj ET Q q 0 0 0 rg BT 96.16 376.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 136.98 376.50 Td (future ) Tj ET Q q 0 0 0 rg BT 163.36 376.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 189.17 376.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 211.67 376.50 Td (as ) Tj ET Q q 0 0 0 rg BT 222.50 376.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 233.33 376.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 276.93 376.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.93 376.50 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.43 352.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 103.13 352.50 Td (of ) Tj ET Q q 0 0 0 rg BT 113.84 352.50 Td (future ) Tj ET Q q 0 0 0 rg BT 140.10 352.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 162.48 352.50 Td (of ) Tj ET Q q 0 0 0 rg BT 173.19 352.50 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 231.64 352.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 261.23 352.50 Td (is ) Tj ET Q q 0 0 0 rg BT 270.28 352.50 Td (based ) Tj ET Q q 0 0 0 rg BT 295.43 352.50 Td (on ) Tj ET Q q 0 0 0 rg BT 307.81 352.50 Td (our ) Tj ET Q q 0 0 0 rg BT 323.52 352.50 Td (judgment, ) Tj ET Q q 0 0 0 rg BT 366.17 352.50 Td (various ) Tj ET Q q 0 0 0 rg BT 397.99 352.50 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 449.81 352.50 Td (and ) Tj ET Q q 0 0 0 rg BT 466.63 352.50 Td (internal ) Tj ET Q q 0 0 0 rg BT 499.55 352.50 Td (data. ) Tj ET Q q 0 0 0 rg BT 521.09 352.50 Td (Due ) Tj ET Q q 0 0 0 rg BT 540.13 352.50 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 352.50 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.50 Td (degree ) Tj ET Q q 0 0 0 rg BT 78.57 340.50 Td (of ) Tj ET Q q 0 0 0 rg BT 89.33 340.50 Td (judgment ) Tj ET Q q 0 0 0 rg BT 129.53 340.50 Td (and ) Tj ET Q q 0 0 0 rg BT 146.39 340.50 Td (the ) Tj ET Q q 0 0 0 rg BT 161.04 340.50 Td (potential ) Tj ET Q q 0 0 0 rg BT 198.46 340.50 Td (for ) Tj ET Q q 0 0 0 rg BT 212.54 340.50 Td (variability ) Tj ET Q q 0 0 0 rg BT 256.07 340.50 Td (in ) Tj ET Q q 0 0 0 rg BT 266.27 340.50 Td (our ) Tj ET Q q 0 0 0 rg BT 282.03 340.50 Td (underlying ) Tj ET Q q 0 0 0 rg BT 327.78 340.50 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 379.66 340.50 Td (and ) Tj ET Q q 0 0 0 rg BT 396.52 340.50 Td (data, ) Tj ET Q q 0 0 0 rg BT 418.10 340.50 Td (as ) Tj ET Q q 0 0 0 rg BT 428.86 340.50 Td (we ) Tj ET Q q 0 0 0 rg BT 442.95 340.50 Td (obtain ) Tj ET Q q 0 0 0 rg BT 470.37 340.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 512.79 340.50 Td (information, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.50 Td (we ) Tj ET Q q 0 0 0 rg BT 63.33 328.50 Td (may ) Tj ET Q q 0 0 0 rg BT 82.71 328.50 Td (revise ) Tj ET Q q 0 0 0 rg BT 108.75 328.50 Td (our ) Tj ET Q q 0 0 0 rg BT 124.25 328.50 Td (estimate, ) Tj ET Q q 0 0 0 rg BT 162.24 328.50 Td (including ) Tj ET Q q 0 0 0 rg BT 202.18 328.50 Td (to ) Tj ET Q q 0 0 0 rg BT 212.13 328.50 Td (reflect ) Tj ET Q q 0 0 0 rg BT 239.82 328.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 281.98 328.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 322.47 328.50 Td (future ) Tj ET Q q 0 0 0 rg BT 348.51 328.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 376.23 328.50 Td (repairs ) Tj ET Q q 0 0 0 rg BT 405.60 328.50 Td (costs, ) Tj ET Q q 0 0 0 rg BT 430.27 328.50 Td (which ) Tj ET Q q 0 0 0 rg BT 456.87 328.50 Td (revision ) Tj ET Q q 0 0 0 rg BT 491.26 328.50 Td (could ) Tj ET Q q 0 0 0 rg BT 515.64 328.50 Td (be ) Tj ET Q q 0 0 0 rg BT 527.25 328.50 Td (material.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.50 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 304.50 Td (e ) Tj ET Q q 0 0 0 rg BT 65.70 304.50 Td (also ) Tj ET Q q 0 0 0 rg BT 84.92 304.50 Td (are ) Tj ET Q q 0 0 0 rg BT 100.25 304.50 Td (continuing ) Tj ET Q q 0 0 0 rg BT 146.15 304.50 Td (to ) Tj ET Q q 0 0 0 rg BT 157.04 304.50 Td (investigate ) Tj ET Q q 0 0 0 rg BT 203.48 304.50 Td (the ) Tj ET Q q 0 0 0 rg BT 218.82 304.50 Td (extent ) Tj ET Q q 0 0 0 rg BT 246.38 304.50 Td (to ) Tj ET Q q 0 0 0 rg BT 257.27 304.50 Td (which ) Tj ET Q q 0 0 0 rg BT 284.83 304.50 Td (we ) Tj ET Q q 0 0 0 rg BT 299.61 304.50 Td (may ) Tj ET Q q 0 0 0 rg BT 319.95 304.50 Td (be ) Tj ET Q q 0 0 0 rg BT 332.51 304.50 Td (able ) Tj ET Q q 0 0 0 rg BT 352.28 304.50 Td (to ) Tj ET Q q 0 0 0 rg BT 363.18 304.50 Td (recover ) Tj ET Q q 0 0 0 rg BT 396.28 304.50 Td (a ) Tj ET Q q 0 0 0 rg BT 403.84 304.50 Td (portion ) Tj ET Q q 0 0 0 rg BT 435.84 304.50 Td (of ) Tj ET Q q 0 0 0 rg BT 447.29 304.50 Td (our ) Tj ET Q q 0 0 0 rg BT 463.74 304.50 Td (stucco ) Tj ET Q q 0 0 0 rg BT 492.41 304.50 Td (repair ) Tj ET Q q 0 0 0 rg BT 518.85 304.50 Td (and ) Tj ET Q q 0 0 0 rg BT 536.40 304.50 Td (claims ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.50 Td (handling ) Tj ET Q q 0 0 0 rg BT 87.20 292.50 Td (costs ) Tj ET Q q 0 0 0 rg BT 109.90 292.50 Td (from ) Tj ET Q q 0 0 0 rg BT 132.03 292.50 Td (other ) Tj ET Q q 0 0 0 rg BT 155.28 292.50 Td (sources, ) Tj ET Q q 0 0 0 rg BT 190.47 292.50 Td (including ) Tj ET Q q 0 0 0 rg BT 230.95 292.50 Td (our ) Tj ET Q q 0 0 0 rg BT 246.98 292.50 Td (direct ) Tj ET Q q 0 0 0 rg BT 272.44 292.50 Td (insurers, ) Tj ET Q q 0 0 0 rg BT 309.30 292.50 Td (the ) Tj ET Q q 0 0 0 rg BT 324.22 292.50 Td (subcontractors ) Tj ET Q q 0 0 0 rg BT 385.23 292.50 Td (involved ) Tj ET Q q 0 0 0 rg BT 422.93 292.50 Td (with ) Tj ET Q q 0 0 0 rg BT 443.41 292.50 Td (the ) Tj ET Q q 0 0 0 rg BT 458.32 292.50 Td (construction ) Tj ET Q q 0 0 0 rg BT 510.46 292.50 Td (of ) Tj ET Q q 0 0 0 rg BT 521.49 292.50 Td (the ) Tj ET Q q 0 0 0 rg BT 536.40 292.50 Td (homes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.50 Td (and ) Tj ET Q q 0 0 0 rg BT 66.91 280.50 Td (their ) Tj ET Q q 0 0 0 rg BT 88.21 280.50 Td (insurers. ) Tj ET Q q 0 0 0 rg BT 124.68 280.50 Td (As ) Tj ET Q q 0 0 0 rg BT 138.77 280.50 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.07 280.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 194.14 280.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.14 280.50 Td (, ) Tj ET Q q 0 0 0 rg BT 219.61 280.50 Td (we ) Tj ET Q q 0 0 0 rg BT 234.24 280.50 Td (are ) Tj ET Q q 0 0 0 rg BT 249.42 280.50 Td (unable ) Tj ET Q q 0 0 0 rg BT 279.04 280.50 Td (to ) Tj ET Q q 0 0 0 rg BT 289.79 280.50 Td (estimate ) Tj ET Q q 0 0 0 rg BT 326.09 280.50 Td (an ) Tj ET Q q 0 0 0 rg BT 338.50 280.50 Td (amount, ) Tj ET Q q 0 0 0 rg BT 373.96 280.50 Td (if ) Tj ET Q q 0 0 0 rg BT 383.04 280.50 Td (any) Tj ET Q q 0 0 0 rg BT 396.83 280.50 Td (, ) Tj ET Q q 0 0 0 rg BT 402.30 280.50 Td (that ) Tj ET Q q 0 0 0 rg BT 420.27 280.50 Td (we ) Tj ET Q q 0 0 0 rg BT 434.90 280.50 Td (believe ) Tj ET Q q 0 0 0 rg BT 466.74 280.50 Td (is ) Tj ET Q q 0 0 0 rg BT 476.38 280.50 Td (probable ) Tj ET Q q 0 0 0 rg BT 514.34 280.50 Td (that ) Tj ET Q q 0 0 0 rg BT 532.31 280.50 Td (we ) Tj ET Q q 0 0 0 rg BT 546.94 280.50 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.50 Td (recover ) Tj ET Q q 0 0 0 rg BT 81.51 268.50 Td (from ) Tj ET Q q 0 0 0 rg BT 102.99 268.50 Td (these ) Tj ET Q q 0 0 0 rg BT 125.57 268.50 Td (sources ) Tj ET Q q 0 0 0 rg BT 157.60 268.50 Td (and, ) Tj ET Q q 0 0 0 rg BT 176.58 268.50 Td (accordingly) Tj ET Q q 0 0 0 rg BT 223.13 268.50 Td (, ) Tj ET Q q 0 0 0 rg BT 227.67 268.50 Td (we ) Tj ET Q q 0 0 0 rg BT 241.37 268.50 Td (have ) Tj ET Q q 0 0 0 rg BT 262.28 268.50 Td (not ) Tj ET Q q 0 0 0 rg BT 277.10 268.50 Td (recorded ) Tj ET Q q 0 0 0 rg BT 314.11 268.50 Td (a ) Tj ET Q q 0 0 0 rg BT 320.59 268.50 Td (receivable ) Tj ET Q q 0 0 0 rg BT 363.70 268.50 Td (for ) Tj ET Q q 0 0 0 rg BT 377.40 268.50 Td (estimated ) Tj ET Q q 0 0 0 rg BT 417.76 268.50 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 460.88 268.50 Td (nor ) Tj ET Q q 0 0 0 rg BT 476.25 268.50 Td (included ) Tj ET Q q 0 0 0 rg BT 512.72 268.50 Td (an ) Tj ET Q q 0 0 0 rg BT 524.19 268.50 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.00 256.50 Td (of ) Tj ET Q q 0 0 0 rg BT 92.83 256.50 Td (recoveries ) Tj ET Q q 0 0 0 rg BT 136.41 256.50 Td (in ) Tj ET Q q 0 0 0 rg BT 146.69 256.50 Td (determining ) Tj ET Q q 0 0 0 rg BT 197.51 256.50 Td (our ) Tj ET Q q 0 0 0 rg BT 213.34 256.50 Td (warranty ) Tj ET Q q 0 0 0 rg BT 251.38 256.50 Td (reserves.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 232.50 Td (Performance Bonds and Letters of Credit) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.40 208.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 104.40 208.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.40 208.50 Td (, ) Tj ET Q q 0 0 0 rg BT 128.79 208.50 Td (the ) Tj ET Q q 0 0 0 rg BT 142.91 208.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 183.69 208.50 Td (had ) Tj ET Q q 0 0 0 rg BT 200.03 208.50 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 248.59 208.50 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.25 208.50 Td ($146.5 ) Tj ET Q q 0 0 0 rg BT 337.65 208.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.54 208.50 Td ( ) Tj ET Q q 0 0 0 rg BT 368.44 208.50 Td (of ) Tj ET Q q 0 0 0 rg BT 378.67 208.50 Td (completion ) Tj ET Q q 0 0 0 rg BT 425.56 208.50 Td (bonds ) Tj ET Q q 0 0 0 rg BT 451.35 208.50 Td (and ) Tj ET Q q 0 0 0 rg BT 467.68 208.50 Td (standby ) Tj ET Q q 0 0 0 rg BT 500.69 208.50 Td (letters ) Tj ET Q q 0 0 0 rg BT 527.02 208.50 Td (of ) Tj ET Q q 0 0 0 rg BT 537.25 208.50 Td (credit, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.50 Td (some ) Tj ET Q q 0 0 0 rg BT 72.95 196.50 Td (of ) Tj ET Q q 0 0 0 rg BT 83.63 196.50 Td (which ) Tj ET Q q 0 0 0 rg BT 110.41 196.50 Td (were ) Tj ET Q q 0 0 0 rg BT 132.18 196.50 Td (issued ) Tj ET Q q 0 0 0 rg BT 159.52 196.50 Td (to ) Tj ET Q q 0 0 0 rg BT 169.65 196.50 Td (various ) Tj ET Q q 0 0 0 rg BT 201.43 196.50 Td (local ) Tj ET Q q 0 0 0 rg BT 223.21 196.50 Td (governmental ) Tj ET Q q 0 0 0 rg BT 280.53 196.50 Td (entities ) Tj ET Q q 0 0 0 rg BT 311.76 196.50 Td (that ) Tj ET Q q 0 0 0 rg BT 329.09 196.50 Td (expire ) Tj ET Q q 0 0 0 rg BT 356.42 196.50 Td (at ) Tj ET Q q 0 0 0 rg BT 365.98 196.50 Td (various ) Tj ET Q q 0 0 0 rg BT 397.77 196.50 Td (times ) Tj ET Q q 0 0 0 rg BT 421.78 196.50 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.23 196.50 Td (September ) Tj ET Q q 0 0 0 rg BT 500.33 196.50 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.33 196.50 Td (. ) Tj ET Q q 0 0 0 rg BT 525.18 196.50 Td ( ) Tj ET Q q 0 0 0 rg BT 527.52 196.50 Td (Included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.50 Td (in ) Tj ET Q q 0 0 0 rg BT 59.63 184.50 Td (this ) Tj ET Q q 0 0 0 rg BT 76.43 184.50 Td (total ) Tj ET Q q 0 0 0 rg BT 96.56 184.50 Td (are: ) Tj ET Q q 0 0 0 rg BT 113.90 184.50 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.91 184.50 Td ($104.7 ) Tj ET Q q 0 0 0 rg BT 157.76 184.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.65 184.50 Td ( ) Tj ET Q q 0 0 0 rg BT 189.00 184.50 Td (of ) Tj ET Q q 0 0 0 rg BT 199.69 184.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 252.56 184.50 Td (and ) Tj ET Q q 0 0 0 rg BT 269.35 184.50 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 322.23 184.50 Td (bonds ) Tj ET Q q 0 0 0 rg BT 348.48 184.50 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.27 184.50 Td ($28.6 ) Tj ET Q q 0 0 0 rg BT 390.12 184.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.01 184.50 Td ( ) Tj ET Q q 0 0 0 rg BT 421.37 184.50 Td (of ) Tj ET Q q 0 0 0 rg BT 432.05 184.50 Td (performance ) Tj ET Q q 0 0 0 rg BT 484.92 184.50 Td (letters ) Tj ET Q q 0 0 0 rg BT 511.71 184.50 Td (of ) Tj ET Q q 0 0 0 rg BT 522.39 184.50 Td (credit ) Tj ET Q q 0 0 0 rg BT 547.51 184.50 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.50 Td (serve ) Tj ET Q q 0 0 0 rg BT 72.00 172.50 Td (as ) Tj ET Q q 0 0 0 rg BT 81.74 172.50 Td (completion ) Tj ET Q q 0 0 0 rg BT 128.14 172.50 Td (bonds ) Tj ET Q q 0 0 0 rg BT 153.44 172.50 Td (for ) Tj ET Q q 0 0 0 rg BT 166.50 172.50 Td (land ) Tj ET Q q 0 0 0 rg BT 185.13 172.50 Td (development ) Tj ET Q q 0 0 0 rg BT 238.18 172.50 Td (work ) Tj ET Q q 0 0 0 rg BT 260.14 172.50 Td (in ) Tj ET Q q 0 0 0 rg BT 269.32 172.50 Td (progress; ) Tj ET Q q 0 0 0 rg BT 307.39 172.50 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.46 172.50 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 339.36 172.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.25 172.50 Td ( ) Tj ET Q q 0 0 0 rg BT 369.66 172.50 Td (of ) Tj ET Q q 0 0 0 rg BT 379.40 172.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 415.78 172.50 Td (letters ) Tj ET Q q 0 0 0 rg BT 441.62 172.50 Td (of ) Tj ET Q q 0 0 0 rg BT 451.36 172.50 Td (credit, ) Tj ET Q q 0 0 0 rg BT 478.03 172.50 Td (of ) Tj ET Q q 0 0 0 rg BT 487.77 172.50 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 172.50 Td ($3.5million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.50 Td (represent ) Tj ET Q q 0 0 0 rg BT 88.65 160.50 Td (deposits ) Tj ET Q q 0 0 0 rg BT 123.92 160.50 Td (on ) Tj ET Q q 0 0 0 rg BT 136.42 160.50 Td (land ) Tj ET Q q 0 0 0 rg BT 156.14 160.50 Td (and ) Tj ET Q q 0 0 0 rg BT 173.08 160.50 Td (lot ) Tj ET Q q 0 0 0 rg BT 186.14 160.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 224.17 160.50 Td (agreements; ) Tj ET Q q 0 0 0 rg BT 274.98 160.50 Td (and ) Tj ET Q q 0 0 0 rg BT 291.92 160.50 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.08 160.50 Td ($7.9 ) Tj ET Q q 0 0 0 rg BT 326.08 160.50 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.97 160.50 Td ( ) Tj ET Q q 0 0 0 rg BT 357.47 160.50 Td (of ) Tj ET Q q 0 0 0 rg BT 368.30 160.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.78 160.50 Td (bonds.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 136.50 Td (Land Option Contracts and Other Similar Contracts) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.50 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.19 112.50 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.98 112.50 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.98 112.50 Td (, ) Tj ET Q q 0 0 0 rg BT 131.17 112.50 Td (the ) Tj ET Q q 0 0 0 rg BT 146.07 112.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 187.65 112.50 Td (also ) Tj ET Q q 0 0 0 rg BT 206.45 112.50 Td (had ) Tj ET Q q 0 0 0 rg BT 223.58 112.50 Td (options ) Tj ET Q q 0 0 0 rg BT 255.71 112.50 Td (and ) Tj ET Q q 0 0 0 rg BT 272.84 112.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 317.74 112.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 355.97 112.50 Td (agreements ) Tj ET Q q 0 0 0 rg BT 404.19 112.50 Td (to ) Tj ET Q q 0 0 0 rg BT 414.66 112.50 Td (acquire ) Tj ET Q q 0 0 0 rg BT 446.77 112.50 Td (land ) Tj ET Q q 0 0 0 rg BT 466.68 112.50 Td (and ) Tj ET Q q 0 0 0 rg BT 483.81 112.50 Td (developed ) Tj ET Q q 0 0 0 rg BT 527.59 112.50 Td (lots ) Tj ET Q q 0 0 0 rg BT 544.73 112.50 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.50 Td (an ) Tj ET Q q 0 0 0 rg BT 61.41 100.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 102.75 100.50 Td (purchase ) Tj ET Q q 0 0 0 rg BT 140.75 100.50 Td (price ) Tj ET Q q 0 0 0 rg BT 163.21 100.50 Td (of ) Tj ET Q q 0 0 0 rg BT 174.01 100.50 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.25 100.50 Td ($622.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.14 100.50 Td (. ) Tj ET Q q 0 0 0 rg BT 298.11 100.50 Td ( ) Tj ET Q q 0 0 0 rg BT 300.58 100.50 Td (Purchase ) Tj ET Q q 0 0 0 rg BT 339.15 100.50 Td (of ) Tj ET Q q 0 0 0 rg BT 349.95 100.50 Td (properties ) Tj ET Q q 0 0 0 rg BT 392.41 100.50 Td (under ) Tj ET Q q 0 0 0 rg BT 417.65 100.50 Td (these ) Tj ET Q q 0 0 0 rg BT 440.67 100.50 Td (agreements ) Tj ET Q q 0 0 0 rg BT 488.68 100.50 Td (is ) Tj ET Q q 0 0 0 rg BT 497.82 100.50 Td (contingent ) Tj ET Q q 0 0 0 rg BT 542.50 100.50 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.50 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 97.54 88.50 Td (of ) Tj ET Q q 0 0 0 rg BT 108.37 88.50 Td (certain ) Tj ET Q q 0 0 0 rg BT 138.07 88.50 Td (requirements ) Tj ET Q q 0 0 0 rg BT 192.78 88.50 Td (by ) Tj ET Q q 0 0 0 rg BT 205.28 88.50 Td (the ) Tj ET Q q 0 0 0 rg BT 219.99 88.50 Td (Company ) Tj ET Q q 0 0 0 rg BT 261.38 88.50 Td (and ) Tj ET Q q 0 0 0 rg BT 278.32 88.50 Td (the ) Tj ET Q q 0 0 0 rg BT 293.04 88.50 Td (sellers.) Tj ET Q endstream endobj 35 0 obj <>] /Rotate 0 /Contents 36 0 R>> endobj 36 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 /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Legal ) Tj ET Q /GS0 gs q 34.17 0 0 9.93 75.33 738.09 cm /I4 Do Q BT /F3 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (In ) Tj ET Q q 0 0 0 rg BT 60.20 716.25 Td (addition ) Tj ET Q q 0 0 0 rg BT 95.34 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 105.48 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.07 716.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 141.87 716.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 192.55 716.25 Td (related ) Tj ET Q q 0 0 0 rg BT 222.12 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.27 716.25 Td (stucco, ) Tj ET Q q 0 0 0 rg BT 262.68 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 277.26 716.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 318.52 716.25 Td (and ) Tj ET Q q 0 0 0 rg BT 335.32 716.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 364.89 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 375.59 716.25 Td (its ) Tj ET Q q 0 0 0 rg BT 387.41 716.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 436.99 716.25 Td (have ) Tj ET Q q 0 0 0 rg BT 458.23 716.25 Td (been ) Tj ET Q q 0 0 0 rg BT 479.48 716.25 Td (named ) Tj ET Q q 0 0 0 rg BT 508.50 716.25 Td (as ) Tj ET Q q 0 0 0 rg BT 519.20 716.25 Td (defendants ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 60.17 704.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 90.26 704.25 Td (other ) Tj ET Q q 0 0 0 rg BT 113.70 704.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 136.02 704.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 187.22 704.25 Td (which ) Tj ET Q q 0 0 0 rg BT 214.55 704.25 Td (are ) Tj ET Q q 0 0 0 rg BT 229.65 704.25 Td (incidental ) Tj ET Q q 0 0 0 rg BT 271.97 704.25 Td (to ) Tj ET Q q 0 0 0 rg BT 282.64 704.25 Td (our ) Tj ET Q q 0 0 0 rg BT 298.86 704.25 Td (business. ) Tj ET Q q 0 0 0 rg BT 338.14 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 340.82 704.25 Td (While ) Tj ET Q q 0 0 0 rg BT 368.14 704.25 Td (management ) Tj ET Q q 0 0 0 rg BT 422.12 704.25 Td (currently ) Tj ET Q q 0 0 0 rg BT 461.10 704.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 496.76 704.25 Td (that ) Tj ET Q q 0 0 0 rg BT 514.64 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.75 704.25 Td (ultimate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 92.36 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.56 692.25 Td (these ) Tj ET Q q 0 0 0 rg BT 126.97 692.25 Td (other ) Tj ET Q q 0 0 0 rg BT 150.38 692.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 172.68 692.25 Td (proceedings, ) Tj ET Q q 0 0 0 rg BT 226.37 692.25 Td (individually ) Tj ET Q q 0 0 0 rg BT 277.56 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 294.87 692.25 Td (in ) Tj ET Q q 0 0 0 rg BT 305.51 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.59 692.25 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 364.82 692.25 Td (will ) Tj ET Q q 0 0 0 rg BT 383.25 692.25 Td (not ) Tj ET Q q 0 0 0 rg BT 398.89 692.25 Td (have ) Tj ET Q q 0 0 0 rg BT 420.63 692.25 Td (a ) Tj ET Q q 0 0 0 rg BT 427.94 692.25 Td (material ) Tj ET Q q 0 0 0 rg BT 463.56 692.25 Td (ef) Tj ET Q q 0 0 0 rg BT 471.15 692.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 489.00 692.25 Td (on ) Tj ET Q q 0 0 0 rg BT 501.87 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.95 692.25 Td (Company) Tj ET Q q 0 0 0 rg BT 558.62 692.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.41 680.25 Td (position, ) Tj ET Q q 0 0 0 rg BT 123.06 680.25 Td (results ) Tj ET Q q 0 0 0 rg BT 151.09 680.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.35 680.25 Td (operationsand ) Tj ET Q q 0 0 0 rg BT 221.87 680.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 241.57 680.25 Td (flows, ) Tj ET Q q 0 0 0 rg BT 268.21 680.25 Td (such ) Tj ET Q q 0 0 0 rg BT 288.47 680.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 309.83 680.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 360.07 680.25 Td (are ) Tj ET Q q 0 0 0 rg BT 374.20 680.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 404.46 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 414.16 680.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 448.85 680.25 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 504.37 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 506.15 680.25 Td (The ) Tj ET Q q 0 0 0 rg BT 523.63 680.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.25 Td (has ) Tj ET Q q 0 0 0 rg BT 65.48 668.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 103.11 668.25 Td (a ) Tj ET Q q 0 0 0 rg BT 110.20 668.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 143.96 668.25 Td (to ) Tj ET Q q 0 0 0 rg BT 154.39 668.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 187.59 668.25 Td (for ) Tj ET Q q 0 0 0 rg BT 201.90 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.77 668.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 263.28 668.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 288.44 668.25 Td (including ) Tj ET Q q 0 0 0 rg BT 328.86 668.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 350.95 668.25 Td (defense ) Tj ET Q q 0 0 0 rg BT 384.13 668.25 Td (costs, ) Tj ET Q q 0 0 0 rg BT 409.29 668.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 453.03 668.25 Td (with ) Tj ET Q q 0 0 0 rg BT 473.46 668.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.33 668.25 Td (resolution ) Tj ET Q q 0 0 0 rg BT 530.97 668.25 Td (of ) Tj ET Q q 0 0 0 rg BT 541.96 668.25 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (other ) Tj ET Q q 0 0 0 rg BT 73.31 656.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 96.01 656.25 Td (proceedings. ) Tj ET Q q 0 0 0 rg BT 150.09 656.25 Td (However) Tj ET Q q 0 0 0 rg BT 186.34 656.25 Td (, ) Tj ET Q q 0 0 0 rg BT 192.10 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.58 656.25 Td (possibility ) Tj ET Q q 0 0 0 rg BT 252.52 656.25 Td (exists ) Tj ET Q q 0 0 0 rg BT 278.56 656.25 Td (that ) Tj ET Q q 0 0 0 rg BT 296.82 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.30 656.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 335.56 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 346.60 656.25 Td (resolve ) Tj ET Q q 0 0 0 rg BT 378.74 656.25 Td (these ) Tj ET Q q 0 0 0 rg BT 402.55 656.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 425.25 656.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 476.83 656.25 Td (could ) Tj ET Q q 0 0 0 rg BT 502.31 656.25 Td (dif) Tj ET Q q 0 0 0 rg BT 513.23 656.25 Td (fer ) Tj ET Q q 0 0 0 rg BT 527.60 656.25 Td (from ) Tj ET Q q 0 0 0 rg BT 550.30 656.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 86.76 644.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 126.26 644.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 145.48 644.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 186.35 644.25 Td (have ) Tj ET Q q 0 0 0 rg BT 207.51 644.25 Td (a ) Tj ET Q q 0 0 0 rg BT 214.23 644.25 Td (material ) Tj ET Q q 0 0 0 rg BT 249.27 644.25 Td (ef) Tj ET Q q 0 0 0 rg BT 256.86 644.25 Td (fecton ) Tj ET Q q 0 0 0 rg BT 286.63 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 301.13 644.25 Td (Company) Tj ET Q q 0 0 0 rg BT 342.80 644.25 Td (s ) Tj ET Q q 0 0 0 rg BT 348.97 644.25 Td (net ) Tj ET Q q 0 0 0 rg BT 363.47 644.25 Td (income ) Tj ET Q q 0 0 0 rg BT 395.19 644.25 Td (for ) Tj ET Q q 0 0 0 rg BT 409.14 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.64 644.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 455.36 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.42 644.25 Td (which ) Tj ET Q q 0 0 0 rg BT 492.14 644.25 Td (they ) Tj ET Q q 0 0 0 rg BT 511.65 644.25 Td (are ) Tj ET Q q 0 0 0 rg BT 526.14 644.25 Td (resolved. ) Tj ET Q q 0 0 0 rg BT 565.01 644.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (At ) Tj ET Q q 0 0 0 rg BT 62.00 632.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.28 632.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 125.88 632.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.88 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.38 632.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.32 632.25 Td (December ) Tj ET Q q 0 0 0 rg BT 208.90 632.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 223.90 632.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.90 632.25 Td (, ) Tj ET Q q 0 0 0 rg BT 248.90 632.25 Td (we ) Tj ET Q q 0 0 0 rg BT 263.06 632.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.00 632.25 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 300.00 632.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.89 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 331.39 632.25 Td (reserved ) Tj ET Q q 0 0 0 rg BT 367.76 632.25 Td (for ) Tj ET Q q 0 0 0 rg BT 381.92 632.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 403.85 632.25 Td (expenses.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 608.25 Td (NOTE ) Tj ET Q q 0 0 0 rg BT 80.34 608.25 Td (7. ) Tj ET Q q 0 0 0 rg BT 90.34 608.25 Td (Debt) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 586.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 586.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.59 586.25 Td (- ) Tj ET Q q 0 0 0 rg BT 116.42 586.25 Td (Homebuilding) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.83 564.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 93.61 564.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 125.94 564.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 162.16 564.25 Td (for ) Tj ET Q q 0 0 0 rg BT 175.60 564.25 Td (an ) Tj ET Q q 0 0 0 rg BT 186.82 564.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 227.47 564.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 279.80 564.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 311.58 564.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.69 564.25 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.08 564.25 Td (, ) Tj ET Q q 0 0 0 rg BT 377.36 564.25 Td (including ) Tj ET Q q 0 0 0 rg BT 416.92 564.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.14 564.25 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 474.53 564.25 Td ( ) Tj ET Q q 0 0 0 rg BT 476.31 564.25 Td (sub-facility ) Tj ET Q q 0 0 0 rg BT 523.64 564.25 Td (for ) Tj ET Q q 0 0 0 rg BT 537.08 564.25 Td (letters ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.22 552.25 Td (credit. ) Tj ET Q q 0 0 0 rg BT 87.71 552.25 Td (The ) Tj ET Q q 0 0 0 rg BT 105.65 552.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 133.04 552.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 165.98 552.25 Td (expires ) Tj ET Q q 0 0 0 rg BT 197.26 552.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.65 552.25 Td (October ) Tj ET Q q 0 0 0 rg BT 244.25 552.25 Td (20, ) Tj ET Q q 0 0 0 rg BT 259.14 552.25 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.14 552.25 Td (. ) Tj ET Q q 0 0 0 rg BT 284.04 552.25 Td ( ) Tj ET Q q 0 0 0 rg BT 286.43 552.25 Td (For ) Tj ET Q q 0 0 0 rg BT 302.72 552.25 Td (the ) Tj ET Q q 0 0 0 rg BT 317.33 552.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 348.04 552.25 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.31 552.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 417.80 552.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.80 552.25 Td (, ) Tj ET Q q 0 0 0 rg BT 442.70 552.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 474.52 552.25 Td (on ) Tj ET Q q 0 0 0 rg BT 486.92 552.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 523.20 552.25 Td (borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.25 Td (under ) Tj ET Q q 0 0 0 rg BT 74.43 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 88.81 540.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 115.97 540.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 148.68 540.25 Td (was ) Tj ET Q q 0 0 0 rg BT 166.40 540.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 199.66 540.25 Td (at ) Tj ET Q q 0 0 0 rg BT 209.04 540.25 Td (either ) Tj ET Q q 0 0 0 rg BT 233.96 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.87 540.25 Td (Alternate ) Tj ET Q q 0 0 0 rg BT 287.23 540.25 Td (Base ) Tj ET Q q 0 0 0 rg BT 308.83 540.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 329.32 540.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 348.15 540.25 Td (a ) Tj ET Q q 0 0 0 rg BT 354.75 540.25 Td (mar) Tj ET Q q 0 0 0 rg BT 370.12 540.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 385.06 540.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.56 540.25 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.56 540.25 Td ( ) Tj ET Q q 0 0 0 rg BT 412.72 540.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 434.88 540.25 Td (points, ) Tj ET Q q 0 0 0 rg BT 463.99 540.25 Td (or ) Tj ET Q q 0 0 0 rg BT 474.49 540.25 Td (at ) Tj ET Q q 0 0 0 rg BT 483.87 540.25 Td (the ) Tj ET Q q 0 0 0 rg BT 498.25 540.25 Td (Eurodollar ) Tj ET Q q 0 0 0 rg BT 543.17 540.25 Td (Rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.25 Td (plus ) Tj ET Q q 0 0 0 rg BT 69.02 528.25 Td (a ) Tj ET Q q 0 0 0 rg BT 76.32 528.25 Td (mar) Tj ET Q q 0 0 0 rg BT 91.68 528.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 107.31 528.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.50 528.25 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.50 528.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.35 528.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 159.21 528.25 Td (points. ) Tj ET Q q 0 0 0 rg BT 188.80 528.25 Td (These ) Tj ET Q q 0 0 0 rg BT 215.53 528.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 247.82 528.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 269.55 528.25 Td (are ) Tj ET Q q 0 0 0 rg BT 284.61 528.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 315.79 528.25 Td (to ) Tj ET Q q 0 0 0 rg BT 326.43 528.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 373.16 528.25 Td (in ) Tj ET Q q 0 0 0 rg BT 383.79 528.25 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 431.09 528.25 Td (periods ) Tj ET Q q 0 0 0 rg BT 463.38 528.25 Td (based ) Tj ET Q q 0 0 0 rg BT 489.00 528.25 Td (on ) Tj ET Q q 0 0 0 rg BT 501.85 528.25 Td (the ) Tj ET Q q 0 0 0 rg BT 516.93 528.25 Td (Company's ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.25 Td (leverage ) Tj ET Q q 0 0 0 rg BT 85.39 516.25 Td (ratio. ) Tj ET Q q 0 0 0 rg BT 108.25 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.13 516.25 Td (The ) Tj ET Q q 0 0 0 rg BT 127.71 516.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 154.74 516.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 187.32 516.25 Td (also ) Tj ET Q q 0 0 0 rg BT 205.46 516.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 240.82 516.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 270.05 516.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 307.06 516.25 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 351.58 516.25 Td ( ) Tj ET Q q 0 0 0 rg BT 353.16 516.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.19 516.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 408.32 516.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.32 516.25 Td (, ) Tj ET Q q 0 0 0 rg BT 432.85 516.25 Td (the ) Tj ET Q q 0 0 0 rg BT 447.10 516.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 488.02 516.25 Td (was ) Tj ET Q q 0 0 0 rg BT 505.60 516.25 Td (in ) Tj ET Q q 0 0 0 rg BT 515.41 516.25 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 504.25 Td (all ) Tj ET Q q 0 0 0 rg BT 82.27 504.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 119.75 504.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 162.24 504.25 Td (of ) Tj ET Q q 0 0 0 rg BT 173.07 504.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.79 504.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 215.28 504.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 245.18 504.25 Td (. ) Tj ET Q q 0 0 0 rg BT 250.18 504.25 Td ( ) 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 67.06 482.25 Td (available ) Tj ET Q q 0 0 0 rg BT 105.16 482.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.17 482.25 Td (under ) Tj ET Q q 0 0 0 rg BT 161.95 482.25 Td (the ) Tj ET Q q 0 0 0 rg BT 176.17 482.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 203.18 482.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 235.75 482.25 Td (is ) Tj ET Q q 0 0 0 rg BT 244.43 482.25 Td (computed ) Tj ET Q q 0 0 0 rg BT 285.87 482.25 Td (in ) Tj ET Q q 0 0 0 rg BT 295.66 482.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 342.63 482.25 Td (with ) Tj ET Q q 0 0 0 rg BT 362.42 482.25 Td (a ) Tj ET Q q 0 0 0 rg BT 368.88 482.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 412.55 482.25 Td (base ) Tj ET Q q 0 0 0 rg BT 432.33 482.25 Td (, ) Tj ET Q q 0 0 0 rg BT 436.84 482.25 Td (which ) Tj ET Q q 0 0 0 rg BT 463.29 482.25 Td (is ) Tj ET Q q 0 0 0 rg BT 471.97 482.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 514.51 482.25 Td (by ) Tj ET Q q 0 0 0 rg BT 526.52 482.25 Td (applying ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.25 Td (various ) Tj ET Q q 0 0 0 rg BT 81.39 470.25 Td (advance ) Tj ET Q q 0 0 0 rg BT 116.59 470.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 137.91 470.25 Td (for ) Tj ET Q q 0 0 0 rg BT 152.02 470.25 Td (dif) Tj ET Q q 0 0 0 rg BT 162.95 470.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 188.71 470.25 Td (categories ) Tj ET Q q 0 0 0 rg BT 231.69 470.25 Td (of ) Tj ET Q q 0 0 0 rg BT 242.47 470.25 Td (inventory) Tj ET Q q 0 0 0 rg BT 280.15 470.25 Td (, ) Tj ET Q q 0 0 0 rg BT 285.09 470.25 Td (and ) Tj ET Q q 0 0 0 rg BT 301.98 470.25 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.64 470.25 Td ($588.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.53 470.25 Td ( ) Tj ET Q q 0 0 0 rg BT 392.98 470.25 Td (of ) Tj ET Q q 0 0 0 rg BT 403.76 470.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 451.19 470.25 Td (for ) Tj ET Q q 0 0 0 rg BT 465.30 470.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 507.73 470.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 534.62 470.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 554.29 470.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 92.87 458.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.87 458.25 Td (. ) Tj ET Q q 0 0 0 rg BT 117.64 458.25 Td ( ) Tj ET Q q 0 0 0 rg BT 119.91 458.25 Td ( ) Tj ET Q q 0 0 0 rg BT 121.68 458.25 Td (As ) Tj ET Q q 0 0 0 rg BT 135.06 458.25 Td (a ) Tj ET Q q 0 0 0 rg BT 141.77 458.25 Td (result, ) Tj ET Q q 0 0 0 rg BT 168.75 458.25 Td (the ) Tj ET Q q 0 0 0 rg BT 183.24 458.25 Td (full ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.40 458.25 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.79 458.25 Td ( ) Tj ET Q q 0 0 0 rg BT 253.06 458.25 Td (commitment ) Tj ET Q q 0 0 0 rg BT 305.87 458.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 338.14 458.25 Td (of ) Tj ET Q q 0 0 0 rg BT 348.74 458.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.22 458.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 390.49 458.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 423.31 458.25 Td (was ) Tj ET Q q 0 0 0 rg BT 441.13 458.25 Td (available, ) Tj ET Q q 0 0 0 rg BT 481.99 458.25 Td (less ) Tj ET Q q 0 0 0 rg BT 499.26 458.25 Td (any ) Tj ET Q q 0 0 0 rg BT 515.97 458.25 Td (borrowings ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.57 446.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 93.63 446.25 Td (of ) Tj ET Q q 0 0 0 rg BT 104.59 446.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 129.99 446.25 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 181.79 446.25 Td ( ) Tj ET Q q 0 0 0 rg BT 183.83 446.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.47 446.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 240.20 446.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.20 446.25 Td (, ) Tj ET Q q 0 0 0 rg BT 265.33 446.25 Td (there ) Tj ET Q q 0 0 0 rg BT 287.94 446.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.00 446.25 Td ($1) Tj ET Q q 0 0 0 rg BT 319.63 446.25 Td (10.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.52 446.25 Td ( ) Tj ET Q q 0 0 0 rg BT 371.15 446.25 Td (of ) Tj ET Q q 0 0 0 rg BT 382.11 446.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 430.30 446.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 479.59 446.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.66 446.25 Td ($33.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.55 446.25 Td ( ) Tj ET Q q 0 0 0 rg BT 553.18 446.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 76.43 434.25 Td (of ) Tj ET Q q 0 0 0 rg BT 87.26 434.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 112.53 434.25 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 164.19 434.25 Td (leaving ) Tj ET Q q 0 0 0 rg BT 196.13 434.25 Td (net ) Tj ET Q q 0 0 0 rg BT 210.84 434.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 253.88 434.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 298.04 434.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 345.53 434.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.36 434.25 Td ($255.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.25 434.25 Td (.) 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 67.70 412.25 Td (Company) Tj ET Q q 0 0 0 rg BT 109.37 412.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.92 412.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 163.02 412.25 Td (under ) Tj ET Q q 0 0 0 rg BT 188.45 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 203.32 412.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 230.97 412.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 264.18 412.25 Td (are ) Tj ET Q q 0 0 0 rg BT 279.05 412.25 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 325.57 412.25 Td (by ) Tj ET Q q 0 0 0 rg BT 338.23 412.25 Td (all ) Tj ET Q q 0 0 0 rg BT 350.88 412.25 Td (of ) Tj ET Q q 0 0 0 rg BT 361.87 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 376.74 412.25 Td (Company) Tj ET Q q 0 0 0 rg BT 418.41 412.25 Td (s ) Tj ET Q q 0 0 0 rg BT 424.96 412.25 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 477.33 412.25 Td (with ) Tj ET Q q 0 0 0 rg BT 497.77 412.25 Td (the ) Tj ET Q q 0 0 0 rg BT 512.64 412.25 Td (exception ) 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 (subsidiaries ) Tj ET Q q 0 0 0 rg BT 98.49 400.25 Td (that ) Tj ET Q q 0 0 0 rg BT 115.25 400.25 Td (are ) Tj ET Q q 0 0 0 rg BT 129.23 400.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 168.21 400.25 Td (engaged ) Tj ET Q q 0 0 0 rg BT 203.30 400.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.84 400.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.83 400.25 Td (business ) Tj ET Q q 0 0 0 rg BT 262.49 400.25 Td (of ) Tj ET Q q 0 0 0 rg BT 272.59 400.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 312.13 400.25 Td (financing, ) Tj ET Q q 0 0 0 rg BT 354.16 400.25 Td (title ) Tj ET Q q 0 0 0 rg BT 371.48 400.25 Td (insurance ) Tj ET Q q 0 0 0 rg BT 411.57 400.25 Td (or ) Tj ET Q q 0 0 0 rg BT 421.67 400.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.21 400.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.96 400.25 Td (businesses ) Tj ET Q q 0 0 0 rg BT 531.95 400.25 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 388.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.22 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 73.37 388.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 130.86 388.25 Td (and ) Tj ET Q q 0 0 0 rg BT 147.24 388.25 Td (home ) Tj ET Q q 0 0 0 rg BT 171.39 388.25 Td (sales ) Tj ET Q q 0 0 0 rg BT 192.77 388.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 231.09 388.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 260.23 388.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 309.39 388.25 Td (that ) Tj ET Q q 0 0 0 rg BT 326.32 388.25 Td (are ) Tj ET Q q 0 0 0 rg BT 340.47 388.25 Td (not ) Tj ET Q q 0 0 0 rg BT 355.18 388.25 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 410.44 388.25 Td (by ) Tj ET Q q 0 0 0 rg BT 422.38 388.25 Td (the ) Tj ET Q q 0 0 0 rg BT 436.53 388.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 477.36 388.25 Td (or ) Tj ET Q q 0 0 0 rg BT 487.62 388.25 Td (another ) Tj ET Q q 0 0 0 rg BT 519.55 388.25 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 560.00 388.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 376.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.55 376.25 Td (other ) Tj ET Q q 0 0 0 rg BT 89.72 376.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 139.55 376.25 Td (designated ) Tj ET Q q 0 0 0 rg BT 184.93 376.25 Td (by ) Tj ET Q q 0 0 0 rg BT 197.55 376.25 Td (the ) Tj ET Q q 0 0 0 rg BT 212.38 376.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.88 376.25 Td (as ) Tj ET Q q 0 0 0 rg BT 264.83 376.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 316.87 376.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 368.37 376.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 382.65 376.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 415.25 376.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 425.64453125 374.9169921875 m 457.328125 374.9169921875 l s q 0 0 1 rg BT 425.64 376.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 447.70 376.25 Td (1) Tj ET Q q 0 0 1 rg BT 452.33 376.25 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.33 376.25 Td (\), ) Tj ET Q q 0 0 0 rg BT 465.77 376.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 496.72 376.25 Td (to ) Tj ET Q q 0 0 0 rg BT 507.11 376.25 Td (limitations ) Tj ET Q q 0 0 0 rg BT 552.50 376.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.23 364.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 103.60 364.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 135.11 364.25 Td (invested ) Tj ET Q q 0 0 0 rg BT 169.94 364.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.23 364.25 Td (such ) Tj ET Q q 0 0 0 rg BT 199.08 364.25 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 250.01 364.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 300.41 364.25 Td (in ) Tj ET Q q 0 0 0 rg BT 309.70 364.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 356.17 364.25 Td (with ) Tj ET Q q 0 0 0 rg BT 375.46 364.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.19 364.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 412.92 364.25 Td (of ) Tj ET Q q 0 0 0 rg BT 422.76 364.25 Td (the ) Tj ET Q q 0 0 0 rg BT 436.48 364.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 462.99 364.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 495.05 364.25 Td (and ) Tj ET Q q 0 0 0 rg BT 511.00 364.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.73 364.25 Td (indenture ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.25 Td (for ) Tj ET Q q 0 0 0 rg BT 63.94 352.25 Td (the ) Tj ET Q q 0 0 0 rg BT 78.93 352.25 Td (Company) Tj ET Q q 0 0 0 rg BT 120.60 352.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.27 352.25 Td ($300.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.16 352.25 Td ( ) Tj ET Q q 0 0 0 rg BT 188.93 352.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 230.57 352.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 268.89 352.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 301.67 352.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.77 352.25 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.60 352.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.38 352.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 370.27 352.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 396.37 352.25 Td (due ) Tj ET Q q 0 0 0 rg BT 413.59 352.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 436.37 352.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 454.69 352.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 481.91 352.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 510.79 352.25 Td (Notes\). ) Tj ET Q q 0 0 0 rg BT 546.97 352.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.25 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 94.29 340.25 Td (for ) Tj ET Q q 0 0 0 rg BT 108.54 340.25 Td (the ) Tj ET Q q 0 0 0 rg BT 123.35 340.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 150.93 340.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 184.07 340.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 202.21 340.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 249.77 340.25 Td (Subsidiaries\) ) Tj ET Q q 0 0 0 rg BT 309.01 340.25 Td (are ) Tj ET Q q 0 0 0 rg BT 323.81 340.25 Td (the ) Tj ET Q q 0 0 0 rg BT 338.61 340.25 Td (same ) Tj ET Q q 0 0 0 rg BT 361.75 340.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 411.55 340.25 Td (that ) Tj ET Q q 0 0 0 rg BT 429.13 340.25 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 470.58 340.25 Td (the ) Tj ET Q q 0 0 0 rg BT 485.39 340.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 507.98 340.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 536.67 340.25 Td (Notes, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.27 328.25 Td (Company) Tj ET Q q 0 0 0 rg BT 105.94 328.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.38 328.25 Td ($57.5 ) Tj ET Q q 0 0 0 rg BT 137.44 328.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.33 328.25 Td ( ) Tj ET Q q 0 0 0 rg BT 168.89 328.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 210.30 328.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 248.40 328.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 280.95 328.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.84 328.25 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.67 328.25 Td ( ) Tj ET Q q 0 0 0 rg BT 320.22 328.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 369.99 328.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 398.65 328.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 454.53 328.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 480.42 328.25 Td (due ) Tj ET Q q 0 0 0 rg BT 497.41 328.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 519.97 328.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 538.07 328.25 Td (2017 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 98.36 316.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 126.12 316.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 181.10 316.25 Td (Notes\) ) Tj ET Q q 0 0 0 rg BT 213.85 316.25 Td (and ) Tj ET Q q 0 0 0 rg BT 229.94 316.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.81 316.25 Td (Company) Tj ET Q q 0 0 0 rg BT 285.48 316.25 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.02 316.25 Td ($86.3 ) Tj ET Q q 0 0 0 rg BT 315.17 316.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.06 316.25 Td ( ) Tj ET Q q 0 0 0 rg BT 345.71 316.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 386.23 316.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 423.42 316.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 455.07 316.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.05 316.25 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 485.88 316.25 Td ( ) Tj ET Q q 0 0 0 rg BT 487.53 316.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 536.40 316.25 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 105.33 304.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 131.16 304.25 Td (due ) Tj ET Q q 0 0 0 rg BT 148.09 304.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 170.59 304.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 188.64 304.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 215.58 304.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 265.29 304.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 293.90 304.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 349.72 304.25 Td (Notes\). ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.21 282.25 Td (Company) Tj ET Q q 0 0 0 rg BT 108.87 282.25 Td (s ) Tj ET Q q 0 0 0 rg BT 114.93 282.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 161.53 282.25 Td (under ) Tj ET Q q 0 0 0 rg BT 186.46 282.25 Td (the ) Tj ET Q q 0 0 0 rg BT 200.84 282.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 228.00 282.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 260.71 282.25 Td (are ) Tj ET Q q 0 0 0 rg BT 275.08 282.25 Td (general, ) Tj ET Q q 0 0 0 rg BT 309.17 282.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 351.87 282.25 Td (senior ) Tj ET Q q 0 0 0 rg BT 378.47 282.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 425.07 282.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.57 282.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.95 282.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 490.99 282.25 Td (and ) Tj ET Q q 0 0 0 rg BT 507.59 282.25 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 282.25 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.25 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 100.40 270.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.86 270.25 Td (rank ) Tj ET Q q 0 0 0 rg BT 136.64 270.25 Td (equally ) Tj ET Q q 0 0 0 rg BT 168.09 270.25 Td (in ) Tj ET Q q 0 0 0 rg BT 177.89 270.25 Td (right ) Tj ET Q q 0 0 0 rg BT 198.79 270.25 Td (of ) Tj ET Q q 0 0 0 rg BT 209.14 270.25 Td (payment ) Tj ET Q q 0 0 0 rg BT 245.59 270.25 Td (with ) Tj ET Q q 0 0 0 rg BT 265.38 270.25 Td (all ) Tj ET Q q 0 0 0 rg BT 277.40 270.25 Td (our ) Tj ET Q q 0 0 0 rg BT 292.74 270.25 Td (and ) Tj ET Q q 0 0 0 rg BT 309.20 270.25 Td (the ) Tj ET Q q 0 0 0 rg BT 323.43 270.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 365.98 270.25 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 417.46 270.25 Td ( ) Tj ET Q q 0 0 0 rg BT 419.48 270.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 453.16 270.25 Td (and ) Tj ET Q q 0 0 0 rg BT 469.61 270.25 Td (future ) Tj ET Q q 0 0 0 rg BT 495.51 270.25 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 538.06 270.25 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 258.25 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 105.45 258.25 Td ( ) Tj ET Q q 0 0 0 rg BT 107.24 258.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 124.58 258.25 Td (obligations ) Tj ET Q q 0 0 0 rg BT 170.81 258.25 Td (under ) Tj ET Q q 0 0 0 rg BT 195.37 258.25 Td (the ) Tj ET Q q 0 0 0 rg BT 209.38 258.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 236.17 258.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 268.51 258.25 Td (are ) Tj ET Q q 0 0 0 rg BT 282.51 258.25 Td (ef) Tj ET Q q 0 0 0 rg BT 290.10 258.25 Td (fectively ) Tj ET Q q 0 0 0 rg BT 326.87 258.25 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 380.31 258.25 Td (to ) Tj ET Q q 0 0 0 rg BT 389.88 258.25 Td (our ) Tj ET Q q 0 0 0 rg BT 405.00 258.25 Td (and ) Tj ET Q q 0 0 0 rg BT 421.23 258.25 Td (the ) Tj ET Q q 0 0 0 rg BT 435.24 258.25 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 477.57 258.25 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 529.04 258.25 Td ( ) Tj ET Q q 0 0 0 rg BT 530.84 258.25 Td (existing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 246.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 246.25 Td (future ) Tj ET Q q 0 0 0 rg BT 92.82 246.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 125.85 246.25 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 180.01 246.25 Td (with ) Tj ET Q q 0 0 0 rg BT 200.29 246.25 Td (respect ) Tj ET Q q 0 0 0 rg BT 231.10 246.25 Td (to ) Tj ET Q q 0 0 0 rg BT 241.38 246.25 Td (any ) Tj ET Q q 0 0 0 rg BT 258.32 246.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 284.15 246.25 Td (comprising ) Tj ET Q q 0 0 0 rg BT 331.64 246.25 Td (security ) Tj ET Q q 0 0 0 rg BT 365.80 246.25 Td (or ) Tj ET Q q 0 0 0 rg BT 376.63 246.25 Td (collateral ) Tj ET Q q 0 0 0 rg BT 416.33 246.25 Td (for ) Tj ET Q q 0 0 0 rg BT 430.49 246.25 Td (such ) Tj ET Q q 0 0 0 rg BT 451.32 246.25 Td (indebtedness.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (As ) Tj ET Q q 0 0 0 rg BT 63.42 224.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.56 224.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 118.47 224.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.47 224.25 Td (, ) Tj ET Q q 0 0 0 rg BT 143.78 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.80 224.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 200.50 224.25 Td (was ) Tj ET Q q 0 0 0 rg BT 218.86 224.25 Td (party ) Tj ET Q q 0 0 0 rg BT 242.22 224.25 Td (to ) Tj ET Q q 0 0 0 rg BT 252.80 224.25 Td (a ) Tj ET Q q 0 0 0 rg BT 260.05 224.25 Td (secured ) Tj ET Q q 0 0 0 rg BT 293.40 224.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 318.97 224.25 Td (agreement ) Tj ET Q q 0 0 0 rg BT 363.42 224.25 Td (for ) Tj ET Q q 0 0 0 rg BT 377.89 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.92 224.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 429.60 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 440.74 224.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 467.98 224.25 Td (of ) Tj ET Q q 0 0 0 rg BT 479.12 224.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 504.70 224.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 523.05 224.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 554.17 224.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 77.47 212.25 Td (Facility\), ) Tj ET Q q 0 0 0 rg BT 121.26 212.25 Td (with ) Tj ET Q q 0 0 0 rg BT 142.01 212.25 Td (a ) Tj ET Q q 0 0 0 rg BT 149.42 212.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 186.27 212.25 Td (date ) Tj ET Q q 0 0 0 rg BT 205.90 212.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.20 212.25 Td (September30, ) Tj ET Q q 0 0 0 rg BT 277.93 212.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.93 212.25 Td (, ) Tj ET Q q 0 0 0 rg BT 303.40 212.25 Td (which ) Tj ET Q q 0 0 0 rg BT 330.81 212.25 Td (allows ) Tj ET Q q 0 0 0 rg BT 359.89 212.25 Td (for ) Tj ET Q q 0 0 0 rg BT 374.52 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.71 212.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 426.56 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 437.86 212.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 465.27 212.25 Td (of ) Tj ET Q q 0 0 0 rg BT 476.57 212.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 502.30 212.25 Td (up ) Tj ET Q q 0 0 0 rg BT 515.27 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 526.02 212.25 Td (a ) Tj ET Q q 0 0 0 rg BT 533.43 212.25 Td (total ) 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 ($2.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 200.25 Td (. ) Tj ET Q q 0 0 0 rg BT 103.05 200.25 Td ( ) Tj ET Q q 0 0 0 rg BT 104.74 200.25 Td (At ) Tj ET Q q 0 0 0 rg BT 116.90 200.25 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 136.84 200.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 180.11 200.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.11 200.25 Td ( ) Tj ET Q q 0 0 0 rg BT 202.27 200.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.87 200.25 Td (December ) Tj ET Q q 0 0 0 rg BT 262.12 200.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 276.78 200.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.78 200.25 Td (, ) Tj ET Q q 0 0 0 rg BT 301.44 200.25 Td (there ) Tj ET Q q 0 0 0 rg BT 323.59 200.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.31 200.25 Td ($0.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.20 200.25 Td ( ) Tj ET Q q 0 0 0 rg BT 392.36 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 402.86 200.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 451.68 200.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 478.28 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 488.77 200.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 513.70 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 523.64 200.25 Td (aggregate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (under ) Tj ET Q q 0 0 0 rg BT 74.77 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 89.49 188.25 Td (Company) Tj ET Q q 0 0 0 rg BT 131.15 188.25 Td (s ) Tj ET Q q 0 0 0 rg BT 137.54 188.25 Td (Letter ) Tj ET Q q 0 0 0 rg BT 163.91 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 174.74 188.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 202.24 188.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 232.14 188.25 Td (, ) Tj ET Q q 0 0 0 rg BT 237.14 188.25 Td (which ) Tj ET Q q 0 0 0 rg BT 264.08 188.25 Td (were ) Tj ET Q q 0 0 0 rg BT 286.01 188.25 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 342.36 188.25 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.64 188.25 Td ($0.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.53 188.25 Td ( ) Tj ET Q q 0 0 0 rg BT 414.03 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 424.86 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 439.58 188.25 Td (Company) Tj ET Q q 0 0 0 rg BT 481.24 188.25 Td (s ) Tj ET Q q 0 0 0 rg BT 487.63 188.25 Td (cash.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 166.25 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.59 166.25 Td ( ) Tj ET Q q 0 0 0 rg BT 123.09 166.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 166.16 166.25 Td (Services) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.97 144.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 88.67 144.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 130.26 144.25 Td (W) Tj ET Q q 0 0 0 rg BT 138.90 144.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 185.05 144.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 232.40 144.25 Td (is ) Tj ET Q q 0 0 0 rg BT 241.99 144.25 Td (used ) Tj ET Q q 0 0 0 rg BT 263.24 144.25 Td (to ) Tj ET Q q 0 0 0 rg BT 273.94 144.25 Td (finance ) Tj ET Q q 0 0 0 rg BT 306.28 144.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 339.20 144.25 Td (residential ) Tj ET Q q 0 0 0 rg BT 383.77 144.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 424.45 144.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 448.48 144.25 Td (originated ) Tj ET Q q 0 0 0 rg BT 491.95 144.25 Td (by ) Tj ET Q q 0 0 0 rg BT 504.87 144.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 522.79 144.25 Td (Financial. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (The ) Tj ET Q q 0 0 0 rg BT 66.49 132.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 112.77 132.25 Td (provides ) Tj ET Q q 0 0 0 rg BT 149.06 132.25 Td (a ) Tj ET Q q 0 0 0 rg BT 155.35 132.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 197.76 132.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 241.27 132.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 288.11 132.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.29 132.25 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.68 132.25 Td (. ) Tj ET Q q 0 0 0 rg BT 354.03 132.25 Td ( ) Tj ET Q q 0 0 0 rg BT 355.75 132.25 Td (The ) Tj ET Q q 0 0 0 rg BT 373.15 132.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 392.79 132.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 433.39 132.25 Td (W) Tj ET Q q 0 0 0 rg BT 442.02 132.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 487.34 132.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 533.62 132.25 Td (expires ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.67 120.25 Td (June23, ) Tj ET Q q 0 0 0 rg BT 97.18 120.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.18 120.25 Td (. ) Tj ET Q q 0 0 0 rg BT 121.85 120.25 Td ( ) Tj ET Q q 0 0 0 rg BT 124.02 120.25 Td (In ) Tj ET Q q 0 0 0 rg BT 134.52 120.25 Td (December ) Tj ET Q q 0 0 0 rg BT 177.78 120.25 Td (2016, ) Tj ET Q q 0 0 0 rg BT 202.45 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 216.84 120.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 236.80 120.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 277.69 120.25 Td (W) Tj ET Q q 0 0 0 rg BT 286.33 120.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 331.90 120.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 378.50 120.25 Td ( ) Tj ET Q q 0 0 0 rg BT 380.67 120.25 Td (was ) Tj ET Q q 0 0 0 rg BT 398.39 120.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 436.66 120.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.61 120.25 Td (include ) Tj ET Q q 0 0 0 rg BT 478.22 120.25 Td (a ) Tj ET Q q 0 0 0 rg BT 484.83 120.25 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 525.32 120.25 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 89.99 108.25 Td (which ) Tj ET Q q 0 0 0 rg BT 117.14 108.25 Td (increased ) Tj ET Q q 0 0 0 rg BT 157.60 108.25 Td (the ) Tj ET Q q 0 0 0 rg BT 172.53 108.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 215.80 108.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 260.17 108.25 Td (availability ) Tj ET Q q 0 0 0 rg BT 307.86 108.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.35 108.25 Td ($150 ) Tj ET Q q 0 0 0 rg BT 341.07 108.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.96 108.25 Td ( ) Tj ET Q q 0 0 0 rg BT 372.67 108.25 Td (through ) Tj ET Q q 0 0 0 rg BT 406.49 108.25 Td (February ) Tj ET Q q 0 0 0 rg BT 445.30 108.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 455.51 108.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 483.22 108.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 515.92 108.25 Td (on ) Tj ET Q q 0 0 0 rg BT 528.63 108.25 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 90.19 96.25 Td (under ) Tj ET Q q 0 0 0 rg BT 115.32 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 129.90 96.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 150.05 96.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 191.12 96.25 Td (W) Tj ET Q q 0 0 0 rg BT 199.76 96.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 245.48 96.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 292.27 96.25 Td (is ) Tj ET Q q 0 0 0 rg BT 301.31 96.25 Td (payable ) Tj ET Q q 0 0 0 rg BT 334.77 96.25 Td (at ) Tj ET Q q 0 0 0 rg BT 344.35 96.25 Td (a ) Tj ET Q q 0 0 0 rg BT 351.15 96.25 Td (per ) Tj ET Q q 0 0 0 rg BT 366.29 96.25 Td (annum ) Tj ET Q q 0 0 0 rg BT 395.87 96.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 413.22 96.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 437.24 96.25 Td (to ) Tj ET Q q 0 0 0 rg BT 447.39 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 461.97 96.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 492.09 96.25 Td (of ) Tj ET Q q 0 0 0 rg BT 502.78 96.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 516.81 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 531.39 96.25 Td (floating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 82.72 84.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 100.92 84.25 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.80 84.25 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.80 84.25 Td ( ) Tj ET Q q 0 0 0 rg BT 139.02 84.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 162.23 84.25 Td (points ) Tj ET Q q 0 0 0 rg BT 189.90 84.25 Td (and ) Tj ET Q q 0 0 0 rg BT 207.55 84.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.42 84.25 Td (2.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.25 84.25 Td (. ) Tj ET Q q 0 0 0 rg BT 253.97 84.25 Td ( ) Tj ET Q q 0 0 0 rg BT 256.95 84.25 Td (The ) Tj ET Q q 0 0 0 rg BT 275.72 84.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 296.71 84.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 338.57 84.25 Td (W) Tj ET Q q 0 0 0 rg BT 347.21 84.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 393.59 84.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 441.23 84.25 Td (also ) Tj ET Q q 0 0 0 rg BT 460.56 84.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 497.10 84.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 527.52 84.25 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 94.40 72.25 Td ( ) Tj ET Q q 0 0 0 rg BT 96.29 72.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.71 72.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 152.22 72.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.22 72.25 Td (, ) Tj ET Q q 0 0 0 rg BT 177.14 72.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 194.56 72.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 234.19 72.25 Td (was ) Tj ET Q q 0 0 0 rg BT 252.16 72.25 Td (in ) Tj ET Q q 0 0 0 rg BT 262.36 72.25 Td (compliance ) Tj ET Q q 0 0 0 rg BT 310.87 72.25 Td (with ) Tj ET Q q 0 0 0 rg BT 331.06 72.25 Td (all ) Tj ET Q q 0 0 0 rg BT 343.48 72.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 380.87 72.25 Td (covenants ) Tj ET Q q 0 0 0 rg BT 423.28 72.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.03 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 448.66 72.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 468.86 72.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 509.98 72.25 Td (W) Tj ET Q q 0 0 0 rg BT 518.62 72.25 Td (arehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 98.13 60.25 Td ( ) Tj ET Q q 0 0 0 rg BT 99.84 60.25 Td ( ) Tj ET Q q 0 0 0 rg BT 101.55 60.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 118.26 60.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 157.18 60.25 Td (expects ) Tj ET Q q 0 0 0 rg BT 188.88 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 198.36 60.25 Td (enter ) Tj ET Q q 0 0 0 rg BT 220.06 60.25 Td (into ) Tj ET Q q 0 0 0 rg BT 237.32 60.25 Td (an ) Tj ET Q q 0 0 0 rg BT 248.47 60.25 Td (amendment ) Tj ET Q q 0 0 0 rg BT 296.83 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 306.32 60.25 Td (the ) Tj ET Q q 0 0 0 rg BT 320.24 60.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 339.73 60.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 380.20 60.25 Td (W) Tj ET Q q 0 0 0 rg BT 388.83 60.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 434.04 60.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 480.18 60.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 501.32 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 510.81 60.25 Td (its ) Tj ET Q q 0 0 0 rg BT 521.97 60.25 Td (expiration ) Tj ET Q endstream endobj 37 0 obj <> endobj 38 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 (that ) Tj ET Q q 0 0 0 rg BT 67.22 740.10 Td (would ) Tj ET Q q 0 0 0 rg BT 94.95 740.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 124.33 740.10 Td (its ) Tj ET Q q 0 0 0 rg BT 136.51 740.10 Td (term ) Tj ET Q q 0 0 0 rg BT 157.56 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 171.95 740.10 Td (an ) Tj ET Q q 0 0 0 rg BT 184.11 740.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 226.83 740.10 Td (year) Tj ET Q q 0 0 0 rg BT 243.64 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 248.86 740.10 Td (but ) Tj ET Q q 0 0 0 rg BT 264.37 740.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 282.10 740.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 322.03 740.10 Td (can ) Tj ET Q q 0 0 0 rg BT 338.64 740.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 371.91 740.10 Td (no ) Tj ET Q q 0 0 0 rg BT 384.64 740.10 Td (assurances ) Tj ET Q q 0 0 0 rg BT 430.13 740.10 Td (that ) Tj ET Q q 0 0 0 rg BT 447.85 740.10 Td (it ) Tj ET Q q 0 0 0 rg BT 456.13 740.10 Td (will ) Tj ET Q q 0 0 0 rg BT 474.41 740.10 Td (be ) Tj ET Q q 0 0 0 rg BT 486.58 740.10 Td (able ) Tj ET Q q 0 0 0 rg BT 505.96 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 516.47 740.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 544.19 740.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (an ) Tj ET Q q 0 0 0 rg BT 61.44 728.10 Td (extension. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.66 706.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 88.05 706.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 129.54 706.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 178.80 706.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 211.97 706.10 Td (is ) Tj ET Q q 0 0 0 rg BT 221.25 706.10 Td (used ) Tj ET Q q 0 0 0 rg BT 242.19 706.10 Td (to ) Tj ET Q q 0 0 0 rg BT 252.58 706.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 284.62 706.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 317.22 706.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 361.48 706.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 401.86 706.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 425.58 706.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 468.73 706.10 Td (by ) Tj ET Q q 0 0 0 rg BT 481.35 706.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 498.96 706.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 538.78 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 555.83 706.10 Td (is ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 90.98 694.10 Td (as ) Tj ET Q q 0 0 0 rg BT 100.81 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.75 694.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 146.01 694.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 190.82 694.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 220.64 694.10 Td (with ) Tj ET Q q 0 0 0 rg BT 239.92 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 245.85 694.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 287.90 694.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 331.06 694.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 377.55 694.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 387.38 694.10 Td ($15million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.77 694.10 Td (. ) Tj ET Q q 0 0 0 rg BT 437.77 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 439.16 694.10 Td (The ) Tj ET Q q 0 0 0 rg BT 456.20 694.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 475.49 694.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 515.86 694.10 Td (Repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 81.46 682.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 111.75 682.10 Td (on ) Tj ET Q q 0 0 0 rg BT 123.15 682.10 Td (October ) Tj ET Q q 0 0 0 rg BT 156.77 682.10 Td (30, ) Tj ET Q q 0 0 0 rg BT 170.68 682.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 194.59 682.10 Td (In ) Tj ET Q q 0 0 0 rg BT 204.33 682.10 Td (December ) Tj ET Q q 0 0 0 rg BT 246.82 682.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 270.73 682.10 Td (the ) Tj ET Q q 0 0 0 rg BT 284.35 682.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 303.55 682.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 343.83 682.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 391.89 682.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 423.85 682.10 Td (was ) Tj ET Q q 0 0 0 rg BT 440.81 682.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 478.31 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 487.50 682.10 Td (include ) Tj ET Q q 0 0 0 rg BT 518.34 682.10 Td (a ) Tj ET Q q 0 0 0 rg BT 524.19 682.10 Td (seasonal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 88.74 670.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 128.58 670.10 Td (which ) Tj ET Q q 0 0 0 rg BT 155.07 670.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 194.87 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 209.14 670.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 251.75 670.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 295.46 670.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 342.50 670.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.33 670.10 Td ($35 ) Tj ET Q q 0 0 0 rg BT 369.38 670.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.27 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 400.32 670.10 Td (through ) Tj ET Q q 0 0 0 rg BT 433.48 670.10 Td (February ) Tj ET Q q 0 0 0 rg BT 471.63 670.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 481.19 670.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 508.24 670.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 525.29 670.10 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (pays ) Tj ET Q q 0 0 0 rg BT 70.26 658.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 102.12 658.10 Td (on ) Tj ET Q q 0 0 0 rg BT 114.54 658.10 Td (each ) Tj ET Q q 0 0 0 rg BT 135.29 658.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 170.47 658.10 Td (under ) Tj ET Q q 0 0 0 rg BT 195.66 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.31 658.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 230.52 658.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 271.82 658.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 320.89 658.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 353.87 658.10 Td (at ) Tj ET Q q 0 0 0 rg BT 363.51 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 370.38 658.10 Td (per ) Tj ET Q q 0 0 0 rg BT 385.57 658.10 Td (annum ) Tj ET Q q 0 0 0 rg BT 415.22 658.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 432.63 658.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 456.71 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 466.92 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 481.56 658.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 515.09 658.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 547.52 658.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.77 646.10 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.77 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.36 646.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.29 646.10 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.29 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 114.89 646.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 137.48 646.10 Td (points ) Tj ET Q q 0 0 0 rg BT 164.53 646.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 208.78 646.10 Td (on ) Tj ET Q q 0 0 0 rg BT 221.38 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.19 646.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 256.00 646.10 Td (type. ) Tj ET Q q 0 0 0 rg BT 278.32 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.73 646.10 Td (The ) Tj ET Q q 0 0 0 rg BT 298.87 646.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 319.25 646.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 360.72 646.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 409.97 646.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 443.11 646.10 Td (also ) Tj ET Q q 0 0 0 rg BT 461.82 646.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 497.74 646.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 527.54 646.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 94.72 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.86 634.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.60 634.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 153.44 634.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.44 634.10 Td (, ) Tj ET Q q 0 0 0 rg BT 178.68 634.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 196.42 634.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 236.37 634.10 Td (was ) Tj ET Q q 0 0 0 rg BT 254.66 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 265.17 634.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 314.00 634.10 Td (with ) Tj ET Q q 0 0 0 rg BT 334.52 634.10 Td (all ) Tj ET Q q 0 0 0 rg BT 347.25 634.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 384.97 634.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 427.70 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.77 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.72 634.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 474.25 634.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 515.86 634.10 Td (Repurchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 79.40 622.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.39 600.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 110.38 600.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.38 600.10 Td (, ) Tj ET Q q 0 0 0 rg BT 137.78 600.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 157.67 600.10 Td (Financial) Tj ET Q q 0 0 0 rg BT 197.66 600.10 Td (s ) Tj ET Q q 0 0 0 rg BT 206.44 600.10 Td (total ) Tj ET Q q 0 0 0 rg BT 229.11 600.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 273.44 600.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 318.88 600.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 365.43 600.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 415.31 600.10 Td (under ) Tj ET Q q 0 0 0 rg BT 442.97 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.08 600.10 Td (two ) Tj ET Q q 0 0 0 rg BT 479.97 600.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 507.63 600.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 546.95 600.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td ($140.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.39 588.10 Td (, ) Tj ET Q q 0 0 0 rg BT 113.54 588.10 Td (a ) Tj ET Q q 0 0 0 rg BT 120.63 588.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 157.70 588.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.79 588.10 Td ($185.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.68 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.33 588.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.20 588.10 Td (December ) Tj ET Q q 0 0 0 rg BT 294.93 588.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 310.09 588.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.09 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.74 588.10 Td (due ) Tj ET Q q 0 0 0 rg BT 349.83 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 360.26 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.13 588.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 418.32 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.30 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 444.17 588.10 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 480.70 588.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 519.99 588.10 Td (on ) Tj ET Q q 0 0 0 rg BT 532.64 588.10 Td (the ) Tj ET Q q 0 0 0 rg BT 547.51 588.10 Td (two ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 74.31 576.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 110.78 576.10 Td (as ) Tj ET Q q 0 0 0 rg BT 121.16 576.10 Td (described ) Tj ET Q q 0 0 0 rg BT 161.52 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 171.35 576.10 Td (further ) Tj ET Q q 0 0 0 rg BT 200.60 576.10 Td (detail ) Tj ET Q q 0 0 0 rg BT 224.86 576.10 Td (above. ) Tj ET Q q 0 0 0 rg BT 253.28 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.87 576.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.92 576.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 310.06 576.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.06 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 332.11 576.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.59 576.10 Td (December ) Tj ET Q q 0 0 0 rg BT 391.72 576.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 406.27 576.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.27 576.10 Td (, ) Tj ET Q q 0 0 0 rg BT 430.82 576.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 447.86 576.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 487.12 576.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.60 576.10 Td ($106.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 66.44 564.10 Td ($152.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.33 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.83 564.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 177.00 564.10 Td (on ) Tj ET Q q 0 0 0 rg BT 189.50 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 196.43 564.10 Td (combined ) Tj ET Q q 0 0 0 rg BT 238.37 564.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 260.87 564.10 Td (under ) Tj ET Q q 0 0 0 rg BT 286.14 564.10 Td (its ) Tj ET Q q 0 0 0 rg BT 298.08 564.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 323.35 564.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 362.78 564.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 410.44 564.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 79.23 542.10 Td (Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.56 542.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.79 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 75.30 520.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.26 520.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 140.54 520.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.54 520.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.72 520.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.34 520.10 Td (December ) Tj ET Q q 0 0 0 rg BT 225.60 520.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 241.28 520.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.28 520.10 Td (, ) Tj ET Q q 0 0 0 rg BT 266.96 520.10 Td (we ) Tj ET Q q 0 0 0 rg BT 281.80 520.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.42 520.10 Td ($300.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.31 520.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.50 520.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.01 520.10 Td (our ) Tj ET Q q 0 0 0 rg BT 389.52 520.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 412.70 520.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 441.98 520.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 468.49 520.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 520.84 520.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.79 520.10 Td (The ) Tj ET Q q 0 0 0 rg BT 542.52 520.10 Td (2021 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 77.78 508.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 103.28 508.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 122.65 508.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 154.26 508.10 Td (at ) Tj ET Q q 0 0 0 rg BT 163.64 508.10 Td (a ) Tj ET Q q 0 0 0 rg BT 170.25 508.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 187.41 508.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.91 508.10 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.74 508.10 Td ( ) Tj ET Q q 0 0 0 rg BT 225.90 508.10 Td (per ) Tj ET Q q 0 0 0 rg BT 240.84 508.10 Td (year) Tj ET Q q 0 0 0 rg BT 257.65 508.10 Td (, ) Tj ET Q q 0 0 0 rg BT 262.32 508.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 295.58 508.10 Td (semiannually ) Tj ET Q q 0 0 0 rg BT 351.07 508.10 Td (in ) Tj ET Q q 0 0 0 rg BT 361.02 508.10 Td (arrears ) Tj ET Q q 0 0 0 rg BT 390.39 508.10 Td (on ) Tj ET Q q 0 0 0 rg BT 402.56 508.10 Td (January ) Tj ET Q q 0 0 0 rg BT 435.82 508.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 447.99 508.10 Td (and ) Tj ET Q q 0 0 0 rg BT 464.60 508.10 Td (July ) Tj ET Q q 0 0 0 rg BT 483.44 508.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 495.61 508.10 Td (of ) Tj ET Q q 0 0 0 rg BT 506.11 508.10 Td (each ) Tj ET Q q 0 0 0 rg BT 526.59 508.10 Td (year) Tj ET Q q 0 0 0 rg BT 543.40 508.10 Td (, ) Tj ET Q q 0 0 0 rg BT 548.07 508.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 79.47 496.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.68 496.10 Td (January ) Tj ET Q q 0 0 0 rg BT 124.98 496.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 139.69 496.10 Td (2021. ) Tj ET Q q 0 0 0 rg BT 164.40 496.10 Td ( ) Tj ET Q q 0 0 0 rg BT 166.44 496.10 Td (The ) Tj ET Q q 0 0 0 rg BT 184.20 496.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 206.41 496.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 234.72 496.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 260.26 496.10 Td (are ) Tj ET Q q 0 0 0 rg BT 274.67 496.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 308.80 496.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 351.55 496.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 378.19 496.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 424.84 496.10 Td (of ) Tj ET Q q 0 0 0 rg BT 435.38 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 449.80 496.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 490.90 496.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.54 496.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 496.10 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 100.40 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 116.86 484.10 Td (rank ) Tj ET Q q 0 0 0 rg BT 136.64 484.10 Td (equally ) Tj ET Q q 0 0 0 rg BT 168.09 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.89 484.10 Td (right ) Tj ET Q q 0 0 0 rg BT 198.79 484.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.14 484.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 245.59 484.10 Td (with ) Tj ET Q q 0 0 0 rg BT 265.38 484.10 Td (all ) Tj ET Q q 0 0 0 rg BT 277.40 484.10 Td (our ) Tj ET Q q 0 0 0 rg BT 292.74 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.20 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.43 484.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 365.98 484.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 417.46 484.10 Td ( ) Tj ET Q q 0 0 0 rg BT 419.48 484.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 453.16 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 469.61 484.10 Td (future ) Tj ET Q q 0 0 0 rg BT 495.51 484.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 538.06 484.10 Td (senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.10 Td (indebtedness.) Tj ET Q q 0 0 0 rg BT 105.97 472.10 Td (The ) Tj ET Q q 0 0 0 rg BT 123.07 472.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 144.63 472.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 172.29 472.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 197.17 472.10 Td (are ) Tj ET Q q 0 0 0 rg BT 210.93 472.10 Td (ef) Tj ET Q q 0 0 0 rg BT 218.51 472.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 255.05 472.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 308.25 472.10 Td (to ) Tj ET Q q 0 0 0 rg BT 317.58 472.10 Td (our ) Tj ET Q q 0 0 0 rg BT 332.46 472.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.46 472.10 Td (the ) Tj ET Q q 0 0 0 rg BT 362.22 472.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 404.31 472.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 455.79 472.10 Td ( ) Tj ET Q q 0 0 0 rg BT 457.34 472.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 490.56 472.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.55 472.10 Td (future ) Tj ET Q q 0 0 0 rg BT 531.97 472.10 Td (secured ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 460.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 103.66 460.10 Td (with ) Tj ET Q q 0 0 0 rg BT 123.93 460.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 154.75 460.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.03 460.10 Td (any ) Tj ET Q q 0 0 0 rg BT 181.97 460.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 207.80 460.10 Td (comprising ) Tj ET Q q 0 0 0 rg BT 255.29 460.10 Td (security ) Tj ET Q q 0 0 0 rg BT 289.45 460.10 Td (or ) Tj ET Q q 0 0 0 rg BT 300.28 460.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 339.97 460.10 Td (for ) Tj ET Q q 0 0 0 rg BT 354.13 460.10 Td (such ) Tj ET Q q 0 0 0 rg BT 374.96 460.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 431.62 460.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 438.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.25 438.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 89.44 438.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 117.75 438.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 143.28 438.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 174.91 438.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 204.31 438.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 249.00 438.10 Td (as ) Tj ET Q q 0 0 0 rg BT 259.53 438.10 Td (more ) Tj ET Q q 0 0 0 rg BT 282.27 438.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 303.36 438.10 Td (described ) Tj ET Q q 0 0 0 rg BT 343.87 438.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.51 438.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 392.69 438.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.67 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.09 438.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 457.05 438.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 499.79 438.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.21 438.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 536.41 438.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 426.10 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 77.29 426.10 Td (which ) Tj ET Q q 0 0 0 rg BT 103.69 426.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 124.55 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.73 426.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 166.24 426.10 Td (of ) Tj ET Q q 0 0 0 rg BT 176.54 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.72 426.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 231.57 426.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.97 426.10 Td (the ) Tj ET Q q 0 0 0 rg BT 262.15 426.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 301.31 426.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 350.49 426.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 362.73 426.10 Td (among ) Tj ET Q q 0 0 0 rg BT 391.91 426.10 Td (other ) Tj ET Q q 0 0 0 rg BT 414.42 426.10 Td (things: ) Tj ET Q q 0 0 0 rg BT 443.61 426.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 466.12 426.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 508.07 426.10 Td (indebtedness; ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 414.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.07 414.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 102.20 414.10 Td (payments, ) Tj ET Q q 0 0 0 rg BT 144.94 414.10 Td (including ) Tj ET Q q 0 0 0 rg BT 184.63 414.10 Td (dividends, ) Tj ET Q q 0 0 0 rg BT 227.94 414.10 Td (or ) Tj ET Q q 0 0 0 rg BT 238.19 414.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 283.41 414.10 Td (any ) Tj ET Q q 0 0 0 rg BT 299.77 414.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 329.18 414.10 Td (in ) Tj ET Q q 0 0 0 rg BT 338.88 414.10 Td (an ) Tj ET Q q 0 0 0 rg BT 350.23 414.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 391.01 414.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 422.93 414.10 Td (exceeding ) Tj ET Q q 0 0 0 rg BT 465.38 414.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.63 414.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 524.19 414.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 402.10 Td (basket; ) Tj ET Q q 0 0 0 rg BT 84.14 402.10 Td (make ) Tj ET Q q 0 0 0 rg BT 107.67 402.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 136.74 402.10 Td (investments; ) Tj ET Q q 0 0 0 rg BT 189.17 402.10 Td (and ) Tj ET Q q 0 0 0 rg BT 205.48 402.10 Td (create ) Tj ET Q q 0 0 0 rg BT 231.22 402.10 Td (or ) Tj ET Q q 0 0 0 rg BT 241.42 402.10 Td (incur ) Tj ET Q q 0 0 0 rg BT 263.84 402.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 292.92 402.10 Td (liens, ) Tj ET Q q 0 0 0 rg BT 316.18 402.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 363.60 402.10 Td (or ) Tj ET Q q 0 0 0 rg BT 373.80 402.10 Td (mer) Tj ET Q q 0 0 0 rg BT 389.17 402.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 400.48 402.10 Td (with ) Tj ET Q q 0 0 0 rg BT 420.13 402.10 Td (or ) Tj ET Q q 0 0 0 rg BT 430.33 402.10 Td (into ) Tj ET Q q 0 0 0 rg BT 447.77 402.10 Td (other ) Tj ET Q q 0 0 0 rg BT 470.19 402.10 Td (companies, ) Tj ET Q q 0 0 0 rg BT 517.32 402.10 Td (or ) Tj ET Q q 0 0 0 rg BT 527.53 402.10 Td (liquidate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 390.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.50 390.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 77.05 390.10 Td (or ) Tj ET Q q 0 0 0 rg BT 88.04 390.10 Td (transfer ) Tj ET Q q 0 0 0 rg BT 121.24 390.10 Td (all ) Tj ET Q q 0 0 0 rg BT 133.90 390.10 Td (or ) Tj ET Q q 0 0 0 rg BT 144.90 390.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 198.12 390.10 Td (all ) Tj ET Q q 0 0 0 rg BT 210.78 390.10 Td (of ) Tj ET Q q 0 0 0 rg BT 221.77 390.10 Td (our ) Tj ET Q q 0 0 0 rg BT 237.77 390.10 Td (assets. ) Tj ET Q q 0 0 0 rg BT 266.26 390.10 Td ( ) Tj ET Q q 0 0 0 rg BT 268.73 390.10 Td (These ) Tj ET Q q 0 0 0 rg BT 295.28 390.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 337.93 390.10 Td (are ) Tj ET Q q 0 0 0 rg BT 352.80 390.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 383.79 390.10 Td (to ) Tj ET Q q 0 0 0 rg BT 394.23 390.10 Td (a ) Tj ET Q q 0 0 0 rg BT 401.34 390.10 Td (number ) Tj ET Q q 0 0 0 rg BT 434.55 390.10 Td (of ) Tj ET Q q 0 0 0 rg BT 445.54 390.10 Td (exceptions ) Tj ET Q q 0 0 0 rg BT 490.97 390.10 Td (and ) Tj ET Q q 0 0 0 rg BT 508.07 390.10 Td (qualifications ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.36 378.10 Td (described ) Tj ET Q q 0 0 0 rg BT 101.20 378.10 Td (in ) Tj ET Q q 0 0 0 rg BT 111.51 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 126.26 378.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 166.55 378.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 209.63 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.37 378.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 246.90 378.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 275.54 378.10 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 303.90 378.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.87 378.10 Td (As ) Tj ET Q q 0 0 0 rg BT 319.51 378.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.37 378.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 374.00 378.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.00 378.10 Td (, ) Tj ET Q q 0 0 0 rg BT 399.03 378.10 Td (the ) Tj ET Q q 0 0 0 rg BT 413.78 378.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 455.19 378.10 Td (was ) Tj ET Q q 0 0 0 rg BT 473.27 378.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.58 378.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 532.20 378.10 Td (with ) Tj ET Q q 0 0 0 rg BT 552.51 378.10 Td (all ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.10 Td (terms, ) Tj ET Q q 0 0 0 rg BT 76.72 366.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 123.38 366.10 Td (and ) Tj ET Q q 0 0 0 rg BT 140.32 366.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 182.81 366.10 Td (under ) Tj ET Q q 0 0 0 rg BT 208.07 366.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.79 366.10 Td (indenture. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.00 344.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 88.95 344.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 117.00 344.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 142.28 344.10 Td (are ) Tj ET Q q 0 0 0 rg BT 156.44 344.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 177.28 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.67 344.10 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 258.38 344.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 304.20 344.10 Td (jointly ) Tj ET Q q 0 0 0 rg BT 332.26 344.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.65 344.10 Td (severally ) Tj ET Q q 0 0 0 rg BT 386.69 344.10 Td (on ) Tj ET Q q 0 0 0 rg BT 398.64 344.10 Td (a ) Tj ET Q q 0 0 0 rg BT 405.03 344.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 431.42 344.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 473.90 344.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 495.85 344.10 Td (by ) Tj ET Q q 0 0 0 rg BT 507.80 344.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 344.10 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.10 Td (Subsidiaries. ) 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 67.53 310.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 108.89 310.10 Td (may ) Tj ET Q q 0 0 0 rg BT 128.59 310.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 160.50 310.10 Td (all ) Tj ET Q q 0 0 0 rg BT 172.97 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 183.78 310.10 Td (any ) Tj ET Q q 0 0 0 rg BT 200.70 310.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 232.07 310.10 Td (of ) Tj ET Q q 0 0 0 rg BT 242.88 310.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.58 310.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 280.06 310.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 308.65 310.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 334.46 310.10 Td (on ) Tj ET Q q 0 0 0 rg BT 346.94 310.10 Td (or ) Tj ET Q q 0 0 0 rg BT 357.75 310.10 Td (after ) Tj ET Q q 0 0 0 rg BT 378.54 310.10 Td (January ) Tj ET Q q 0 0 0 rg BT 412.12 310.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 427.10 310.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 449.58 310.10 Td (at ) Tj ET Q q 0 0 0 rg BT 459.28 310.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.20 310.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 492.00 310.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 540.03 310.10 Td (price, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 298.10 Td (together ) Tj ET Q q 0 0 0 rg BT 85.82 298.10 Td (with ) Tj ET Q q 0 0 0 rg BT 107.15 298.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 141.79 298.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.78 298.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 190.55 298.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 223.54 298.10 Td (thereon. ) Tj ET Q q 0 0 0 rg BT 259.58 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.87 298.10 Td (The ) Tj ET Q q 0 0 0 rg BT 281.97 298.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 331.07 298.10 Td (price ) Tj ET Q q 0 0 0 rg BT 354.61 298.10 Td (will ) Tj ET Q q 0 0 0 rg BT 373.72 298.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 408.38 298.10 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.37 298.10 Td (103.375%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.20 298.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.76 298.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.64 298.10 Td (the ) Tj ET Q q 0 0 0 rg BT 493.41 298.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 532.51 298.10 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 286.10 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 100.87 286.10 Td (but ) Tj ET Q q 0 0 0 rg BT 115.86 286.10 Td (will ) Tj ET Q q 0 0 0 rg BT 133.63 286.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 164.71 286.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.70 286.10 Td (101.688%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.53 286.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.74 286.10 Td (of ) Tj ET Q q 0 0 0 rg BT 228.28 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.70 286.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 280.45 286.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 312.66 286.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 361.53 286.10 Td (if ) Tj ET Q q 0 0 0 rg BT 369.85 286.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 410.92 286.10 Td (during ) Tj ET Q q 0 0 0 rg BT 439.24 286.10 Td (the ) Tj ET Q q 0 0 0 rg BT 453.67 286.10 Td (12-month ) Tj ET Q q 0 0 0 rg BT 494.76 286.10 Td (period ) Tj ET Q q 0 0 0 rg BT 522.52 286.10 Td (beginning ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 274.10 Td (on ) Tj ET Q q 0 0 0 rg BT 62.34 274.10 Td (January ) Tj ET Q q 0 0 0 rg BT 96.28 274.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 111.61 274.10 Td (2019, ) Tj ET Q q 0 0 0 rg BT 136.95 274.10 Td (and ) Tj ET Q q 0 0 0 rg BT 154.23 274.10 Td (will ) Tj ET Q q 0 0 0 rg BT 172.62 274.10 Td (further ) Tj ET Q q 0 0 0 rg BT 202.67 274.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 234.38 274.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.00 274.10 Td (100.000%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.83 274.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.67 274.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.83 274.10 Td (the ) Tj ET Q q 0 0 0 rg BT 314.89 274.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 353.27 274.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 386.10 274.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 435.61 274.10 Td (if ) Tj ET Q q 0 0 0 rg BT 444.55 274.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 486.25 274.10 Td (on ) Tj ET Q q 0 0 0 rg BT 499.09 274.10 Td (or ) Tj ET Q q 0 0 0 rg BT 510.26 274.10 Td (after ) Tj ET Q q 0 0 0 rg BT 531.41 274.10 Td (January ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 262.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 64.50 262.10 Td (2020, ) Tj ET Q q 0 0 0 rg BT 89.50 262.10 Td (but ) Tj ET Q q 0 0 0 rg BT 104.78 262.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 126.72 262.10 Td (to ) Tj ET Q q 0 0 0 rg BT 137.00 262.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 170.23 262.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.84 240.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 108.40 240.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 151.74 240.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.87 240.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 190.66 240.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 219.57 240.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 245.69 240.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 271.27 240.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.40 240.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 315.75 240.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.32 240.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 343.55 240.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 385.23 240.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 400.53 240.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.76 240.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 466.37 240.10 Td (our ) Tj ET Q q 0 0 0 rg BT 482.49 240.10 Td (common ) Tj ET Q q 0 0 0 rg BT 520.28 240.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 548.07 240.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.93 228.10 Td (9.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 91.76 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 94.86 228.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 121.72 228.10 Td (A) Tj ET Q q 0 0 0 rg BT 128.39 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.49 228.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 171.79 228.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 201.55 228.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 220.20 228.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 251.50 228.10 Td (A) Tj ET Q q 0 0 0 rg BT 258.17 228.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.27 228.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 301.57 228.10 Td (Shares\) ) Tj ET Q q 0 0 0 rg BT 339.10 228.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.98 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 365.30 228.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 398.39 228.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.83 228.10 Td (the ) Tj ET Q q 0 0 0 rg BT 425.15 228.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 459.91 228.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 493.55 228.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.43 228.10 Td (our ) Tj ET Q q 0 0 0 rg BT 520.86 228.10 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 90.58 216.10 Td (basket, ) Tj ET Q q 0 0 0 rg BT 125.81 216.10 Td (as ) Tj ET Q q 0 0 0 rg BT 136.89 216.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 169.63 216.10 Td (in ) Tj ET Q q 0 0 0 rg BT 180.16 216.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.12 216.10 Td (indenture. ) Tj ET Q q 0 0 0 rg BT 238.14 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.69 216.10 Td (The ) Tj ET Q q 0 0 0 rg BT 258.99 216.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 303.38 216.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 344.45 216.10 Td (basket ) Tj ET Q q 0 0 0 rg BT 377.19 216.10 Td (is ) Tj ET Q q 0 0 0 rg BT 386.61 216.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 411.02 216.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.54 216.10 Td ($125.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.44 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.19 216.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 502.61 216.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.02 216.10 Td (50%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.35 216.10 Td ( ) Tj ET Q q 0 0 0 rg BT 538.10 216.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.18 216.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 90.02 204.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 142.22 204.10 Td (net ) Tj ET Q q 0 0 0 rg BT 156.09 204.10 Td (income ) Tj ET Q q 0 0 0 rg BT 187.18 204.10 Td (\(or ) Tj ET Q q 0 0 0 rg BT 200.50 204.10 Td (minus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.60 204.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.93 204.10 Td ( ) Tj ET Q q 0 0 0 rg BT 251.59 204.10 Td (of ) Tj ET Q q 0 0 0 rg BT 261.58 204.10 Td (our ) Tj ET Q q 0 0 0 rg BT 276.56 204.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 317.08 204.10 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 369.28 204.10 Td (net ) Tj ET Q q 0 0 0 rg BT 383.16 204.10 Td (loss\) ) Tj ET Q q 0 0 0 rg BT 403.70 204.10 Td (from ) Tj ET Q q 0 0 0 rg BT 424.80 204.10 Td (October ) Tj ET Q q 0 0 0 rg BT 458.66 204.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 467.82 204.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 491.98 204.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 533.07 204.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.22 192.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 78.18 192.10 Td (from ) Tj ET Q q 0 0 0 rg BT 100.01 192.10 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 151.82 192.10 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 205.60 192.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 224.67 192.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.72 192.10 Td (100%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.05 192.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.44 192.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.16 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 289.77 192.10 Td (net ) Tj ET Q q 0 0 0 rg BT 304.38 192.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 324.54 192.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 362.47 192.10 Td (from ) Tj ET Q q 0 0 0 rg BT 384.30 192.10 Td (either ) Tj ET Q q 0 0 0 rg BT 409.46 192.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 464.63 192.10 Td (to ) Tj ET Q q 0 0 0 rg BT 474.80 192.10 Td (the ) Tj ET Q q 0 0 0 rg BT 489.41 192.10 Td (common ) Tj ET Q q 0 0 0 rg BT 526.79 192.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 554.18 192.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.42 180.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 106.00 180.10 Td (after ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.02 180.10 Td (December ) Tj ET Q q 0 0 0 rg BT 170.80 180.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 186.00 180.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.00 180.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.70 180.10 Td (or ) Tj ET Q q 0 0 0 rg BT 219.73 180.10 Td (the ) Tj ET Q q 0 0 0 rg BT 234.64 180.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 252.89 180.10 Td (of ) Tj ET Q q 0 0 0 rg BT 263.92 180.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 302.16 180.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 329.85 180.10 Td (interests, ) Tj ET Q q 0 0 0 rg BT 368.38 180.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 387.75 180.10 Td (other ) Tj ET Q q 0 0 0 rg BT 410.99 180.10 Td (items ) Tj ET Q q 0 0 0 rg BT 435.36 180.10 Td (and ) Tj ET Q q 0 0 0 rg BT 452.50 180.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 483.52 180.10 Td (to ) Tj ET Q q 0 0 0 rg BT 494.00 180.10 Td (other ) Tj ET Q q 0 0 0 rg BT 517.24 180.10 Td (exceptions. ) Tj ET Q q 0 0 0 rg BT 565.01 180.10 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 67.68 168.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 107.51 168.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 148.47 168.10 Td (basket ) Tj ET Q q 0 0 0 rg BT 176.65 168.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.83 168.10 Td ($149.5 ) Tj ET Q q 0 0 0 rg BT 224.96 168.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.86 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.49 168.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.56 168.10 Td ($144.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.45 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.08 168.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.93 168.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 388.66 168.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.66 168.10 Td ( ) Tj ET Q q 0 0 0 rg BT 411.29 168.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.36 168.10 Td (December ) Tj ET Q q 0 0 0 rg BT 472.08 168.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 487.21 168.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.21 168.10 Td (, ) Tj ET Q q 0 0 0 rg BT 512.34 168.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 560.00 168.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.00 168.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.09 156.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 124.67 156.10 Td (to ) Tj ET Q q 0 0 0 rg BT 134.49 156.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 150.97 156.10 Td (future ) Tj ET Q q 0 0 0 rg BT 176.89 156.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 217.82 156.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 232.36 156.10 Td (or ) Tj ET Q q 0 0 0 rg BT 242.73 156.10 Td (make ) Tj ET Q q 0 0 0 rg BT 266.43 156.10 Td (future ) Tj ET Q q 0 0 0 rg BT 292.35 156.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 341.59 156.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 354.46 156.10 Td (our ) Tj ET Q q 0 0 0 rg BT 369.84 156.10 Td (common ) Tj ET Q q 0 0 0 rg BT 406.87 156.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 433.91 156.10 Td (or ) Tj ET Q q 0 0 0 rg BT 444.28 156.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 470.31 156.10 Td (A) Tj ET Q q 0 0 0 rg BT 476.98 156.10 Td ( ) Tj ET Q q 0 0 0 rg BT 479.02 156.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 518.26 156.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 546.96 156.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.10 Td (be ) Tj ET Q q 0 0 0 rg BT 60.54 144.10 Td (at ) Tj ET Q q 0 0 0 rg BT 69.36 144.10 Td (the ) Tj ET Q q 0 0 0 rg BT 83.18 144.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 124.22 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.15 144.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.08 144.10 Td (board ) Tj ET Q q 0 0 0 rg BT 173.46 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.39 144.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 219.98 144.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.02 144.10 Td (will ) Tj ET Q q 0 0 0 rg BT 253.18 144.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 283.66 144.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 305.26 144.10 Td (our ) Tj ET Q q 0 0 0 rg BT 320.19 144.10 Td (results ) Tj ET Q q 0 0 0 rg BT 347.91 144.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.84 144.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 403.60 144.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 440.18 144.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 482.06 144.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 510.31 144.10 Td (requirements ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 67.01 132.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 116.16 132.10 Td (with ) Tj ET Q q 0 0 0 rg BT 137.01 132.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 157.29 132.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 200.35 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 217.85 132.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.14 132.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 258.42 132.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.82 132.10 Td (our ) Tj ET Q q 0 0 0 rg BT 286.22 132.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 313.05 132.10 Td (A) Tj ET Q q 0 0 0 rg BT 319.72 132.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.79 132.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 363.05 132.10 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 395.28 132.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.79 132.10 Td (other ) Tj ET Q q 0 0 0 rg BT 436.40 132.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 466.67 132.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 500.84 132.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 536.11 132.10 Td (by ) Tj ET Q q 0 0 0 rg BT 549.17 132.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.10 Td (board ) Tj ET Q q 0 0 0 rg BT 74.77 120.10 Td (of ) Tj ET Q q 0 0 0 rg BT 85.60 120.10 Td (directors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 99.77 98.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 129.50 98.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 187.58 98.10 Td (Notes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.91 98.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.51 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 74.74 76.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.41 76.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 139.41 76.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.41 76.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.31 76.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.64 76.10 Td (December ) Tj ET Q q 0 0 0 rg BT 223.62 76.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.02 76.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.02 76.10 Td (, ) Tj ET Q q 0 0 0 rg BT 264.42 76.10 Td (we ) Tj ET Q q 0 0 0 rg BT 278.97 76.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.31 76.10 Td ($86.3 ) Tj ET Q q 0 0 0 rg BT 321.71 76.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.60 76.10 Td ( ) Tj ET Q q 0 0 0 rg BT 353.49 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.72 76.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.95 76.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 403.84 76.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 453.95 76.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 482.96 76.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 539.18 76.10 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 64.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 101.39 64.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.92 64.10 Td (The ) Tj ET Q q 0 0 0 rg BT 122.20 64.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 144.92 64.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 194.86 64.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 223.70 64.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 279.75 64.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 305.81 64.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 325.74 64.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 357.90 64.10 Td (at ) Tj ET Q q 0 0 0 rg BT 367.85 64.10 Td (a ) Tj ET Q q 0 0 0 rg BT 375.01 64.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 392.72 64.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.78 64.10 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.61 64.10 Td ( ) Tj ET Q q 0 0 0 rg BT 427.34 64.10 Td (per ) Tj ET Q q 0 0 0 rg BT 442.83 64.10 Td (year) Tj ET Q q 0 0 0 rg BT 459.64 64.10 Td (, ) Tj ET Q q 0 0 0 rg BT 464.87 64.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 498.69 64.10 Td (semiannually ) Tj ET Q q 0 0 0 rg BT 554.73 64.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 52.10 Td (arrears ) Tj ET Q q 0 0 0 rg BT 79.44 52.10 Td (on ) Tj ET Q q 0 0 0 rg BT 92.18 52.10 Td (March ) Tj ET Q q 0 0 0 rg BT 121.01 52.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 128.75 52.10 Td (and ) Tj ET Q q 0 0 0 rg BT 145.93 52.10 Td (September ) Tj ET Q q 0 0 0 rg BT 191.43 52.10 Td (1 ) Tj ET Q q 0 0 0 rg BT 199.17 52.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.24 52.10 Td (each ) Tj ET Q q 0 0 0 rg BT 231.30 52.10 Td (year) Tj ET Q q 0 0 0 rg BT 247.95 52.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.19 52.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.73 52.10 Td (The ) Tj ET Q q 0 0 0 rg BT 274.02 52.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 296.76 52.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 346.71 52.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 375.56 52.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 431.62 52.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 457.69 52.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 488.19 52.10 Td (on ) Tj ET Q q 0 0 0 rg BT 500.93 52.10 Td (March ) Tj ET Q q 0 0 0 rg BT 529.77 52.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 540.01 52.10 Td (2018. ) 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 (19) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (At ) Tj ET Q q 0 0 0 rg BT 62.09 740.10 Td (any ) Tj ET Q q 0 0 0 rg BT 79.11 740.10 Td (time ) Tj ET Q q 0 0 0 rg BT 99.48 740.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 121.50 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.87 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 146.67 740.10 Td (close ) Tj ET Q q 0 0 0 rg BT 169.81 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 180.73 740.10 Td (business ) Tj ET Q q 0 0 0 rg BT 217.21 740.10 Td (on ) Tj ET Q q 0 0 0 rg BT 229.79 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 244.60 740.10 Td (second ) Tj ET Q q 0 0 0 rg BT 274.95 740.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 317.53 740.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 348.44 740.10 Td (day ) Tj ET Q q 0 0 0 rg BT 365.47 740.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 418.04 740.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 460.05 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 474.86 740.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 511.33 740.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 533.07 740.10 Td (holders ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (may ) Tj ET Q q 0 0 0 rg BT 68.85 728.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 100.97 728.10 Td (their ) Tj ET Q q 0 0 0 rg BT 121.44 728.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 143.57 728.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 192.92 728.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 221.17 728.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 276.63 728.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 302.09 728.10 Td (into ) Tj ET Q q 0 0 0 rg BT 319.79 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 334.14 728.10 Td (Company) Tj ET Q q 0 0 0 rg BT 375.80 728.10 Td (s ) Tj ET Q q 0 0 0 rg BT 381.83 728.10 Td (common ) Tj ET Q q 0 0 0 rg BT 418.96 728.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 448.59 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 450.57 728.10 Td (The ) Tj ET Q q 0 0 0 rg BT 468.25 728.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 514.27 728.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 531.39 728.10 Td (initially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (equals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.79 716.10 Td (30.9478) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.29 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.04 716.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 140.78 716.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.29 716.10 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.79 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.54 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 197.62 716.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 235.90 716.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 271.15 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 273.69 716.10 Td (This ) Tj ET Q q 0 0 0 rg BT 294.22 716.10 Td (corresponds ) Tj ET Q q 0 0 0 rg BT 345.29 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 355.81 716.10 Td (an ) Tj ET Q q 0 0 0 rg BT 368.00 716.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 394.07 716.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 440.70 716.10 Td (price ) Tj ET Q q 0 0 0 rg BT 463.43 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 474.50 716.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.01 716.10 Td ($32.31) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (per ) Tj ET Q q 0 0 0 rg BT 64.21 704.10 Td (common ) Tj ET Q q 0 0 0 rg BT 101.15 704.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 126.69 704.10 Td (which ) Tj ET Q q 0 0 0 rg BT 153.06 704.10 Td (equates ) Tj ET Q q 0 0 0 rg BT 184.99 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.71 704.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.41 704.10 Td (2.7 ) Tj ET Q q 0 0 0 rg BT 268.85 704.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 297.74 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 299.68 704.10 Td (common ) Tj ET Q q 0 0 0 rg BT 336.62 704.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 366.05 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 367.85 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 385.34 704.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 431.16 704.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 448.08 704.10 Td (is ) Tj ET Q q 0 0 0 rg BT 456.69 704.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 486.96 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 496.68 704.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 542.50 704.10 Td (upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.46 692.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 109.06 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 119.14 692.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 148.08 692.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 177.88 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.50 692.10 Td (The ) Tj ET Q q 0 0 0 rg BT 196.79 692.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 218.53 692.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 267.49 692.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 295.35 692.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 350.42 692.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 375.49 692.10 Td (are ) Tj ET Q q 0 0 0 rg BT 389.44 692.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 410.08 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.26 692.10 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 490.78 692.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 536.38 692.10 Td (jointly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.01 680.10 Td (severally ) Tj ET Q q 0 0 0 rg BT 104.18 680.10 Td (on ) Tj ET Q q 0 0 0 rg BT 116.25 680.10 Td (a ) Tj ET Q q 0 0 0 rg BT 122.76 680.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 149.27 680.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 203.00 680.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 245.60 680.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 267.68 680.10 Td (by ) Tj ET Q q 0 0 0 rg BT 279.75 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 294.04 680.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 336.65 680.10 Td (Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 390.10 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.03 680.10 Td (The ) Tj ET Q q 0 0 0 rg BT 409.64 680.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 431.72 680.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 481.00 680.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 509.18 680.10 Td (Subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.16 668.10 Td (are ) Tj ET Q q 0 0 0 rg BT 89.69 668.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 116.45 668.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 170.43 668.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 213.30 668.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 260.07 668.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.72 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 285.26 668.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 326.48 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 343.24 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 357.78 668.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 400.65 668.10 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 454.36 668.10 Td (are ) Tj ET Q q 0 0 0 rg BT 468.89 668.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 522.87 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 532.98 668.10 Td (right ) Tj ET Q q 0 0 0 rg BT 554.19 668.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 86.75 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 97.35 656.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.51 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.77 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.80 656.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 189.16 656.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 240.64 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.46 656.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 277.94 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 295.20 656.10 Td (future ) Tj ET Q q 0 0 0 rg BT 321.90 656.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 349.16 656.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 403.64 656.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.90 656.10 Td (are ) Tj ET Q q 0 0 0 rg BT 435.93 656.10 Td (also ) Tj ET Q q 0 0 0 rg BT 454.86 656.10 Td (ef) Tj ET Q q 0 0 0 rg BT 462.44 656.10 Td (fectively ) Tj ET Q q 0 0 0 rg BT 500.25 656.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 554.72 656.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.90 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 83.41 644.10 Td (the ) Tj ET Q q 0 0 0 rg BT 98.70 644.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 142.31 644.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 193.78 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.85 644.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 231.59 644.10 Td (and ) Tj ET Q q 0 0 0 rg BT 249.10 644.10 Td (future ) Tj ET Q q 0 0 0 rg BT 276.05 644.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 309.66 644.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 364.38 644.10 Td (with ) Tj ET Q q 0 0 0 rg BT 385.23 644.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 416.62 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 427.47 644.10 Td (any ) Tj ET Q q 0 0 0 rg BT 444.98 644.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 471.38 644.10 Td (comprising ) Tj ET Q q 0 0 0 rg BT 519.45 644.10 Td (security ) Tj ET Q q 0 0 0 rg BT 554.17 644.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 88.73 632.10 Td (for ) Tj ET Q q 0 0 0 rg BT 102.41 632.10 Td (such ) Tj ET Q q 0 0 0 rg BT 122.77 632.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 178.95 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 180.83 632.10 Td (The ) Tj ET Q q 0 0 0 rg BT 198.41 632.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 238.20 632.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 280.78 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 295.02 632.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 317.05 632.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 366.29 632.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 394.42 632.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 449.78 632.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 475.14 632.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 509.37 632.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.61 632.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 60.56 620.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 107.14 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 122.63 620.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 147.02 620.10 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 181.95 620.10 Td (to ) Tj ET Q q 0 0 0 rg BT 193.01 620.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 223.49 620.10 Td (exceptions\), ) Tj ET Q q 0 0 0 rg BT 275.36 620.10 Td (at ) Tj ET Q q 0 0 0 rg BT 285.86 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 293.57 620.10 Td (holder) Tj ET Q q 0 0 0 rg BT 319.49 620.10 Td () Tj ET Q q 0 0 0 rg BT 322.27 620.10 Td (s ) Tj ET Q q 0 0 0 rg BT 329.44 620.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 360.77 620.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 384.05 620.10 Td (the ) Tj ET Q q 0 0 0 rg BT 399.54 620.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 446.68 620.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.28 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 466.00 620.10 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 519.26 620.10 Td (change ) Tj ET Q q 0 0 0 rg BT 550.85 620.10 Td (\(as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 81.99 608.10 Td (in ) Tj ET Q q 0 0 0 rg BT 92.26 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.98 608.10 Td (indenture\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (The ) Tj ET Q q 0 0 0 rg BT 66.87 586.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 107.58 586.10 Td (may ) Tj ET Q q 0 0 0 rg BT 126.62 586.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 157.87 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 171.35 586.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 190.95 586.10 Td (any ) Tj ET Q q 0 0 0 rg BT 207.21 586.10 Td (or ) Tj ET Q q 0 0 0 rg BT 217.36 586.10 Td (all ) Tj ET Q q 0 0 0 rg BT 229.18 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.33 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 253.37 586.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 275.20 586.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 324.23 586.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 352.17 586.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 407.31 586.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 432.47 586.10 Td (\(except ) Tj ET Q q 0 0 0 rg BT 463.72 586.10 Td (for ) Tj ET Q q 0 0 0 rg BT 477.20 586.10 Td (any ) Tj ET Q q 0 0 0 rg BT 493.46 586.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 515.29 586.10 Td (Convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.04 574.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 133.80 574.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 159.56 574.10 Td (that ) Tj ET Q q 0 0 0 rg BT 176.99 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 191.63 574.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 232.95 574.10 Td (is ) Tj ET Q q 0 0 0 rg BT 242.05 574.10 Td (required ) Tj ET Q q 0 0 0 rg BT 277.80 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.01 574.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 333.75 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.96 574.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 390.26 574.10 Td (with ) Tj ET Q q 0 0 0 rg BT 410.47 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 417.34 574.10 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 469.75 574.10 Td (change\), ) Tj ET Q q 0 0 0 rg BT 506.33 574.10 Td (but ) Tj ET Q q 0 0 0 rg BT 521.54 574.10 Td (only ) Tj ET Q q 0 0 0 rg BT 541.75 574.10 Td (if ) Tj ET Q q 0 0 0 rg BT 550.29 574.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (last ) Tj ET Q q 0 0 0 rg BT 65.91 562.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 101.74 562.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 119.81 562.10 Td (price ) Tj ET Q q 0 0 0 rg BT 142.32 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.17 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 167.91 562.10 Td (Company) Tj ET Q q 0 0 0 rg BT 209.57 562.10 Td (s ) Tj ET Q q 0 0 0 rg BT 215.98 562.10 Td (common ) Tj ET Q q 0 0 0 rg BT 253.50 562.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 281.01 562.10 Td (exceeds ) Tj ET Q q 0 0 0 rg BT 315.18 562.10 Td (130% ) Tj ET Q q 0 0 0 rg BT 341.03 562.10 Td (of ) Tj ET Q q 0 0 0 rg BT 351.88 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.62 562.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 410.23 562.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 456.63 562.10 Td (price ) Tj ET Q q 0 0 0 rg BT 479.13 562.10 Td (for ) Tj ET Q q 0 0 0 rg BT 493.31 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 508.05 562.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 531.68 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 544.20 562.10 Td (each ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.61 550.10 Td (at ) Tj ET Q q 0 0 0 rg BT 70.60 550.10 Td (least ) Tj ET Q q 0 0 0 rg BT 91.71 550.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 104.49 550.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 148.35 550.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 179.46 550.10 Td (days. ) Tj ET Q q 0 0 0 rg BT 203.06 550.10 Td ( ) Tj ET Q q 0 0 0 rg BT 205.64 550.10 Td (The ) Tj ET Q q 0 0 0 rg BT 223.97 550.10 Td (20 ) Tj ET Q q 0 0 0 rg BT 236.75 550.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 267.85 550.10 Td (days ) Tj ET Q q 0 0 0 rg BT 288.96 550.10 Td (do ) Tj ET Q q 0 0 0 rg BT 301.74 550.10 Td (not ) Tj ET Q q 0 0 0 rg BT 317.29 550.10 Td (need ) Tj ET Q q 0 0 0 rg BT 338.95 550.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.50 550.10 Td (be ) Tj ET Q q 0 0 0 rg BT 361.72 550.10 Td (consecutive, ) Tj ET Q q 0 0 0 rg BT 414.20 550.10 Td (but ) Tj ET Q q 0 0 0 rg BT 429.76 550.10 Td (must ) Tj ET Q q 0 0 0 rg BT 451.98 550.10 Td (occur ) Tj ET Q q 0 0 0 rg BT 476.97 550.10 Td (during ) Tj ET Q q 0 0 0 rg BT 505.86 550.10 Td (a ) Tj ET Q q 0 0 0 rg BT 513.07 550.10 Td (period ) Tj ET Q q 0 0 0 rg BT 541.40 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 552.51 550.10 Td (30 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (consecutive ) Tj ET Q q 0 0 0 rg BT 100.23 538.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 132.08 538.10 Td (days ) Tj ET Q q 0 0 0 rg BT 153.94 538.10 Td (that ) Tj ET Q q 0 0 0 rg BT 172.46 538.10 Td (ends ) Tj ET Q q 0 0 0 rg BT 194.32 538.10 Td (within ) Tj ET Q q 0 0 0 rg BT 223.40 538.10 Td (10 ) Tj ET Q q 0 0 0 rg BT 236.93 538.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 268.78 538.10 Td (days ) Tj ET Q q 0 0 0 rg BT 290.64 538.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 344.15 538.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 367.11 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 378.42 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.16 538.10 Td (date ) Tj ET Q q 0 0 0 rg BT 414.34 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.09 538.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 472.50 538.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 510.47 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 526.21 538.10 Td (notice ) Tj ET Q q 0 0 0 rg BT 554.17 538.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (redemption. ) Tj ET Q q 0 0 0 rg BT 100.33 526.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.93 526.10 Td (The ) Tj ET Q q 0 0 0 rg BT 121.27 526.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 169.60 526.10 Td (price ) Tj ET Q q 0 0 0 rg BT 192.38 526.10 Td (for ) Tj ET Q q 0 0 0 rg BT 206.83 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 221.84 526.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 244.64 526.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 294.64 526.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 323.54 526.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 379.66 526.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 405.78 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 416.35 526.10 Td (be ) Tj ET Q q 0 0 0 rg BT 428.59 526.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 470.24 526.10 Td (will ) Tj ET Q q 0 0 0 rg BT 488.59 526.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 513.04 526.10 Td (100% ) Tj ET Q q 0 0 0 rg BT 539.16 526.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 526.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.54 514.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 122.54 514.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 141.71 514.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 175.29 514.10 Td (and ) Tj ET Q q 0 0 0 rg BT 192.23 514.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 221.95 514.10 Td (interest, ) Tj ET Q q 0 0 0 rg BT 256.38 514.10 Td (if ) Tj ET Q q 0 0 0 rg BT 264.99 514.10 Td (any) Tj ET Q q 0 0 0 rg BT 278.78 514.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.51 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 74.74 492.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.41 492.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 139.41 492.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 159.41 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 162.31 492.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.64 492.10 Td (December ) Tj ET Q q 0 0 0 rg BT 223.62 492.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 239.02 492.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.02 492.10 Td (, ) Tj ET Q q 0 0 0 rg BT 264.42 492.10 Td (we ) Tj ET Q q 0 0 0 rg BT 278.97 492.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.31 492.10 Td ($57.5 ) Tj ET Q q 0 0 0 rg BT 321.71 492.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.60 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 353.49 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.72 492.10 Td (our ) Tj ET Q q 0 0 0 rg BT 380.95 492.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 403.84 492.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 453.95 492.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 482.96 492.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 539.18 492.10 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 101.13 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.41 480.10 Td (The ) Tj ET Q q 0 0 0 rg BT 121.42 480.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 143.88 480.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 193.56 480.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 222.13 480.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 277.92 480.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 303.71 480.10 Td (bear ) Tj ET Q q 0 0 0 rg BT 323.38 480.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 355.27 480.10 Td (at ) Tj ET Q q 0 0 0 rg BT 364.95 480.10 Td (a ) Tj ET Q q 0 0 0 rg BT 371.85 480.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 389.30 480.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.09 480.10 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.92 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 428.39 480.10 Td (per ) Tj ET Q q 0 0 0 rg BT 443.62 480.10 Td (year) Tj ET Q q 0 0 0 rg BT 460.42 480.10 Td (, ) Tj ET Q q 0 0 0 rg BT 465.39 480.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 498.94 480.10 Td (semiannually ) Tj ET Q q 0 0 0 rg BT 554.73 480.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (arrears ) Tj ET Q q 0 0 0 rg BT 79.11 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 91.53 468.10 Td (March ) Tj ET Q q 0 0 0 rg BT 120.05 468.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 132.46 468.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.32 468.10 Td (September ) Tj ET Q q 0 0 0 rg BT 194.50 468.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 206.92 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 217.66 468.10 Td (each ) Tj ET Q q 0 0 0 rg BT 238.40 468.10 Td (year) Tj ET Q q 0 0 0 rg BT 255.05 468.10 Td (. ) Tj ET Q q 0 0 0 rg BT 259.97 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 262.21 468.10 Td (The ) Tj ET Q q 0 0 0 rg BT 280.17 468.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 302.59 468.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 352.22 468.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 380.75 468.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 436.49 468.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 462.24 468.10 Td (mature ) Tj ET Q q 0 0 0 rg BT 492.42 468.10 Td (on ) Tj ET Q q 0 0 0 rg BT 504.83 468.10 Td (September ) Tj ET Q q 0 0 0 rg BT 550.01 468.10 Td (15, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 74.82 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 77.03 456.10 Td (At ) Tj ET Q q 0 0 0 rg BT 89.85 456.10 Td (any ) Tj ET Q q 0 0 0 rg BT 107.11 456.10 Td (time ) Tj ET Q q 0 0 0 rg BT 127.71 456.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 149.98 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 160.58 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 175.62 456.10 Td (close ) Tj ET Q q 0 0 0 rg BT 198.99 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 210.15 456.10 Td (business ) Tj ET Q q 0 0 0 rg BT 246.86 456.10 Td (on ) Tj ET Q q 0 0 0 rg BT 259.69 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 274.73 456.10 Td (second ) Tj ET Q q 0 0 0 rg BT 305.32 456.10 Td (scheduled ) Tj ET Q q 0 0 0 rg BT 348.13 456.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 379.28 456.10 Td (day ) Tj ET Q q 0 0 0 rg BT 396.54 456.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 449.35 456.10 Td (preceding ) Tj ET Q q 0 0 0 rg BT 491.60 456.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.65 456.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 543.35 456.10 Td (date, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 81.17 444.10 Td (may ) Tj ET Q q 0 0 0 rg BT 100.63 444.10 Td (convert ) Tj ET Q q 0 0 0 rg BT 132.85 444.10 Td (their ) Tj ET Q q 0 0 0 rg BT 153.41 444.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 175.64 444.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 225.09 444.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 253.43 444.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 308.99 444.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 334.56 444.10 Td (into ) Tj ET Q q 0 0 0 rg BT 352.35 444.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.80 444.10 Td (Company) Tj ET Q q 0 0 0 rg BT 408.47 444.10 Td (s ) Tj ET Q q 0 0 0 rg BT 414.60 444.10 Td (common ) Tj ET Q q 0 0 0 rg BT 451.83 444.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 481.55 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.63 444.10 Td (The ) Tj ET Q q 0 0 0 rg BT 501.41 444.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 547.52 444.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (initially ) Tj ET Q q 0 0 0 rg BT 83.15 432.10 Td (equals ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.25 432.10 Td (42.0159) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.75 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 146.29 432.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 173.83 432.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.14 432.10 Td ($1,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.64 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.19 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 230.06 432.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 268.15 432.10 Td (amount. ) Tj ET Q q 0 0 0 rg BT 303.19 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 305.55 432.10 Td (This ) Tj ET Q q 0 0 0 rg BT 325.88 432.10 Td (corresponds ) Tj ET Q q 0 0 0 rg BT 376.74 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.06 432.10 Td (an ) Tj ET Q q 0 0 0 rg BT 399.05 432.10 Td (initial ) Tj ET Q q 0 0 0 rg BT 424.92 432.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 471.35 432.10 Td (price ) Tj ET Q q 0 0 0 rg BT 493.88 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.75 432.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td ($23.80) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.55 420.10 Td (per ) Tj ET Q q 0 0 0 rg BT 92.86 420.10 Td (common ) Tj ET Q q 0 0 0 rg BT 129.40 420.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 154.54 420.10 Td (which ) Tj ET Q q 0 0 0 rg BT 180.53 420.10 Td (equates ) Tj ET Q q 0 0 0 rg BT 212.06 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.38 420.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.69 420.10 Td (2.4 ) Tj ET Q q 0 0 0 rg BT 294.73 420.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.62 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.17 420.10 Td (common ) Tj ET Q q 0 0 0 rg BT 361.71 420.10 Td (shares. ) Tj ET Q q 0 0 0 rg BT 390.75 420.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.18 420.10 Td (The ) Tj ET Q q 0 0 0 rg BT 409.27 420.10 Td (conversion ) Tj ET Q q 0 0 0 rg BT 454.69 420.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 471.22 420.10 Td (is ) Tj ET Q q 0 0 0 rg BT 479.44 420.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 509.31 420.10 Td (to ) Tj ET Q q 0 0 0 rg BT 518.63 420.10 Td (adjustment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 71.61 408.10 Td (the ) Tj ET Q q 0 0 0 rg BT 85.93 408.10 Td (occurrence ) Tj ET Q q 0 0 0 rg BT 131.89 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.33 408.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 171.64 408.10 Td (events. ) Tj ET Q q 0 0 0 rg BT 201.79 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.74 408.10 Td (The ) Tj ET Q q 0 0 0 rg BT 221.40 408.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 243.51 408.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 292.82 408.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 321.04 408.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 376.47 408.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 401.91 408.10 Td (are ) Tj ET Q q 0 0 0 rg BT 416.22 408.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 437.22 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.76 408.10 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 518.64 408.10 Td (guaranteed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (jointly ) Tj ET Q q 0 0 0 rg BT 79.29 396.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.41 396.10 Td (severally ) Tj ET Q q 0 0 0 rg BT 137.18 396.10 Td (on ) Tj ET Q q 0 0 0 rg BT 150.86 396.10 Td (a ) Tj ET Q q 0 0 0 rg BT 158.98 396.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 187.10 396.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 242.43 396.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 286.65 396.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 310.33 396.10 Td (by ) Tj ET Q q 0 0 0 rg BT 324.01 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 339.90 396.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 384.12 396.10 Td (Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 439.19 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 442.60 396.10 Td (The ) Tj ET Q q 0 0 0 rg BT 461.82 396.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 485.50 396.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 536.39 396.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 104.24 384.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 128.98 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 142.60 384.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 168.45 384.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 221.52 384.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 263.47 384.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 309.32 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 319.07 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.70 384.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.00 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 388.85 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.48 384.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 444.43 384.10 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 497.23 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 510.85 384.10 Td (subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 61.30 372.10 Td (right ) Tj ET Q q 0 0 0 rg BT 84.21 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 96.56 372.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 135.02 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 146.82 372.10 Td (our ) Tj ET Q q 0 0 0 rg BT 164.17 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.63 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.87 372.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 243.43 372.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 294.90 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.92 372.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 334.61 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.07 372.10 Td (future ) Tj ET Q q 0 0 0 rg BT 380.97 372.10 Td (senior ) Tj ET Q q 0 0 0 rg BT 409.43 372.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 465.11 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 483.57 372.10 Td (are ) Tj ET Q q 0 0 0 rg BT 499.80 372.10 Td (also ) Tj ET Q q 0 0 0 rg BT 519.93 372.10 Td (ef) Tj ET Q q 0 0 0 rg BT 527.52 372.10 Td (fectively ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 103.08 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 112.79 360.10 Td (our ) Tj ET Q q 0 0 0 rg BT 128.05 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 144.41 360.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.56 360.10 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 201.02 360.10 Td (Subsidiaries) Tj ET Q q 0 0 0 rg BT 252.50 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.42 360.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 288.02 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 304.38 360.10 Td (future ) Tj ET Q q 0 0 0 rg BT 330.19 360.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 362.65 360.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 416.24 360.10 Td (with ) Tj ET Q q 0 0 0 rg BT 435.94 360.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 466.19 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 475.89 360.10 Td (any ) Tj ET Q q 0 0 0 rg BT 492.26 360.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 517.52 360.10 Td (comprising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (security ) Tj ET Q q 0 0 0 rg BT 83.74 348.10 Td (or ) Tj ET Q q 0 0 0 rg BT 94.66 348.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 134.44 348.10 Td (for ) Tj ET Q q 0 0 0 rg BT 148.68 348.10 Td (such ) Tj ET Q q 0 0 0 rg BT 169.60 348.10 Td (indebtedness. ) Tj ET Q q 0 0 0 rg BT 226.34 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.74 348.10 Td (The ) Tj ET Q q 0 0 0 rg BT 246.87 348.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 287.22 348.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 330.35 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 345.16 348.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 367.74 348.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 417.54 348.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 446.23 348.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 502.14 348.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 528.06 348.10 Td (provides ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (that ) Tj ET Q q 0 0 0 rg BT 68.11 336.10 Td (we ) Tj ET Q q 0 0 0 rg BT 83.38 336.10 Td (may ) Tj ET Q q 0 0 0 rg BT 104.22 336.10 Td (not ) Tj ET Q q 0 0 0 rg BT 120.61 336.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 153.65 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.48 336.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 194.20 336.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 217.26 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.65 336.10 Td (their ) Tj ET Q q 0 0 0 rg BT 250.59 336.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 277.53 336.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 315.03 336.10 Td (date, ) Tj ET Q q 0 0 0 rg BT 337.80 336.10 Td (but ) Tj ET Q q 0 0 0 rg BT 354.19 336.10 Td (also ) Tj ET Q q 0 0 0 rg BT 373.91 336.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 410.85 336.10 Td (provisions ) Tj ET Q q 0 0 0 rg BT 456.14 336.10 Td (requiring ) Tj ET Q q 0 0 0 rg BT 496.41 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.24 336.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 554.74 336.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 94.21 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 107.83 324.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 129.24 324.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 177.86 324.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 205.37 324.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 260.11 324.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 284.84 324.10 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 317.90 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 327.09 324.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 355.70 324.10 Td (exceptions\), ) Tj ET Q q 0 0 0 rg BT 405.70 324.10 Td (at ) Tj ET Q q 0 0 0 rg BT 414.32 324.10 Td (a ) Tj ET Q q 0 0 0 rg BT 420.16 324.10 Td (holder) Tj ET Q q 0 0 0 rg BT 446.08 324.10 Td () Tj ET Q q 0 0 0 rg BT 448.86 324.10 Td (s ) Tj ET Q q 0 0 0 rg BT 454.16 324.10 Td (option, ) Tj ET Q q 0 0 0 rg BT 483.62 324.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 505.03 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.65 324.10 Td (occurrence ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 312.10 Td (a ) Tj ET Q q 0 0 0 rg BT 67.27 312.10 Td (fundamental ) Tj ET Q q 0 0 0 rg BT 119.75 312.10 Td (change ) Tj ET Q q 0 0 0 rg BT 150.56 312.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 164.72 312.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 197.21 312.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.49 312.10 Td (the ) Tj ET Q q 0 0 0 rg BT 222.21 312.10 Td (indenture\).) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 290.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 110.59 290.10 Td (- ) Tj ET Q q 0 0 0 rg BT 116.42 290.10 Td (Other) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.38 268.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 110.61 268.10 Td (had ) Tj ET Q q 0 0 0 rg BT 128.38 268.10 Td (other ) Tj ET Q q 0 0 0 rg BT 152.27 268.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 203.66 268.10 Td (which ) Tj ET Q q 0 0 0 rg BT 231.43 268.10 Td (are ) Tj ET Q q 0 0 0 rg BT 246.98 268.10 Td (reported ) Tj ET Q q 0 0 0 rg BT 283.63 268.10 Td (in ) Tj ET Q q 0 0 0 rg BT 294.75 268.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 321.41 268.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 356.41 268.10 Td (- ) Tj ET Q q 0 0 0 rg BT 363.07 268.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 389.18 268.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.30 268.10 Td (our ) Tj ET Q q 0 0 0 rg BT 416.96 268.10 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 461.96 268.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 509.73 268.10 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 84.36 256.10 Td (Sheets, ) Tj ET Q q 0 0 0 rg BT 115.64 256.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.85 256.10 Td ($7.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.74 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.40 256.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.51 256.10 Td ($6.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.40 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.06 256.10 Td (as ) Tj ET Q q 0 0 0 rg BT 280.05 256.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.04 256.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 334.81 256.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.81 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.47 256.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.57 256.10 Td (December ) Tj ET Q q 0 0 0 rg BT 418.32 256.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 433.48 256.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.48 256.10 Td (, ) Tj ET Q q 0 0 0 rg BT 458.64 256.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 506.30 256.10 Td (. ) Tj ET Q q 0 0 0 rg BT 513.77 256.10 Td (The ) Tj ET Q q 0 0 0 rg BT 531.98 256.10 Td (balance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (includes ) Tj ET Q q 0 0 0 rg BT 85.02 244.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.65 244.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 131.60 244.10 Td (note ) Tj ET Q q 0 0 0 rg BT 151.01 244.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 184.29 244.10 Td (on ) Tj ET Q q 0 0 0 rg BT 196.49 244.10 Td (our ) Tj ET Q q 0 0 0 rg BT 212.01 244.10 Td (of) Tj ET Q q 0 0 0 rg BT 220.16 244.10 Td (fice ) Tj ET Q q 0 0 0 rg BT 237.33 244.10 Td (building ) Tj ET Q q 0 0 0 rg BT 272.86 244.10 Td (with ) Tj ET Q q 0 0 0 rg BT 292.83 244.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.46 244.10 Td ($3.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.35 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.54 244.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 388.28 244.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 421.00 244.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 469.86 244.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.26 244.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 522.55 244.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.55 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 544.75 244.10 Td (\(and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td ($3.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.44 232.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 138.04 232.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 170.63 232.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 219.34 232.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.61 232.10 Td (December ) Tj ET Q q 0 0 0 rg BT 271.75 232.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.30 232.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.30 232.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 314.19 232.10 Td (which ) Tj ET Q q 0 0 0 rg BT 340.68 232.10 Td (was ) Tj ET Q q 0 0 0 rg BT 358.28 232.10 Td (subsequently ) Tj ET Q q 0 0 0 rg BT 412.55 232.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 431.82 232.10 Td (of) Tj ET Q q 0 0 0 rg BT 439.97 232.10 Td (f ) Tj ET Q q 0 0 0 rg BT 445.36 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 454.74 232.10 Td (April ) Tj ET Q q 0 0 0 rg BT 477.90 232.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 502.45 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 504.35 232.10 Td (The ) Tj ET Q q 0 0 0 rg BT 521.96 232.10 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 82.53 220.10 Td (is ) Tj ET Q q 0 0 0 rg BT 91.70 220.10 Td (made ) Tj ET Q q 0 0 0 rg BT 115.86 220.10 Td (up ) Tj ET Q q 0 0 0 rg BT 128.36 220.10 Td (of ) Tj ET Q q 0 0 0 rg BT 139.19 220.10 Td (other ) Tj ET Q q 0 0 0 rg BT 162.23 220.10 Td (notes ) Tj ET Q q 0 0 0 rg BT 185.84 220.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 219.44 220.10 Td (incurred ) Tj ET Q q 0 0 0 rg BT 255.25 220.10 Td (through ) Tj ET Q q 0 0 0 rg BT 288.86 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 303.58 220.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 334.40 220.10 Td (course ) Tj ET Q q 0 0 0 rg BT 363.00 220.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.83 220.10 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 (20) 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 (8. ) 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 67.28 718.25 Td (table ) Tj ET Q q 0 0 0 rg BT 88.94 718.25 Td (below ) Tj ET Q q 0 0 0 rg BT 115.61 718.25 Td (presents ) Tj ET Q q 0 0 0 rg BT 150.61 718.25 Td (a ) Tj ET Q q 0 0 0 rg BT 157.28 718.25 Td (reconciliation ) Tj ET Q q 0 0 0 rg BT 214.48 718.25 Td (between ) Tj ET Q q 0 0 0 rg BT 250.03 718.25 Td (basic ) Tj ET Q q 0 0 0 rg BT 272.81 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.48 718.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 319.48 718.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 358.37 718.25 Td (average ) Tj ET Q q 0 0 0 rg BT 391.68 718.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 418.90 718.25 Td (outstanding, ) Tj ET Q q 0 0 0 rg BT 470.30 718.25 Td (net ) Tj ET Q q 0 0 0 rg BT 484.74 718.25 Td (income ) Tj ET Q q 0 0 0 rg BT 516.41 718.25 Td (available ) Tj ET Q q 0 0 0 rg BT 554.73 718.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (common ) Tj ET Q q 0 0 0 rg BT 87.00 706.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 140.03 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.97 706.25 Td (basic ) Tj ET Q q 0 0 0 rg BT 180.02 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 196.96 706.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 227.23 706.25 Td (income ) Tj ET Q q 0 0 0 rg BT 259.16 706.25 Td (per ) Tj ET Q q 0 0 0 rg BT 274.43 706.25 Td (share ) Tj ET Q q 0 0 0 rg BT 298.03 706.25 Td (for ) Tj ET Q q 0 0 0 rg BT 312.19 706.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.91 706.25 Td (three ) Tj ET Q q 0 0 0 rg BT 349.39 706.25 Td (months ) Tj ET Q q 0 0 0 rg BT 381.34 706.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 407.72 706.25 Td (March ) Tj ET Q q 0 0 0 rg BT 436.32 706.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 451.32 706.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 473.82 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 490.75 706.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.75 706.25 Td (: ) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 658.75 m 444 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 658.75 m 449 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 658.75 m 502 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 658.75 m 509 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 658.75 m 562 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 658.75 m 502 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 658.75 m 562 658.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 619.75 m 444 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 606.75 m 444 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 619.75 m 449 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 606.75 m 449 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 619.75 m 502 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 606.75 m 502 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 619.75 m 509 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 606.75 m 509 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 619.75 m 562 619.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 606.75 m 562 606.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 580.75 m 502 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 580.75 m 509 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 580.75 m 562 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 580.75 m 444 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 567.75 m 444 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 580.75 m 449 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 567.75 m 449 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 580.75 m 502 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 567.75 m 502 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 580.75 m 509 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 567.75 m 509 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 580.75 m 562 580.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 567.75 m 562 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 567.75 m 502 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 567.75 m 562 567.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 476.75 m 502 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 476.75 m 509 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 476.75 m 562 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 476.75 m 444 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 463.75 m 444 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 476.75 m 449 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 463.75 m 449 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 476.75 m 502 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 463.75 m 502 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 476.75 m 509 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 463.75 m 509 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 476.75 m 562 476.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 463.75 m 562 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 463.75 m 444 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 463.75 m 449 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 463.75 m 502 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 463.75 m 509 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 463.75 m 562 463.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 424.75 m 444 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 424.75 m 449 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 424.75 m 502 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 424.75 m 509 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 424.75 m 562 424.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 403.75 m 444 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 444 403.75 m 449 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 403.75 m 502 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 502 403.75 m 509 403.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 403.75 m 562 403.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 468.60 687.83 Td (Three Months Ended) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.50 675.83 Td (March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 663.00 Td (\(In thousands, except per share amounts\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 467.00 662.98 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 527.00 663.00 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 649.98 Td (NUMERATOR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 637.00 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 636.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 636.98 Td (16,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 637.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 637.00 Td (9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 624.00 Td (Preferred stock dividends) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.10 623.98 Td (\(1,219) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 498.80 623.98 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 624.00 Td (\(1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 624.00 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 611.00 Td (Net income to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 610.98 Td (15,664) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 611.00 Td (7,970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 598.00 Td (Interest on 3.25% convertible senior subordinated notes due 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 597.98 Td (392) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 598.00 Td (385) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 585.00 Td (Interest on 3.00% convertible senior subordinated notes due 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 584.98 Td (528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 585.00 Td (520) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 572.00 Td (Diluted income available to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 571.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 571.98 Td (16,584) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 572.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 572.00 Td (8,875) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 558.98 Td (DENOMINATOR) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 546.00 Td (Basic weighted average shares outstanding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 545.98 Td (24,738) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 546.00 Td (24,657) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 533.00 Td (Effect of dilutive securities:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 520.00 Td (Stock option awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 519.98 Td (332) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 520.00 Td (168) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 507.00 Td (Deferred compensation awards) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.80 506.98 Td (174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 507.00 Td (122) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 494.00 Td (3.25% convertible senior subordinated notes due 2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 493.98 Td (2,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 494.00 Td (2,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 481.00 Td (3.00% convertible senior subordinated notes due 2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 480.80 480.98 Td (2,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 481.00 Td (2,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 468.00 Td (Diluted weighted average shares outstanding - adjusted for assumed conversions) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.75 467.98 Td (30,329) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 468.00 Td (30,032) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 455.00 Td (Earnings per common share:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 442.00 Td (Basic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 441.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 441.98 Td (0.63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 442.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 442.00 Td (0.32) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 429.00 Td (Diluted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 428.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 428.98 Td (0.55) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 429.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 429.00 Td (0.30) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 408.00 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 490.80 407.98 Td (95) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 408.00 Td (1,539) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 382.25 Td (For ) Tj ET Q q 0 0 0 rg BT 65.54 382.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.90 382.25 Td (three ) Tj ET Q q 0 0 0 rg BT 102.04 382.25 Td (months ) Tj ET Q q 0 0 0 rg BT 133.63 382.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 159.66 382.25 Td (March ) Tj ET Q q 0 0 0 rg BT 187.90 382.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 202.55 382.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 224.70 382.25 Td (and ) Tj ET Q q 0 0 0 rg BT 241.28 382.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.28 382.25 Td (, ) Tj ET Q q 0 0 0 rg BT 265.93 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.29 382.25 Td (ef) Tj ET Q q 0 0 0 rg BT 287.88 382.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 305.02 382.25 Td (of ) Tj ET Q q 0 0 0 rg BT 315.49 382.25 Td (convertible ) Tj ET Q q 0 0 0 rg BT 362.62 382.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 381.99 382.25 Td (was ) Tj ET Q q 0 0 0 rg BT 399.68 382.25 Td (included ) Tj ET Q q 0 0 0 rg BT 436.27 382.25 Td (in ) Tj ET Q q 0 0 0 rg BT 446.19 382.25 Td (the ) Tj ET Q q 0 0 0 rg BT 460.56 382.25 Td (diluted ) Tj ET Q q 0 0 0 rg BT 490.48 382.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 526.50 382.25 Td (per ) Tj ET Q q 0 0 0 rg BT 541.42 382.25 Td (share ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 370.25 Td (calculations.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 348.25 Td (NOTE 9. Income ) Tj ET Q q 0 0 0 rg BT 124.32 348.25 Td (T) Tj ET Q q 0 0 0 rg BT 130.07 348.25 Td (axes) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.25 Td (During ) Tj ET Q q 0 0 0 rg BT 80.19 326.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.76 326.25 Td (three ) Tj ET Q q 0 0 0 rg BT 117.11 326.25 Td (months ) Tj ET Q q 0 0 0 rg BT 148.91 326.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 175.15 326.25 Td (March ) Tj ET Q q 0 0 0 rg BT 203.61 326.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 218.46 326.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.46 326.25 Td (, ) Tj ET Q q 0 0 0 rg BT 243.32 326.25 Td (the ) Tj ET Q q 0 0 0 rg BT 257.90 326.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 299.14 326.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 336.48 326.25 Td (a ) Tj ET Q q 0 0 0 rg BT 343.27 326.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 357.85 326.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 397.99 326.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.67 326.25 Td ($9.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.57 326.25 Td ( ) Tj ET Q q 0 0 0 rg BT 459.92 326.25 Td (which ) Tj ET Q q 0 0 0 rg BT 486.72 326.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 518.50 326.25 Td (income ) Tj ET Q q 0 0 0 rg BT 550.30 326.25 Td (tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 83.86 314.25 Td (related ) Tj ET Q q 0 0 0 rg BT 113.22 314.25 Td (to ) Tj ET Q q 0 0 0 rg BT 123.15 314.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.52 314.25 Td (period) Tj ET Q q 0 0 0 rg BT 165.84 314.25 Td (s ) Tj ET Q q 0 0 0 rg BT 171.89 314.25 Td (income ) Tj ET Q q 0 0 0 rg BT 203.47 314.25 Td (before ) Tj ET Q q 0 0 0 rg BT 231.17 314.25 Td (income ) Tj ET Q q 0 0 0 rg BT 262.75 314.25 Td (taxes. ) Tj ET Q q 0 0 0 rg BT 287.80 314.25 Td (The ) Tj ET Q q 0 0 0 rg BT 305.50 314.25 Td (ef) Tj ET Q q 0 0 0 rg BT 313.08 314.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 342.44 314.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 356.81 314.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 373.95 314.25 Td (for ) Tj ET Q q 0 0 0 rg BT 387.76 314.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.13 314.25 Td (three ) Tj ET Q q 0 0 0 rg BT 424.27 314.25 Td (months ) Tj ET Q q 0 0 0 rg BT 455.87 314.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 481.90 314.25 Td (March ) Tj ET Q q 0 0 0 rg BT 510.15 314.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 524.81 314.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.81 314.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 314.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.25 Td (35.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.33 302.25 Td ( ) Tj ET Q q 0 0 0 rg BT 77.98 302.25 Td (which ) Tj ET Q q 0 0 0 rg BT 105.06 302.25 Td (included ) Tj ET Q q 0 0 0 rg BT 142.14 302.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 157.00 302.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 191.85 302.25 Td (related ) Tj ET Q q 0 0 0 rg BT 221.70 302.25 Td (to ) Tj ET Q q 0 0 0 rg BT 232.13 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 246.99 302.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 285.17 302.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 300.03 302.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 334.33 302.25 Td (for ) Tj ET Q q 0 0 0 rg BT 348.63 302.25 Td (the ) Tj ET Q q 0 0 0 rg BT 363.50 302.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 402.25 302.25 Td (production ) Tj ET Q q 0 0 0 rg BT 448.22 302.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 486.96 302.25 Td (deduction. ) Tj ET Q q 0 0 0 rg BT 531.54 302.25 Td ( ) Tj ET Q q 0 0 0 rg BT 534.18 302.25 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.87 290.25 Td (three ) Tj ET Q q 0 0 0 rg BT 86.01 290.25 Td (months ) Tj ET Q q 0 0 0 rg BT 117.61 290.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 143.65 290.25 Td (March ) Tj ET Q q 0 0 0 rg BT 171.90 290.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 186.55 290.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.55 290.25 Td (, ) Tj ET Q q 0 0 0 rg BT 211.21 290.25 Td (the ) Tj ET Q q 0 0 0 rg BT 225.58 290.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 266.62 290.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 303.75 290.25 Td (a ) Tj ET Q q 0 0 0 rg BT 310.35 290.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 324.72 290.25 Td (provision ) Tj ET Q q 0 0 0 rg BT 364.65 290.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.14 290.25 Td ($5.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.03 290.25 Td ( ) Tj ET Q q 0 0 0 rg BT 426.18 290.25 Td (which ) Tj ET Q q 0 0 0 rg BT 452.78 290.25 Td (reflects ) Tj ET Q q 0 0 0 rg BT 484.35 290.25 Td (income ) Tj ET Q q 0 0 0 rg BT 515.94 290.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 530.31 290.25 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 277.05 Td (related ) Tj ET Q q 0 0 0 rg BT 79.02 277.05 Td (to ) Tj ET Q q 0 0 0 rg BT 89.12 277.05 Td (the ) Tj ET Q q 0 0 0 rg BT 103.66 277.05 Td (period) Tj ET Q q 0 0 0 rg BT 131.98 277.05 Td (s ) Tj ET Q q 0 0 0 rg BT 138.19 277.05 Td (income ) Tj ET Q q 0 0 0 rg BT 169.94 277.05 Td (before ) Tj ET Q q 0 0 0 rg BT 197.80 277.05 Td (income ) Tj ET Q q 0 0 0 rg BT 229.55 277.05 Td (taxes.) Tj ET Q BT /F1 11.00 Tf ET q 0 0 0 rg BT 252.60 277.05 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.15 277.05 Td (The ) Tj ET Q q 0 0 0 rg BT 273.02 277.05 Td (ef) Tj ET Q q 0 0 0 rg BT 280.61 277.05 Td (fective ) Tj ET Q q 0 0 0 rg BT 310.13 277.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 324.66 277.05 Td (rate ) Tj ET Q q 0 0 0 rg BT 341.97 277.05 Td (for ) Tj ET Q q 0 0 0 rg BT 355.95 277.05 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.48 277.05 Td (three ) Tj ET Q q 0 0 0 rg BT 392.79 277.05 Td (months ) Tj ET Q q 0 0 0 rg BT 424.56 277.05 Td (ended ) Tj ET Q q 0 0 0 rg BT 450.75 277.05 Td (March ) Tj ET Q q 0 0 0 rg BT 479.17 277.05 Td (31, ) Tj ET Q q 0 0 0 rg BT 493.99 277.05 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.99 277.05 Td ( ) Tj ET Q q 0 0 0 rg BT 516.31 277.05 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.18 277.05 Td (37.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 277.05 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.05 Td (During ) Tj ET Q q 0 0 0 rg BT 81.16 255.05 Td (2016, ) Tj ET Q q 0 0 0 rg BT 106.99 255.05 Td (the ) Tj ET Q q 0 0 0 rg BT 122.53 255.05 Td (Company ) Tj ET Q q 0 0 0 rg BT 164.74 255.05 Td (fully ) Tj ET Q q 0 0 0 rg BT 186.96 255.05 Td (utilized ) Tj ET Q q 0 0 0 rg BT 220.28 255.05 Td (its ) Tj ET Q q 0 0 0 rg BT 233.05 255.05 Td (federal ) Tj ET Q q 0 0 0 rg BT 264.13 255.05 Td (NOL) Tj ET Q q 0 0 0 rg BT 284.31 255.05 Td ( ) Tj ET Q q 0 0 0 rg BT 287.64 255.05 Td (carryforwards ) Tj ET Q q 0 0 0 rg BT 347.05 255.05 Td (and ) Tj ET Q q 0 0 0 rg BT 364.81 255.05 Td (federal ) Tj ET Q q 0 0 0 rg BT 395.90 255.05 Td (credit ) Tj ET Q q 0 0 0 rg BT 421.99 255.05 Td (carryforwards. ) Tj ET Q q 0 0 0 rg BT 483.89 255.05 Td ( ) Tj ET Q q 0 0 0 rg BT 486.98 255.05 Td (The ) Tj ET Q q 0 0 0 rg BT 505.86 255.05 Td (Company ) Tj ET Q q 0 0 0 rg BT 548.07 255.05 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.05 Td ($5.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 243.05 Td ( ) Tj ET Q q 0 0 0 rg BT 101.03 243.05 Td (of ) Tj ET Q q 0 0 0 rg BT 112.00 243.05 Td (state ) Tj ET Q q 0 0 0 rg BT 132.96 243.05 Td (NOL) Tj ET Q q 0 0 0 rg BT 153.14 243.05 Td ( ) Tj ET Q q 0 0 0 rg BT 155.77 243.05 Td (carryforwards, ) Tj ET Q q 0 0 0 rg BT 216.99 243.05 Td (net ) Tj ET Q q 0 0 0 rg BT 231.84 243.05 Td (of ) Tj ET Q q 0 0 0 rg BT 242.81 243.05 Td (the ) Tj ET Q q 0 0 0 rg BT 257.66 243.05 Td (federal ) Tj ET Q q 0 0 0 rg BT 288.05 243.05 Td (benefit, ) Tj ET Q q 0 0 0 rg BT 320.96 243.05 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.81 243.05 Td (March31, ) Tj ET Q q 0 0 0 rg BT 374.54 243.05 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.54 243.05 Td (. ) Tj ET Q q 0 0 0 rg BT 399.68 243.05 Td ( ) Tj ET Q q 0 0 0 rg BT 402.32 243.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 420.51 243.05 Td (state ) Tj ET Q q 0 0 0 rg BT 441.47 243.05 Td (NOLs ) Tj ET Q q 0 0 0 rg BT 468.55 243.05 Td (may ) Tj ET Q q 0 0 0 rg BT 488.40 243.05 Td (be ) Tj ET Q q 0 0 0 rg BT 500.48 243.05 Td (carried ) Tj ET Q q 0 0 0 rg BT 530.87 243.05 Td (forward ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 231.05 Td (from ) Tj ET Q q 0 0 0 rg BT 70.48 231.05 Td (one ) Tj ET Q q 0 0 0 rg BT 86.45 231.05 Td (to ) Tj ET Q q 0 0 0 rg BT 95.77 231.05 Td (16 ) Tj ET Q q 0 0 0 rg BT 107.30 231.05 Td (years, ) Tj ET Q q 0 0 0 rg BT 132.44 231.05 Td (depending ) Tj ET Q q 0 0 0 rg BT 175.63 231.05 Td (on ) Tj ET Q q 0 0 0 rg BT 187.17 231.05 Td (the ) Tj ET Q q 0 0 0 rg BT 200.92 231.05 Td (tax ) Tj ET Q q 0 0 0 rg BT 214.68 231.05 Td (jurisdiction, ) Tj ET Q q 0 0 0 rg BT 264.27 231.05 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 283.58 231.05 Td ($1.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.47 231.05 Td ( ) Tj ET Q q 0 0 0 rg BT 334.01 231.05 Td (expiring ) Tj ET Q q 0 0 0 rg BT 368.87 231.05 Td (between ) Tj ET Q q 0 0 0 rg BT 403.72 231.05 Td (2022 ) Tj ET Q q 0 0 0 rg BT 425.26 231.05 Td (and ) Tj ET Q q 0 0 0 rg BT 441.24 231.05 Td (2027 ) Tj ET Q q 0 0 0 rg BT 462.77 231.05 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.75 231.05 Td ($3.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.64 231.05 Td ( ) Tj ET Q q 0 0 0 rg BT 529.18 231.05 Td (expiring ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 219.05 Td (between ) Tj ET Q q 0 0 0 rg BT 85.32 219.05 Td (2028 ) Tj ET Q q 0 0 0 rg BT 107.82 219.05 Td (and ) Tj ET Q q 0 0 0 rg BT 124.75 219.05 Td (2032, ) Tj ET Q q 0 0 0 rg BT 149.75 219.05 Td (absent ) Tj ET Q q 0 0 0 rg BT 177.80 219.05 Td (suf) Tj ET Q q 0 0 0 rg BT 189.84 219.05 Td (ficient ) Tj ET Q q 0 0 0 rg BT 217.88 219.05 Td (state ) Tj ET Q q 0 0 0 rg BT 238.71 219.05 Td (taxable ) Tj ET Q q 0 0 0 rg BT 270.08 219.05 Td (income.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 197.05 Td (NOTE 10. Business Segments) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.05 Td (The ) Tj ET Q q 0 0 0 rg BT 67.37 175.05 Td (Company) Tj ET Q q 0 0 0 rg BT 109.04 175.05 Td (s ) Tj ET Q q 0 0 0 rg BT 115.25 175.05 Td (chief ) Tj ET Q q 0 0 0 rg BT 137.57 175.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 177.66 175.05 Td (decision ) Tj ET Q q 0 0 0 rg BT 213.31 175.05 Td (makers ) Tj ET Q q 0 0 0 rg BT 244.51 175.05 Td (evaluate ) Tj ET Q q 0 0 0 rg BT 280.15 175.05 Td (the ) Tj ET Q q 0 0 0 rg BT 294.69 175.05 Td (Company) Tj ET Q q 0 0 0 rg BT 336.35 175.05 Td (s ) Tj ET Q q 0 0 0 rg BT 342.57 175.05 Td (performance ) Tj ET Q q 0 0 0 rg BT 395.42 175.05 Td (in ) Tj ET Q q 0 0 0 rg BT 405.52 175.05 Td (various ) Tj ET Q q 0 0 0 rg BT 437.29 175.05 Td (ways, ) Tj ET Q q 0 0 0 rg BT 462.66 175.05 Td (including: ) Tj ET Q q 0 0 0 rg BT 505.54 175.05 Td ( ) Tj ET Q q 0 0 0 rg BT 507.87 175.05 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 521.85 175.05 Td (the ) Tj ET Q q 0 0 0 rg BT 536.40 175.05 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.05 Td (of ) Tj ET Q q 0 0 0 rg BT 60.60 163.05 Td (our ) Tj ET Q q 0 0 0 rg BT 76.70 163.05 Td (15 ) Tj ET Q q 0 0 0 rg BT 89.46 163.05 Td (individual ) Tj ET Q q 0 0 0 rg BT 132.78 163.05 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 191.10 163.05 Td (operating ) Tj ET Q q 0 0 0 rg BT 231.63 163.05 Td (segments ) Tj ET Q q 0 0 0 rg BT 271.62 163.05 Td (and ) Tj ET Q q 0 0 0 rg BT 288.82 163.05 Td (the ) Tj ET Q q 0 0 0 rg BT 303.81 163.05 Td (results ) Tj ET Q q 0 0 0 rg BT 332.68 163.05 Td (of ) Tj ET Q q 0 0 0 rg BT 343.78 163.05 Td (our ) Tj ET Q q 0 0 0 rg BT 359.88 163.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.63 163.05 Td (services ) Tj ET Q q 0 0 0 rg BT 432.60 163.05 Td (operations; ) Tj ET Q q 0 0 0 rg BT 479.80 163.05 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 494.23 163.05 Td (the ) Tj ET Q q 0 0 0 rg BT 509.21 163.05 Td (results ) Tj ET Q q 0 0 0 rg BT 538.09 163.05 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 163.05 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.05 Td (three ) Tj ET Q q 0 0 0 rg BT 71.99 151.05 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 130.04 151.05 Td (reportable ) Tj ET Q q 0 0 0 rg BT 173.07 151.05 Td (segments; ) Tj ET Q q 0 0 0 rg BT 215.56 151.05 Td (and ) Tj ET Q q 0 0 0 rg BT 232.50 151.05 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 246.66 151.05 Td (our ) Tj ET Q q 0 0 0 rg BT 262.49 151.05 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 315.54 151.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.02 151.05 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.05 Td (In ) Tj ET Q q 0 0 0 rg BT 60.70 129.05 Td (accordance ) Tj ET Q q 0 0 0 rg BT 108.53 129.05 Td (with ) Tj ET Q q 0 0 0 rg BT 128.54 129.05 Td (ASC ) Tj ET Q q 0 0 0 rg BT 150.86 129.05 Td (280, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 171.23 129.05 Td (Segment ) Tj ET Q q 0 0 0 rg BT 207.98 129.05 Td (Reporting) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.97 129.05 Td ( ) Tj ET Q q 0 0 0 rg BT 250.84 129.05 Td (\(ASC ) Tj ET Q q 0 0 0 rg BT 280.93 129.05 Td (280\), ) Tj ET Q q 0 0 0 rg BT 309.07 129.05 Td (we ) Tj ET Q q 0 0 0 rg BT 323.60 129.05 Td (have ) Tj ET Q q 0 0 0 rg BT 345.34 129.05 Td (identified ) Tj ET Q q 0 0 0 rg BT 386.53 129.05 Td (each ) Tj ET Q q 0 0 0 rg BT 407.72 129.05 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 466.14 129.05 Td (division ) Tj ET Q q 0 0 0 rg BT 501.23 129.05 Td (as ) Tj ET Q q 0 0 0 rg BT 512.43 129.05 Td (an ) Tj ET Q q 0 0 0 rg BT 524.74 129.05 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 117.05 Td (segment ) Tj ET Q q 0 0 0 rg BT 85.70 117.05 Td (as ) Tj ET Q q 0 0 0 rg BT 96.91 117.05 Td (each ) Tj ET Q q 0 0 0 rg BT 118.10 117.05 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 176.52 117.05 Td (division ) Tj ET Q q 0 0 0 rg BT 211.62 117.05 Td (engages ) Tj ET Q q 0 0 0 rg BT 246.71 117.05 Td (in ) Tj ET Q q 0 0 0 rg BT 257.36 117.05 Td (business ) Tj ET Q q 0 0 0 rg BT 294.13 117.05 Td (activities ) Tj ET Q q 0 0 0 rg BT 333.10 117.05 Td (from ) Tj ET Q q 0 0 0 rg BT 355.41 117.05 Td (which ) Tj ET Q q 0 0 0 rg BT 382.73 117.05 Td (it ) Tj ET Q q 0 0 0 rg BT 391.16 117.05 Td (earns ) Tj ET Q q 0 0 0 rg BT 415.13 117.05 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 452.15 117.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 492.24 117.05 Td (from ) Tj ET Q q 0 0 0 rg BT 514.55 117.05 Td (the ) Tj ET Q q 0 0 0 rg BT 529.64 117.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 548.07 117.05 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 105.05 Td (construction ) Tj ET Q q 0 0 0 rg BT 101.57 105.05 Td (of ) Tj ET Q q 0 0 0 rg BT 112.54 105.05 Td (single-family ) Tj ET Q q 0 0 0 rg BT 168.49 105.05 Td (attached ) Tj ET Q q 0 0 0 rg BT 204.44 105.05 Td (and ) Tj ET Q q 0 0 0 rg BT 221.52 105.05 Td (detached ) Tj ET Q q 0 0 0 rg BT 259.69 105.05 Td (homes, ) Tj ET Q q 0 0 0 rg BT 290.93 105.05 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 337.45 105.05 Td (and ) Tj ET Q q 0 0 0 rg BT 354.52 105.05 Td (development ) Tj ET Q q 0 0 0 rg BT 408.81 105.05 Td (of ) Tj ET Q q 0 0 0 rg BT 419.78 105.05 Td (land, ) Tj ET Q q 0 0 0 rg BT 442.13 105.05 Td (and ) Tj ET Q q 0 0 0 rg BT 459.21 105.05 Td (the ) Tj ET Q q 0 0 0 rg BT 474.06 105.05 Td (occasional ) Tj ET Q q 0 0 0 rg BT 518.90 105.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 537.08 105.05 Td (of ) Tj ET Q q 0 0 0 rg BT 548.05 105.05 Td (lots ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 93.05 Td (to ) Tj ET Q q 0 0 0 rg BT 59.59 93.05 Td (third ) Tj ET Q q 0 0 0 rg BT 80.79 93.05 Td (parties. ) Tj ET Q q 0 0 0 rg BT 112.26 93.05 Td (Our ) Tj ET Q q 0 0 0 rg BT 130.12 93.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.41 93.05 Td (services ) Tj ET Q q 0 0 0 rg BT 201.93 93.05 Td (operations ) Tj ET Q q 0 0 0 rg BT 245.90 93.05 Td (generate ) Tj ET Q q 0 0 0 rg BT 282.07 93.05 Td (revenue ) Tj ET Q q 0 0 0 rg BT 316.03 93.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 355.55 93.05 Td (from ) Tj ET Q q 0 0 0 rg BT 377.31 93.05 Td (the ) Tj ET Q q 0 0 0 rg BT 391.83 93.05 Td (origination, ) Tj ET Q q 0 0 0 rg BT 440.53 93.05 Td (sale ) Tj ET Q q 0 0 0 rg BT 458.39 93.05 Td (and ) Tj ET Q q 0 0 0 rg BT 475.14 93.05 Td (servicing ) Tj ET Q q 0 0 0 rg BT 514.10 93.05 Td (of ) Tj ET Q q 0 0 0 rg BT 524.75 93.05 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 81.05 Td (loans ) Tj ET Q q 0 0 0 rg BT 73.72 81.05 Td (and ) Tj ET Q q 0 0 0 rg BT 91.26 81.05 Td (title ) Tj ET Q q 0 0 0 rg BT 109.92 81.05 Td (services ) Tj ET Q q 0 0 0 rg BT 145.24 81.05 Td (primarily ) Tj ET Q q 0 0 0 rg BT 185.56 81.05 Td (for ) Tj ET Q q 0 0 0 rg BT 200.33 81.05 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 246.19 81.05 Td (of ) Tj ET Q q 0 0 0 rg BT 257.63 81.05 Td (the ) Tj ET Q q 0 0 0 rg BT 272.95 81.05 Td (Company) Tj ET Q q 0 0 0 rg BT 314.62 81.05 Td (s ) Tj ET Q q 0 0 0 rg BT 321.62 81.05 Td (homes ) Tj ET Q q 0 0 0 rg BT 350.84 81.05 Td (and ) Tj ET Q q 0 0 0 rg BT 368.38 81.05 Td (are ) Tj ET Q q 0 0 0 rg BT 383.70 81.05 Td (included ) Tj ET Q q 0 0 0 rg BT 421.24 81.05 Td (in ) Tj ET Q q 0 0 0 rg BT 432.12 81.05 Td (our ) Tj ET Q q 0 0 0 rg BT 448.56 81.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.65 81.05 Td (services ) Tj ET Q q 0 0 0 rg BT 521.97 81.05 Td (reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 69.05 Td (segment. ) Tj ET Q q 0 0 0 rg BT 87.24 69.05 Td ( ) Tj ET Q q 0 0 0 rg BT 89.16 69.05 Td (In ) Tj ET Q q 0 0 0 rg BT 99.40 69.05 Td (accordance ) Tj ET Q q 0 0 0 rg BT 146.28 69.05 Td (with ) Tj ET Q q 0 0 0 rg BT 165.97 69.05 Td (the ) Tj ET Q q 0 0 0 rg BT 180.10 69.05 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 229.22 69.05 Td (criteria ) Tj ET Q q 0 0 0 rg BT 259.45 69.05 Td (defined ) Tj ET Q q 0 0 0 rg BT 291.35 69.05 Td (in ) Tj ET Q q 0 0 0 rg BT 300.62 69.05 Td (ASC ) Tj ET Q q 0 0 0 rg BT 321.99 69.05 Td (280, ) Tj ET Q q 0 0 0 rg BT 341.40 69.05 Td (we ) Tj ET Q q 0 0 0 rg BT 354.98 69.05 Td (have ) Tj ET Q q 0 0 0 rg BT 375.77 69.05 Td (determined ) Tj ET Q q 0 0 0 rg BT 422.67 69.05 Td (our ) Tj ET Q q 0 0 0 rg BT 437.91 69.05 Td (reportable ) Tj ET Q q 0 0 0 rg BT 480.36 69.05 Td (segments ) Tj ET Q q 0 0 0 rg BT 519.49 69.05 Td (as ) Tj ET Q q 0 0 0 rg BT 529.74 69.05 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 57.05 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 86.13 57.05 Td (homebuilding, ) Tj ET Q q 0 0 0 rg BT 145.82 57.05 Td (Southern ) Tj ET Q q 0 0 0 rg BT 183.56 57.05 Td (homebuilding, ) Tj ET Q q 0 0 0 rg BT 243.25 57.05 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 297.09 57.05 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 354.28 57.05 Td (and ) Tj ET Q q 0 0 0 rg BT 370.35 57.05 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.96 57.05 Td (services ) Tj ET Q q 0 0 0 rg BT 440.80 57.05 Td (operations.) Tj ET Q q 0 0 0 rg BT 489.78 57.05 Td (The ) Tj ET Q q 0 0 0 rg BT 506.96 57.05 Td (homebuilding ) Tj ET Q endstream endobj 43 0 obj <>] /Rotate 0 /Contents 44 0 R>> endobj 44 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 (operating ) Tj ET Q q 0 0 0 rg BT 89.27 740.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 128.49 740.10 Td (that ) Tj ET Q q 0 0 0 rg BT 145.50 740.10 Td (are ) Tj ET Q q 0 0 0 rg BT 159.71 740.10 Td (included ) Tj ET Q q 0 0 0 rg BT 196.15 740.10 Td (within ) Tj ET Q q 0 0 0 rg BT 223.71 740.10 Td (each ) Tj ET Q q 0 0 0 rg BT 244.04 740.10 Td (reportable ) Tj ET Q q 0 0 0 rg BT 286.58 740.10 Td (segment ) Tj ET Q q 0 0 0 rg BT 321.91 740.10 Td (have ) Tj ET Q q 0 0 0 rg BT 342.79 740.10 Td (been ) Tj ET Q q 0 0 0 rg BT 363.67 740.10 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 409.54 740.10 Td (because ) Tj ET Q q 0 0 0 rg BT 443.20 740.10 Td (they ) Tj ET Q q 0 0 0 rg BT 462.42 740.10 Td (share ) Tj ET Q q 0 0 0 rg BT 485.53 740.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 515.31 740.10 Td (aggregation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (characteristics ) Tj ET Q q 0 0 0 rg BT 108.10 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 117.85 728.10 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 160.91 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 169.79 728.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 190.66 728.10 Td (280 ) Tj ET Q q 0 0 0 rg BT 207.07 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.27 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 229.90 728.10 Td (following ) Tj ET Q q 0 0 0 rg BT 270.20 728.10 Td (regards: ) Tj ET Q q 0 0 0 rg BT 303.82 728.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 316.90 728.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 357.75 728.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 398.03 728.10 Td (characteristics; ) Tj ET Q q 0 0 0 rg BT 459.41 728.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 472.49 728.10 Td (historical ) Tj ET Q q 0 0 0 rg BT 511.12 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.97 728.10 Td (expected ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (future ) Tj ET Q q 0 0 0 rg BT 77.17 716.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 120.40 716.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 145.30 716.10 Td (mar) Tj ET Q q 0 0 0 rg BT 160.67 716.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 177.24 716.10 Td (percentages; ) Tj ET Q q 0 0 0 rg BT 231.01 716.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 246.46 716.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 281.92 716.10 Td (products, ) Tj ET Q q 0 0 0 rg BT 322.66 716.10 Td (production ) Tj ET Q q 0 0 0 rg BT 369.77 716.10 Td (processes ) Tj ET Q q 0 0 0 rg BT 411.89 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 430.12 716.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 467.80 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.92 716.10 Td (distribution; ) Tj ET Q q 0 0 0 rg BT 532.61 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.84 716.10 Td (\(4\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (geographical ) Tj ET Q q 0 0 0 rg BT 103.64 704.10 Td (proximity) Tj ET Q q 0 0 0 rg BT 142.43 704.10 Td (.) 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 67.55 682.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 125.60 682.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 165.86 682.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 205.58 682.10 Td (that ) Tj ET Q q 0 0 0 rg BT 223.07 682.10 Td (comprise ) Tj ET Q q 0 0 0 rg BT 262.23 682.10 Td (each ) Tj ET Q q 0 0 0 rg BT 283.04 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.88 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 309.71 682.10 Td (reportable ) Tj ET Q q 0 0 0 rg BT 352.74 682.10 Td (segments ) Tj ET Q q 0 0 0 rg BT 392.45 682.10 Td (are ) Tj ET Q q 0 0 0 rg BT 407.16 682.10 Td (as ) Tj ET Q q 0 0 0 rg BT 417.99 682.10 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 94.5 660.8333984375 m 129.5 660.8333984375 l s q 0 0 0 rg BT 94.50 662.17 Td (Midwest) 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 242.5 660.8333984375 m 278.6083984375 660.8333984375 l s q 0 0 0 rg BT 242.50 662.17 Td (Southern) 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 388.5 660.8333984375 m 440.7119140625 660.8333984375 l s q 0 0 0 rg BT 388.50 662.17 Td (Mid-Atlantic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 648.22 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 132.83 648.22 Td (Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 648.22 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 280.27 648.22 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 648.22 Td (Charlotte, ) Tj ET Q q 0 0 0 rg BT 430.71 648.22 Td (North ) Tj ET Q q 0 0 0 rg BT 456.54 648.22 Td (Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 636.22 Td (Cincinnati, ) Tj ET Q q 0 0 0 rg BT 141.16 636.22 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 636.22 Td (Sarasota, ) Tj ET Q q 0 0 0 rg BT 281.38 636.22 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 636.22 Td (Raleigh, ) Tj ET Q q 0 0 0 rg BT 424.60 636.22 Td (North ) Tj ET Q q 0 0 0 rg BT 450.43 636.22 Td (Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 624.22 Td (Columbus, ) Tj ET Q q 0 0 0 rg BT 140.62 624.22 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 624.22 Td (Tampa, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 624.22 Td (W) Tj ET Q q 0 0 0 rg BT 397.54 624.22 Td (ashington, ) Tj ET Q q 0 0 0 rg BT 441.02 624.22 Td (D.C.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 612.22 Td (Indianapolis, ) Tj ET Q q 0 0 0 rg BT 148.93 612.22 Td (Indiana) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 612.22 Td (Austin, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 600.22 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 160.61 600.22 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 183.39 600.22 Td (Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 600.22 Td (Dallas/Fort Worth, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 588.22 Td (Houston, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 576.22 Td (San Antonio, Texas) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.95 550.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.75 550.10 Td (table ) Tj ET Q q 0 0 0 rg BT 132.09 550.10 Td (shows, ) Tj ET Q q 0 0 0 rg BT 162.50 550.10 Td (by ) Tj ET Q q 0 0 0 rg BT 175.41 550.10 Td (segment: ) Tj ET Q q 0 0 0 rg BT 214.42 550.10 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 251.47 550.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 292.14 550.10 Td (income ) Tj ET Q q 0 0 0 rg BT 324.48 550.10 Td (and ) Tj ET Q q 0 0 0 rg BT 341.82 550.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 374.16 550.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 409.28 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 423.85 550.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.97 550.10 Td (three ) Tj ET Q q 0 0 0 rg BT 461.86 550.10 Td (months ) Tj ET Q q 0 0 0 rg BT 494.22 550.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 521.00 550.10 Td (March ) Tj ET Q q 0 0 0 rg BT 550.00 550.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 72.00 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 538.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 538.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 514.6 m 500 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 514.6 m 507 514.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 514.6 m 562 514.6 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 445 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 502.6 m 500 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 502.6 m 507 502.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 502.6 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 500 442.6 m 507 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 442.6 m 562 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 442.6 m 445 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 430.6 m 445 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 442.6 m 500 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 430.6 m 500 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 442.6 m 507 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 430.6 m 507 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 442.6 m 562 442.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 430.6 m 562 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 430.6 m 445 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 430.6 m 500 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 430.6 m 507 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 430.6 m 562 430.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 353.6 m 445 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 341.6 m 445 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 353.6 m 500 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 341.6 m 500 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 353.6 m 507 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 341.6 m 507 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 353.6 m 562 353.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 341.6 m 562 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 341.6 m 445 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 341.6 m 500 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 341.6 m 507 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 341.6 m 562 341.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 276.6 m 445 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 276.6 m 500 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 276.6 m 507 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 276.6 m 562 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 276.6 m 445 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 264.6 m 445 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 276.6 m 500 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 264.6 m 500 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 276.6 m 507 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 264.6 m 507 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 276.6 m 562 276.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 264.6 m 562 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 264.6 m 445 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 264.6 m 500 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 264.6 m 507 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 264.6 m 562 264.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 247.60000000000002 m 445 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 247.60000000000002 m 500 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 247.60000000000002 m 507 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 247.60000000000002 m 562 247.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 228.60000000000002 m 445 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 228.60000000000002 m 500 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 228.60000000000002 m 507 228.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 228.60000000000002 m 562 228.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 518.83 Td (Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 506.55 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 506.55 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 506.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 506.55 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 494.68 Td (Revenue:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 482.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 482.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 482.68 Td (146,422) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 482.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 482.55 Td (118,170) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 470.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 470.68 Td (149,365) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 470.55 Td (122,694) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 458.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 458.68 Td (96,886) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 458.55 Td (73,453) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 446.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 450.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 446.68 Td (14,307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 446.55 Td (10,053) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 434.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 434.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 434.55 Td (revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 434.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 434.68 Td (406,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 434.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 434.55 Td (324,370) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 417.68 Td (Operating ) Tj ET Q q 0 0 0 rg BT 88.61 417.68 Td (income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 405.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 405.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 405.68 Td (14,859) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 405.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 405.55 Td (10,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 393.55 Td (Southern homebuilding ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 134.83 397.18 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 393.68 Td (8,712) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 393.55 Td (6,430) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 381.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 381.68 Td (7,253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 381.55 Td (3,884) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 369.55 Td (Financial services) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 115.04 373.18 Td ( \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 369.68 Td (9,230) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 369.55 Td (6,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 357.55 Td (Less: Corporate selling, general and administrative expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 357.68 Td (\(8,398) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 357.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 357.55 Td (\(7,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 357.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 345.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 345.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 345.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 102.04 345.55 Td (income ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 127.58 349.18 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 345.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 345.68 Td (31,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 345.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 345.55 Td (19,673) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 328.68 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.68 328.68 Td (est ) Tj ET Q q 0 0 0 rg BT 80.01 328.68 Td (expense:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 316.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 316.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 316.68 Td (1,377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 316.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 316.55 Td (1,279) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 304.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 304.68 Td (2,377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 304.55 Td (2,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 292.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 292.68 Td (916) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 292.55 Td (1,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 280.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 284.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 280.68 Td (668) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 280.55 Td (384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 268.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 268.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 268.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 95.37 268.55 Td (expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 268.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 268.68 Td (5,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 268.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 268.55 Td (5,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 251.55 Td (Equity in income of joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.10 251.68 Td (\(17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 251.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 251.55 Td (\(307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 251.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 232.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 77.49 232.55 Td (before ) Tj ET Q q 0 0 0 rg BT 99.92 232.55 Td (income ) Tj ET Q q 0 0 0 rg BT 125.46 232.55 Td (taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 232.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 232.68 Td (26,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 232.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 232.55 Td (14,715) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 213.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 213.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.89 213.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.82 213.50 Td (services ) Tj ET Q q 0 0 0 rg BT 139.53 213.50 Td (operational ) Tj ET Q q 0 0 0 rg BT 177.46 213.50 Td (results ) Tj ET Q q 0 0 0 rg BT 200.30 213.50 Td (should ) Tj ET Q q 0 0 0 rg BT 223.58 213.50 Td (be ) Tj ET Q q 0 0 0 rg BT 233.08 213.50 Td (viewed ) Tj ET Q q 0 0 0 rg BT 258.13 213.50 Td (in ) Tj ET Q q 0 0 0 rg BT 266.30 213.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 303.34 213.50 Td (with ) Tj ET Q q 0 0 0 rg BT 319.51 213.50 Td (our ) Tj ET Q q 0 0 0 rg BT 332.13 213.50 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 378.51 213.50 Td (business ) Tj ET Q q 0 0 0 rg BT 407.57 213.50 Td (as ) Tj ET Q q 0 0 0 rg BT 416.19 213.50 Td (its ) Tj ET Q q 0 0 0 rg BT 425.69 213.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 460.96 213.50 Td (originate ) Tj ET Q q 0 0 0 rg BT 491.34 213.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 510.18 213.50 Td (and ) Tj ET Q q 0 0 0 rg BT 523.68 213.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.06 213.50 Td (title ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 203.90 Td (services ) Tj ET Q q 0 0 0 rg BT 95.27 203.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 127.04 203.90 Td (for ) Tj ET Q q 0 0 0 rg BT 138.36 203.90 Td (our ) Tj ET Q q 0 0 0 rg BT 151.03 203.90 Td (homebuying ) Tj ET Q q 0 0 0 rg BT 193.02 203.90 Td (customers, ) Tj ET Q q 0 0 0 rg BT 229.46 203.90 Td (with ) Tj ET Q q 0 0 0 rg BT 245.68 203.90 Td (the ) Tj ET Q q 0 0 0 rg BT 257.46 203.90 Td (exception ) Tj ET Q q 0 0 0 rg BT 290.55 203.90 Td (of ) Tj ET Q q 0 0 0 rg BT 299.22 203.90 Td (an ) Tj ET Q q 0 0 0 rg BT 308.77 203.90 Td (immaterial ) Tj ET Q q 0 0 0 rg BT 345.42 203.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 371.42 203.90 Td (of ) Tj ET Q q 0 0 0 rg BT 380.08 203.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 412.29 203.90 Td (refinancing.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 188.30 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 188.30 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.34 188.30 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 101.63 188.30 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 117.38 188.30 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 140.49 188.30 Td ( ) Tj ET Q q 0 0 0 rg BT 142.23 188.30 Td (char) Tj ET Q q 0 0 0 rg BT 155.85 188.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 165.14 188.30 Td (for ) Tj ET Q q 0 0 0 rg BT 176.21 188.30 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 222.82 188.30 Td (repair ) Tj ET Q q 0 0 0 rg BT 243.21 188.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 260.95 188.30 Td (in ) Tj ET Q q 0 0 0 rg BT 268.92 188.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 292.42 188.30 Td (of ) Tj ET Q q 0 0 0 rg BT 300.82 188.30 Td (our ) Tj ET Q q 0 0 0 rg BT 313.23 188.30 Td (Florida ) Tj ET Q q 0 0 0 rg BT 338.08 188.30 Td (communities ) Tj ET Q q 0 0 0 rg BT 381.15 188.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 392.22 188.30 Td (more ) Tj ET Q q 0 0 0 rg BT 410.40 188.30 Td (fully ) Tj ET Q q 0 0 0 rg BT 427.25 188.30 Td (discussed ) Tj ET Q q 0 0 0 rg BT 459.65 188.30 Td (in ) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 467.6171875 187.23359374999995 m 488.9091796875 187.23359374999995 l s q 0 0 1 rg BT 467.62 188.30 Td (Note ) Tj ET Q q 0 0 1 rg BT 484.91 188.30 Td (6) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 488.91 188.30 Td (\) ) Tj ET Q q 0 0 0 rg BT 493.31 188.30 Td (taken ) Tj ET Q q 0 0 0 rg BT 512.38 188.30 Td (during ) Tj ET Q q 0 0 0 rg BT 535.01 188.30 Td (the ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.52 188.30 Td (three ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 178.70 Td (months ) Tj ET Q q 0 0 0 rg BT 93.06 178.70 Td (ended ) Tj ET Q q 0 0 0 rg BT 114.16 178.70 Td (March ) Tj ET Q q 0 0 0 rg BT 137.04 178.70 Td (31, ) Tj ET Q q 0 0 0 rg BT 149.04 178.70 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 165.04 178.70 Td (.) Tj ET Q 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 (22) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 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 262.52 740.10 Td (March31, 2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.12 740.10 Td ( and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.55 740.10 Td (December 31, 2016) 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 258 717.6 m 302 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 717.6 m 313 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 717.6 m 353 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 717.6 m 366 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 717.6 m 425 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 717.6 m 436 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 717.6 m 506 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 717.6 m 517 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 717.6 m 562 717.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 688.6 m 258 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 688.6 m 302 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 688.6 m 313 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 688.6 m 353 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 688.6 m 366 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 688.6 m 425 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 688.6 m 436 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 688.6 m 506 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 688.6 m 517 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 688.6 m 562 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 688.6 m 258 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 688.6 m 302 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 688.6 m 313 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 688.6 m 353 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 688.6 m 366 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 688.6 m 425 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 688.6 m 436 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 688.6 m 506 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 688.6 m 517 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 688.6 m 562 688.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 640.6 m 258 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 640.6 m 302 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 640.6 m 313 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 640.6 m 353 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 640.6 m 366 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 640.6 m 425 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 640.6 m 436 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 640.6 m 506 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 640.6 m 517 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 640.6 m 562 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 640.6 m 258 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 628.6 m 258 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 640.6 m 302 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 628.6 m 302 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 640.6 m 313 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 302 628.6 m 313 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 640.6 m 353 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 313 628.6 m 353 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 640.6 m 366 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 353 628.6 m 366 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 640.6 m 425 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 628.6 m 425 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 640.6 m 436 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 628.6 m 436 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 640.6 m 506 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 628.6 m 506 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 640.6 m 517 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 628.6 m 517 628.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 640.6 m 562 640.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 628.6 m 562 628.6 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 383.00 721.68 Td (March 31, 2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 692.85 Td (\(In ) Tj ET Q q 0 0 0 rg BT 62.83 692.85 Td (thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 264.80 692.83 Td (Midwest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 316.70 692.83 Td (Southern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.75 692.83 Td (Mid-Atlantic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.70 708.83 Td (Corporate,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.50 700.83 Td (Financial Services) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.60 692.83 Td (and Unallocated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 530.25 692.83 Td (Total) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 680.55 Td (Deposits ) Tj ET Q q 0 0 0 rg BT 81.50 680.55 Td (on ) Tj ET Q q 0 0 0 rg BT 91.50 680.55 Td (real ) Tj ET Q q 0 0 0 rg BT 105.49 680.55 Td (estate ) Tj ET Q q 0 0 0 rg BT 125.70 680.55 Td (under ) Tj ET Q q 0 0 0 rg BT 145.91 680.55 Td (option ) Tj ET Q q 0 0 0 rg BT 168.36 680.55 Td (or ) Tj ET Q q 0 0 0 rg BT 177.02 680.55 Td (contract) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.50 680.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.75 680.68 Td (5,521) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.50 680.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.75 680.68 Td (21,122) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.50 680.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.80 680.68 Td (4,152) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 680.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 680.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.50 680.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 680.68 Td (30,795) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 668.55 Td (Inventory ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 84.60 672.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.75 668.68 Td (417,867) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.75 668.68 Td (539,395) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.80 668.68 Td (298,561) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 668.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 668.68 Td (1,255,823) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 656.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.16 656.55 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 656.55 Td (joint ) Tj ET Q q 0 0 0 rg BT 117.05 656.55 Td (venture ) Tj ET Q q 0 0 0 rg BT 143.04 656.55 Td (arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.75 656.68 Td (3,965) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.75 656.68 Td (12,924) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.80 656.68 Td (7,329) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 656.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 656.68 Td (24,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 644.55 Td (Other ) Tj ET Q q 0 0 0 rg BT 71.71 644.55 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 276.75 644.68 Td (14,009) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.75 644.68 Td (27,983) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 355.50 648.96 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 644.68 Td (16,633) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 644.68 Td (202,804) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 644.68 Td (261,429) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 632.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 632.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 632.55 Td (assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.50 632.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 272.75 632.68 Td (441,362) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.50 632.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.75 632.68 Td (601,424) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 368.50 632.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.80 632.68 Td (326,675) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 632.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 632.68 Td (202,804) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 519.50 632.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 632.68 Td (1,572,265) 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 258 597 m 302 597 l 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523.95 Td (35,622) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 355.50 528.36 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 523.95 Td (13,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 523.95 Td (229,280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 523.95 Td (304,561) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 511.95 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 511.95 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 511.95 Td (assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.50 511.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 272.75 511.95 Td (439,705) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.50 511.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.75 511.95 Td (552,897) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.50 511.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 511.95 Td (326,629) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 511.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 511.95 Td (229,280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 511.95 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 511.95 Td (1,548,511) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 492.90 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 492.90 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 99.75 492.90 Td (includes ) Tj ET Q q 0 0 0 rg BT 127.55 492.90 Td (single-family ) Tj ET Q q 0 0 0 rg BT 171.35 492.90 Td (lots, ) Tj ET Q q 0 0 0 rg BT 186.05 492.90 Td (land ) Tj ET Q q 0 0 0 rg BT 200.97 492.90 Td (and ) Tj ET Q q 0 0 0 rg BT 213.67 492.90 Td (land ) Tj ET Q q 0 0 0 rg BT 228.59 492.90 Td (development ) Tj ET Q q 0 0 0 rg BT 271.05 492.90 Td (costs; ) Tj ET Q q 0 0 0 rg BT 290.42 492.90 Td (land ) Tj ET Q q 0 0 0 rg BT 305.34 492.90 Td (held ) Tj ET Q q 0 0 0 rg BT 320.25 492.90 Td (for ) Tj ET Q q 0 0 0 rg BT 330.73 492.90 Td (sale; ) Tj ET Q q 0 0 0 rg BT 346.53 492.90 Td (homes ) Tj ET Q q 0 0 0 rg BT 368.56 492.90 Td (under ) Tj ET Q q 0 0 0 rg BT 387.92 492.90 Td (construction; ) Tj ET Q q 0 0 0 rg BT 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Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 467.70 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 467.70 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.60 467.70 Td (development ) Tj ET Q q 0 0 0 rg BT 139.92 467.70 Td (reimbursements ) Tj ET Q q 0 0 0 rg BT 193.02 467.70 Td (from ) Tj ET Q q 0 0 0 rg BT 210.57 467.70 Td (local ) Tj ET Q q 0 0 0 rg BT 228.12 467.70 Td (municipalities.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 443.70 Td (NOTE 1) Tj ET Q q 0 0 0 rg BT 84.79 443.70 Td (1. Supplemental Guarantor) Tj ET Q q 0 0 0 rg BT 202.12 443.70 Td ( Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 421.70 Td (The ) Tj ET Q q 0 0 0 rg BT 66.49 421.70 Td (Company) Tj ET Q q 0 0 0 rg BT 108.15 421.70 Td (s ) Tj ET Q q 0 0 0 rg BT 113.48 421.70 Td (obligations ) Tj ET Q q 0 0 0 rg BT 159.37 421.70 Td (under ) Tj ET Q q 0 0 0 rg BT 183.57 421.70 Td (the ) Tj ET Q q 0 0 0 rg BT 197.23 421.70 Td (2021 ) Tj ET Q q 0 0 0 rg BT 218.67 421.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 246.22 421.70 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 273.49 421.70 Td (the ) Tj ET Q q 0 0 0 rg BT 287.14 421.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 308.58 421.70 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 357.23 421.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 384.78 421.70 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 439.55 421.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 464.32 421.70 Td (and ) Tj ET Q q 0 0 0 rg BT 480.19 421.70 Td (the ) Tj ET Q q 0 0 0 rg BT 493.85 421.70 Td (2018 ) Tj ET Q q 0 0 0 rg BT 515.29 421.70 Td (Convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 409.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.75 409.70 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 135.22 409.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 161.69 409.70 Td (are ) Tj ET Q q 0 0 0 rg BT 177.04 409.70 Td (not ) Tj ET Q q 0 0 0 rg BT 192.96 409.70 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 239.96 409.70 Td (by ) Tj ET Q q 0 0 0 rg BT 253.11 409.70 Td (all ) Tj ET Q q 0 0 0 rg BT 266.24 409.70 Td (of ) Tj ET Q q 0 0 0 rg BT 277.72 409.70 Td (the ) Tj ET Q q 0 0 0 rg BT 293.07 409.70 Td (Company) Tj ET Q q 0 0 0 rg BT 334.74 409.70 Td (s ) Tj ET Q q 0 0 0 rg BT 341.77 409.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 392.13 409.70 Td (and ) Tj ET Q q 0 0 0 rg BT 409.71 409.70 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 451.44 409.70 Td (the ) Tj ET Q q 0 0 0 rg BT 466.80 409.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 508.83 409.70 Td (has ) Tj ET Q q 0 0 0 rg BT 525.30 409.70 Td (disclosed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 397.70 Td (condensed ) Tj ET Q q 0 0 0 rg BT 95.72 397.70 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 153.61 397.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 192.60 397.70 Td (information ) Tj ET Q q 0 0 0 rg BT 243.83 397.70 Td (in ) Tj ET Q q 0 0 0 rg BT 255.62 397.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 304.59 397.70 Td (with ) Tj ET Q q 0 0 0 rg BT 326.38 397.70 Td (SEC ) Tj ET Q q 0 0 0 rg BT 348.73 397.70 Td (Regulation ) Tj ET Q q 0 0 0 rg BT 396.63 397.70 Td (S-X ) Tj ET Q q 0 0 0 rg BT 416.75 397.70 Td (Rule ) Tj ET Q q 0 0 0 rg BT 439.65 397.70 Td (3-10, ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 464.49 397.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 507.38 397.70 Td (Statements ) Tj ET Q q 0 0 0 rg BT 554.72 397.70 Td (of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 385.70 Td (Guarantors ) Tj ET Q q 0 0 0 rg BT 98.35 385.70 Td (and ) Tj ET Q q 0 0 0 rg BT 115.52 385.70 Td (Issuers ) Tj ET Q q 0 0 0 rg BT 146.02 385.70 Td (of ) Tj ET Q q 0 0 0 rg BT 155.97 385.70 Td (Guaranteed ) Tj ET Q q 0 0 0 rg BT 205.91 385.70 Td (Securities ) Tj ET Q q 0 0 0 rg BT 247.51 385.70 Td (Register) Tj ET Q q 0 0 0 rg BT 280.47 385.70 Td (ed ) Tj ET Q q 0 0 0 rg BT 292.08 385.70 Td (or ) Tj ET Q q 0 0 0 rg BT 303.14 385.70 Td (Being ) Tj ET Q q 0 0 0 rg BT 328.63 385.70 Td (Register) Tj ET Q q 0 0 0 rg BT 361.59 385.70 Td (ed. ) Tj ET Q q 0 0 0 rg BT 375.70 385.70 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.87 385.70 Td (The ) Tj ET Q q 0 0 0 rg BT 395.58 385.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 438.29 385.70 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 489.35 385.70 Td (of ) Tj ET Q q 0 0 0 rg BT 499.85 385.70 Td (the ) Tj ET Q q 0 0 0 rg BT 514.24 385.70 Td (2021 ) Tj ET Q q 0 0 0 rg BT 536.41 385.70 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 373.70 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 77.83 373.70 Td (the ) Tj ET Q q 0 0 0 rg BT 92.55 373.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 115.05 373.70 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 164.76 373.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 193.37 373.70 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 249.19 373.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 275.02 373.70 Td (and ) Tj ET Q q 0 0 0 rg BT 291.96 373.70 Td (the ) Tj ET Q q 0 0 0 rg BT 306.68 373.70 Td (2018 ) Tj ET Q q 0 0 0 rg BT 329.18 373.70 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 378.89 373.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 407.50 373.70 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 463.32 373.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 489.15 373.70 Td (are ) Tj ET Q q 0 0 0 rg BT 503.86 373.70 Td (the ) Tj ET Q q 0 0 0 rg BT 518.58 373.70 Td (same.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.70 Td (The ) Tj ET Q q 0 0 0 rg BT 69.26 351.70 Td (following ) Tj ET Q q 0 0 0 rg BT 112.36 351.70 Td (condensed ) Tj ET Q q 0 0 0 rg BT 158.78 351.70 Td (consolidating ) Tj ET Q q 0 0 0 rg BT 216.87 351.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 256.06 351.70 Td (information ) Tj ET Q q 0 0 0 rg BT 307.49 351.70 Td (includes ) Tj ET Q q 0 0 0 rg BT 345.03 351.70 Td (balance ) Tj ET Q q 0 0 0 rg BT 379.77 351.70 Td (sheets, ) Tj ET Q q 0 0 0 rg BT 410.92 351.70 Td (statements ) Tj ET Q q 0 0 0 rg BT 457.35 351.70 Td (of ) Tj ET Q q 0 0 0 rg BT 469.89 351.70 Td (income ) Tj ET Q q 0 0 0 rg BT 503.54 351.70 Td (and ) Tj ET Q q 0 0 0 rg BT 522.19 351.70 Td (cash ) Tj ET Q q 0 0 0 rg BT 544.17 351.70 Td (flow ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.70 Td (information ) Tj ET Q q 0 0 0 rg BT 100.18 339.70 Td (for ) Tj ET Q q 0 0 0 rg BT 115.32 339.70 Td (M/I ) Tj ET Q q 0 0 0 rg BT 133.79 339.70 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 168.09 339.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 186.83 339.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 205.85 339.70 Td (parent ) Tj ET Q q 0 0 0 rg BT 234.30 339.70 Td (company ) Tj ET Q q 0 0 0 rg BT 274.43 339.70 Td (and ) Tj ET Q q 0 0 0 rg BT 292.34 339.70 Td (the ) Tj ET Q q 0 0 0 rg BT 308.03 339.70 Td (issuer ) Tj ET Q q 0 0 0 rg BT 334.83 339.70 Td (of ) Tj ET Q q 0 0 0 rg BT 346.63 339.70 Td (the ) Tj ET Q q 0 0 0 rg BT 362.32 339.70 Td (aforementioned ) Tj ET Q q 0 0 0 rg BT 428.54 339.70 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 475.88 339.70 Td (notes\), ) Tj ET Q q 0 0 0 rg BT 506.29 339.70 Td (the ) Tj ET Q q 0 0 0 rg BT 521.98 339.70 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.70 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 104.53 327.70 Td (collectively) Tj ET Q q 0 0 0 rg BT 150.52 327.70 Td (, ) Tj ET Q q 0 0 0 rg BT 156.67 327.70 Td (and ) Tj ET Q q 0 0 0 rg BT 174.75 327.70 Td (for ) Tj ET Q q 0 0 0 rg BT 190.05 327.70 Td (all ) Tj ET Q q 0 0 0 rg BT 203.68 327.70 Td (other ) Tj ET Q q 0 0 0 rg BT 227.87 327.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 278.73 327.70 Td (and ) Tj ET Q q 0 0 0 rg BT 296.81 327.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 318.79 327.70 Td (ventures ) Tj ET Q q 0 0 0 rg BT 356.31 327.70 Td (of ) Tj ET Q q 0 0 0 rg BT 368.28 327.70 Td (the ) Tj ET Q q 0 0 0 rg BT 384.14 327.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 426.67 327.70 Td (\(the ) Tj ET Q q 0 0 0 rg BT 445.85 327.70 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 503.36 327.70 Td (Subsidiaries\), ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.70 Td (collectively) Tj ET Q q 0 0 0 rg BT 95.50 315.70 Td (. ) Tj ET Q q 0 0 0 rg BT 101.34 315.70 Td ( ) Tj ET Q q 0 0 0 rg BT 104.68 315.70 Td (Each ) Tj ET Q q 0 0 0 rg BT 128.01 315.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 171.89 315.70 Td (Subsidiary ) Tj ET Q q 0 0 0 rg BT 218.01 315.70 Td (is ) Tj ET Q q 0 0 0 rg BT 228.02 315.70 Td (a ) Tj ET Q q 0 0 0 rg BT 235.80 315.70 Td (direct ) Tj ET Q q 0 0 0 rg BT 261.91 315.70 Td (or ) Tj ET Q q 0 0 0 rg BT 273.58 315.70 Td (indirect ) Tj ET Q q 0 0 0 rg BT 307.46 315.70 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 364.13 315.70 Td (subsidiary ) Tj ET Q q 0 0 0 rg BT 408.58 315.70 Td (of ) Tj ET Q q 0 0 0 rg BT 420.25 315.70 Td (M/I ) Tj ET Q q 0 0 0 rg BT 438.59 315.70 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 472.76 315.70 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 491.38 315.70 Td (and ) Tj ET Q q 0 0 0 rg BT 509.16 315.70 Td (has ) Tj ET Q q 0 0 0 rg BT 525.83 315.70 Td (fully ) Tj ET Q q 0 0 0 rg BT 548.06 315.70 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.70 Td (unconditionally ) Tj ET Q q 0 0 0 rg BT 114.80 303.70 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 161.20 303.70 Td (the ) Tj ET Q q 0 0 0 rg BT 175.95 303.70 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 189.59 303.70 Td (2021 ) Tj ET Q q 0 0 0 rg BT 212.12 303.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 240.77 303.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 266.63 303.70 Td (on ) Tj ET Q q 0 0 0 rg BT 279.17 303.70 Td (a ) Tj ET Q q 0 0 0 rg BT 286.14 303.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 307.01 303.70 Td (and ) Tj ET Q q 0 0 0 rg BT 323.99 303.70 Td (several ) Tj ET Q q 0 0 0 rg BT 354.84 303.70 Td (senior ) Tj ET Q q 0 0 0 rg BT 381.81 303.70 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 424.89 303.70 Td (basis, ) Tj ET Q q 0 0 0 rg BT 449.92 303.70 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 464.12 303.70 Td (2017 ) Tj ET Q q 0 0 0 rg BT 486.65 303.70 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 536.40 303.70 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.70 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 106.08 291.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 132.66 291.70 Td (on ) Tj ET Q q 0 0 0 rg BT 145.91 291.70 Td (a ) Tj ET Q q 0 0 0 rg BT 153.60 291.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 175.18 291.70 Td (and ) Tj ET Q q 0 0 0 rg BT 192.87 291.70 Td (several ) Tj ET Q q 0 0 0 rg BT 224.44 291.70 Td (senior ) Tj ET Q q 0 0 0 rg BT 252.13 291.70 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 307.04 291.70 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 350.82 291.70 Td (basis ) Tj ET Q q 0 0 0 rg BT 374.07 291.70 Td (and ) Tj ET Q q 0 0 0 rg BT 391.76 291.70 Td (\(c\) ) Tj ET Q q 0 0 0 rg BT 406.11 291.70 Td (2018 ) Tj ET Q q 0 0 0 rg BT 429.36 291.70 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 479.83 291.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 509.19 291.70 Td (Subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.70 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.33 279.70 Td (on ) Tj ET Q q 0 0 0 rg BT 87.83 279.70 Td (a ) Tj ET Q q 0 0 0 rg BT 94.77 279.70 Td (joint ) Tj ET Q q 0 0 0 rg BT 115.60 279.70 Td (and ) Tj ET Q q 0 0 0 rg BT 132.54 279.70 Td (several ) Tj ET Q q 0 0 0 rg BT 163.36 279.70 Td (senior ) Tj ET Q q 0 0 0 rg BT 190.30 279.70 Td (subordinated ) Tj ET Q q 0 0 0 rg BT 244.45 279.70 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 287.49 279.70 Td (basis.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 257.70 Td (There ) Tj ET Q q 0 0 0 rg BT 75.55 257.70 Td (are ) Tj ET Q q 0 0 0 rg BT 90.50 257.70 Td (no ) Tj ET Q q 0 0 0 rg BT 103.24 257.70 Td (significant ) Tj ET Q q 0 0 0 rg BT 148.19 257.70 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 195.36 257.70 Td (on ) Tj ET Q q 0 0 0 rg BT 208.10 257.70 Td (the ) Tj ET Q q 0 0 0 rg BT 223.05 257.70 Td (parent ) Tj ET Q q 0 0 0 rg BT 250.78 257.70 Td (company) Tj ET Q q 0 0 0 rg BT 290.21 257.70 Td (s ) Tj ET Q q 0 0 0 rg BT 296.84 257.70 Td (ability ) Tj ET Q q 0 0 0 rg BT 325.13 257.70 Td (to ) Tj ET Q q 0 0 0 rg BT 335.65 257.70 Td (obtain ) Tj ET Q q 0 0 0 rg BT 363.38 257.70 Td (funds ) Tj ET Q q 0 0 0 rg BT 388.34 257.70 Td (from ) Tj ET Q q 0 0 0 rg BT 410.52 257.70 Td (its ) Tj ET Q q 0 0 0 rg BT 422.70 257.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 465.98 257.70 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 517.60 257.70 Td (in ) Tj ET Q q 0 0 0 rg BT 528.12 257.70 Td (the ) Tj ET Q q 0 0 0 rg BT 543.08 257.70 Td (form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 245.70 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 245.70 Td (a ) Tj ET Q q 0 0 0 rg BT 67.27 245.70 Td (dividend, ) Tj ET Q q 0 0 0 rg BT 107.26 245.70 Td (loan, ) Tj ET Q q 0 0 0 rg BT 129.48 245.70 Td (or ) Tj ET Q q 0 0 0 rg BT 140.31 245.70 Td (other ) Tj ET Q q 0 0 0 rg BT 163.36 245.70 Td (means. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.70 Td (As ) Tj ET Q q 0 0 0 rg BT 63.27 223.70 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.25 223.70 Td (March31, ) Tj ET Q q 0 0 0 rg BT 118.01 223.70 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.01 223.70 Td (, ) Tj ET Q q 0 0 0 rg BT 143.16 223.70 Td (each ) Tj ET Q q 0 0 0 rg BT 164.13 223.70 Td (of ) Tj ET Q q 0 0 0 rg BT 175.12 223.70 Td (the ) Tj ET Q q 0 0 0 rg BT 189.99 223.70 Td (Company) Tj ET Q q 0 0 0 rg BT 231.66 223.70 Td (s ) Tj ET Q q 0 0 0 rg BT 238.20 223.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 288.08 223.70 Td (is ) Tj ET Q q 0 0 0 rg BT 297.40 223.70 Td (a ) Tj ET Q q 0 0 0 rg BT 304.49 223.70 Td (Guarantor ) Tj ET Q q 0 0 0 rg BT 347.69 223.70 Td (Subsidiary) Tj ET Q q 0 0 0 rg BT 389.82 223.70 Td (, ) Tj ET Q q 0 0 0 rg BT 394.97 223.70 Td (with ) Tj ET Q q 0 0 0 rg BT 415.40 223.70 Td (the ) Tj ET Q q 0 0 0 rg BT 430.28 223.70 Td (exception ) Tj ET Q q 0 0 0 rg BT 471.80 223.70 Td (of ) Tj ET Q q 0 0 0 rg BT 482.79 223.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 532.66 223.70 Td (that ) Tj ET Q q 0 0 0 rg BT 550.31 223.70 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.70 Td (primarily ) Tj ET Q q 0 0 0 rg BT 88.42 211.70 Td (engaged ) Tj ET Q q 0 0 0 rg BT 123.44 211.70 Td (in ) Tj ET Q q 0 0 0 rg BT 132.92 211.70 Td (the ) Tj ET Q q 0 0 0 rg BT 146.84 211.70 Td (business ) Tj ET Q q 0 0 0 rg BT 182.43 211.70 Td (of ) Tj ET Q q 0 0 0 rg BT 192.47 211.70 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 231.94 211.70 Td (financing, ) Tj ET Q q 0 0 0 rg BT 273.90 211.70 Td (title ) Tj ET Q q 0 0 0 rg BT 291.16 211.70 Td (insurance ) Tj ET Q q 0 0 0 rg BT 331.18 211.70 Td (or ) Tj ET Q q 0 0 0 rg BT 341.21 211.70 Td (similar ) Tj ET Q q 0 0 0 rg BT 370.69 211.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 407.38 211.70 Td (businesses ) Tj ET Q q 0 0 0 rg BT 451.30 211.70 Td (relating ) Tj ET Q q 0 0 0 rg BT 483.55 211.70 Td (to ) Tj ET Q q 0 0 0 rg BT 493.03 211.70 Td (the ) Tj ET Q q 0 0 0 rg BT 506.95 211.70 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.70 Td (and ) Tj ET Q q 0 0 0 rg BT 65.51 199.70 Td (home ) Tj ET Q q 0 0 0 rg BT 89.29 199.70 Td (sales ) Tj ET Q q 0 0 0 rg BT 110.30 199.70 Td (business, ) Tj ET Q q 0 0 0 rg BT 148.25 199.70 Td (certain ) Tj ET Q q 0 0 0 rg BT 177.02 199.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 225.81 199.70 Td (that ) Tj ET Q q 0 0 0 rg BT 242.37 199.70 Td (are ) Tj ET Q q 0 0 0 rg BT 256.15 199.70 Td (not ) Tj ET Q q 0 0 0 rg BT 270.49 199.70 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 325.38 199.70 Td (by ) Tj ET Q q 0 0 0 rg BT 336.95 199.70 Td (the ) Tj ET Q q 0 0 0 rg BT 350.73 199.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 391.18 199.70 Td (or ) Tj ET Q q 0 0 0 rg BT 401.08 199.70 Td (another ) Tj ET Q q 0 0 0 rg BT 432.63 199.70 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 473.09 199.70 Td (, ) Tj ET Q q 0 0 0 rg BT 477.16 199.70 Td (and ) Tj ET Q q 0 0 0 rg BT 493.17 199.70 Td (other ) Tj ET Q q 0 0 0 rg BT 515.28 199.70 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.70 Td (designated ) Tj ET Q q 0 0 0 rg BT 96.68 187.70 Td (by ) Tj ET Q q 0 0 0 rg BT 111.09 187.70 Td (the ) Tj ET Q q 0 0 0 rg BT 127.72 187.70 Td (Company ) Tj ET Q q 0 0 0 rg BT 171.02 187.70 Td (as ) Tj ET Q q 0 0 0 rg BT 183.76 187.70 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 237.60 187.70 Td (Subsidiaries, ) Tj ET Q q 0 0 0 rg BT 293.40 187.70 Td (subject ) Tj ET Q q 0 0 0 rg BT 326.13 187.70 Td (to ) Tj ET Q q 0 0 0 rg BT 338.32 187.70 Td (limitations ) Tj ET Q q 0 0 0 rg BT 385.52 187.70 Td (on ) Tj ET Q q 0 0 0 rg BT 399.93 187.70 Td (the ) Tj ET Q q 0 0 0 rg BT 416.56 187.70 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 459.83 187.70 Td (amount ) Tj ET Q q 0 0 0 rg BT 494.24 187.70 Td (invested ) Tj ET Q q 0 0 0 rg BT 531.98 187.70 Td (in ) Tj ET Q q 0 0 0 rg BT 544.17 187.70 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.70 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 101.40 175.70 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 152.76 175.70 Td (in ) Tj ET Q q 0 0 0 rg BT 163.01 175.70 Td (accordance ) Tj ET Q q 0 0 0 rg BT 210.45 175.70 Td (with ) Tj ET Q q 0 0 0 rg BT 230.70 175.70 Td (the ) Tj ET Q q 0 0 0 rg BT 245.39 175.70 Td (terms ) Tj ET Q q 0 0 0 rg BT 270.08 175.70 Td (of ) Tj ET Q q 0 0 0 rg BT 280.89 175.70 Td (the ) Tj ET Q q 0 0 0 rg BT 295.58 175.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 323.05 175.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 356.08 175.70 Td (and ) Tj ET Q q 0 0 0 rg BT 372.99 175.70 Td (the ) Tj ET Q q 0 0 0 rg BT 387.68 175.70 Td (indenture ) Tj ET Q q 0 0 0 rg BT 427.92 175.70 Td (governing ) Tj ET Q q 0 0 0 rg BT 470.94 175.70 Td (the ) Tj ET Q q 0 0 0 rg BT 485.63 175.70 Td (2021 ) Tj ET Q q 0 0 0 rg BT 508.11 175.70 Td (Senior ) Tj ET Q q 0 0 0 rg BT 536.69 175.70 Td (Notes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 153.70 Td (In ) Tj ET Q q 0 0 0 rg BT 60.01 153.70 Td (the ) Tj ET Q q 0 0 0 rg BT 74.40 153.70 Td (condensed ) Tj ET Q q 0 0 0 rg BT 118.78 153.70 Td (financial ) Tj ET Q q 0 0 0 rg BT 155.94 153.70 Td (tables ) Tj ET Q q 0 0 0 rg BT 181.44 153.70 Td (presented ) Tj ET Q q 0 0 0 rg BT 221.93 153.70 Td (below) Tj ET Q q 0 0 0 rg BT 245.72 153.70 Td (, ) Tj ET Q q 0 0 0 rg BT 250.39 153.70 Td (the ) Tj ET Q q 0 0 0 rg BT 264.78 153.70 Td (parent ) Tj ET Q q 0 0 0 rg BT 291.94 153.70 Td (company ) Tj ET Q q 0 0 0 rg BT 330.77 153.70 Td (presents ) Tj ET Q q 0 0 0 rg BT 365.72 153.70 Td (all ) Tj ET Q q 0 0 0 rg BT 377.89 153.70 Td (of ) Tj ET Q q 0 0 0 rg BT 388.39 153.70 Td (its ) Tj ET Q q 0 0 0 rg BT 400.02 153.70 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 455.51 153.70 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 504.91 153.70 Td (as ) Tj ET Q q 0 0 0 rg BT 515.41 153.70 Td (if ) Tj ET Q q 0 0 0 rg BT 523.69 153.70 Td (they ) Tj ET Q q 0 0 0 rg BT 543.09 153.70 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 141.70 Td (accounted ) Tj ET Q q 0 0 0 rg BT 92.03 141.70 Td (for ) Tj ET Q q 0 0 0 rg BT 105.68 141.70 Td (under ) Tj ET Q q 0 0 0 rg BT 130.45 141.70 Td (the ) Tj ET Q q 0 0 0 rg BT 144.66 141.70 Td (equity ) Tj ET Q q 0 0 0 rg BT 171.65 141.70 Td (method. ) Tj ET Q q 0 0 0 rg BT 206.14 141.70 Td ( ) Tj ET Q q 0 0 0 rg BT 207.70 141.70 Td (All ) Tj ET Q q 0 0 0 rg BT 222.47 141.70 Td (applicable ) Tj ET Q q 0 0 0 rg BT 265.56 141.70 Td (corporate ) Tj ET Q q 0 0 0 rg BT 305.31 141.70 Td (expenses ) Tj ET Q q 0 0 0 rg BT 343.40 141.70 Td (have ) Tj ET Q q 0 0 0 rg BT 364.28 141.70 Td (been ) Tj ET Q q 0 0 0 rg BT 385.15 141.70 Td (allocated ) Tj ET Q q 0 0 0 rg BT 423.23 141.70 Td (appropriately ) Tj ET Q q 0 0 0 rg BT 478.54 141.70 Td (among ) Tj ET Q q 0 0 0 rg BT 507.75 141.70 Td (the ) Tj ET Q q 0 0 0 rg BT 521.97 141.70 Td (Guarantor ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 129.70 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 100.89 129.70 Td (and ) Tj ET Q q 0 0 0 rg BT 117.83 129.70 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 169.75 129.70 Td (Subsidiaries.) 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 (23) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 133.05 737.18 Td (UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF 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 49 573.5 m 246 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 560.5 m 246 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 573.5 m 258 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 560.5 m 258 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 573.5 m 324 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 560.5 m 324 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 573.5 m 384 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 560.5 m 384 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 573.5 m 449 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 560.5 m 449 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 573.5 m 504 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 560.5 m 504 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 573.5 m 562 573.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 560.5 m 562 560.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 504.5 m 246 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 504.5 m 258 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 504.5 m 324 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 504.5 m 384 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 504.5 m 449 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 504.5 m 504 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 504.5 m 562 504.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 486.5 m 246 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 486.5 m 258 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 486.5 m 324 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 486.5 m 384 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 486.5 m 449 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 486.5 m 504 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 486.5 m 562 486.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 446.5 m 246 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 446.5 m 258 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 446.5 m 324 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 446.5 m 384 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 446.5 m 449 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 446.5 m 504 446.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 446.5 m 562 446.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 345.60 696.73 Td (Three Months Ended March 31, 2017) 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 (Unrestricted) 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 (392,673) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 423.80 655.73 Td (14,307) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 655.73 Td ($) 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 (406,980) 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 (320,281) 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 (320,281) 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 (22,460) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 616.73 Td (5,300) 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 (27,760) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 603.75 Td (Selling) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 603.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 603.73 Td (27,283) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 603.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 603.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 603.73 Td (27,283) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 590.75 Td (Equity in income of joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 590.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 590.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 435.10 590.73 Td (\(17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 445.80 590.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 590.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 548.10 590.73 Td (\(17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 590.73 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 577.75 Td (Interest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 577.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.80 577.73 Td (4,670) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 577.73 Td (668) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 577.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 577.73 Td (5,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 564.75 Td (Total costs and expenses) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 564.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 354.80 564.73 Td (374,694) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 564.73 Td (5,951) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 564.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 564.73 Td (380,645) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 544.75 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 544.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 544.73 Td (17,979) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 544.73 Td (8,356) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 544.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 544.73 Td (26,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 526.75 Td (Provision for income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 312.80 526.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.80 526.73 Td (6,489) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 526.73 Td (2,963) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 526.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 526.73 Td (9,452) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 508.75 Td (Equity in subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 508.73 Td (16,883) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 508.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 508.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 508.73 Td (\(16,883) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 508.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 508.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 490.75 Td (Net income) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 490.73 Td (16,883) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 490.73 Td (11,490) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 490.73 Td (5,393) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 490.73 Td (\(16,883) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 490.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 490.73 Td (16,883) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 470.75 Td (Preferred dividends) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 302.80 470.73 Td (1,219) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 372.80 470.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 437.80 470.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 470.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 470.73 Td (1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 450.75 Td (Net income to common shareholders) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 260.50 450.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 298.80 450.73 Td (15,664) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.50 450.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 358.80 450.73 Td (11,490) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 386.50 450.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 427.80 450.73 Td (5,393) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 451.50 450.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 450.73 Td (\(16,883) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 500.80 450.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 506.50 450.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.80 450.73 Td (15,664) 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 258 411.5 m 324 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 411.5 m 384 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 411.5 m 449 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 411.5 m 504 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 411.5 m 562 411.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 390.5 m 246 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 390.5 m 258 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 390.5 m 324 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 390.5 m 384 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 390.5 m 449 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 390.5 m 504 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 390.5 m 562 390.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 292.5 m 246 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 279.5 m 246 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 292.5 m 258 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 279.5 m 258 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 292.5 m 324 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 279.5 m 324 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 292.5 m 384 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 279.5 m 384 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 292.5 m 449 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 279.5 m 449 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 292.5 m 504 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 279.5 m 504 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 292.5 m 562 292.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 279.5 m 562 279.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 223.5 m 246 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 223.5 m 258 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 223.5 m 324 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 223.5 m 384 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 223.5 m 449 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 223.5 m 504 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 223.5 m 562 223.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 203.5 m 246 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 203.5 m 258 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 203.5 m 324 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 203.5 m 384 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 203.5 m 449 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 203.5 m 504 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 203.5 m 562 203.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 163.5 m 246 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 246 163.5 m 258 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 258 163.5 m 324 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 324 163.5 m 384 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 384 163.5 m 449 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 449 163.5 m 504 163.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 504 163.5 m 562 163.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 349.25 415.75 Td (Three Months Ended March 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 394.75 Td (\(In thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 264.05 394.75 Td (M/I Homes, Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 337.25 402.75 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.90 394.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.20 402.75 Td (Unrestricted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 396.40 394.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 455.55 394.75 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.35 394.75 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 374.75 Td (Revenue) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.50 374.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 374.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 374.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 374.75 Td (314,317) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.50 374.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.80 374.75 Td (10,053) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 374.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 374.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 374.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 374.75 Td (324,370) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 361.75 Td (Costs and expenses:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 348.75 Td (Land and housing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 348.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 348.75 Td (260,172) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 348.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 348.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 348.75 Td (260,172) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 335.75 Td (General and administrative) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 335.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 335.75 Td (18,302) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 335.75 Td (3,957) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 335.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 335.75 Td (22,259) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 322.75 Td (Selling) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 322.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 358.15 322.75 Td (22,266) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 322.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 322.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 322.75 Td (22,266) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 309.75 Td (Equity in income of joint venture arrangements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 309.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 309.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 431.10 309.75 Td (\(307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 445.80 309.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 309.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 309.75 Td (\(307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 309.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 296.75 Td (Interest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 296.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.15 296.75 Td (4,881) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 296.75 Td (384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 296.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 296.75 Td (5,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 283.75 Td (Total costs and expenses) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 283.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 354.15 283.75 Td (305,621) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 283.75 Td (4,034) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 283.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 283.75 Td (309,655) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 263.75 Td (Income before income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 263.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.15 263.75 Td (8,696) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 263.75 Td (6,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 263.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 263.75 Td (14,715) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 245.75 Td (Provision for income taxes) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 312.80 245.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.15 245.75 Td (3,444) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 245.75 Td (2,082) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 245.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 245.75 Td (5,526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 227.75 Td (Equity in subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 227.75 Td (9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 227.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 227.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.10 227.75 Td (\(9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 227.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 227.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 207.75 Td (Net income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 207.75 Td (9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.15 207.75 Td (5,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 207.75 Td (3,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.10 207.75 Td (\(9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 207.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 207.75 Td (9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 187.75 Td (Preferred dividends) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 187.75 Td (1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 372.15 187.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 437.80 187.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 492.80 187.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 187.75 Td (1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 167.75 Td (Net income to common shareholders) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 260.50 167.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 302.80 167.75 Td (7,970) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.50 167.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.15 167.75 Td (5,252) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 386.50 167.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 427.80 167.75 Td (3,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 451.50 167.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 480.10 167.75 Td (\(9,189) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 500.80 167.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 506.50 167.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 167.75 Td (7,970) Tj ET Q BT /F1 10.00 Tf ET 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 (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 49 547.5 m 265 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 534.5 m 265 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 547.5 m 272 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 534.5 m 272 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 547.5 m 337 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 534.5 m 337 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 547.5 m 392 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 534.5 m 392 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 547.5 m 455 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 534.5 m 455 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 547.5 m 508 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 534.5 m 508 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 547.5 m 562 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 534.5 m 562 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 336.5 m 265 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 323.5 m 265 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 336.5 m 272 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 323.5 m 272 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 336.5 m 337 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 323.5 m 337 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 336.5 m 392 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 323.5 m 392 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 336.5 m 455 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 323.5 m 455 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 336.5 m 508 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 323.5 m 508 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 336.5 m 562 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 323.5 m 562 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 303.5 m 265 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 303.5 m 272 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 303.5 m 337 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 303.5 m 392 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 303.5 m 455 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 303.5 m 508 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 303.5 m 562 303.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 283.5 m 265 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 283.5 m 272 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 283.5 m 337 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 283.5 m 392 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 283.5 m 455 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 283.5 m 508 283.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 283.5 m 562 283.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 154.55 737.23 Td (UNAUDITED CONDENSED CONSOLIDATING BALANCE SHEET) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 390.00 711.73 Td (March 31, 2017) 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 (Unrestricted) 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 366.80 655.73 Td (15,158) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 655.73 Td (23,740) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 655.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 655.73 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 (38,898) 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 (113,596) 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 (113,596) 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 (1,286,618) 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 (1,286,618) 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 (21,298) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 616.73 Td (1,040) 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 (22,338) 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 (13,339) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 603.73 Td (10,879) 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 (24,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 590.75 Td (Deferred income taxes, net of valuation allowances) 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 (30,342) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.80 590.73 Td (107) 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 (30,449) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 577.75 Td (Investment in subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 577.73 Td (682,691) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 577.73 Td () 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 476.10 577.73 Td (\(682,691) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 577.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 577.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 564.75 Td (Intercompany assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 564.73 Td (426,355) 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 (\(426,355) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 564.73 Td (\)) 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 (Other assets) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 315.80 551.73 Td (1,456) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 551.73 Td (44,788) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 551.73 Td (9,904) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 551.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 551.73 Td (56,148) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 538.75 Td (TOTAL ASSETS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 538.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.80 538.73 Td (1,110,502) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 538.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.75 538.73 Td (1,411,543) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 538.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.80 538.73 Td (159,266) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 538.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.10 538.73 Td (\(1,109,046) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 538.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 538.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 538.73 Td (1,572,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 516.75 Td (LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 496.75 Td (LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 483.75 Td (Accounts payable) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 483.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 483.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 483.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 483.73 Td (94,129) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 483.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 439.80 483.73 Td (274) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 483.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 483.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 483.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 483.73 Td (94,403) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 470.75 Td (Customer deposits) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 470.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 470.73 Td (26,680) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 470.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 470.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 470.73 Td (26,680) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 457.75 Td (Intercompany liabilities) 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 362.75 457.73 Td (415,164) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 457.73 Td (11,191) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 457.73 Td (\(426,355) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 457.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 457.73 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 444.75 Td (Other liabilities) 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 (90,563) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 433.80 444.73 Td (7,013) 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 (97,576) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 431.75 Td (Community development district obligations) 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 370.80 431.73 Td (6,277) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 431.73 Td () 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 540.80 431.73 Td (6,277) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 418.75 Td (Obligation for consolidated inventory not owned) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 418.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 366.80 418.73 Td (11,968) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 418.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 418.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 418.73 Td (11,968) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 405.75 Td (Notes payable bank - homebuilding operations) 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 (110,900) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 443.80 405.73 Td () 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 (110,900) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 392.75 Td (Notes payable bank - financial services operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 325.80 392.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 392.73 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.80 392.73 Td (106,937) 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 532.75 392.73 Td (106,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 379.75 Td (Notes payable - other) 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 370.80 379.73 Td (7,022) 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 540.80 379.73 Td (7,022) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 366.75 Td (Convertible senior subordinated notes due 2017 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.80 366.73 Td (57,237) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 366.73 Td () 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 536.75 366.73 Td (57,237) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 353.75 Td (Convertible senior subordinated notes due 2018 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 311.80 353.73 Td (85,600) 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 443.80 353.73 Td () 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 536.75 353.73 Td (85,600) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 340.75 Td (Senior notes due 2021 - net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 340.73 Td (295,953) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 380.80 340.73 Td () 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 532.75 340.73 Td (295,953) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 327.75 Td (TOTAL LIABILITIES) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 327.73 Td (438,790) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 327.73 Td (762,703) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.80 327.73 Td (125,415) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 327.73 Td (\(426,355) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 327.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 327.73 Td (900,553) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 307.75 Td (SHAREHOLDERS EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 307.80 307.73 Td (671,712) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 362.75 307.73 Td (648,840) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 429.80 307.73 Td (33,851) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 307.73 Td (\(682,691) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 307.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 307.73 Td (671,712) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 287.75 Td (TOTAL LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 274.50 287.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 301.80 287.73 Td (1,110,502) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 339.50 287.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 356.75 287.73 Td (1,411,543) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 394.50 287.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 425.80 287.73 Td (159,266) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 457.50 287.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.10 287.73 Td (\(1,109,046) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 504.80 287.73 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 510.50 287.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 287.73 Td (1,572,265) 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 (25) 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 49 547.5 m 265 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 534.5 m 265 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 547.5 m 272 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 534.5 m 272 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 547.5 m 337 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 534.5 m 337 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 547.5 m 392 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 534.5 m 392 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 547.5 m 455 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 534.5 m 455 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 547.5 m 508 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 534.5 m 508 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 547.5 m 562 547.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 534.5 m 562 534.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 336.5 m 265 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 323.5 m 265 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 336.5 m 272 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 323.5 m 272 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 336.5 m 337 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 323.5 m 337 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 336.5 m 392 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 323.5 m 392 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 336.5 m 455 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 323.5 m 455 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 336.5 m 508 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 323.5 m 508 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 336.5 m 562 336.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 323.5 m 562 323.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 302.5 m 265 302.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 302.5 m 272 302.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 302.5 m 337 302.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 302.5 m 392 302.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 302.5 m 455 302.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 302.5 m 508 302.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 302.5 m 562 302.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 282.5 m 265 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 282.5 m 272 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 272 282.5 m 337 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 337 282.5 m 392 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 392 282.5 m 455 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 455 282.5 m 508 282.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 508 282.5 m 562 282.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 186.10 737.23 Td (CONDENSED CONSOLIDATING BALANCE SHEET) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.05 711.75 Td (December 31, 2016) 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 /F1 8.00 Tf ET q 0 0 0 rg BT 277.55 690.75 Td (M/I Homes, Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 347.75 698.75 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 344.40 690.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.20 698.75 Td (Unrestricted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.40 690.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 460.55 690.75 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.35 690.75 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 /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 655.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 655.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.50 655.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 655.75 Td (20,927) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 655.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 655.75 Td (13,514) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 655.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 655.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 655.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 655.75 Td (34,441) 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 /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 642.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 642.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 642.75 Td (154,020) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 642.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 642.75 Td (154,020) 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 /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 629.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.75 629.75 Td (1,215,934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 629.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 629.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 629.75 Td (1,215,934) 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 /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 616.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 616.75 Td (21,242) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 616.75 Td (1,057) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 616.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 616.75 Td (22,299) 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 /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 603.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 603.75 Td (12,537) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 603.75 Td (15,479) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 603.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 603.75 Td (28,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 590.75 Td (Deferred income taxes, net of valuation allowances) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 590.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 590.75 Td (30,767) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 590.75 Td (108) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 590.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 590.75 Td (30,875) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 577.75 Td (Investment in subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 577.75 Td (666,008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 577.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 577.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 577.75 Td (\(666,008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 577.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 577.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 564.75 Td (Intercompany assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 564.75 Td (424,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 564.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 564.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 564.75 Td (\(424,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 564.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 564.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 551.75 Td (Other assets) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 315.80 551.75 Td (1,690) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 551.75 Td (43,809) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 551.75 Td (17,427) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 551.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 551.75 Td (62,926) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 538.75 Td (TOTAL ASSETS) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 538.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 538.75 Td (1,092,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.50 538.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.75 538.75 Td (1,345,216) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 538.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 538.75 Td (201,605) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 538.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.10 538.75 Td (\(1,090,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 538.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 538.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 538.75 Td (1,548,511) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 516.75 Td (LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 496.75 Td (LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 483.75 Td (Accounts payable) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 483.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 483.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.50 483.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 483.75 Td (102,663) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 483.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 439.80 483.75 Td (549) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 483.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 483.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 483.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 483.75 Td (103,212) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 470.75 Td (Customer deposits) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 470.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 470.75 Td (22,156) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 470.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 470.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 470.75 Td (22,156) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 457.75 Td (Intercompany liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 457.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 457.75 Td (411,196) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 457.75 Td (13,473) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 457.75 Td (\(424,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 457.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 457.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 444.75 Td (Other liabilities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 444.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 444.75 Td (117,133) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 433.80 444.75 Td (6,029) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 444.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 444.75 Td (123,162) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 431.75 Td (Community development district obligations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 431.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 376.80 431.75 Td (476) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 431.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 431.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 431.75 Td (476) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 418.75 Td (Obligation for consolidated inventory not owned) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 418.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 370.80 418.75 Td (7,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 418.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 418.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 418.75 Td (7,528) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 405.75 Td (Notes payable bank - homebuilding operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 325.80 405.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 366.80 405.75 Td (40,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 405.75 Td () 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 536.75 405.75 Td (40,300) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 392.75 Td (Notes payable bank - financial services operations) 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 380.80 392.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 392.75 Td (152,895) 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 532.75 392.75 Td (152,895) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 379.75 Td (Notes payable - other) 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 (6,415) 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 (6,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 366.75 Td (Convertible senior subordinated notes due 2017 - net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.80 366.75 Td (57,093) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 366.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 366.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 366.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 366.75 Td (57,093) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 353.75 Td (Convertible senior subordinated notes due 2018 - net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 311.80 353.75 Td (85,423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 353.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 443.80 353.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 496.80 353.75 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 353.75 Td (85,423) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 340.75 Td (Senior notes due 2021 - net) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 340.75 Td (295,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 380.80 340.75 Td () 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 532.75 340.75 Td (295,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 327.75 Td (TOTAL LIABILITIES) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 327.75 Td (438,193) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 327.75 Td (707,867) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 327.75 Td (172,946) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 327.75 Td (\(424,669) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 327.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 327.75 Td (894,337) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 306.75 Td (SHAREHOLDERS EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 306.75 Td (654,174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 362.75 306.75 Td (637,349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 429.80 306.75 Td (28,659) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.10 306.75 Td (\(666,008) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 306.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 306.75 Td (654,174) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 286.75 Td (TOTAL LIABILITIES AND SHAREHOLDERS EQUITY) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 274.50 286.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.80 286.75 Td (1,092,367) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 339.50 286.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.75 286.75 Td (1,345,216) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.50 286.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 425.80 286.75 Td (201,605) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 286.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 470.10 286.75 Td (\(1,090,677) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 504.80 286.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 510.50 286.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 286.75 Td (1,548,511) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 53 0 obj <> endobj 54 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (26) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 707.5 m 350 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 707.5 m 403 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 707.5 m 456 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 707.5 m 509 707.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 707.5 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 297 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 686.5 m 350 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 686.5 m 403 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 686.5 m 456 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 686.5 m 509 686.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 686.5 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 49 669.5 m 297 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 659.5 m 297 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 669.5 m 350 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 659.5 m 350 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 669.5 m 403 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 659.5 m 403 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 669.5 m 456 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 659.5 m 456 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 669.5 m 509 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 659.5 m 509 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 669.5 m 562 669.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 659.5 m 562 659.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 601.5 m 297 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 591.5 m 297 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 601.5 m 350 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 591.5 m 350 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 601.5 m 403 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 591.5 m 403 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 601.5 m 456 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 591.5 m 456 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 601.5 m 509 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 591.5 m 509 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 601.5 m 562 601.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 591.5 m 562 591.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 503.5 m 297 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 493.5 m 297 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 503.5 m 350 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 493.5 m 350 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 503.5 m 403 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 493.5 m 403 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 503.5 m 456 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 493.5 m 456 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 503.5 m 509 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 493.5 m 509 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 503.5 m 562 503.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 493.5 m 562 493.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 465.5 m 297 465.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 455.5 m 297 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 465.5 m 350 465.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 455.5 m 350 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 465.5 m 403 465.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 455.5 m 403 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 465.5 m 456 465.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 455.5 m 456 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 465.5 m 509 465.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 455.5 m 509 455.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 465.5 m 562 465.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 455.5 m 562 455.5 l s BT /F2 10.00 Tf ET q 0 0 0 rg BT 120.95 737.23 Td (UNAUDITED CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 365.10 711.73 Td (Three Months Ended March 31, 2017) 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.) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 357.60 698.73 Td (Guarantor) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 355.10 690.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 407.50 698.73 Td (Unrestricted) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 408.10 690.73 Td (Subsidiaries) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 460.20 690.73 Td (Eliminations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 512.55 690.73 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 671.50 Td (OPERATING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 661.50 Td (Net cash provided by \(used in\) operating activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 299.50 661.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.80 661.63 Td (200) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.50 661.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.10 661.63 Td (\(77,003) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 661.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.50 661.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 661.63 Td (53,728) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.50 661.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.10 661.63 Td (\(200) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.80 661.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.50 661.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 534.10 661.63 Td (\(23,275) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 661.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 643.50 Td (INVESTING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 633.50 Td (Purchase of property and equipment) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 633.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.10 633.63 Td (\(932) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 633.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 442.10 633.63 Td (\(61) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 633.63 Td (\)) 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 (\(993) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 633.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 623.50 Td (Intercompany investing) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.80 623.63 Td (523) 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 444.80 623.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.10 623.63 Td (\(523) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.80 623.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 623.63 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 613.50 Td (Investments in and advances to joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 613.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 385.10 613.63 Td (\(857) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 613.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.10 613.63 Td (\(2,340) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 613.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 613.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 613.63 Td (\(3,197) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 613.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 603.50 Td (Net proceeds from the sale of mortgage servicing rights) 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 391.80 603.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.80 603.63 Td (7,396) 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 540.80 603.63 Td (7,396) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 593.50 Td (Net cash provided by \(used in\) investing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.80 593.63 Td (523) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.10 593.63 Td (\(1,789) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 593.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 434.80 593.63 Td (4,995) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.10 593.63 Td (\(523) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 505.80 593.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 593.63 Td (3,206) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 575.50 Td (FINANCING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 565.50 Td (Proceeds from bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 565.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 373.75 565.63 Td (162,000) 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 532.75 565.63 Td (162,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 555.50 Td (Principal repayments of bank borrowings - homebuilding operations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 555.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 375.10 555.63 Td (\(91,400) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 555.63 Td (\)) 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 534.10 555.63 Td (\(91,400) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 555.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 545.50 Td (Net repayments of bank borrowings - financial services 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 391.80 545.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.10 545.63 Td (\(45,958) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 545.63 Td (\)) 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 534.10 545.63 Td (\(45,958) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 545.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 535.50 Td (Principal proceeds from notes payable - other and CDD bond obligations) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 535.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 387.80 535.63 Td (607) 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 546.80 535.63 Td (607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 525.50 Td (Proceeds from exercise of stock options) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 334.80 525.63 Td (496) 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 444.80 525.63 Td () 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 546.80 525.63 Td (496) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 515.50 Td (Intercompany financing) 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 (1,816) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.10 515.63 Td (\(2,339) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 515.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 515.63 Td (523) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 550.80 515.63 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 505.50 Td (Dividends paid) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 326.10 505.63 Td (\(1,219) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 505.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 391.80 505.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.10 505.63 Td (\(200) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 505.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 505.63 Td (200) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 538.10 505.63 Td (\(1,219) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 558.80 505.63 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 495.50 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 332.10 495.63 Td (\(723) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 346.80 495.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.75 495.63 Td (73,023) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 428.10 495.63 Td (\(48,497) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 452.80 495.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 493.80 495.63 Td (723) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 495.63 Td (24,526) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 477.50 Td (Net \(decrease\) increase in cash, cash equivalents and restricted cash) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 477.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 379.10 477.63 Td (\(5,769) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.80 477.63 Td (\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 477.63 Td (10,226) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 477.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 540.80 477.63 Td (4,457) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 467.50 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 338.80 467.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.75 467.63 Td (20,927) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 467.63 Td (13,514) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 467.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 467.63 Td (34,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 457.50 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 299.50 457.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 338.80 457.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 352.50 457.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 377.75 457.63 Td (15,158) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 405.50 457.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 430.75 457.63 Td (23,740) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 458.50 457.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 497.80 457.63 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 511.50 457.63 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 457.63 Td (38,898) 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 297 420.5 m 350 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 420.5 m 403 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 420.5 m 456 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 420.5 m 509 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 420.5 m 562 420.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 399.5 m 297 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 399.5 m 350 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 399.5 m 403 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 399.5 m 456 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 399.5 m 509 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 399.5 m 562 399.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 382.5 m 297 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 369.5 m 297 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 382.5 m 350 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 369.5 m 350 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 382.5 m 403 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 369.5 m 403 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 382.5 m 456 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 369.5 m 456 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 382.5 m 509 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 369.5 m 509 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 382.5 m 562 382.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 369.5 m 562 369.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 321.5 m 297 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 308.5 m 297 308.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 321.5 m 350 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 308.5 m 350 308.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 321.5 m 403 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 308.5 m 403 308.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 321.5 m 456 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 308.5 m 456 308.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 321.5 m 509 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 308.5 m 509 308.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 321.5 m 562 321.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 308.5 m 562 308.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 210.5 m 297 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 200.5 m 297 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 210.5 m 350 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 200.5 m 350 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 210.5 m 403 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 200.5 m 403 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 210.5 m 456 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 200.5 m 456 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 210.5 m 509 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 200.5 m 509 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 210.5 m 562 210.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 200.5 m 562 200.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 172.5 m 350 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 172.5 m 403 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 172.5 m 456 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 172.5 m 509 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 172.5 m 562 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 172.5 m 297 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 162.5 m 297 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 172.5 m 350 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 297 162.5 m 350 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 172.5 m 403 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 350 162.5 m 403 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 172.5 m 456 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 403 162.5 m 456 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 172.5 m 509 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 456 162.5 m 509 162.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 172.5 m 562 172.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 509 162.5 m 562 162.5 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 368.75 424.75 Td (Three Months Ended March 31, 2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 403.75 Td (\(In thousands\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 303.65 411.75 Td (M/I Homes,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 316.85 403.75 Td (Inc.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 359.75 411.75 Td (Guarantor) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 356.40 403.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.20 411.75 Td (Unrestricted) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.40 403.75 Td (Subsidiaries) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 461.55 403.75 Td (Eliminations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 513.85 403.75 Td (Consolidated) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 384.50 Td (OPERATING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 373.75 Td (Net cash provided by \(used in\) operating activities ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 215.01 377.38 Td (\(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 299.50 373.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.80 373.75 Td (3,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 373.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.10 373.75 Td (\(38,803) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 373.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.50 373.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 373.75 Td (40,218) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.50 373.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.10 373.75 Td (\(3,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 373.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 373.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 373.75 Td (1,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 353.50 Td (INVESTING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 343.50 Td (Purchase of property and equipment) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 343.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.10 343.50 Td (\(10,686) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 343.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 442.10 343.50 Td (\(20) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 343.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 343.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 343.50 Td (\(10,706) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 343.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 333.50 Td (Intercompany Investing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 333.50 Td (\(2,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 333.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 333.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 333.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 333.50 Td (2,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 333.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 323.50 Td (Investments in and advances to joint venture arrangements) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 323.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.10 323.50 Td (\(1,502) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 323.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.10 323.50 Td (\(1,344) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 323.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 323.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 323.50 Td (\(2,846) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 323.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 312.75 Td (Net cash \(used in\) provided by investing activities) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 212.13 316.38 Td ( \(1\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 312.75 Td (\(2,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 312.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.10 312.75 Td (\(12,188) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 312.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.10 312.75 Td (\(1,364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 312.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 312.75 Td (2,054) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 312.75 Td (\(13,552) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 312.75 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 292.50 Td (FINANCING ACTIVITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 282.50 Td (Proceeds from bank borrowings - homebuilding operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 282.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 373.75 282.50 Td (154,100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 282.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 282.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 282.50 Td (154,100) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 272.50 Td (Principal repayments of bank borrowings - homebuilding operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 272.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 375.10 272.50 Td (\(83,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 272.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 272.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 272.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 272.50 Td (\(83,400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 272.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 262.50 Td (Net repayments of bank borrowings - financial services operations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 262.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 262.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 262.50 Td (\(36,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 262.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 262.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 534.10 262.50 Td (\(36,462) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 262.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 252.50 Td (Principal proceeds from notes payable - other and CDD bond obligations) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 252.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 387.80 252.50 Td (364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 252.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 252.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 252.50 Td (364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 242.50 Td (Intercompany financing) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 242.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 385.10 242.50 Td (\(406) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 242.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.10 242.50 Td (\(5,491) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 242.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 242.50 Td (5,897) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 242.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 232.50 Td (Dividends paid) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 232.50 Td (\(1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 232.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 232.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.10 232.50 Td (\(3,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 232.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 232.50 Td (3,200) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 232.50 Td (\(1,219) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 232.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 222.50 Td (Debt issue costs) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 222.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.10 222.50 Td (\(99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.80 222.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 222.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 222.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.10 222.50 Td (\(99) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 222.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 212.50 Td (Proceeds from exercise of stock options) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 212.50 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 391.80 212.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 444.80 212.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 212.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 212.50 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 202.50 Td (Net cash \(used in\) provided by financing activities) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 326.10 202.50 Td (\(1,146) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 346.80 202.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 202.50 Td (70,559) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 428.10 202.50 Td (\(45,153) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 202.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 202.50 Td (9,097) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 202.50 Td (33,357) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 184.50 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 338.80 184.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 184.50 Td (19,568) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.10 184.50 Td (\(6,299) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 452.80 184.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.80 184.50 Td (7,951) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 184.50 Td (21,220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 174.50 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 338.80 174.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 381.80 174.50 Td (2,896) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 174.50 Td (18,156) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 485.10 174.50 Td (\(7,951) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 174.50 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 174.50 Td (13,101) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 164.50 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 299.50 164.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 338.80 164.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 352.50 164.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 377.75 164.50 Td (22,464) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 405.50 164.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 430.75 164.50 Td (11,857) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.50 164.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 497.80 164.50 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 164.50 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 164.50 Td (34,321) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 147.40 Td (\(1\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 147.40 Td (During ) Tj ET Q q 0 0 0 rg BT 92.01 147.40 Td (the ) Tj ET Q q 0 0 0 rg BT 103.62 147.40 Td (fourth ) Tj ET Q q 0 0 0 rg BT 125.02 147.40 Td (quarter ) Tj ET Q q 0 0 0 rg BT 149.51 147.40 Td (of ) Tj ET Q q 0 0 0 rg BT 158.02 147.40 Td (2016, ) Tj ET Q q 0 0 0 rg BT 177.86 147.40 Td (we ) Tj ET Q q 0 0 0 rg BT 189.03 147.40 Td (elected ) Tj ET Q q 0 0 0 rg BT 213.52 147.40 Td (to ) Tj ET Q q 0 0 0 rg BT 221.59 147.40 Td (early-adopt ) Tj ET Q q 0 0 0 rg BT 259.45 147.40 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 298.62 147.40 Td (Standards ) Tj ET Q q 0 0 0 rg BT 332.01 147.40 Td (Update ) Tj ET Q q 0 0 0 rg BT 356.96 147.40 Td (2016-18, ) Tj ET Q BT /F4 8.00 Tf ET q 0 0 0 rg BT 387.46 147.40 Td (Statement ) Tj ET Q q 0 0 0 rg BT 420.85 147.40 Td (of ) Tj ET Q q 0 0 0 rg BT 428.92 147.40 Td (Cash ) Tj ET Q q 0 0 0 rg BT 447.21 147.40 Td (Flows ) Tj ET Q q 0 0 0 rg BT 468.61 147.40 Td (\(T) Tj ET Q q 0 0 0 rg BT 474.99 147.40 Td (opic ) Tj ET Q q 0 0 0 rg BT 490.61 147.40 Td (230\): ) Tj ET Q q 0 0 0 rg BT 509.78 147.40 Td (Restricted ) Tj ET Q q 0 0 0 rg BT 544.05 147.40 Td (Cash) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 560.50 147.40 Td (. ) Tj ET Q q 0 0 0 rg BT 564.50 147.40 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 137.80 Td (Certain ) Tj ET Q q 0 0 0 rg BT 93.05 137.80 Td (amounts ) Tj ET Q q 0 0 0 rg BT 122.16 137.80 Td (above ) Tj ET Q q 0 0 0 rg BT 143.26 137.80 Td (have ) Tj ET Q q 0 0 0 rg BT 160.36 137.80 Td (been ) Tj ET Q q 0 0 0 rg BT 177.46 137.80 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 206.12 137.80 Td (to ) Tj ET Q q 0 0 0 rg BT 214.34 137.80 Td (apply ) Tj ET Q q 0 0 0 rg BT 234.12 137.80 Td (the ) Tj ET Q q 0 0 0 rg BT 245.89 137.80 Td (new ) Tj ET Q q 0 0 0 rg BT 261.22 137.80 Td (method ) Tj ET Q q 0 0 0 rg BT 287.21 137.80 Td (retrospectively) Tj ET Q q 0 0 0 rg BT 334.23 137.80 Td (.) Tj ET Q endstream endobj 55 0 obj <> endobj 56 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 12. Stock-Based Compensation) 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 67.66 718.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.15 718.25 Td (has ) Tj ET Q q 0 0 0 rg BT 125.09 718.25 Td (an ) Tj ET Q q 0 0 0 rg BT 137.14 718.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 164.75 718.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 222.90 718.25 Td (plan, ) Tj ET Q q 0 0 0 rg BT 245.23 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 260.05 718.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 277.66 718.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 311.10 718.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 328.98 718.25 Td (2009 ) Tj ET Q q 0 0 0 rg BT 351.59 718.25 Td (Long-T) Tj ET Q q 0 0 0 rg BT 381.44 718.25 Td (erm ) Tj ET Q q 0 0 0 rg BT 399.60 718.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 439.41 718.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 459.80 718.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 477.95 718.25 Td (2009 ) Tj ET Q q 0 0 0 rg BT 505.00 718.25 Td (L) Tj ET Q q 0 0 0 rg BT 510.19 718.25 Td (TIP\), ) Tj ET Q q 0 0 0 rg BT 538.07 718.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (has ) Tj ET Q q 0 0 0 rg BT 64.97 706.25 Td (been ) Tj ET Q q 0 0 0 rg BT 85.98 706.25 Td (amended ) Tj ET Q q 0 0 0 rg BT 124.21 706.25 Td (from ) Tj ET Q q 0 0 0 rg BT 145.78 706.25 Td (time ) Tj ET Q q 0 0 0 rg BT 165.69 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 175.61 706.25 Td (time. ) Tj ET Q q 0 0 0 rg BT 198.02 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 200.00 706.25 Td (The ) Tj ET Q q 0 0 0 rg BT 217.68 706.25 Td (2009 ) Tj ET Q q 0 0 0 rg BT 239.82 706.25 Td (L) Tj ET Q q 0 0 0 rg BT 245.01 706.25 Td (TIP) Tj ET Q q 0 0 0 rg BT 259.64 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.77 706.25 Td (was ) Tj ET Q q 0 0 0 rg BT 279.46 706.25 Td (approved ) Tj ET Q q 0 0 0 rg BT 318.81 706.25 Td (by ) Tj ET Q q 0 0 0 rg BT 330.94 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 346.41 706.25 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 399.08 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 415.66 706.25 Td (is ) Tj ET Q q 0 0 0 rg BT 424.46 706.25 Td (administered ) Tj ET Q q 0 0 0 rg BT 478.25 706.25 Td (by ) Tj ET Q q 0 0 0 rg BT 490.39 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 504.74 706.25 Td (Compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (Committee ) Tj ET Q q 0 0 0 rg BT 96.35 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.10 694.25 Td (our ) Tj ET Q q 0 0 0 rg BT 122.84 694.25 Td (Board ) Tj ET Q q 0 0 0 rg BT 149.69 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 160.44 694.25 Td (Directors. ) Tj ET Q q 0 0 0 rg BT 202.56 694.25 Td ( ) Tj ET Q q 0 0 0 rg BT 204.97 694.25 Td (Under ) Tj ET Q q 0 0 0 rg BT 232.37 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 247.00 694.25 Td (2009 ) Tj ET Q q 0 0 0 rg BT 269.42 694.25 Td (L) Tj ET Q q 0 0 0 rg BT 274.61 694.25 Td (TIP) Tj ET Q q 0 0 0 rg BT 288.50 694.25 Td (, ) Tj ET Q q 0 0 0 rg BT 293.41 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.04 694.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 349.34 694.25 Td (is ) Tj ET Q q 0 0 0 rg BT 358.43 694.25 Td (permitted ) Tj ET Q q 0 0 0 rg BT 399.16 694.25 Td (to ) Tj ET Q q 0 0 0 rg BT 409.35 694.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 432.31 694.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 446.39 694.25 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 499.34 694.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 522.86 694.25 Td (options ) Tj ET Q q 0 0 0 rg BT 554.73 694.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 88.41 682.25 Td (common ) Tj ET Q q 0 0 0 rg BT 126.78 682.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 157.64 682.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 172.68 682.25 Td (incentive ) Tj ET Q q 0 0 0 rg BT 212.70 682.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 237.19 682.25 Td (options ) Tj ET Q q 0 0 0 rg BT 270.01 682.25 Td (to ) Tj ET Q q 0 0 0 rg BT 281.16 682.25 Td (purchase ) Tj ET Q q 0 0 0 rg BT 320.07 682.25 Td (common ) Tj ET Q q 0 0 0 rg BT 358.44 682.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 389.30 682.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 404.34 682.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 428.82 682.25 Td (appreciation ) Tj ET Q q 0 0 0 rg BT 481.61 682.25 Td (rights, ) Tj ET Q q 0 0 0 rg BT 510.27 682.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 525.30 682.25 Td (restricted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (common ) Tj ET Q q 0 0 0 rg BT 86.85 670.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 116.70 670.25 Td (\(5\) ) Tj ET Q q 0 0 0 rg BT 130.71 670.25 Td (other ) Tj ET Q q 0 0 0 rg BT 153.61 670.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 203.17 670.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 233.85 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 241.20 670.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 271.88 670.25 Td (that ) Tj ET Q q 0 0 0 rg BT 289.23 670.25 Td (are ) Tj ET Q q 0 0 0 rg BT 303.79 670.25 Td (valued ) Tj ET Q q 0 0 0 rg BT 332.80 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 342.94 670.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 369.73 670.25 Td (or ) Tj ET Q q 0 0 0 rg BT 380.41 670.25 Td (in ) Tj ET Q q 0 0 0 rg BT 390.55 670.25 Td (part ) Tj ET Q q 0 0 0 rg BT 408.45 670.25 Td (by ) Tj ET Q q 0 0 0 rg BT 420.80 670.25 Td (reference ) Tj ET Q q 0 0 0 rg BT 460.34 670.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 472.98 670.25 Td (or ) Tj ET Q q 0 0 0 rg BT 483.66 670.25 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 524.89 670.25 Td (based ) Tj ET Q q 0 0 0 rg BT 550.02 670.25 Td (on, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.73 658.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 81.62 658.25 Td (market ) Tj ET Q q 0 0 0 rg BT 112.39 658.25 Td (value ) Tj ET Q q 0 0 0 rg BT 137.06 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 148.40 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 163.63 658.25 Td (common ) Tj ET Q q 0 0 0 rg BT 201.64 658.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 232.14 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 249.59 658.25 Td (\(6\) ) Tj ET Q q 0 0 0 rg BT 264.26 658.25 Td (cash-based ) Tj ET Q q 0 0 0 rg BT 311.14 658.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 342.47 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 353.26 658.25 Td (its ) Tj ET Q q 0 0 0 rg BT 365.72 658.25 Td (of) Tj ET Q q 0 0 0 rg BT 373.87 658.25 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 401.59 658.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 449.87 658.25 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 510.08 658.25 Td (directors ) Tj ET Q q 0 0 0 rg BT 548.08 658.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (other ) Tj ET Q q 0 0 0 rg BT 71.37 646.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 102.68 646.25 Td (participants. ) Tj ET Q q 0 0 0 rg BT 153.15 646.25 Td ( ) Tj ET Q q 0 0 0 rg BT 154.47 646.25 Td (Subject ) Tj ET Q q 0 0 0 rg BT 185.79 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 194.89 646.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 223.41 646.25 Td (adjustments, ) Tj ET Q q 0 0 0 rg BT 275.00 646.25 Td (the ) Tj ET Q q 0 0 0 rg BT 288.54 646.25 Td (plan ) Tj ET Q q 0 0 0 rg BT 307.08 646.25 Td (authorizes ) Tj ET Q q 0 0 0 rg BT 349.49 646.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 379.13 646.25 Td (to ) Tj ET Q q 0 0 0 rg BT 388.23 646.25 Td (of) Tj ET Q q 0 0 0 rg BT 396.38 646.25 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 422.41 646.25 Td (employees, ) Tj ET Q q 0 0 0 rg BT 468.99 646.25 Td (non-employee ) Tj ET Q q 0 0 0 rg BT 527.52 646.25 Td (directors ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.85 634.25 Td (other ) Tj ET Q q 0 0 0 rg BT 90.30 634.25 Td (eligible ) Tj ET Q q 0 0 0 rg BT 123.20 634.25 Td (participants ) Tj ET Q q 0 0 0 rg BT 172.75 634.25 Td (for ) Tj ET Q q 0 0 0 rg BT 187.32 634.25 Td (up ) Tj ET Q q 0 0 0 rg BT 200.23 634.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.91 634.25 Td (3,900,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.91 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 253.82 634.25 Td (common ) Tj ET Q q 0 0 0 rg BT 291.72 634.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 322.12 634.25 Td (of ) Tj ET Q q 0 0 0 rg BT 333.35 634.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.70 634.25 Td (1,602,528) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 400.70 634.25 Td ( ) Tj ET Q q 0 0 0 rg BT 403.61 634.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 434.28 634.25 Td (available ) Tj ET Q q 0 0 0 rg BT 473.27 634.25 Td (for ) Tj ET Q q 0 0 0 rg BT 487.84 634.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 511.29 634.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.42 634.25 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 622.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.04 600.25 Td (2009 ) Tj ET Q q 0 0 0 rg BT 89.03 600.25 Td (L) Tj ET Q q 0 0 0 rg BT 94.22 600.25 Td (TIP) Tj ET Q q 0 0 0 rg BT 108.85 600.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.84 600.25 Td (replaced ) Tj ET Q q 0 0 0 rg BT 146.69 600.25 Td (the ) Tj ET Q q 0 0 0 rg BT 160.90 600.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 177.89 600.25 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 210.71 600.25 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 227.97 600.25 Td (1993 ) Tj ET Q q 0 0 0 rg BT 249.96 600.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 274.73 600.25 Td (Incentive ) Tj ET Q q 0 0 0 rg BT 313.93 600.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 333.70 600.25 Td (as ) Tj ET Q q 0 0 0 rg BT 343.58 600.25 Td (Amended ) Tj ET Q q 0 0 0 rg BT 384.45 600.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 401.99 600.25 Td (1993 ) Tj ET Q q 0 0 0 rg BT 428.42 600.25 Td (Plan\), ) Tj ET Q q 0 0 0 rg BT 458.45 600.25 Td (which ) Tj ET Q q 0 0 0 rg BT 484.88 600.25 Td (expired ) Tj ET Q q 0 0 0 rg BT 516.86 600.25 Td (by ) Tj ET Q q 0 0 0 rg BT 528.85 600.25 Td (its ) Tj ET Q q 0 0 0 rg BT 540.29 600.25 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (on ) Tj ET Q q 0 0 0 rg BT 61.45 588.25 Td (April ) Tj ET Q q 0 0 0 rg BT 85.06 588.25 Td (22, ) Tj ET Q q 0 0 0 rg BT 100.06 588.25 Td (2009. ) Tj ET Q q 0 0 0 rg BT 125.06 588.25 Td ( ) Tj ET Q q 0 0 0 rg BT 127.00 588.25 Td (A) Tj ET Q q 0 0 0 rg BT 133.31 588.25 Td (wards ) Tj ET Q q 0 0 0 rg BT 159.69 588.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 208.86 588.25 Td (under ) Tj ET Q q 0 0 0 rg BT 234.12 588.25 Td (the ) Tj ET Q q 0 0 0 rg BT 248.84 588.25 Td (1993 ) Tj ET Q q 0 0 0 rg BT 271.34 588.25 Td (Plan ) Tj ET Q q 0 0 0 rg BT 291.62 588.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 321.88 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 332.16 588.25 Td (ef) Tj ET Q q 0 0 0 rg BT 339.75 588.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 357.23 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 367.51 588.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 414.97 588.25 Td (with ) Tj ET Q q 0 0 0 rg BT 435.25 588.25 Td (their ) Tj ET Q q 0 0 0 rg BT 456.08 588.25 Td (respective ) Tj ET Q q 0 0 0 rg BT 499.11 588.25 Td (terms.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 566.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 74.78 566.25 Td (Options) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 544.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.15 544.25 Td (February8, ) Tj ET Q q 0 0 0 rg BT 112.68 544.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.68 544.25 Td (, ) Tj ET Q q 0 0 0 rg BT 137.60 544.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.25 544.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 193.56 544.25 Td (awarded ) Tj ET Q q 0 0 0 rg BT 229.86 544.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 259.49 544.25 Td (of ) Tj ET Q q 0 0 0 rg BT 270.25 544.25 Td (its ) Tj ET Q q 0 0 0 rg BT 282.13 544.25 Td (employees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.32 544.25 Td (408,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.82 544.25 Td ( ) Tj ET Q q 0 0 0 rg BT 362.25 544.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 375.78 544.25 Td (the ) Tj ET Q q 0 0 0 rg BT 390.43 544.25 Td (aggregate\) ) Tj ET Q q 0 0 0 rg BT 435.05 544.25 Td (nonqualified ) Tj ET Q q 0 0 0 rg BT 488.02 544.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 511.55 544.25 Td (options ) Tj ET Q q 0 0 0 rg BT 543.43 544.25 Td (at ) Tj ET Q q 0 0 0 rg BT 553.08 544.25 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 532.25 Td (exercise ) Tj ET Q q 0 0 0 rg BT 84.56 532.25 Td (price ) Tj ET Q q 0 0 0 rg BT 106.86 532.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.50 532.25 Td ($23.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.00 532.25 Td ( ) Tj ET Q q 0 0 0 rg BT 147.31 532.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 165.17 532.25 Td (closing ) Tj ET Q q 0 0 0 rg BT 196.37 532.25 Td (price ) Tj ET Q q 0 0 0 rg BT 218.67 532.25 Td (of ) Tj ET Q q 0 0 0 rg BT 229.31 532.25 Td (our ) Tj ET Q q 0 0 0 rg BT 244.95 532.25 Td (common ) Tj ET Q q 0 0 0 rg BT 282.25 532.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 309.56 532.25 Td (on ) Tj ET Q q 0 0 0 rg BT 321.87 532.25 Td (the ) Tj ET Q q 0 0 0 rg BT 336.39 532.25 Td (New ) Tj ET Q q 0 0 0 rg BT 357.24 532.25 Td (Y) Tj ET Q q 0 0 0 rg BT 363.46 532.25 Td (ork ) Tj ET Q q 0 0 0 rg BT 379.11 532.25 Td (Stock ) Tj ET Q q 0 0 0 rg BT 404.19 532.25 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 445.93 532.25 Td (on ) Tj ET Q q 0 0 0 rg BT 458.24 532.25 Td (such ) Tj ET Q q 0 0 0 rg BT 478.88 532.25 Td (date\) ) Tj ET Q q 0 0 0 rg BT 501.18 532.25 Td (and ) Tj ET Q q 0 0 0 rg BT 517.93 532.25 Td (a ) Tj ET Q q 0 0 0 rg BT 524.68 532.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 540.87 532.25 Td (value ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 520.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.12 520.25 Td ($9.45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.62 520.25 Td ( ) Tj ET Q q 0 0 0 rg BT 84.91 520.25 Td (that ) Tj ET Q q 0 0 0 rg BT 102.19 520.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 120.59 520.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 150.64 520.25 Td (over ) Tj ET Q q 0 0 0 rg BT 170.70 520.25 Td (a ) Tj ET Q q 0 0 0 rg BT 177.43 520.25 Td (five-year ) Tj ET Q q 0 0 0 rg BT 215.80 520.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 245.97 520.25 Td (T) Tj ET Q q 0 0 0 rg BT 251.38 520.25 Td (otal ) Tj ET Q q 0 0 0 rg BT 268.67 520.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 318.16 520.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 375.99 520.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 410.49 520.25 Td (related ) Tj ET Q q 0 0 0 rg BT 439.98 520.25 Td (to ) Tj ET Q q 0 0 0 rg BT 450.05 520.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 473.44 520.25 Td (option ) Tj ET Q q 0 0 0 rg BT 501.29 520.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 531.90 520.25 Td (that ) Tj ET Q q 0 0 0 rg BT 549.18 520.25 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.25 Td (been ) Tj ET Q q 0 0 0 rg BT 71.04 508.25 Td (char) Tj ET Q q 0 0 0 rg BT 88.07 508.25 Td (ged ) Tj ET Q q 0 0 0 rg BT 105.17 508.25 Td (against ) Tj ET Q q 0 0 0 rg BT 136.17 508.25 Td (income ) Tj ET Q q 0 0 0 rg BT 168.26 508.25 Td (relating ) Tj ET Q q 0 0 0 rg BT 201.47 508.25 Td (to ) Tj ET Q q 0 0 0 rg BT 211.92 508.25 Td (the ) Tj ET Q q 0 0 0 rg BT 226.80 508.25 Td (2009 ) Tj ET Q q 0 0 0 rg BT 249.47 508.25 Td (L) Tj ET Q q 0 0 0 rg BT 254.66 508.25 Td (TIP) Tj ET Q q 0 0 0 rg BT 269.29 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 271.95 508.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.17 508.25 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 310.33 508.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.23 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.89 508.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 508.25 Td ($0.9 ) Tj ET Q q 0 0 0 rg BT 379.16 508.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.05 508.25 Td ( ) Tj ET Q q 0 0 0 rg BT 410.72 508.25 Td (for ) Tj ET Q q 0 0 0 rg BT 425.05 508.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.93 508.25 Td (three ) Tj ET Q q 0 0 0 rg BT 462.58 508.25 Td (months ) Tj ET Q q 0 0 0 rg BT 494.70 508.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 521.24 508.25 Td (March ) Tj ET Q q 0 0 0 rg BT 550.00 508.25 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 496.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 72.84 496.25 Td (and ) Tj ET Q q 0 0 0 rg BT 90.63 496.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.63 496.25 Td (, ) Tj ET Q q 0 0 0 rg BT 116.47 496.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 164.13 496.25 Td (.) Tj ET Q q 0 0 0 rg BT 171.08 496.25 Td (As ) Tj ET Q q 0 0 0 rg BT 185.54 496.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.21 496.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 241.65 496.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.65 496.25 Td (, ) Tj ET Q q 0 0 0 rg BT 267.50 496.25 Td (there ) Tj ET Q q 0 0 0 rg BT 290.83 496.25 Td (was ) Tj ET Q q 0 0 0 rg BT 309.72 496.25 Td (a ) Tj ET Q q 0 0 0 rg BT 317.50 496.25 Td (total ) Tj ET Q q 0 0 0 rg BT 338.62 496.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 350.29 496.25 Td ($9.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.19 496.25 Td ( ) Tj ET Q q 0 0 0 rg BT 402.53 496.25 Td (of ) Tj ET Q q 0 0 0 rg BT 414.20 496.25 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 471.41 496.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 530.29 496.25 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.25 Td (related ) Tj ET Q q 0 0 0 rg BT 79.50 484.25 Td (to ) Tj ET Q q 0 0 0 rg BT 90.08 484.25 Td (unvested ) Tj ET Q q 0 0 0 rg BT 128.43 484.25 Td (stock ) Tj ET Q q 0 0 0 rg BT 152.33 484.25 Td (option ) Tj ET Q q 0 0 0 rg BT 180.69 484.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 211.81 484.25 Td (that ) Tj ET Q q 0 0 0 rg BT 229.60 484.25 Td (will ) Tj ET Q q 0 0 0 rg BT 247.96 484.25 Td (be ) Tj ET Q q 0 0 0 rg BT 260.20 484.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 306.86 484.25 Td (as ) Tj ET Q q 0 0 0 rg BT 317.99 484.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 367.99 484.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 426.34 484.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 461.34 484.25 Td (as ) Tj ET Q q 0 0 0 rg BT 472.47 484.25 Td (the ) Tj ET Q q 0 0 0 rg BT 487.49 484.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 518.61 484.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 537.51 484.25 Td (over ) Tj ET Q q 0 0 0 rg BT 558.08 484.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 472.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 88.66 472.25 Td (average ) Tj ET Q q 0 0 0 rg BT 122.24 472.25 Td (period ) Tj ET Q q 0 0 0 rg BT 150.29 472.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.12 472.25 Td (2.2) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.62 472.25 Td ( ) Tj ET Q q 0 0 0 rg BT 176.12 472.25 Td (years ) Tj ET Q q 0 0 0 rg BT 199.71 472.25 Td (for ) Tj ET Q q 0 0 0 rg BT 213.88 472.25 Td (the ) Tj ET Q q 0 0 0 rg BT 228.59 472.25 Td (service ) Tj ET Q q 0 0 0 rg BT 259.41 472.25 Td (awards.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 450.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 105.88 450.25 Td (Share ) Tj ET Q q 0 0 0 rg BT 132.83 450.25 Td (Unit ) Tj ET Q q 0 0 0 rg BT 153.30 450.25 Td (A) Tj ET Q q 0 0 0 rg BT 159.23 450.25 Td (wards) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (On ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.08 428.25 Td (February8, ) Tj ET Q q 0 0 0 rg BT 112.53 428.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.53 428.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.38 428.25 Td (February16, ) Tj ET Q q 0 0 0 rg BT 190.83 428.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.83 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 213.19 428.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.98 428.25 Td (February17, ) Tj ET Q q 0 0 0 rg BT 283.43 428.25 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.43 428.25 Td (, ) Tj ET Q q 0 0 0 rg BT 308.28 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 322.85 428.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 364.09 428.25 Td (awarded ) Tj ET Q q 0 0 0 rg BT 400.32 428.25 Td (its ) Tj ET Q q 0 0 0 rg BT 412.12 428.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 452.78 428.25 Td (of) Tj ET Q q 0 0 0 rg BT 460.93 428.25 Td (ficers ) Tj ET Q q 0 0 0 rg BT 485.49 428.25 Td (\(in ) Tj ET Q q 0 0 0 rg BT 498.95 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 513.52 428.25 Td (aggregate\) ) Tj ET Q q 0 0 0 rg BT 558.07 428.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (tar) Tj ET Q q 0 0 0 rg BT 59.87 416.25 Td (get ) Tj ET Q q 0 0 0 rg BT 74.02 416.25 Td (number ) Tj ET Q q 0 0 0 rg BT 106.50 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 116.77 416.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 169.23 416.25 Td (share ) Tj ET Q q 0 0 0 rg BT 192.27 416.25 Td (units ) Tj ET Q q 0 0 0 rg BT 213.65 416.25 Td (\(PSU) Tj ET Q q 0 0 0 rg BT 242.55 416.25 Td (s\) ) Tj ET Q q 0 0 0 rg BT 256.14 416.25 Td (equal ) Tj ET Q q 0 0 0 rg BT 279.74 416.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.45 416.25 Td (57,1) Tj ET Q q 0 0 0 rg BT 306.58 416.25 Td (10) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.58 416.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.02 416.25 Td (79,108) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.52 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 350.46 416.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.83 416.25 Td (56,389) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.33 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 396.27 416.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 417.39 416.25 Td (s, ) Tj ET Q q 0 0 0 rg BT 425.72 416.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 473.38 416.25 Td (. ) Tj ET Q q 0 0 0 rg BT 477.82 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 479.76 416.25 Td (Each ) Tj ET Q q 0 0 0 rg BT 501.68 416.25 Td (PSU ) Tj ET Q q 0 0 0 rg BT 521.96 416.25 Td (represents ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 55.88 404.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 100.03 404.25 Td (right ) Tj ET Q q 0 0 0 rg BT 120.85 404.25 Td (to ) Tj ET Q q 0 0 0 rg BT 130.57 404.25 Td (receive ) Tj ET Q q 0 0 0 rg BT 161.37 404.25 Td (one ) Tj ET Q q 0 0 0 rg BT 177.75 404.25 Td (common ) Tj ET Q q 0 0 0 rg BT 214.68 404.25 Td (share ) Tj ET Q q 0 0 0 rg BT 237.72 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.99 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 262.14 404.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 302.97 404.25 Td (if ) Tj ET Q q 0 0 0 rg BT 311.01 404.25 Td (vesting ) Tj ET Q q 0 0 0 rg BT 341.84 404.25 Td (is ) Tj ET Q q 0 0 0 rg BT 350.45 404.25 Td (satisfied ) Tj ET Q q 0 0 0 rg BT 385.71 404.25 Td (at ) Tj ET Q q 0 0 0 rg BT 394.87 404.25 Td (the ) Tj ET Q q 0 0 0 rg BT 409.02 404.25 Td (end ) Tj ET Q q 0 0 0 rg BT 425.40 404.25 Td (of ) Tj ET Q q 0 0 0 rg BT 435.67 404.25 Td (a ) Tj ET Q q 0 0 0 rg BT 442.04 404.25 Td (three-year ) Tj ET Q q 0 0 0 rg BT 484.50 404.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 536.97 404.25 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 392.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 68.82 392.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 128.12 392.25 Td (Period\). ) Tj ET Q q 0 0 0 rg BT 167.99 392.25 Td (The ) Tj ET Q q 0 0 0 rg BT 187.31 392.25 Td (ultimate ) Tj ET Q q 0 0 0 rg BT 223.86 392.25 Td (number ) Tj ET Q q 0 0 0 rg BT 258.18 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 270.28 392.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 291.40 392.25 Td (s ) Tj ET Q q 0 0 0 rg BT 299.07 392.25 Td (that ) Tj ET Q q 0 0 0 rg BT 317.84 392.25 Td (will ) Tj ET Q q 0 0 0 rg BT 337.17 392.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 357.05 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 375.26 392.25 Td (be ) Tj ET Q q 0 0 0 rg BT 388.47 392.25 Td (earned, ) Tj ET Q q 0 0 0 rg BT 421.39 392.25 Td (if ) Tj ET Q q 0 0 0 rg BT 431.27 392.25 Td (any) Tj ET Q q 0 0 0 rg BT 445.06 392.25 Td (, ) Tj ET Q q 0 0 0 rg BT 451.34 392.25 Td (after ) Tj ET Q q 0 0 0 rg BT 473.42 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 489.42 392.25 Td (completion ) Tj ET Q q 0 0 0 rg BT 538.18 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 392.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 102.47 380.25 Td (Period, ) Tj ET Q q 0 0 0 rg BT 132.96 380.25 Td (is ) Tj ET Q q 0 0 0 rg BT 141.51 380.25 Td (based ) Tj ET Q q 0 0 0 rg BT 166.16 380.25 Td (on ) Tj ET Q q 0 0 0 rg BT 178.04 380.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 191.58 380.25 Td (\(a\) ) Tj ET Q q 0 0 0 rg BT 204.57 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.67 380.25 Td (Company) Tj ET Q q 0 0 0 rg BT 260.33 380.25 Td (s ) Tj ET Q q 0 0 0 rg BT 266.10 380.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 312.42 380.25 Td (pre-tax ) Tj ET Q q 0 0 0 rg BT 342.61 380.25 Td (income ) Tj ET Q q 0 0 0 rg BT 373.93 380.25 Td (from ) Tj ET Q q 0 0 0 rg BT 395.25 380.25 Td (operations, ) Tj ET Q q 0 0 0 rg BT 441.29 380.25 Td (excluding ) Tj ET Q q 0 0 0 rg BT 482.60 380.25 Td (extraordinary ) Tj ET Q q 0 0 0 rg BT 538.35 380.25 Td (items, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (as ) Tj ET Q q 0 0 0 rg BT 61.12 368.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 94.39 368.25 Td (in ) Tj ET Q q 0 0 0 rg BT 105.46 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 120.96 368.25 Td (underlying ) Tj ET Q q 0 0 0 rg BT 167.57 368.25 Td (award ) Tj ET Q q 0 0 0 rg BT 195.29 368.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 244.11 368.25 Td (with ) Tj ET Q q 0 0 0 rg BT 265.18 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 280.68 368.25 Td (executive ) Tj ET Q q 0 0 0 rg BT 322.28 368.25 Td (of) Tj ET Q q 0 0 0 rg BT 330.43 368.25 Td (ficers, ) Tj ET Q q 0 0 0 rg BT 358.42 368.25 Td (over ) Tj ET Q q 0 0 0 rg BT 379.48 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 394.98 368.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 449.35 368.25 Td (Period ) Tj ET Q q 0 0 0 rg BT 478.75 368.25 Td (\(weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.02 368.25 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 540.35 368.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 546.97 368.25 Td (\(the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 107.43 356.25 Td (Condition\), ) Tj ET Q q 0 0 0 rg BT 160.10 356.25 Td (and ) Tj ET Q q 0 0 0 rg BT 176.95 356.25 Td (\(b\) ) Tj ET Q q 0 0 0 rg BT 191.01 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.63 356.25 Td (Company) Tj ET Q q 0 0 0 rg BT 247.30 356.25 Td (s ) Tj ET Q q 0 0 0 rg BT 253.59 356.25 Td (relative ) Tj ET Q q 0 0 0 rg BT 285.98 356.25 Td (total ) Tj ET Q q 0 0 0 rg BT 306.15 356.25 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 355.20 356.25 Td (return ) Tj ET Q q 0 0 0 rg BT 381.48 356.25 Td (over ) Tj ET Q q 0 0 0 rg BT 401.65 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 416.28 356.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 469.76 356.25 Td (Period ) Tj ET Q q 0 0 0 rg BT 498.28 356.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 540.10 356.25 Td (to ) Tj ET Q q 0 0 0 rg BT 550.29 356.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (total ) Tj ET Q q 0 0 0 rg BT 69.78 344.25 Td (shareholder ) Tj ET Q q 0 0 0 rg BT 118.93 344.25 Td (return ) Tj ET Q q 0 0 0 rg BT 145.32 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.16 344.25 Td (a ) Tj ET Q q 0 0 0 rg BT 163.10 344.25 Td (peer ) Tj ET Q q 0 0 0 rg BT 182.82 344.25 Td (group ) Tj ET Q q 0 0 0 rg BT 208.65 344.25 Td (of ) Tj ET Q q 0 0 0 rg BT 219.49 344.25 Td (other ) Tj ET Q q 0 0 0 rg BT 242.54 344.25 Td (publicly-traded ) Tj ET Q q 0 0 0 rg BT 306.14 344.25 Td (homebuilders ) Tj ET Q q 0 0 0 rg BT 363.08 344.25 Td (\(weighted ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.57 344.25 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.90 344.25 Td (\) ) Tj ET Q q 0 0 0 rg BT 429.74 344.25 Td (\(the ) Tj ET Q q 0 0 0 rg BT 447.80 344.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 483.62 344.25 Td (Condition\) ) Tj ET Q q 0 0 0 rg BT 533.90 344.25 Td (and ) Tj ET Q q 0 0 0 rg BT 550.85 344.25 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 63.81 332.25 Td (participant) Tj ET Q q 0 0 0 rg BT 109.35 332.25 Td (s ) Tj ET Q q 0 0 0 rg BT 115.34 332.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 156.87 332.25 Td (employment ) Tj ET Q q 0 0 0 rg BT 208.96 332.25 Td (through ) Tj ET Q q 0 0 0 rg BT 242.16 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 256.48 332.25 Td (end ) Tj ET Q q 0 0 0 rg BT 273.01 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.44 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 297.75 332.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 350.94 332.25 Td (Period, ) Tj ET Q q 0 0 0 rg BT 381.64 332.25 Td (except ) Tj ET Q q 0 0 0 rg BT 409.83 332.25 Td (in ) Tj ET Q q 0 0 0 rg BT 419.71 332.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.02 332.25 Td (case ) Tj ET Q q 0 0 0 rg BT 453.33 332.25 Td (of ) Tj ET Q q 0 0 0 rg BT 463.75 332.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 511.95 332.25 Td (due ) Tj ET Q q 0 0 0 rg BT 528.48 332.25 Td (to ) Tj ET Q q 0 0 0 rg BT 538.36 332.25 Td (death, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (disability ) Tj ET Q q 0 0 0 rg BT 89.49 320.25 Td (or ) Tj ET Q q 0 0 0 rg BT 100.59 320.25 Td (retirement ) Tj ET Q q 0 0 0 rg BT 144.44 320.25 Td (or ) Tj ET Q q 0 0 0 rg BT 155.54 320.25 Td (involuntary ) Tj ET Q q 0 0 0 rg BT 204.41 320.25 Td (termination ) Tj ET Q q 0 0 0 rg BT 253.28 320.25 Td (without ) Tj ET Q q 0 0 0 rg BT 286.60 320.25 Td (cause ) Tj ET Q q 0 0 0 rg BT 311.58 320.25 Td (by ) Tj ET Q q 0 0 0 rg BT 324.34 320.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.33 320.25 Td (Company) Tj ET Q q 0 0 0 rg BT 377.57 320.25 Td (. ) Tj ET Q q 0 0 0 rg BT 382.63 320.25 Td (The ) Tj ET Q q 0 0 0 rg BT 400.95 320.25 Td (number ) Tj ET Q q 0 0 0 rg BT 434.26 320.25 Td (of ) Tj ET Q q 0 0 0 rg BT 445.36 320.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 466.48 320.25 Td (s ) Tj ET Q q 0 0 0 rg BT 473.14 320.25 Td (that ) Tj ET Q q 0 0 0 rg BT 490.91 320.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 509.78 320.25 Td (may ) Tj ET Q q 0 0 0 rg BT 529.77 320.25 Td (increase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (by ) Tj ET Q q 0 0 0 rg BT 62.55 308.25 Td (up ) Tj ET Q q 0 0 0 rg BT 75.59 308.25 Td (to ) Tj ET Q q 0 0 0 rg BT 86.42 308.25 Td (50% ) Tj ET Q q 0 0 0 rg BT 107.79 308.25 Td (from ) Tj ET Q q 0 0 0 rg BT 130.28 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 145.54 308.25 Td (tar) Tj ET Q q 0 0 0 rg BT 155.91 308.25 Td (get ) Tj ET Q q 0 0 0 rg BT 171.17 308.25 Td (number ) Tj ET Q q 0 0 0 rg BT 204.76 308.25 Td (based ) Tj ET Q q 0 0 0 rg BT 230.58 308.25 Td (on ) Tj ET Q q 0 0 0 rg BT 243.62 308.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 269.99 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 281.37 308.25 Td (achievement ) Tj ET Q q 0 0 0 rg BT 334.94 308.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.32 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.58 308.25 Td (above ) Tj ET Q q 0 0 0 rg BT 388.50 308.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 419.86 308.25 Td (as ) Tj ET Q q 0 0 0 rg BT 431.24 308.25 Td (set ) Tj ET Q q 0 0 0 rg BT 445.39 308.25 Td (forth ) Tj ET Q q 0 0 0 rg BT 467.87 308.25 Td (in ) Tj ET Q q 0 0 0 rg BT 478.70 308.25 Td (the ) Tj ET Q q 0 0 0 rg BT 493.96 308.25 Td (applicable ) Tj ET Q q 0 0 0 rg BT 538.10 308.25 Td (award ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (agreements ) Tj ET Q q 0 0 0 rg BT 97.69 296.25 Td (and ) Tj ET Q q 0 0 0 rg BT 114.78 296.25 Td (decrease ) Tj ET Q q 0 0 0 rg BT 151.84 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 162.27 296.25 Td (zero ) Tj ET Q q 0 0 0 rg BT 182.13 296.25 Td (if ) Tj ET Q q 0 0 0 rg BT 190.90 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.77 296.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 247.30 296.25 Td (fails ) Tj ET Q q 0 0 0 rg BT 267.17 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 277.61 296.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 299.69 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.56 296.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 356.11 296.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 409.28 296.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 435.26 296.25 Td (for ) Tj ET Q q 0 0 0 rg BT 449.57 296.25 Td (both ) Tj ET Q q 0 0 0 rg BT 470.00 296.25 Td (of ) Tj ET Q q 0 0 0 rg BT 480.99 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 495.86 296.25 Td (above ) Tj ET Q q 0 0 0 rg BT 522.39 296.25 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 555.85 296.25 Td (If ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.56 284.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 106.30 284.25 Td (achieves ) Tj ET Q q 0 0 0 rg BT 143.57 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 158.63 284.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 200.37 284.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 253.74 284.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 279.91 284.25 Td (for ) Tj ET Q q 0 0 0 rg BT 294.42 284.25 Td (both ) Tj ET Q q 0 0 0 rg BT 315.04 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.22 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 341.28 284.25 Td (above ) Tj ET Q q 0 0 0 rg BT 368.01 284.25 Td (criteria, ) Tj ET Q q 0 0 0 rg BT 401.66 284.25 Td (50% ) Tj ET Q q 0 0 0 rg BT 422.84 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.02 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 449.08 284.25 Td (tar) Tj ET Q q 0 0 0 rg BT 459.45 284.25 Td (get ) Tj ET Q q 0 0 0 rg BT 474.51 284.25 Td (number ) Tj ET Q q 0 0 0 rg BT 507.90 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 519.08 284.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 540.20 284.25 Td (s ) Tj ET Q q 0 0 0 rg BT 546.94 284.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 272.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 68.22 272.25 Td (and ) Tj ET Q q 0 0 0 rg BT 85.27 272.25 Td (be ) Tj ET Q q 0 0 0 rg BT 97.31 272.25 Td (earned. ) Tj ET Q q 0 0 0 rg BT 128.49 272.25 Td (Any ) Tj ET Q q 0 0 0 rg BT 148.33 272.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 179.82 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.76 272.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 211.89 272.25 Td (s ) Tj ET Q q 0 0 0 rg BT 218.39 272.25 Td (that ) Tj ET Q q 0 0 0 rg BT 235.99 272.25 Td (does ) Tj ET Q q 0 0 0 rg BT 256.93 272.25 Td (not ) Tj ET Q q 0 0 0 rg BT 272.32 272.25 Td (vest ) Tj ET Q q 0 0 0 rg BT 291.04 272.25 Td (at ) Tj ET Q q 0 0 0 rg BT 300.86 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 315.69 272.25 Td (end ) Tj ET Q q 0 0 0 rg BT 332.74 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.68 272.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.51 272.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 412.20 272.25 Td (Period ) Tj ET Q q 0 0 0 rg BT 440.92 272.25 Td (will ) Tj ET Q q 0 0 0 rg BT 459.08 272.25 Td (be ) Tj ET Q q 0 0 0 rg BT 471.13 272.25 Td (forfeited. ) Tj ET Q q 0 0 0 rg BT 510.09 272.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 559.99 272.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.22 260.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 85.34 260.25 Td (s ) Tj ET Q q 0 0 0 rg BT 91.73 260.25 Td (have ) Tj ET Q q 0 0 0 rg BT 113.11 260.25 Td (no ) Tj ET Q q 0 0 0 rg BT 125.61 260.25 Td (dividend ) Tj ET Q q 0 0 0 rg BT 163.10 260.25 Td (or ) Tj ET Q q 0 0 0 rg BT 173.93 260.25 Td (voting ) Tj ET Q q 0 0 0 rg BT 201.99 260.25 Td (rights ) Tj ET Q q 0 0 0 rg BT 227.27 260.25 Td (during ) Tj ET Q q 0 0 0 rg BT 255.88 260.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.59 260.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 324.18 260.25 Td (Period.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 238.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.56 238.25 Td (grant ) Tj ET Q q 0 0 0 rg BT 90.63 238.25 Td (date ) Tj ET Q q 0 0 0 rg BT 109.80 238.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 126.19 238.25 Td (value ) Tj ET Q q 0 0 0 rg BT 150.37 238.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.21 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.95 238.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 207.35 238.25 Td (of ) Tj ET Q q 0 0 0 rg BT 218.20 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.93 238.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 254.06 238.25 Td (s ) Tj ET Q q 0 0 0 rg BT 260.46 238.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 291.31 238.25 Td (to ) Tj ET Q q 0 0 0 rg BT 301.60 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.34 238.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 369.94 238.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 412.46 238.25 Td (and ) Tj ET Q q 0 0 0 rg BT 429.41 238.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.15 238.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 475.54 238.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 518.06 238.25 Td (component ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 226.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.16 226.25 Td ($23.34) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.66 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 98.77 226.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.32 226.25 Td ($19.69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.82 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 146.93 226.25 Td (for ) Tj ET Q q 0 0 0 rg BT 161.70 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.03 226.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 200.14 226.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 221.26 226.25 Td (s, ) Tj ET Q q 0 0 0 rg BT 230.76 226.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 278.43 226.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.04 226.25 Td ($16.85) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.54 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 314.65 226.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.20 226.25 Td ($15.75) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.70 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 362.81 226.25 Td (for ) Tj ET Q q 0 0 0 rg BT 377.58 226.25 Td (the ) Tj ET Q q 0 0 0 rg BT 392.90 226.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 416.01 226.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 437.14 226.25 Td (s, ) Tj ET Q q 0 0 0 rg BT 446.64 226.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 494.30 226.25 Td (, ) Tj ET Q q 0 0 0 rg BT 499.91 226.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.46 226.25 Td ($21.28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.96 226.25 Td ( ) Tj ET Q q 0 0 0 rg BT 548.07 226.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 214.25 Td ($18.92) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.00 214.25 Td ( ) Tj ET Q q 0 0 0 rg BT 79.10 214.25 Td (for ) Tj ET Q q 0 0 0 rg BT 92.85 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 107.17 214.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 129.27 214.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 150.39 214.25 Td (s, ) Tj ET Q q 0 0 0 rg BT 158.88 214.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 206.54 214.25 Td (. ) Tj ET Q q 0 0 0 rg BT 211.14 214.25 Td ( ) Tj ET Q q 0 0 0 rg BT 213.23 214.25 Td (In ) Tj ET Q q 0 0 0 rg BT 223.66 214.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 270.72 214.25 Td (with ) Tj ET Q q 0 0 0 rg BT 290.13 214.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 311.68 214.25 Td (718, ) Tj ET Q q 0 0 0 rg BT 331.28 214.25 Td (for ) Tj ET Q q 0 0 0 rg BT 345.04 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 359.35 214.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 390.33 214.25 Td (of ) Tj ET Q q 0 0 0 rg BT 400.76 214.25 Td (the ) Tj ET Q q 0 0 0 rg BT 415.07 214.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 436.20 214.25 Td (s ) Tj ET Q q 0 0 0 rg BT 442.19 214.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 472.61 214.25 Td (to ) Tj ET Q q 0 0 0 rg BT 482.48 214.25 Td (a ) Tj ET Q q 0 0 0 rg BT 489.02 214.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 519.99 214.25 Td (Condition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 202.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 99.30 202.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 157.43 202.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 192.23 202.25 Td (is ) Tj ET Q q 0 0 0 rg BT 201.49 202.25 Td (derived ) Tj ET Q q 0 0 0 rg BT 234.07 202.25 Td (using ) Tj ET Q q 0 0 0 rg BT 258.33 202.25 Td (the ) Tj ET Q q 0 0 0 rg BT 273.14 202.25 Td (Monte ) Tj ET Q q 0 0 0 rg BT 301.84 202.25 Td (Carlo ) Tj ET Q q 0 0 0 rg BT 326.65 202.25 Td (simulation ) Tj ET Q q 0 0 0 rg BT 371.46 202.25 Td (methodology ) Tj ET Q q 0 0 0 rg BT 426.83 202.25 Td (and ) Tj ET Q q 0 0 0 rg BT 443.86 202.25 Td (is ) Tj ET Q q 0 0 0 rg BT 453.12 202.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 499.57 202.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 529.93 202.25 Td (over ) Tj ET Q q 0 0 0 rg BT 550.29 202.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 190.25 Td (service ) Tj ET Q q 0 0 0 rg BT 79.60 190.25 Td (period ) Tj ET Q q 0 0 0 rg BT 106.94 190.25 Td (regardless ) Tj ET Q q 0 0 0 rg BT 149.27 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.39 190.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 193.38 190.25 Td (or ) Tj ET Q q 0 0 0 rg BT 203.50 190.25 Td (not ) Tj ET Q q 0 0 0 rg BT 218.07 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.08 190.25 Td (attainment ) Tj ET Q q 0 0 0 rg BT 276.07 190.25 Td (of ) Tj ET Q q 0 0 0 rg BT 286.19 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 300.20 190.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 330.87 190.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 372.66 190.25 Td (is ) Tj ET Q q 0 0 0 rg BT 381.12 190.25 Td (probable. ) Tj ET Q q 0 0 0 rg BT 420.27 190.25 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 463.97 190.25 Td (the ) Tj ET Q q 0 0 0 rg BT 477.98 190.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 518.65 190.25 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.25 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 69.49 178.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.38 178.25 Td ( ) Tj ET Q q 0 0 0 rg BT 100.87 178.25 Td (in ) Tj ET Q q 0 0 0 rg BT 111.14 178.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 160.83 178.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 218.87 178.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 253.56 178.25 Td (during ) Tj ET Q q 0 0 0 rg BT 282.16 178.25 Td (the ) Tj ET Q q 0 0 0 rg BT 296.87 178.25 Td (first ) Tj ET Q q 0 0 0 rg BT 315.46 178.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 346.27 178.25 Td (of ) Tj ET Q q 0 0 0 rg BT 357.09 178.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 379.58 178.25 Td (related ) Tj ET Q q 0 0 0 rg BT 409.27 178.25 Td (to ) Tj ET Q q 0 0 0 rg BT 419.54 178.25 Td (the ) Tj ET Q q 0 0 0 rg BT 434.24 178.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 465.61 178.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 508.10 178.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 539.48 178.25 Td (of ) Tj ET Q q 0 0 0 rg BT 550.30 178.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 74.47 166.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 96.94 166.25 Td (and ) Tj ET Q q 0 0 0 rg BT 113.85 166.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 136.32 166.25 Td (PSU ) Tj ET Q q 0 0 0 rg BT 157.13 166.25 Td (awards. ) Tj ET Q q 0 0 0 rg BT 190.42 166.25 Td ( ) Tj ET Q q 0 0 0 rg BT 192.71 166.25 Td (There ) Tj ET Q q 0 0 0 rg BT 218.50 166.25 Td (was ) Tj ET Q q 0 0 0 rg BT 236.52 166.25 Td (a ) Tj ET Q q 0 0 0 rg BT 243.43 166.25 Td (total ) Tj ET Q q 0 0 0 rg BT 263.67 166.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.47 166.25 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 294.44 166.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.33 166.25 Td ( ) Tj ET Q q 0 0 0 rg BT 325.80 166.25 Td (of ) Tj ET Q q 0 0 0 rg BT 336.60 166.25 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 392.93 166.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 442.61 166.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 500.62 166.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 535.30 166.25 Td (related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.78 154.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 154.25 Td (Market ) Tj ET Q q 0 0 0 rg BT 105.87 154.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 148.38 154.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 179.76 154.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.59 154.25 Td (the ) Tj ET Q q 0 0 0 rg BT 205.31 154.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 230.31 154.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 252.81 154.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.75 154.25 Td (2015 ) Tj ET Q q 0 0 0 rg BT 292.25 154.25 Td (PSU ) Tj ET Q q 0 0 0 rg BT 313.09 154.25 Td (awards ) Tj ET Q q 0 0 0 rg BT 343.91 154.25 Td (as ) Tj ET Q q 0 0 0 rg BT 354.74 154.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.57 154.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 409.17 154.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 429.17 154.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 132.25 Td (For ) Tj ET Q q 0 0 0 rg BT 65.90 132.25 Td (the ) Tj ET Q q 0 0 0 rg BT 80.62 132.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 112.01 132.25 Td (of ) Tj ET Q q 0 0 0 rg BT 122.84 132.25 Td (the ) Tj ET Q q 0 0 0 rg BT 137.56 132.25 Td (PSU) Tj ET Q q 0 0 0 rg BT 158.68 132.25 Td (s ) Tj ET Q q 0 0 0 rg BT 165.08 132.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 195.91 132.25 Td (to ) Tj ET Q q 0 0 0 rg BT 206.19 132.25 Td (a ) Tj ET Q q 0 0 0 rg BT 213.13 132.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 266.72 132.25 Td (Condition, ) Tj ET Q q 0 0 0 rg BT 311.73 132.25 Td (we ) Tj ET Q q 0 0 0 rg BT 325.89 132.25 Td (recognize ) Tj ET Q q 0 0 0 rg BT 367.26 132.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 416.97 132.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 475.02 132.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 509.73 132.25 Td (on ) Tj ET Q q 0 0 0 rg BT 522.23 132.25 Td (a ) Tj ET Q q 0 0 0 rg BT 529.17 132.25 Td (straight-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 120.25 Td (line ) Tj ET Q q 0 0 0 rg BT 67.26 120.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 90.03 120.25 Td (over ) Tj ET Q q 0 0 0 rg BT 110.57 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 125.55 120.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 179.40 120.25 Td (Period ) Tj ET Q q 0 0 0 rg BT 208.28 120.25 Td (based ) Tj ET Q q 0 0 0 rg BT 233.81 120.25 Td (on ) Tj ET Q q 0 0 0 rg BT 246.58 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 261.57 120.25 Td (probable ) Tj ET Q q 0 0 0 rg BT 299.32 120.25 Td (outcome ) Tj ET Q q 0 0 0 rg BT 336.52 120.25 Td (of ) Tj ET Q q 0 0 0 rg BT 347.62 120.25 Td (the ) Tj ET Q q 0 0 0 rg BT 362.60 120.25 Td (related ) Tj ET Q q 0 0 0 rg BT 392.57 120.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 446.42 120.25 Td (Condition. ) Tj ET Q q 0 0 0 rg BT 491.70 120.25 Td (Otherwise, ) Tj ET Q q 0 0 0 rg BT 538.06 120.25 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 108.25 Td (based ) Tj ET Q q 0 0 0 rg BT 75.87 108.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 135.01 108.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 170.81 108.25 Td (recognition ) Tj ET Q q 0 0 0 rg BT 219.95 108.25 Td (is ) Tj ET Q q 0 0 0 rg BT 230.22 108.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 267.13 108.25 Td (until ) Tj ET Q q 0 0 0 rg BT 289.06 108.25 Td (probability ) Tj ET Q q 0 0 0 rg BT 336.54 108.25 Td (is ) Tj ET Q q 0 0 0 rg BT 346.81 108.25 Td (attained ) Tj ET Q q 0 0 0 rg BT 382.06 108.25 Td (and ) Tj ET Q q 0 0 0 rg BT 400.10 108.25 Td (a ) Tj ET Q q 0 0 0 rg BT 408.13 108.25 Td (cumulative ) Tj ET Q q 0 0 0 rg BT 456.16 108.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 506.97 108.25 Td (compensation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 83.55 96.25 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 129.28 96.25 Td (is ) Tj ET Q q 0 0 0 rg BT 137.80 96.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 174.62 96.25 Td (and ) Tj ET Q q 0 0 0 rg BT 190.90 96.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 236.61 96.25 Td (ratably ) Tj ET Q q 0 0 0 rg BT 266.22 96.25 Td (over ) Tj ET Q q 0 0 0 rg BT 285.83 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 299.90 96.25 Td (remaining ) Tj ET Q q 0 0 0 rg BT 342.28 96.25 Td (service ) Tj ET Q q 0 0 0 rg BT 372.44 96.25 Td (period. ) Tj ET Q q 0 0 0 rg BT 402.34 96.25 Td ( ) Tj ET Q q 0 0 0 rg BT 404.05 96.25 Td (The ) Tj ET Q q 0 0 0 rg BT 421.44 96.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 462.17 96.25 Td (reassesses ) Tj ET Q q 0 0 0 rg BT 504.56 96.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.62 96.25 Td (probability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.06 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 84.25 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 122.27 84.25 Td (of ) Tj ET Q q 0 0 0 rg BT 132.83 84.25 Td (the ) Tj ET Q q 0 0 0 rg BT 147.28 84.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 200.59 84.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 242.82 84.25 Td (on ) Tj ET Q q 0 0 0 rg BT 255.05 84.25 Td (a ) Tj ET Q q 0 0 0 rg BT 261.72 84.25 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 300.04 84.25 Td (basis, ) Tj ET Q q 0 0 0 rg BT 324.77 84.25 Td (and ) Tj ET Q q 0 0 0 rg BT 341.43 84.25 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 390.87 84.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 448.64 84.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 483.07 84.25 Td (is ) Tj ET Q q 0 0 0 rg BT 491.97 84.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 527.52 84.25 Td (based ) Tj ET Q q 0 0 0 rg BT 552.52 84.25 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.68 72.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 96.52 72.25 Td (of ) Tj ET Q q 0 0 0 rg BT 107.81 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 122.99 72.25 Td (requisite ) Tj ET Q q 0 0 0 rg BT 160.38 72.25 Td (service ) Tj ET Q q 0 0 0 rg BT 191.65 72.25 Td (period ) Tj ET Q q 0 0 0 rg BT 220.16 72.25 Td (that ) Tj ET Q q 0 0 0 rg BT 238.11 72.25 Td (has ) Tj ET Q q 0 0 0 rg BT 254.40 72.25 Td (passed. ) Tj ET Q q 0 0 0 rg BT 286.52 72.25 Td ( ) Tj ET Q q 0 0 0 rg BT 288.83 72.25 Td (As ) Tj ET Q q 0 0 0 rg BT 302.90 72.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.19 72.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 358.25 72.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.25 72.25 Td (, ) Tj ET Q q 0 0 0 rg BT 383.71 72.25 Td (the ) Tj ET Q q 0 0 0 rg BT 398.88 72.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 440.73 72.25 Td (had ) Tj ET Q q 0 0 0 rg BT 458.12 72.25 Td (not ) Tj ET Q q 0 0 0 rg BT 473.86 72.25 Td (recognized ) Tj ET Q q 0 0 0 rg BT 520.68 72.25 Td (any ) Tj ET Q q 0 0 0 rg BT 538.08 72.25 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (based ) Tj ET Q q 0 0 0 rg BT 74.76 60.25 Td (compensation ) Tj ET Q q 0 0 0 rg BT 132.79 60.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 167.49 60.25 Td (related ) Tj ET Q q 0 0 0 rg BT 197.18 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.44 60.25 Td (the ) Tj ET Q q 0 0 0 rg BT 222.15 60.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 275.72 60.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 318.22 60.25 Td (portion ) Tj ET Q q 0 0 0 rg BT 349.59 60.25 Td (of ) Tj ET Q q 0 0 0 rg BT 360.41 60.25 Td (the ) Tj ET Q q 0 0 0 rg BT 375.12 60.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 397.61 60.25 Td (or ) Tj ET Q q 0 0 0 rg BT 408.43 60.25 Td (the ) Tj ET Q q 0 0 0 rg BT 423.13 60.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 445.62 60.25 Td (PSU ) Tj ET Q q 0 0 0 rg BT 466.46 60.25 Td (awards. ) Tj ET Q q 0 0 0 rg BT 499.77 60.25 Td (If ) Tj ET Q q 0 0 0 rg BT 508.92 60.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 60.25 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 48.25 Td (achieves ) Tj ET Q q 0 0 0 rg BT 85.43 48.25 Td (the ) Tj ET Q q 0 0 0 rg BT 99.15 48.25 Td (minimum ) Tj ET Q q 0 0 0 rg BT 139.55 48.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 191.58 48.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 216.41 48.25 Td (for ) Tj ET Q q 0 0 0 rg BT 229.57 48.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.29 48.25 Td (Performance ) Tj ET Q q 0 0 0 rg BT 295.88 48.25 Td (Conditions ) Tj ET Q q 0 0 0 rg BT 341.29 48.25 Td (to ) Tj ET Q q 0 0 0 rg BT 350.57 48.25 Td (be ) Tj ET Q q 0 0 0 rg BT 361.51 48.25 Td (met ) Tj ET Q q 0 0 0 rg BT 378.01 48.25 Td (for ) Tj ET Q q 0 0 0 rg BT 391.18 48.25 Td (the ) Tj ET Q q 0 0 0 rg BT 404.90 48.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 426.41 48.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.35 48.25 Td (the ) Tj ET Q q 0 0 0 rg BT 456.07 48.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 477.58 48.25 Td (awards, ) Tj ET Q q 0 0 0 rg BT 509.90 48.25 Td (the ) Tj ET Q q 0 0 0 rg BT 523.63 48.25 Td (Company ) Tj ET Q 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 (28) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (would ) Tj ET Q q 0 0 0 rg BT 76.33 740.10 Td (record ) Tj ET Q q 0 0 0 rg BT 103.70 740.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 159.40 740.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 208.44 740.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 265.82 740.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 299.86 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.02 740.10 Td ($1.0 ) Tj ET Q q 0 0 0 rg BT 329.35 740.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.25 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.08 740.10 Td (as ) Tj ET Q q 0 0 0 rg BT 370.24 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.41 740.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 423.34 740.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.34 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 447.67 740.10 Td (for ) Tj ET Q q 0 0 0 rg BT 461.17 740.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.44 740.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 506.77 740.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 535.66 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 537.50 740.10 Td (would ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (be ) Tj ET Q q 0 0 0 rg BT 61.35 728.10 Td (immediately ) Tj ET Q q 0 0 0 rg BT 113.74 728.10 Td (recognized ) Tj ET Q q 0 0 0 rg BT 160.01 728.10 Td (had ) Tj ET Q q 0 0 0 rg BT 176.85 728.10 Td (attainment ) Tj ET Q q 0 0 0 rg BT 221.47 728.10 Td (been ) Tj ET Q q 0 0 0 rg BT 242.75 728.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 280.14 728.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.77 728.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 333.27 728.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.27 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 358.18 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.42 728.10 Td (The ) Tj ET Q q 0 0 0 rg BT 378.37 728.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 419.66 728.10 Td (recognized ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.93 728.10 Td (less ) Tj ET Q q 0 0 0 rg BT 483.34 728.10 Td (than ) Tj ET Q q 0 0 0 rg BT 502.96 728.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 522.87 728.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.76 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.17 728.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (stock-based ) Tj ET Q q 0 0 0 rg BT 99.11 716.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 157.06 716.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 191.68 716.10 Td (related ) Tj ET Q q 0 0 0 rg BT 221.29 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.47 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 246.10 716.10 Td (Performance ) Tj ET Q q 0 0 0 rg BT 299.59 716.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 342.00 716.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 373.29 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.03 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 398.66 716.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 421.06 716.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 441.81 716.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 472.54 716.10 Td (during ) Tj ET Q q 0 0 0 rg BT 501.06 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 515.68 716.10 Td (first ) Tj ET Q q 0 0 0 rg BT 534.20 716.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.40 704.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 82.97 704.10 Td (based ) Tj ET Q q 0 0 0 rg BT 108.32 704.10 Td (on ) Tj ET Q q 0 0 0 rg BT 120.89 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 135.68 704.10 Td (probability ) Tj ET Q q 0 0 0 rg BT 182.13 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.03 704.10 Td (attaining ) Tj ET Q q 0 0 0 rg BT 230.60 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 245.38 704.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 298.48 704.10 Td (condition. ) Tj ET Q q 0 0 0 rg BT 341.33 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.71 704.10 Td (The ) Tj ET Q q 0 0 0 rg BT 361.83 704.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 403.29 704.10 Td (has ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.19 704.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 439.26 704.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.16 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.73 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.63 704.10 Td (unrecognized ) Tj ET Q q 0 0 0 rg BT 538.06 704.10 Td (stock-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (based ) Tj ET Q q 0 0 0 rg BT 74.77 692.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 132.81 692.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 167.52 692.10 Td (for ) Tj ET Q q 0 0 0 rg BT 181.68 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 196.39 692.10 Td (2015 ) Tj ET Q q 0 0 0 rg BT 218.89 692.10 Td (PSU ) Tj ET Q q 0 0 0 rg BT 239.74 692.10 Td (awards ) Tj ET Q q 0 0 0 rg BT 270.56 692.10 Td (as ) Tj ET Q q 0 0 0 rg BT 281.39 692.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.22 692.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 335.82 692.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.82 692.10 Td (.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 665.10 Td (ITEM 2: MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 239.52 665.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 263.14 665.10 Td (ANAL) Tj ET Q q 0 0 0 rg BT 290.55 665.10 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 328.81 665.10 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 387.42 665.10 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 450.77 665.10 Td (AND) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 85.50 653.10 Td ( RESUL) Tj ET Q q 0 0 0 rg BT 120.43 653.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 148.67 653.10 Td ( OPERA) Tj ET Q q 0 0 0 rg BT 185.43 653.10 Td (TIONS) 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 48.5 627.53505859375 m 104.73291015625 627.53505859375 l s q 0 0 0 rg BT 48.50 629.10 Td (OVER) Tj ET Q q 0 0 0 rg BT 77.04 629.10 Td (VIEW) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 607.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 66.48 607.10 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 99.28 607.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 116.53 607.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 134.05 607.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 183.79 607.10 Td (or ) Tj ET Q q 0 0 0 rg BT 194.10 607.10 Td (we\) ) Tj ET Q q 0 0 0 rg BT 219.94 607.10 Td (is ) Tj ET Q q 0 0 0 rg BT 228.59 607.10 Td (one ) Tj ET Q q 0 0 0 rg BT 245.00 607.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.31 607.10 Td (the ) Tj ET Q q 0 0 0 rg BT 269.50 607.10 Td (nation) Tj ET Q q 0 0 0 rg BT 297.28 607.10 Td (s ) Tj ET Q q 0 0 0 rg BT 303.15 607.10 Td (leading ) Tj ET Q q 0 0 0 rg BT 334.56 607.10 Td (builders ) Tj ET Q q 0 0 0 rg BT 368.75 607.10 Td (of ) Tj ET Q q 0 0 0 rg BT 379.06 607.10 Td (single-family ) Tj ET Q q 0 0 0 rg BT 434.35 607.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 462.44 607.10 Td (having ) Tj ET Q q 0 0 0 rg BT 491.63 607.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 510.28 607.10 Td (over ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.02 607.10 Td (101,800) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 595.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 78.09 595.10 Td (since ) Tj ET Q q 0 0 0 rg BT 101.12 595.10 Td (we ) Tj ET Q q 0 0 0 rg BT 115.26 595.10 Td (commenced ) Tj ET Q q 0 0 0 rg BT 166.05 595.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 224.09 595.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 262.67 595.10 Td (in ) Tj ET Q q 0 0 0 rg BT 272.93 595.10 Td (1976.) Tj ET Q q 0 0 0 rg BT 300.25 595.10 Td (The ) Tj ET Q q 0 0 0 rg BT 318.28 595.10 Td (Company) Tj ET Q q 0 0 0 rg BT 359.94 595.10 Td (s ) Tj ET Q q 0 0 0 rg BT 366.31 595.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 394.91 595.10 Td (are ) Tj ET Q q 0 0 0 rg BT 409.59 595.10 Td (marketed ) Tj ET Q q 0 0 0 rg BT 449.28 595.10 Td (and ) Tj ET Q q 0 0 0 rg BT 466.20 595.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 485.35 595.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 525.04 595.10 Td (under ) Tj ET Q q 0 0 0 rg BT 550.29 595.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 583.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 66.96 583.10 Td (Homes ) Tj ET Q q 0 0 0 rg BT 97.74 583.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 122.96 583.10 Td (\(M/I ) Tj ET Q q 0 0 0 rg BT 143.75 583.10 Td (Homes ) Tj ET Q q 0 0 0 rg BT 174.53 583.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.43 583.10 Td (Showcase ) Tj ET Q q 0 0 0 rg BT 233.87 583.10 Td (Collection ) Tj ET Q q 0 0 0 rg BT 277.99 583.10 Td (\(exclusively ) Tj ET Q q 0 0 0 rg BT 329.32 583.10 Td (by ) Tj ET Q q 0 0 0 rg BT 341.77 583.10 Td (M/I\)\) ) Tj ET Q q 0 0 0 rg BT 365.89 583.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 385.28 583.10 Td (following ) Tj ET Q q 0 0 0 rg BT 426.62 583.10 Td (our ) Tj ET Q q 0 0 0 rg BT 442.41 583.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 488.74 583.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.53 583.10 Td (a ) Tj ET Q q 0 0 0 rg BT 506.42 583.10 Td (privately-held ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 571.10 Td (homebuilder ) Tj ET Q q 0 0 0 rg BT 102.44 571.10 Td (in ) Tj ET Q q 0 0 0 rg BT 112.62 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 127.24 571.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 193.26 571.10 Td (Paul ) Tj ET Q q 0 0 0 rg BT 213.44 571.10 Td (market ) Tj ET Q q 0 0 0 rg BT 243.60 571.10 Td (in ) Tj ET Q q 0 0 0 rg BT 253.78 571.10 Td (December ) Tj ET Q q 0 0 0 rg BT 297.27 571.10 Td (2015, ) Tj ET Q q 0 0 0 rg BT 322.17 571.10 Td (we ) Tj ET Q q 0 0 0 rg BT 336.23 571.10 Td (use ) Tj ET Q q 0 0 0 rg BT 351.96 571.10 Td (the ) Tj ET Q q 0 0 0 rg BT 366.58 571.10 Td (Hans ) Tj ET Q q 0 0 0 rg BT 389.53 571.10 Td (Hagen ) Tj ET Q q 0 0 0 rg BT 418.03 571.10 Td (brand ) Tj ET Q q 0 0 0 rg BT 443.20 571.10 Td (in ) Tj ET Q q 0 0 0 rg BT 453.38 571.10 Td (that ) Tj ET Q q 0 0 0 rg BT 470.78 571.10 Td (market. ) Tj ET Q q 0 0 0 rg BT 503.44 571.10 Td ( ) Tj ET Q q 0 0 0 rg BT 505.67 571.10 Td (The ) Tj ET Q q 0 0 0 rg BT 523.62 571.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 559.10 Td (has ) Tj ET Q q 0 0 0 rg BT 65.65 559.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 124.02 559.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 168.50 559.10 Td (in ) Tj ET Q q 0 0 0 rg BT 179.10 559.10 Td (Columbus ) Tj ET Q q 0 0 0 rg BT 223.04 559.10 Td (and ) Tj ET Q q 0 0 0 rg BT 240.30 559.10 Td (Cincinnati, ) Tj ET Q q 0 0 0 rg BT 287.28 559.10 Td (Ohio; ) Tj ET Q q 0 0 0 rg BT 312.88 559.10 Td (Indianapolis, ) Tj ET Q q 0 0 0 rg BT 367.64 559.10 Td (Indiana; ) Tj ET Q q 0 0 0 rg BT 403.22 559.10 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 441.87 559.10 Td (Illinois; ) Tj ET Q q 0 0 0 rg BT 475.80 559.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 542.24 559.10 Td (Paul, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 547.10 Td (Minnesota; ) Tj ET Q q 0 0 0 rg BT 97.44 547.10 Td (T) Tj ET Q q 0 0 0 rg BT 102.85 547.10 Td (ampa, ) Tj ET Q q 0 0 0 rg BT 130.19 547.10 Td (Sarasota ) Tj ET Q q 0 0 0 rg BT 167.24 547.10 Td (and ) Tj ET Q q 0 0 0 rg BT 184.86 547.10 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 223.30 547.10 Td (Florida; ) Tj ET Q q 0 0 0 rg BT 257.44 547.10 Td (Austin, ) Tj ET Q q 0 0 0 rg BT 289.79 547.10 Td (Dallas/Fort ) Tj ET Q q 0 0 0 rg BT 337.73 547.10 Td (W) Tj ET Q q 0 0 0 rg BT 346.37 547.10 Td (orth, ) Tj ET Q q 0 0 0 rg BT 368.16 547.10 Td (Houston ) Tj ET Q q 0 0 0 rg BT 405.23 547.10 Td (and ) Tj ET Q q 0 0 0 rg BT 422.84 547.10 Td (San ) Tj ET Q q 0 0 0 rg BT 440.32 547.10 Td (Antonio, ) Tj ET Q q 0 0 0 rg BT 478.55 547.10 Td (T) Tj ET Q q 0 0 0 rg BT 483.96 547.10 Td (exas; ) Tj ET Q q 0 0 0 rg BT 507.68 547.10 Td (Charlotte ) Tj ET Q q 0 0 0 rg BT 548.07 547.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 535.10 Td (Raleigh, ) Tj ET Q q 0 0 0 rg BT 85.60 535.10 Td (North ) Tj ET Q q 0 0 0 rg BT 111.43 535.10 Td (Carolina; ) Tj ET Q q 0 0 0 rg BT 151.15 535.10 Td (and ) Tj ET Q q 0 0 0 rg BT 168.08 535.10 Td (the ) Tj ET Q q 0 0 0 rg BT 182.62 535.10 Td (V) Tj ET Q q 0 0 0 rg BT 189.24 535.10 Td (ir) Tj ET Q q 0 0 0 rg BT 195.17 535.10 Td (ginia ) Tj ET Q q 0 0 0 rg BT 217.66 535.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.60 535.10 Td (Maryland ) Tj ET Q q 0 0 0 rg BT 275.98 535.10 Td (suburbs ) Tj ET Q q 0 0 0 rg BT 309.59 535.10 Td (of ) Tj ET Q q 0 0 0 rg BT 320.24 535.10 Td (W) Tj ET Q q 0 0 0 rg BT 328.88 535.10 Td (ashington, ) Tj ET Q q 0 0 0 rg BT 372.77 535.10 Td (D.C. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 513.10 Td (Included ) Tj ET Q q 0 0 0 rg BT 86.56 513.10 Td (in ) Tj ET Q q 0 0 0 rg BT 96.41 513.10 Td (this ) Tj ET Q q 0 0 0 rg BT 112.93 513.10 Td (Management) Tj ET Q q 0 0 0 rg BT 167.91 513.10 Td (s ) Tj ET Q q 0 0 0 rg BT 173.87 513.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 219.83 513.10 Td (and ) Tj ET Q q 0 0 0 rg BT 235.89 513.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 272.96 513.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.36 513.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 322.64 513.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 364.72 513.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.23 513.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 412.75 513.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.15 513.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 469.10 513.10 Td (are ) Tj ET Q q 0 0 0 rg BT 483.38 513.10 Td (the ) Tj ET Q q 0 0 0 rg BT 497.67 513.10 Td (following ) Tj ET Q q 0 0 0 rg BT 538.63 513.10 Td (topics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 501.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 84.20 501.10 Td (to ) Tj ET Q q 0 0 0 rg BT 94.48 501.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.20 501.10 Td (Company) Tj ET Q q 0 0 0 rg BT 150.86 501.10 Td (s ) Tj ET Q q 0 0 0 rg BT 157.25 501.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 210.28 501.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.21 501.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 264.70 501.10 Td (condition:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 479.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 479.10 Td (Information ) Tj ET Q q 0 0 0 rg BT 162.76 479.10 Td (Relating ) Tj ET Q q 0 0 0 rg BT 199.15 479.10 Td (to ) Tj ET Q q 0 0 0 rg BT 209.42 479.10 Td (Forward-Looking ) Tj ET Q q 0 0 0 rg BT 283.02 479.10 Td (Statements;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 467.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 467.10 Td (Application ) Tj ET Q q 0 0 0 rg BT 162.21 467.10 Td (of ) Tj ET Q q 0 0 0 rg BT 173.04 467.10 Td (Critical ) Tj ET Q q 0 0 0 rg BT 204.98 467.10 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 254.14 467.10 Td (Estimates ) Tj ET Q q 0 0 0 rg BT 295.52 467.10 Td (and ) Tj ET Q q 0 0 0 rg BT 312.46 467.10 Td (Policies;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 455.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 455.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 144.45 455.10 Td (of ) Tj ET Q q 0 0 0 rg BT 155.28 455.10 Td (Operations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 443.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 443.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 158.89 443.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.72 443.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 187.77 443.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 227.50 443.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.43 443.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 275.82 443.10 Td (Resources;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 431.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 431.10 Td (Summary ) Tj ET Q q 0 0 0 rg BT 153.89 431.10 Td (of ) Tj ET Q q 0 0 0 rg BT 164.72 431.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 182.77 431.10 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 231.92 431.10 Td (Obligations;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 419.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 419.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 158.89 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 169.72 419.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 187.77 419.10 Td (Utilization ) Tj ET Q q 0 0 0 rg BT 233.04 419.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.87 419.10 Td (Of) Tj ET Q q 0 0 0 rg BT 254.24 419.10 Td (f-Balance ) Tj ET Q q 0 0 0 rg BT 295.61 419.10 Td (Sheet ) Tj ET Q q 0 0 0 rg BT 319.77 419.10 Td (Arrangements; ) Tj ET Q q 0 0 0 rg BT 381.69 419.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 407.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.50 407.10 Td (Impact ) Tj ET Q q 0 0 0 rg BT 142.76 407.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.59 407.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 186.08 407.10 Td (Rates ) Tj ET Q q 0 0 0 rg BT 210.80 407.10 Td (and ) Tj ET Q q 0 0 0 rg BT 227.73 407.10 Td (Inflation.) 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 48.5 383.53505859375 m 221.41015625 383.53505859375 l s q 0 0 0 rg BT 48.50 385.10 Td (FOR) Tj ET Q q 0 0 0 rg BT 69.26 385.10 Td (W) Tj ET Q q 0 0 0 rg BT 78.15 385.10 Td (ARD-LOOKING ST) Tj ET Q q 0 0 0 rg BT 166.03 385.10 Td (A) Tj ET Q q 0 0 0 rg BT 172.51 385.10 Td (TEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.10 Td (Certain ) Tj ET Q q 0 0 0 rg BT 82.59 363.10 Td (information ) Tj ET Q q 0 0 0 rg BT 133.46 363.10 Td (included ) Tj ET Q q 0 0 0 rg BT 171.55 363.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.99 363.10 Td (this ) Tj ET Q q 0 0 0 rg BT 201.09 363.10 Td (report ) Tj ET Q q 0 0 0 rg BT 228.63 363.10 Td (or ) Tj ET Q q 0 0 0 rg BT 240.61 363.10 Td (in ) Tj ET Q q 0 0 0 rg BT 252.05 363.10 Td (other ) Tj ET Q q 0 0 0 rg BT 276.25 363.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 316.56 363.10 Td (we ) Tj ET Q q 0 0 0 rg BT 331.88 363.10 Td (have ) Tj ET Q q 0 0 0 rg BT 354.41 363.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 376.39 363.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.38 363.10 Td (will ) Tj ET Q q 0 0 0 rg BT 407.60 363.10 Td (file ) Tj ET Q q 0 0 0 rg BT 424.58 363.10 Td (with ) Tj ET Q q 0 0 0 rg BT 446.01 363.10 Td (the ) Tj ET Q q 0 0 0 rg BT 461.89 363.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 504.98 363.10 Td (and ) Tj ET Q q 0 0 0 rg BT 523.07 363.10 Td (Exchange ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.10 Td (Commission ) Tj ET Q q 0 0 0 rg BT 102.75 351.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 120.98 351.10 Td (SEC\) ) Tj ET Q q 0 0 0 rg BT 154.21 351.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 168.56 351.10 Td (well ) Tj ET Q q 0 0 0 rg BT 188.46 351.10 Td (as ) Tj ET Q q 0 0 0 rg BT 199.47 351.10 Td (information ) Tj ET Q q 0 0 0 rg BT 249.37 351.10 Td (included ) Tj ET Q q 0 0 0 rg BT 286.49 351.10 Td (in ) Tj ET Q q 0 0 0 rg BT 296.95 351.10 Td (oral ) Tj ET Q q 0 0 0 rg BT 315.18 351.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 360.08 351.10 Td (or ) Tj ET Q q 0 0 0 rg BT 371.09 351.10 Td (other ) Tj ET Q q 0 0 0 rg BT 394.33 351.10 Td (written ) Tj ET Q q 0 0 0 rg BT 425.34 351.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 470.23 351.10 Td (made ) Tj ET Q q 0 0 0 rg BT 494.57 351.10 Td (or ) Tj ET Q q 0 0 0 rg BT 505.59 351.10 Td (to ) Tj ET Q q 0 0 0 rg BT 516.05 351.10 Td (be ) Tj ET Q q 0 0 0 rg BT 528.17 351.10 Td (made ) Tj ET Q q 0 0 0 rg BT 552.51 351.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.10 Td (us\) ) Tj ET Q q 0 0 0 rg BT 64.54 339.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 100.68 339.10 Td (or ) Tj ET Q q 0 0 0 rg BT 111.83 339.10 Td (may ) Tj ET Q q 0 0 0 rg BT 131.86 339.10 Td (contain ) Tj ET Q q 0 0 0 rg BT 164.11 339.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 232.47 339.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 280.00 339.10 Td (including, ) Tj ET Q q 0 0 0 rg BT 323.09 339.10 Td (but ) Tj ET Q q 0 0 0 rg BT 338.68 339.10 Td (not ) Tj ET Q q 0 0 0 rg BT 354.28 339.10 Td (limited ) Tj ET Q q 0 0 0 rg BT 385.43 339.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 398.52 339.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 443.55 339.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 484.69 339.10 Td (our ) Tj ET Q q 0 0 0 rg BT 500.83 339.10 Td (future ) Tj ET Q q 0 0 0 rg BT 527.53 339.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.84 327.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.10 327.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 157.90 327.10 Td (condition.) Tj ET Q q 0 0 0 rg BT 202.99 327.10 Td (W) Tj ET Q q 0 0 0 rg BT 211.63 327.10 Td (ords ) Tj ET Q q 0 0 0 rg BT 231.67 327.10 Td (such ) Tj ET Q q 0 0 0 rg BT 252.82 327.10 Td (as ) Tj ET Q q 0 0 0 rg BT 263.97 327.10 Td (expects, ) Tj ET Q q 0 0 0 rg BT 308.15 327.10 Td (anticipates, ) Tj ET Q q 0 0 0 rg BT 365.11 327.10 Td (tar) Tj ET Q q 0 0 0 rg BT 379.92 327.10 Td (gets, ) Tj ET Q q 0 0 0 rg BT 405.78 327.10 Td (goals, ) Tj ET Q q 0 0 0 rg BT 441.09 327.10 Td (projects, ) Tj ET Q q 0 0 0 rg BT 486.94 327.10 Td (intends, ) Tj ET Q q 0 0 0 rg BT 530.02 327.10 Td (plans, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.10 Td (believes, ) Tj ET Q q 0 0 0 rg BT 97.05 315.10 Td (seeks, ) Tj ET Q q 0 0 0 rg BT 133.50 315.10 Td (and ) Tj ET Q q 0 0 0 rg BT 151.35 315.10 Td (estimates, ) Tj ET Q q 0 0 0 rg BT 203.34 315.10 Td (variations ) Tj ET Q q 0 0 0 rg BT 246.19 315.10 Td (of ) Tj ET Q q 0 0 0 rg BT 257.93 315.10 Td (such ) Tj ET Q q 0 0 0 rg BT 279.67 315.10 Td (words ) Tj ET Q q 0 0 0 rg BT 307.52 315.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.37 315.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 356.55 315.10 Td (expressions ) Tj ET Q q 0 0 0 rg BT 406.62 315.10 Td (are ) Tj ET Q q 0 0 0 rg BT 422.24 315.10 Td (intended ) Tj ET Q q 0 0 0 rg BT 460.08 315.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.27 315.10 Td (identify ) Tj ET Q q 0 0 0 rg BT 505.78 315.10 Td (such ) Tj ET Q q 0 0 0 rg BT 527.52 315.10 Td (forward-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.10 Td (looking ) Tj ET Q q 0 0 0 rg BT 82.12 303.10 Td (statements.) Tj ET Q q 0 0 0 rg BT 131.65 303.10 Td (These ) Tj ET Q q 0 0 0 rg BT 157.59 303.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 201.86 303.10 Td (involve ) Tj ET Q q 0 0 0 rg BT 233.92 303.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.42 303.10 Td (number ) Tj ET Q q 0 0 0 rg BT 273.03 303.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.42 303.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 304.38 303.10 Td (and ) Tj ET Q q 0 0 0 rg BT 320.88 303.10 Td (uncertainties.) Tj ET Q q 0 0 0 rg BT 378.91 303.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 398.20 303.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 465.80 303.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 510.07 303.10 Td (that ) Tj ET Q q 0 0 0 rg BT 527.13 303.10 Td (we ) Tj ET Q q 0 0 0 rg BT 540.85 303.10 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.10 Td (herein ) Tj ET Q q 0 0 0 rg BT 76.64 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 93.23 291.10 Td (in ) Tj ET Q q 0 0 0 rg BT 103.16 291.10 Td (future ) Tj ET Q q 0 0 0 rg BT 129.19 291.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 159.11 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.70 291.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 220.06 291.10 Td (are ) Tj ET Q q 0 0 0 rg BT 234.42 291.10 Td (not ) Tj ET Q q 0 0 0 rg BT 249.35 291.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 294.26 291.10 Td (of ) Tj ET Q q 0 0 0 rg BT 304.74 291.10 Td (future ) Tj ET Q q 0 0 0 rg BT 330.77 291.10 Td (performance, ) Tj ET Q q 0 0 0 rg BT 385.95 291.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.54 291.10 Td (actual ) Tj ET Q q 0 0 0 rg BT 428.56 291.10 Td (results ) Tj ET Q q 0 0 0 rg BT 456.82 291.10 Td (may ) Tj ET Q q 0 0 0 rg BT 476.19 291.10 Td (dif) Tj ET Q q 0 0 0 rg BT 487.12 291.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 500.37 291.10 Td (materially ) Tj ET Q q 0 0 0 rg BT 543.06 291.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.10 Td (those ) Tj ET Q q 0 0 0 rg BT 73.42 279.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.00 279.10 Td (such ) Tj ET Q q 0 0 0 rg BT 105.14 279.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 173.48 279.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 218.50 279.10 Td (as ) Tj ET Q q 0 0 0 rg BT 229.64 279.10 Td (a ) Tj ET Q q 0 0 0 rg BT 236.89 279.10 Td (result ) Tj ET Q q 0 0 0 rg BT 261.91 279.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.05 279.10 Td (various ) Tj ET Q q 0 0 0 rg BT 305.30 279.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 323.10 279.10 Td (factors.Please ) Tj ET Q q 0 0 0 rg BT 386.17 279.10 Td (see) Tj ET Q BT /F1 9.00 Tf ET q 0 0 0 rg BT 398.93 279.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.46 279.10 Td (Item ) Tj ET Q q 0 0 0 rg BT 427.03 279.10 Td (1A. ) Tj ET Q q 0 0 0 rg BT 444.56 279.10 Td (Risk ) Tj ET Q q 0 0 0 rg BT 465.71 279.10 Td (Factors ) Tj ET Q q 0 0 0 rg BT 502.39 279.10 Td (in ) Tj ET Q q 0 0 0 rg BT 512.98 279.10 Td (Part ) Tj ET Q q 0 0 0 rg BT 531.90 279.10 Td (I ) Tj ET Q q 0 0 0 rg BT 538.03 279.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.17 279.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 81.41 267.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 111.09 267.10 Td (on ) Tj ET Q q 0 0 0 rg BT 123.56 267.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 147.69 267.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 170.71 267.10 Td (for ) Tj ET Q q 0 0 0 rg BT 184.84 267.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.52 267.10 Td (year ) Tj ET Q q 0 0 0 rg BT 219.20 267.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.54 267.10 Td (December ) Tj ET Q q 0 0 0 rg BT 289.09 267.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 304.06 267.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.06 267.10 Td ( ) Tj ET Q q 0 0 0 rg BT 326.53 267.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 344.54 267.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.98 267.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.98 267.10 Td ( ) Tj ET Q q 0 0 0 rg BT 371.45 267.10 Td (Form ) Tj ET Q q 0 0 0 rg BT 395.59 267.10 Td (10-K\), ) Tj ET Q q 0 0 0 rg BT 428.87 267.10 Td (as ) Tj ET Q q 0 0 0 rg BT 439.67 267.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.36 267.10 Td (same ) Tj ET Q q 0 0 0 rg BT 477.37 267.10 Td (may ) Tj ET Q q 0 0 0 rg BT 497.05 267.10 Td (be ) Tj ET Q q 0 0 0 rg BT 508.96 267.10 Td (updated ) Tj ET Q q 0 0 0 rg BT 543.08 267.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.10 Td (time ) Tj ET Q q 0 0 0 rg BT 69.77 255.10 Td (to ) Tj ET Q q 0 0 0 rg BT 80.05 255.10 Td (time ) Tj ET Q q 0 0 0 rg BT 100.33 255.10 Td (in ) Tj ET Q q 0 0 0 rg BT 110.60 255.10 Td (our ) Tj ET Q q 0 0 0 rg BT 126.43 255.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 173.37 255.10 Td (filings ) Tj ET Q q 0 0 0 rg BT 201.43 255.10 Td (with ) Tj ET Q q 0 0 0 rg BT 221.71 255.10 Td (the ) Tj ET Q q 0 0 0 rg BT 236.42 255.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 259.76 255.10 Td (for ) Tj ET Q q 0 0 0 rg BT 273.92 255.10 Td (more ) Tj ET Q q 0 0 0 rg BT 296.97 255.10 Td (information ) Tj ET Q q 0 0 0 rg BT 346.68 255.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 387.50 255.10 Td (those ) Tj ET Q q 0 0 0 rg BT 411.11 255.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 428.61 255.10 Td (factors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 233.10 Td (Any ) Tj ET Q q 0 0 0 rg BT 68.69 233.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 136.20 233.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 176.49 233.10 Td (speaks ) Tj ET Q q 0 0 0 rg BT 205.12 233.10 Td (only ) Tj ET Q q 0 0 0 rg BT 224.86 233.10 Td (as ) Tj ET Q q 0 0 0 rg BT 235.16 233.10 Td (of ) Tj ET Q q 0 0 0 rg BT 245.46 233.10 Td (the ) Tj ET Q q 0 0 0 rg BT 259.65 233.10 Td (date ) Tj ET Q q 0 0 0 rg BT 278.27 233.10 Td (made. ) Tj ET Q q 0 0 0 rg BT 304.40 233.10 Td ( ) Tj ET Q q 0 0 0 rg BT 306.37 233.10 Td (Except ) Tj ET Q q 0 0 0 rg BT 336.10 233.10 Td (as ) Tj ET Q q 0 0 0 rg BT 346.40 233.10 Td (required ) Tj ET Q q 0 0 0 rg BT 381.68 233.10 Td (by ) Tj ET Q q 0 0 0 rg BT 393.65 233.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 436.71 233.10 Td (law) Tj ET Q q 0 0 0 rg BT 450.50 233.10 Td (, ) Tj ET Q q 0 0 0 rg BT 454.97 233.10 Td (we ) Tj ET Q q 0 0 0 rg BT 468.60 233.10 Td (undertake ) Tj ET Q q 0 0 0 rg BT 509.99 233.10 Td (no ) Tj ET Q q 0 0 0 rg BT 521.96 233.10 Td (obligation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 221.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.57 221.10 Td (publicly ) Tj ET Q q 0 0 0 rg BT 94.64 221.10 Td (update ) Tj ET Q q 0 0 0 rg BT 123.60 221.10 Td (any ) Tj ET Q q 0 0 0 rg BT 140.33 221.10 Td (forward-looking ) Tj ET Q q 0 0 0 rg BT 208.16 221.10 Td (statements, ) Tj ET Q q 0 0 0 rg BT 255.17 221.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 289.68 221.10 Td (as ) Tj ET Q q 0 0 0 rg BT 300.30 221.10 Td (a ) Tj ET Q q 0 0 0 rg BT 307.04 221.10 Td (result ) Tj ET Q q 0 0 0 rg BT 331.55 221.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.18 221.10 Td (new ) Tj ET Q q 0 0 0 rg BT 361.13 221.10 Td (information, ) Tj ET Q q 0 0 0 rg BT 413.14 221.10 Td (future ) Tj ET Q q 0 0 0 rg BT 439.32 221.10 Td (events ) Tj ET Q q 0 0 0 rg BT 467.16 221.10 Td (or ) Tj ET Q q 0 0 0 rg BT 477.79 221.10 Td (otherwise. ) Tj ET Q q 0 0 0 rg BT 521.46 221.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.75 221.10 Td (However) Tj ET Q q 0 0 0 rg BT 560.00 221.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 209.10 Td (any ) Tj ET Q q 0 0 0 rg BT 65.72 209.10 Td (further ) Tj ET Q q 0 0 0 rg BT 94.71 209.10 Td (disclosures ) Tj ET Q q 0 0 0 rg BT 140.93 209.10 Td (made ) Tj ET Q q 0 0 0 rg BT 164.36 209.10 Td (on ) Tj ET Q q 0 0 0 rg BT 176.15 209.10 Td (related ) Tj ET Q q 0 0 0 rg BT 205.13 209.10 Td (subjects ) Tj ET Q q 0 0 0 rg BT 239.13 209.10 Td (in ) Tj ET Q q 0 0 0 rg BT 248.69 209.10 Td (our ) Tj ET Q q 0 0 0 rg BT 263.80 209.10 Td (subsequent ) Tj ET Q q 0 0 0 rg BT 310.02 209.10 Td (reports ) Tj ET Q q 0 0 0 rg BT 339.57 209.10 Td (on ) Tj ET Q q 0 0 0 rg BT 351.35 209.10 Td (Forms ) Tj ET Q q 0 0 0 rg BT 378.69 209.10 Td (10-K, ) Tj ET Q q 0 0 0 rg BT 403.52 209.10 Td (10-Q ) Tj ET Q q 0 0 0 rg BT 425.86 209.10 Td (and ) Tj ET Q q 0 0 0 rg BT 442.08 209.10 Td (8-K ) Tj ET Q q 0 0 0 rg BT 459.41 209.10 Td (should ) Tj ET Q q 0 0 0 rg BT 487.86 209.10 Td (be ) Tj ET Q q 0 0 0 rg BT 499.08 209.10 Td (consulted.) Tj ET Q q 0 0 0 rg BT 544.73 209.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 197.10 Td (discussion ) Tj ET Q q 0 0 0 rg BT 94.86 197.10 Td (is ) Tj ET Q q 0 0 0 rg BT 105.22 197.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 144.46 197.10 Td (as ) Tj ET Q q 0 0 0 rg BT 156.48 197.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 198.49 197.10 Td (by ) Tj ET Q q 0 0 0 rg BT 212.18 197.10 Td (the ) Tj ET Q q 0 0 0 rg BT 228.09 197.10 Td (Private ) Tj ET Q q 0 0 0 rg BT 260.10 197.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 303.23 197.10 Td (Litigation ) Tj ET Q q 0 0 0 rg BT 346.36 197.10 Td (Reform ) Tj ET Q q 0 0 0 rg BT 379.78 197.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 397.91 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 409.93 197.10 Td (1995, ) Tj ET Q q 0 0 0 rg BT 436.12 197.10 Td (and ) Tj ET Q q 0 0 0 rg BT 454.25 197.10 Td (all ) Tj ET Q q 0 0 0 rg BT 467.93 197.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.95 197.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.97 197.10 Td (forward-looking ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 185.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 94.21 185.10 Td (are ) Tj ET Q q 0 0 0 rg BT 108.92 185.10 Td (expressly ) Tj ET Q q 0 0 0 rg BT 149.19 185.10 Td (qualified ) Tj ET Q q 0 0 0 rg BT 187.23 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 197.51 185.10 Td (their ) Tj ET Q q 0 0 0 rg BT 218.33 185.10 Td (entirety ) Tj ET Q q 0 0 0 rg BT 251.38 185.10 Td (by ) Tj ET Q q 0 0 0 rg BT 263.88 185.10 Td (the ) Tj ET Q q 0 0 0 rg BT 278.59 185.10 Td (cautionary ) Tj ET Q q 0 0 0 rg BT 323.29 185.10 Td (statements ) Tj ET Q q 0 0 0 rg BT 368.01 185.10 Td (contained ) Tj ET Q q 0 0 0 rg BT 409.38 185.10 Td (or ) Tj ET Q q 0 0 0 rg BT 420.21 185.10 Td (referenced ) Tj ET Q q 0 0 0 rg BT 464.89 185.10 Td (in ) Tj ET Q q 0 0 0 rg BT 475.17 185.10 Td (this ) Tj ET Q q 0 0 0 rg BT 492.12 185.10 Td (section.) Tj ET Q endstream endobj 59 0 obj <> endobj 60 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 /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 392.1513671875 738.68505859375 l s q 0 0 0 rg BT 49.50 740.25 Td (APPLICA) Tj ET Q q 0 0 0 rg BT 93.20 740.25 Td (TION ) Tj ET Q q 0 0 0 rg BT 121.26 740.25 Td (OF) Tj ET Q q 0 0 0 rg BT 134.78 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 137.28 740.25 Td (CRITICAL) Tj ET Q q 0 0 0 rg BT 186.74 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 188.68 740.25 Td (ACCOUNTING ) Tj ET Q q 0 0 0 rg BT 260.63 740.25 Td (ESTIMA) Tj ET Q q 0 0 0 rg BT 299.34 740.25 Td (TES ) Tj ET Q q 0 0 0 rg BT 320.19 740.25 Td (AND ) Tj ET Q q 0 0 0 rg BT 344.36 740.25 Td (POLICIES) 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 66.66 718.25 Td (preparation ) Tj ET Q q 0 0 0 rg BT 113.81 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 123.75 718.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 160.34 718.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 204.17 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 213.56 718.25 Td (conformity ) Tj ET Q q 0 0 0 rg BT 259.61 718.25 Td (with ) Tj ET Q q 0 0 0 rg BT 279.00 718.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 324.49 718.25 Td (principles ) Tj ET Q q 0 0 0 rg BT 365.54 718.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 404.35 718.25 Td (accepted ) Tj ET Q q 0 0 0 rg BT 440.94 718.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.33 718.25 Td (the ) Tj ET Q q 0 0 0 rg BT 464.16 718.25 Td (United ) Tj ET Q q 0 0 0 rg BT 492.99 718.25 Td (States ) Tj ET Q q 0 0 0 rg BT 518.49 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 528.08 718.25 Td (America ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (\(GAAP\) ) Tj ET Q q 0 0 0 rg BT 94.71 706.25 Td (requires ) Tj ET Q q 0 0 0 rg BT 129.37 706.25 Td (management ) Tj ET Q q 0 0 0 rg BT 182.91 706.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.14 706.25 Td (make ) Tj ET Q q 0 0 0 rg BT 217.25 706.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 256.91 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 273.80 706.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 325.70 706.25 Td (that ) Tj ET Q q 0 0 0 rg BT 343.15 706.25 Td (af) Tj ET Q q 0 0 0 rg BT 350.74 706.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 368.17 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.84 706.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 418.61 706.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 454.94 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 465.73 706.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 491.51 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 508.40 706.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 548.06 706.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.25 694.25 Td (disclosure ) Tj ET Q q 0 0 0 rg BT 107.33 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 118.20 694.25 Td (contingent ) Tj ET Q q 0 0 0 rg BT 162.94 694.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 188.81 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 205.78 694.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 245.53 694.25 Td (at ) Tj ET Q q 0 0 0 rg BT 255.28 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 270.03 694.25 Td (date ) Tj ET Q q 0 0 0 rg BT 289.22 694.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.09 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 314.84 694.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 367.91 694.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 405.43 694.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 450.17 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 467.15 694.25 Td (the ) Tj ET Q q 0 0 0 rg BT 481.90 694.25 Td (reported ) Tj ET Q q 0 0 0 rg BT 517.75 694.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 554.17 694.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 83.37 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 100.04 682.25 Td (expenses ) Tj ET Q q 0 0 0 rg BT 138.37 682.25 Td (during ) Tj ET Q q 0 0 0 rg BT 166.71 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 181.15 682.25 Td (reporting ) Tj ET Q q 0 0 0 rg BT 220.04 682.25 Td (period.Management ) Tj ET Q q 0 0 0 rg BT 307.52 682.25 Td (bases ) Tj ET Q q 0 0 0 rg BT 331.40 682.25 Td (its ) Tj ET Q q 0 0 0 rg BT 343.08 682.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 382.52 682.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.19 682.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 450.87 682.25 Td (on ) Tj ET Q q 0 0 0 rg BT 463.10 682.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 502.54 682.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 548.07 682.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (on ) Tj ET Q q 0 0 0 rg BT 62.45 670.25 Td (various ) Tj ET Q q 0 0 0 rg BT 94.84 670.25 Td (other ) Tj ET Q q 0 0 0 rg BT 118.34 670.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 148.50 670.25 Td (that ) Tj ET Q q 0 0 0 rg BT 166.44 670.25 Td (it ) Tj ET Q q 0 0 0 rg BT 174.95 670.25 Td (believes ) Tj ET Q q 0 0 0 rg BT 210.66 670.25 Td (are ) Tj ET Q q 0 0 0 rg BT 225.82 670.25 Td (reasonable ) Tj ET Q q 0 0 0 rg BT 271.52 670.25 Td (under ) Tj ET Q q 0 0 0 rg BT 297.24 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 312.41 670.25 Td (circumstances, ) Tj ET Q q 0 0 0 rg BT 374.50 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 389.67 670.25 Td (results ) Tj ET Q q 0 0 0 rg BT 418.73 670.25 Td (of ) Tj ET Q q 0 0 0 rg BT 430.01 670.25 Td (which ) Tj ET Q q 0 0 0 rg BT 457.40 670.25 Td (form ) Tj ET Q q 0 0 0 rg BT 479.79 670.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.96 670.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 517.91 670.25 Td (for ) Tj ET Q q 0 0 0 rg BT 532.52 670.25 Td (making ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (judgments ) Tj ET Q q 0 0 0 rg BT 93.38 658.25 Td (about ) Tj ET Q q 0 0 0 rg BT 117.81 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.24 658.25 Td (carrying ) Tj ET Q q 0 0 0 rg BT 167.77 658.25 Td (value ) Tj ET Q q 0 0 0 rg BT 191.64 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 202.18 658.25 Td (assets ) Tj ET Q q 0 0 0 rg BT 227.72 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 244.38 658.25 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 283.81 658.25 Td (that ) Tj ET Q q 0 0 0 rg BT 301.01 658.25 Td (are ) Tj ET Q q 0 0 0 rg BT 315.43 658.25 Td (not ) Tj ET Q q 0 0 0 rg BT 330.43 658.25 Td (readily ) Tj ET Q q 0 0 0 rg BT 360.40 658.25 Td (apparent ) Tj ET Q q 0 0 0 rg BT 397.04 658.25 Td (from ) Tj ET Q q 0 0 0 rg BT 418.69 658.25 Td (other ) Tj ET Q q 0 0 0 rg BT 441.45 658.25 Td (sources.On ) Tj ET Q q 0 0 0 rg BT 493.38 658.25 Td (an ) Tj ET Q q 0 0 0 rg BT 505.03 658.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 540.02 658.25 Td (basis, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.25 Td (management ) Tj ET Q q 0 0 0 rg BT 103.15 646.25 Td (evaluates ) Tj ET Q q 0 0 0 rg BT 142.92 646.25 Td (such ) Tj ET Q q 0 0 0 rg BT 163.82 646.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 203.60 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 220.60 646.25 Td (assumptions ) Tj ET Q q 0 0 0 rg BT 272.62 646.25 Td (and ) Tj ET Q q 0 0 0 rg BT 289.62 646.25 Td (makes ) Tj ET Q q 0 0 0 rg BT 317.73 646.25 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 368.07 646.25 Td (as ) Tj ET Q q 0 0 0 rg BT 378.97 646.25 Td (deemed ) Tj ET Q q 0 0 0 rg BT 412.63 646.25 Td (necessary) Tj ET Q q 0 0 0 rg BT 450.85 646.25 Td (.) Tj ET Q q 0 0 0 rg BT 457.79 646.25 Td (Actual ) Tj ET Q q 0 0 0 rg BT 487.01 646.25 Td (results ) Tj ET Q q 0 0 0 rg BT 515.69 646.25 Td (could ) Tj ET Q q 0 0 0 rg BT 540.47 646.25 Td (dif) Tj ET Q q 0 0 0 rg BT 551.40 646.25 Td (fer ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.25 Td (from ) Tj ET Q q 0 0 0 rg BT 71.20 634.25 Td (these ) Tj ET Q q 0 0 0 rg BT 94.01 634.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 133.49 634.25 Td (using ) Tj ET Q q 0 0 0 rg BT 157.43 634.25 Td (dif) Tj ET Q q 0 0 0 rg BT 168.35 634.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 193.93 634.25 Td (estimates ) Tj ET Q q 0 0 0 rg BT 233.41 634.25 Td (and ) Tj ET Q q 0 0 0 rg BT 250.11 634.25 Td (assumptions, ) Tj ET Q q 0 0 0 rg BT 304.33 634.25 Td (or ) Tj ET Q q 0 0 0 rg BT 314.92 634.25 Td (if ) Tj ET Q q 0 0 0 rg BT 323.29 634.25 Td (conditions ) Tj ET Q q 0 0 0 rg BT 367.22 634.25 Td (are ) Tj ET Q q 0 0 0 rg BT 381.70 634.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 433.95 634.25 Td (dif) Tj ET Q q 0 0 0 rg BT 444.88 634.25 Td (ferent ) Tj ET Q q 0 0 0 rg BT 470.46 634.25 Td (in ) Tj ET Q q 0 0 0 rg BT 480.50 634.25 Td (the ) Tj ET Q q 0 0 0 rg BT 494.98 634.25 Td (future.See ) Tj ET Q q 0 0 0 rg BT 543.06 634.25 Td (Note ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.25 Td (1 ) Tj ET Q q 0 0 0 rg BT 57.70 622.25 Td (\(Summary ) Tj ET Q q 0 0 0 rg BT 103.11 622.25 Td (of ) Tj ET Q q 0 0 0 rg BT 114.64 622.25 Td (Significant ) Tj ET Q q 0 0 0 rg BT 161.02 622.25 Td (Accounting ) Tj ET Q q 0 0 0 rg BT 210.87 622.25 Td (Policies\) ) Tj ET Q q 0 0 0 rg BT 249.06 622.25 Td (to ) Tj ET Q q 0 0 0 rg BT 260.04 622.25 Td (our ) Tj ET Q q 0 0 0 rg BT 276.57 622.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 330.31 622.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 368.49 622.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 413.90 622.25 Td (included ) Tj ET Q q 0 0 0 rg BT 451.53 622.25 Td (in ) Tj ET Q q 0 0 0 rg BT 462.50 622.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.03 622.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.03 622.25 Td ( ) Tj ET Q q 0 0 0 rg BT 502.23 622.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 527.10 622.25 Td (10-K ) Tj ET Q q 0 0 0 rg BT 550.85 622.25 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 91.99 610.25 Td (information ) Tj ET Q q 0 0 0 rg BT 141.70 610.25 Td (about ) Tj ET Q q 0 0 0 rg BT 166.42 610.25 Td (our ) Tj ET Q q 0 0 0 rg BT 182.25 610.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 228.62 610.25 Td (policies.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 588.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.62 588.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 95.54 588.25 Td (that ) Tj ET Q q 0 0 0 rg BT 112.59 588.25 Td (there ) Tj ET Q q 0 0 0 rg BT 134.62 588.25 Td (have ) Tj ET Q q 0 0 0 rg BT 155.54 588.25 Td (been ) Tj ET Q q 0 0 0 rg BT 176.47 588.25 Td (no ) Tj ET Q q 0 0 0 rg BT 188.51 588.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 232.77 588.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 267.03 588.25 Td (to ) Tj ET Q q 0 0 0 rg BT 276.85 588.25 Td (our ) Tj ET Q q 0 0 0 rg BT 292.23 588.25 Td (critical ) Tj ET Q q 0 0 0 rg BT 322.04 588.25 Td (accounting ) Tj ET Q q 0 0 0 rg BT 367.96 588.25 Td (policies ) Tj ET Q q 0 0 0 rg BT 401.11 588.25 Td (during ) Tj ET Q q 0 0 0 rg BT 429.26 588.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.53 588.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 473.89 588.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 499.81 588.25 Td (March ) Tj ET Q q 0 0 0 rg BT 527.96 588.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 542.51 588.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (as ) Tj ET Q q 0 0 0 rg BT 59.21 576.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 100.01 576.25 Td (to ) Tj ET Q q 0 0 0 rg BT 109.16 576.25 Td (those ) Tj ET Q q 0 0 0 rg BT 131.64 576.25 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 170.24 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 179.39 576.25 Td (Management) Tj ET Q q 0 0 0 rg BT 234.37 576.25 Td (s ) Tj ET Q q 0 0 0 rg BT 239.64 576.25 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 284.91 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 300.42 576.25 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 336.79 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 346.50 576.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 385.09 576.25 Td (Condition ) Tj ET Q q 0 0 0 rg BT 426.47 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 442.28 576.25 Td (Results ) Tj ET Q q 0 0 0 rg BT 473.11 576.25 Td (of ) Tj ET Q q 0 0 0 rg BT 482.81 576.25 Td (Operations ) Tj ET Q q 0 0 0 rg BT 528.07 576.25 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 564.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.61 564.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.61 564.25 Td ( ) Tj ET Q q 0 0 0 rg BT 98.11 564.25 Td (Form ) Tj ET Q q 0 0 0 rg BT 122.28 564.25 Td (10-K.) Tj ET Q endstream endobj 61 0 obj <>] /Rotate 0 /Contents 62 0 R>> endobj 62 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (30) 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 (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 60.60 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 76.70 706.25 Td (15 ) Tj ET Q q 0 0 0 rg BT 89.46 706.25 Td (individual ) Tj ET Q q 0 0 0 rg BT 132.78 706.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 191.10 706.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 231.63 706.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 271.62 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 288.82 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 303.81 706.25 Td (results ) Tj ET Q q 0 0 0 rg BT 332.68 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.78 706.25 Td (our ) Tj ET Q q 0 0 0 rg BT 359.88 706.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 397.63 706.25 Td (services ) Tj ET Q q 0 0 0 rg BT 432.60 706.25 Td (operations; ) Tj ET Q q 0 0 0 rg BT 479.80 706.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 494.23 706.25 Td (the ) Tj ET Q q 0 0 0 rg BT 509.21 706.25 Td (results ) Tj ET Q q 0 0 0 rg BT 538.09 706.25 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 706.25 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (three ) Tj ET Q q 0 0 0 rg BT 71.99 694.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 130.04 694.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 173.07 694.25 Td (segments; ) Tj ET Q q 0 0 0 rg BT 215.56 694.25 Td (and ) Tj ET Q q 0 0 0 rg BT 232.50 694.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 246.66 694.25 Td (our ) Tj ET Q q 0 0 0 rg BT 262.49 694.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 315.54 694.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 353.02 694.25 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 85.70 660.25 Td (as ) Tj ET Q q 0 0 0 rg BT 96.91 660.25 Td (each ) Tj ET Q q 0 0 0 rg BT 118.10 660.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 176.52 660.25 Td (division ) Tj ET Q q 0 0 0 rg BT 211.62 660.25 Td (engages ) Tj ET Q q 0 0 0 rg BT 246.71 660.25 Td (in ) Tj ET Q q 0 0 0 rg BT 257.36 660.25 Td (business ) Tj ET Q q 0 0 0 rg BT 294.13 660.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 333.10 660.25 Td (from ) Tj ET Q q 0 0 0 rg BT 355.41 660.25 Td (which ) Tj ET Q q 0 0 0 rg BT 382.73 660.25 Td (it ) Tj ET Q q 0 0 0 rg BT 391.16 660.25 Td (earns ) Tj ET Q q 0 0 0 rg BT 415.13 660.25 Td (revenue, ) Tj ET Q q 0 0 0 rg BT 452.15 660.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 492.24 660.25 Td (from ) Tj ET Q q 0 0 0 rg BT 514.55 660.25 Td (the ) Tj ET Q q 0 0 0 rg BT 529.64 660.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 548.07 660.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 648.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 101.57 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 112.54 648.25 Td (single-family ) Tj ET Q q 0 0 0 rg BT 168.49 648.25 Td (attached ) Tj ET Q q 0 0 0 rg BT 204.44 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.52 648.25 Td (detached ) Tj ET Q q 0 0 0 rg BT 259.69 648.25 Td (homes, ) Tj ET Q q 0 0 0 rg BT 290.93 648.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 337.45 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 354.52 648.25 Td (development ) Tj ET Q q 0 0 0 rg BT 408.81 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 419.78 648.25 Td (land, ) Tj ET Q q 0 0 0 rg BT 442.13 648.25 Td (and ) Tj ET Q q 0 0 0 rg BT 459.21 648.25 Td (the ) Tj ET Q q 0 0 0 rg BT 474.06 648.25 Td (occasional ) Tj ET Q q 0 0 0 rg BT 518.90 648.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 537.08 648.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.05 648.25 Td (lots ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (to ) Tj ET Q q 0 0 0 rg BT 59.59 636.25 Td (third ) Tj ET Q q 0 0 0 rg BT 80.79 636.25 Td (parties. ) Tj ET Q q 0 0 0 rg BT 112.26 636.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 130.12 636.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 167.41 636.25 Td (services ) Tj ET Q q 0 0 0 rg BT 201.93 636.25 Td (operations ) Tj ET Q q 0 0 0 rg BT 245.90 636.25 Td (generate ) Tj ET Q q 0 0 0 rg BT 282.07 636.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 316.03 636.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 355.55 636.25 Td (from ) Tj ET Q q 0 0 0 rg BT 377.31 636.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.83 636.25 Td (origination, ) Tj ET Q q 0 0 0 rg BT 440.53 636.25 Td (sale ) Tj ET Q q 0 0 0 rg BT 458.39 636.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.14 636.25 Td (servicing ) Tj ET Q q 0 0 0 rg BT 514.10 636.25 Td (of ) Tj ET Q q 0 0 0 rg BT 524.75 636.25 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.25 Td (loans ) Tj ET Q q 0 0 0 rg BT 73.72 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 91.26 624.25 Td (title ) Tj ET Q q 0 0 0 rg BT 109.92 624.25 Td (services ) Tj ET Q q 0 0 0 rg BT 145.24 624.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 185.56 624.25 Td (for ) Tj ET Q q 0 0 0 rg BT 200.33 624.25 Td (purchasers ) Tj ET Q q 0 0 0 rg BT 246.19 624.25 Td (of ) Tj ET Q q 0 0 0 rg BT 257.63 624.25 Td (the ) Tj ET Q q 0 0 0 rg BT 272.95 624.25 Td (Company) Tj ET Q q 0 0 0 rg BT 314.62 624.25 Td (s ) Tj ET Q q 0 0 0 rg BT 321.62 624.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 350.84 624.25 Td (and ) Tj ET Q q 0 0 0 rg BT 368.38 624.25 Td (are ) Tj ET Q q 0 0 0 rg BT 383.70 624.25 Td (included ) Tj ET Q q 0 0 0 rg BT 421.24 624.25 Td (in ) Tj ET Q q 0 0 0 rg BT 432.12 624.25 Td (our ) Tj ET Q q 0 0 0 rg BT 448.56 624.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 486.65 624.25 Td (services ) Tj ET Q q 0 0 0 rg BT 521.97 624.25 Td (reportable ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.25 Td (segment. ) Tj ET Q q 0 0 0 rg BT 87.24 612.25 Td ( ) Tj ET Q q 0 0 0 rg BT 89.16 612.25 Td (In ) Tj ET Q q 0 0 0 rg BT 99.40 612.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 146.28 612.25 Td (with ) Tj ET Q q 0 0 0 rg BT 165.97 612.25 Td (the ) Tj ET Q q 0 0 0 rg BT 180.10 612.25 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 229.22 612.25 Td (criteria ) Tj ET Q q 0 0 0 rg BT 259.45 612.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 291.35 612.25 Td (in ) Tj ET Q q 0 0 0 rg BT 300.62 612.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 321.99 612.25 Td (280, ) Tj ET Q q 0 0 0 rg BT 341.40 612.25 Td (we ) Tj ET Q q 0 0 0 rg BT 354.98 612.25 Td (have ) Tj ET Q q 0 0 0 rg BT 375.77 612.25 Td (determined ) Tj ET Q q 0 0 0 rg BT 422.67 612.25 Td (our ) Tj ET Q q 0 0 0 rg BT 437.91 612.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 480.36 612.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 519.49 612.25 Td (as ) Tj ET Q q 0 0 0 rg BT 529.74 612.25 Td (follows: ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.25 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 86.13 600.25 Td (homebuilding, ) Tj ET Q q 0 0 0 rg BT 145.82 600.25 Td (Southern ) Tj ET Q q 0 0 0 rg BT 183.56 600.25 Td (homebuilding, ) Tj ET Q q 0 0 0 rg BT 243.25 600.25 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 297.09 600.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 354.28 600.25 Td (and ) Tj ET Q q 0 0 0 rg BT 370.35 600.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 406.96 600.25 Td (services ) Tj ET Q q 0 0 0 rg BT 440.80 600.25 Td (operations.) Tj ET Q q 0 0 0 rg BT 489.78 600.25 Td (The ) Tj ET Q q 0 0 0 rg BT 506.96 600.25 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 88.59 588.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 127.13 588.25 Td (included ) Tj ET Q q 0 0 0 rg BT 162.90 588.25 Td (in ) Tj ET Q q 0 0 0 rg BT 172.00 588.25 Td (each ) Tj ET Q q 0 0 0 rg BT 191.64 588.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 233.50 588.25 Td (segment ) Tj ET Q q 0 0 0 rg BT 268.16 588.25 Td (have ) Tj ET Q q 0 0 0 rg BT 288.36 588.25 Td (been ) Tj ET Q q 0 0 0 rg BT 308.56 588.25 Td (aggregated ) Tj ET Q q 0 0 0 rg BT 353.75 588.25 Td (because ) Tj ET Q q 0 0 0 rg BT 386.73 588.25 Td (they ) Tj ET Q q 0 0 0 rg BT 405.27 588.25 Td (share ) Tj ET Q q 0 0 0 rg BT 427.70 588.25 Td (similar ) Tj ET Q q 0 0 0 rg BT 456.80 588.25 Td (aggregation ) Tj ET Q q 0 0 0 rg BT 505.33 588.25 Td (characteristics ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.25 Td (as ) Tj ET Q q 0 0 0 rg BT 59.85 576.25 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 103.52 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 112.87 576.25 Td (ASC ) Tj ET Q q 0 0 0 rg BT 134.35 576.25 Td (280 ) Tj ET Q q 0 0 0 rg BT 151.37 576.25 Td (in ) Tj ET Q q 0 0 0 rg BT 161.17 576.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.41 576.25 Td (following ) Tj ET Q q 0 0 0 rg BT 216.31 576.25 Td (regards: ) Tj ET Q q 0 0 0 rg BT 250.54 576.25 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 264.22 576.25 Td (long-term ) Tj ET Q q 0 0 0 rg BT 305.68 576.25 Td (economic ) Tj ET Q q 0 0 0 rg BT 346.57 576.25 Td (characteristics; ) Tj ET Q q 0 0 0 rg BT 408.56 576.25 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 422.24 576.25 Td (historical ) Tj ET Q q 0 0 0 rg BT 461.48 576.25 Td (and ) Tj ET Q q 0 0 0 rg BT 477.94 576.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 515.49 576.25 Td (future ) Tj ET Q q 0 0 0 rg BT 541.39 576.25 Td (long-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.25 Td (term ) Tj ET Q q 0 0 0 rg BT 71.17 564.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 95.64 564.25 Td (mar) Tj ET Q q 0 0 0 rg BT 111.00 564.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 127.13 564.25 Td (percentages; ) Tj ET Q q 0 0 0 rg BT 180.45 564.25 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 195.46 564.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 230.48 564.25 Td (products, ) Tj ET Q q 0 0 0 rg BT 270.77 564.25 Td (production ) Tj ET Q q 0 0 0 rg BT 317.44 564.25 Td (processes ) Tj ET Q q 0 0 0 rg BT 359.11 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 376.90 564.25 Td (methods ) Tj ET Q q 0 0 0 rg BT 414.14 564.25 Td (of ) Tj ET Q q 0 0 0 rg BT 425.82 564.25 Td (distribution; ) Tj ET Q q 0 0 0 rg BT 478.06 564.25 Td (and ) Tj ET Q q 0 0 0 rg BT 495.85 564.25 Td (\(4\) ) Tj ET Q q 0 0 0 rg BT 510.86 564.25 Td (geographical ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.25 Td (proximity) Tj ET Q q 0 0 0 rg BT 88.29 552.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.55 530.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 125.60 530.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 165.86 530.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 205.58 530.25 Td (that ) Tj ET Q q 0 0 0 rg BT 223.07 530.25 Td (comprise ) Tj ET Q q 0 0 0 rg BT 262.23 530.25 Td (each ) Tj ET Q q 0 0 0 rg BT 283.04 530.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.88 530.25 Td (our ) Tj ET Q q 0 0 0 rg BT 309.71 530.25 Td (reportable ) Tj ET Q q 0 0 0 rg BT 352.74 530.25 Td (segments ) Tj ET Q q 0 0 0 rg BT 392.45 530.25 Td (are ) Tj ET Q q 0 0 0 rg BT 407.16 530.25 Td (as ) Tj ET Q q 0 0 0 rg BT 417.99 530.25 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 94.5 508.9833984375 m 129.5 508.9833984375 l s q 0 0 0 rg BT 94.50 510.32 Td (Midwest) 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 242.5 508.9833984375 m 278.6083984375 508.9833984375 l s q 0 0 0 rg BT 242.50 510.32 Td (Southern) 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 388.5 508.9833984375 m 440.7119140625 508.9833984375 l s q 0 0 0 rg BT 388.50 510.32 Td (Mid-Atlantic) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 496.37 Td (Chicago, ) Tj ET Q q 0 0 0 rg BT 132.83 496.37 Td (Illinois) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 496.37 Td (Orlando, ) Tj ET Q q 0 0 0 rg BT 280.27 496.37 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 496.37 Td (Charlotte, ) Tj ET Q q 0 0 0 rg BT 430.71 496.37 Td (North ) Tj ET Q q 0 0 0 rg BT 456.54 496.37 Td (Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 484.37 Td (Cincinnati, ) Tj ET Q q 0 0 0 rg BT 141.16 484.37 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 484.37 Td (Sarasota, ) Tj ET Q q 0 0 0 rg BT 281.38 484.37 Td (Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 484.37 Td (Raleigh, ) Tj ET Q q 0 0 0 rg BT 424.60 484.37 Td (North ) Tj ET Q q 0 0 0 rg BT 450.43 484.37 Td (Carolina) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 472.37 Td (Columbus, ) Tj ET Q q 0 0 0 rg BT 140.62 472.37 Td (Ohio) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 472.37 Td (Tampa, Florida) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.50 472.37 Td (W) Tj ET Q q 0 0 0 rg BT 397.54 472.37 Td (ashington, ) Tj ET Q q 0 0 0 rg BT 441.02 472.37 Td (D.C.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 460.37 Td (Indianapolis, ) Tj ET Q q 0 0 0 rg BT 148.93 460.37 Td (Indiana) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 460.37 Td (Austin, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 94.50 448.37 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 160.61 448.37 Td (Paul, ) Tj ET Q q 0 0 0 rg BT 183.39 448.37 Td (Minnesota) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 448.37 Td (Dallas/Fort Worth, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 436.37 Td (Houston, Texas) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.50 424.37 Td (San Antonio, Texas) 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 49.5 398.68505859375 m 90.59375 398.68505859375 l s q 0 0 0 rg BT 49.50 400.25 Td (Overview) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.59 400.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 378.25 Td (During ) Tj ET Q q 0 0 0 rg BT 79.59 378.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.57 378.25 Td (first ) Tj ET Q q 0 0 0 rg BT 111.44 378.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 141.51 378.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.60 378.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.60 378.25 Td (, ) Tj ET Q q 0 0 0 rg BT 175.86 378.25 Td (we ) Tj ET Q q 0 0 0 rg BT 189.28 378.25 Td (achieved ) Tj ET Q q 0 0 0 rg BT 226.58 378.25 Td (record ) Tj ET Q q 0 0 0 rg BT 253.87 378.25 Td (levels ) Tj ET Q q 0 0 0 rg BT 278.96 378.25 Td (of ) Tj ET Q q 0 0 0 rg BT 289.05 378.25 Td (new ) Tj ET Q q 0 0 0 rg BT 307.47 378.25 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 347.82 378.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 375.69 378.25 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 417.15 378.25 Td (and ) Tj ET Q q 0 0 0 rg BT 433.35 378.25 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 469.13 378.25 Td (Throughout ) Tj ET Q q 0 0 0 rg BT 518.11 378.25 Td (the ) Tj ET Q q 0 0 0 rg BT 532.08 378.25 Td (quarter) Tj ET Q q 0 0 0 rg BT 560.00 378.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 366.25 Td (we ) Tj ET Q q 0 0 0 rg BT 64.66 366.25 Td (experienced ) Tj ET Q q 0 0 0 rg BT 116.46 366.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 157.17 366.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 198.42 366.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 233.58 366.25 Td (in ) Tj ET Q q 0 0 0 rg BT 244.86 366.25 Td (most ) Tj ET Q q 0 0 0 rg BT 267.81 366.25 Td (of ) Tj ET Q q 0 0 0 rg BT 279.64 366.25 Td (our ) Tj ET Q q 0 0 0 rg BT 296.47 366.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 331.62 366.25 Td (which ) Tj ET Q q 0 0 0 rg BT 359.56 366.25 Td (we ) Tj ET Q q 0 0 0 rg BT 374.72 366.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 407.10 366.25 Td (was ) Tj ET Q q 0 0 0 rg BT 426.15 366.25 Td (a ) Tj ET Q q 0 0 0 rg BT 434.09 366.25 Td (result ) Tj ET Q q 0 0 0 rg BT 459.81 366.25 Td (of ) Tj ET Q q 0 0 0 rg BT 471.64 366.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 514.57 366.25 Td (increases ) Tj ET Q q 0 0 0 rg BT 554.72 366.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 354.25 Td (employment, ) Tj ET Q q 0 0 0 rg BT 104.37 354.25 Td (low ) Tj ET Q q 0 0 0 rg BT 121.76 354.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 153.57 354.25 Td (rates, ) Tj ET Q q 0 0 0 rg BT 177.33 354.25 Td (improved ) Tj ET Q q 0 0 0 rg BT 218.04 354.25 Td (consumer ) Tj ET Q q 0 0 0 rg BT 259.30 354.25 Td (confidence ) Tj ET Q q 0 0 0 rg BT 305.54 354.25 Td (and ) Tj ET Q q 0 0 0 rg BT 322.37 354.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 364.18 354.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 404.33 354.25 Td (availability) Tj ET Q q 0 0 0 rg BT 448.67 354.25 Td (, ) Tj ET Q q 0 0 0 rg BT 453.55 354.25 Td (along ) Tj ET Q q 0 0 0 rg BT 478.15 354.25 Td (with ) Tj ET Q q 0 0 0 rg BT 498.31 354.25 Td (a ) Tj ET Q q 0 0 0 rg BT 505.13 354.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 535.84 354.25 Td (supply ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 342.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.42 342.25 Td (new ) Tj ET Q q 0 0 0 rg BT 79.67 342.25 Td (homes. ) Tj ET Q q 0 0 0 rg BT 110.87 342.25 Td ( ) Tj ET Q q 0 0 0 rg BT 113.27 342.25 Td (The ) Tj ET Q q 0 0 0 rg BT 131.40 342.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 171.20 342.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 211.54 342.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 245.78 342.25 Td (for ) Tj ET Q q 0 0 0 rg BT 260.03 342.25 Td (new ) Tj ET Q q 0 0 0 rg BT 279.28 342.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 307.98 342.25 Td (and ) Tj ET Q q 0 0 0 rg BT 325.01 342.25 Td (the ) Tj ET Q q 0 0 0 rg BT 339.81 342.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 381.84 342.25 Td (execution ) Tj ET Q q 0 0 0 rg BT 423.30 342.25 Td (of ) Tj ET Q q 0 0 0 rg BT 434.22 342.25 Td (our ) Tj ET Q q 0 0 0 rg BT 450.14 342.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 486.60 342.25 Td (business ) Tj ET Q q 0 0 0 rg BT 523.08 342.25 Td (initiatives ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 330.25 Td (enabled ) Tj ET Q q 0 0 0 rg BT 83.09 330.25 Td (us ) Tj ET Q q 0 0 0 rg BT 94.49 330.25 Td (to ) Tj ET Q q 0 0 0 rg BT 104.76 330.25 Td (achieve ) Tj ET Q q 0 0 0 rg BT 137.80 330.25 Td (the ) Tj ET Q q 0 0 0 rg BT 152.51 330.25 Td (following ) Tj ET Q q 0 0 0 rg BT 193.90 330.25 Td (improved ) Tj ET Q q 0 0 0 rg BT 234.72 330.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 276.11 330.25 Td (results, ) Tj ET Q q 0 0 0 rg BT 307.22 330.25 Td (in ) Tj ET Q q 0 0 0 rg BT 317.50 330.25 Td (comparison ) Tj ET Q q 0 0 0 rg BT 366.65 330.25 Td (to ) Tj ET Q q 0 0 0 rg BT 376.93 330.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.65 330.25 Td (first ) Tj ET Q q 0 0 0 rg BT 410.26 330.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 441.07 330.25 Td (of ) Tj ET Q q 0 0 0 rg BT 451.90 330.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.90 330.25 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 308.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 308.25 Td (New ) Tj ET Q q 0 0 0 rg BT 106.88 308.25 Td (contracts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.48 308.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.23 308.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.73 308.25 Td (1) Tj ET Q q 0 0 0 rg BT 190.36 308.25 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.69 308.25 Td ( ) Tj ET Q q 0 0 0 rg BT 206.19 308.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.47 308.25 Td (1,454) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.97 308.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 296.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 296.25 Td (Homes ) Tj ET Q q 0 0 0 rg BT 116.33 296.25 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.03 296.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.79 296.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.29 296.25 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.62 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 217.12 296.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.39 296.25 Td (1,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.89 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 252.39 296.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 281.00 296.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 284.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 284.25 Td (A) Tj ET Q q 0 0 0 rg BT 91.98 284.25 Td (verage ) Tj ET Q q 0 0 0 rg BT 121.13 284.25 Td (price ) Tj ET Q q 0 0 0 rg BT 143.61 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 154.44 284.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 183.05 284.25 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.75 284.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.50 284.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.00 284.25 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.33 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 278.83 284.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.11 284.25 Td ($373,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 272.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 272.25 Td (Number ) Tj ET Q q 0 0 0 rg BT 120.77 272.25 Td (of ) Tj ET Q q 0 0 0 rg BT 131.60 272.25 Td (homes ) Tj ET Q q 0 0 0 rg BT 160.21 272.25 Td (in ) Tj ET Q q 0 0 0 rg BT 170.49 272.25 Td (backlog ) Tj ET Q q 0 0 0 rg BT 204.64 272.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.36 272.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 257.96 272.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.96 272.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.46 272.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.21 272.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.71 272.25 Td (13%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.04 272.25 Td ( ) Tj ET Q q 0 0 0 rg BT 341.54 272.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.82 272.25 Td (2,220) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 260.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 260.25 Td (T) Tj ET Q q 0 0 0 rg BT 90.91 260.25 Td (otal sales value in backlog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.93 260.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.69 260.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.19 260.25 Td (14%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.52 260.25 Td ( to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.29 260.25 Td ($834.4 million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 329.19 260.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 248.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 248.25 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.99 248.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.74 248.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.24 248.25 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.57 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 184.07 248.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.35 248.25 Td ($407.0 ) Tj ET Q q 0 0 0 rg BT 224.35 248.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 236.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 236.25 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 118.83 236.25 Td (general ) Tj ET Q q 0 0 0 rg BT 150.76 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 167.70 236.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 227.40 236.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 262.11 236.25 Td (as ) Tj ET Q q 0 0 0 rg BT 272.94 236.25 Td (a ) Tj ET Q q 0 0 0 rg BT 279.88 236.25 Td (percentage ) Tj ET Q q 0 0 0 rg BT 325.68 236.25 Td (of ) Tj ET Q q 0 0 0 rg BT 336.51 236.25 Td (revenue ) Tj ET Q q 0 0 0 rg BT 370.66 236.25 Td (improved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 411.48 236.25 Td (20) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.48 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 423.98 236.25 Td (basis ) Tj ET Q q 0 0 0 rg BT 446.48 236.25 Td (points ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 224.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.78 224.25 Td (13.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.61 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 124.11 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 134.39 224.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 156.89 224.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.83 224.25 Td (13.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.66 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 207.16 224.25 Td (in ) Tj ET Q q 0 0 0 rg BT 217.43 224.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 80.83 200.25 Td (before ) Tj ET Q q 0 0 0 rg BT 107.71 200.25 Td (income ) Tj ET Q q 0 0 0 rg BT 138.48 200.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 160.37 200.25 Td (for ) Tj ET Q q 0 0 0 rg BT 173.38 200.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.94 200.25 Td (first ) Tj ET Q q 0 0 0 rg BT 204.39 200.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 234.05 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 243.72 200.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.72 200.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.06 200.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.82 200.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.16 200.25 Td (79%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.49 200.25 Td ( ) Tj ET Q q 0 0 0 rg BT 323.83 200.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.61 200.25 Td ($14.7 ) Tj ET Q q 0 0 0 rg BT 368.46 200.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.35 200.25 Td ( ) Tj ET Q q 0 0 0 rg BT 398.69 200.25 Td (in ) Tj ET Q q 0 0 0 rg BT 407.81 200.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.37 200.25 Td (first ) Tj ET Q q 0 0 0 rg BT 438.82 200.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 468.48 200.25 Td (of ) Tj ET Q q 0 0 0 rg BT 478.15 200.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.15 200.25 Td ( ) Tj ET Q q 0 0 0 rg BT 499.50 200.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.62 200.25 Td ($26.3million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (in ) Tj ET Q q 0 0 0 rg BT 59.75 188.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.43 188.25 Td (first ) Tj ET Q q 0 0 0 rg BT 93.01 188.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 123.79 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 134.59 188.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.59 188.25 Td (. ) Tj ET Q q 0 0 0 rg BT 159.55 188.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 192.01 188.25 Td (before ) Tj ET Q q 0 0 0 rg BT 220.01 188.25 Td (income ) Tj ET Q q 0 0 0 rg BT 251.91 188.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 274.92 188.25 Td (for ) Tj ET Q q 0 0 0 rg BT 289.05 188.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.74 188.25 Td (first ) Tj ET Q q 0 0 0 rg BT 322.31 188.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 353.09 188.25 Td (of ) Tj ET Q q 0 0 0 rg BT 363.89 188.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 383.89 188.25 Td ( ) Tj ET Q q 0 0 0 rg BT 386.36 188.25 Td (was ) Tj ET Q q 0 0 0 rg BT 404.38 188.25 Td (unfavorably ) Tj ET Q q 0 0 0 rg BT 455.16 188.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 494.28 188.25 Td (by ) Tj ET Q q 0 0 0 rg BT 506.75 188.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.65 188.25 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 533.62 188.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 176.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 78.84 176.25 Td (for ) Tj ET Q q 0 0 0 rg BT 93.38 176.25 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 152.33 176.25 Td (repair ) Tj ET Q q 0 0 0 rg BT 178.52 176.25 Td (costs ) Tj ET Q q 0 0 0 rg BT 201.40 176.25 Td (in ) Tj ET Q q 0 0 0 rg BT 212.05 176.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 242.13 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 253.34 176.25 Td (our ) Tj ET Q q 0 0 0 rg BT 269.54 176.25 Td (Florida ) Tj ET Q q 0 0 0 rg BT 301.31 176.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 355.84 176.25 Td (\(as ) Tj ET Q q 0 0 0 rg BT 370.38 176.25 Td (more ) Tj ET Q q 0 0 0 rg BT 393.80 176.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 415.56 176.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 456.77 176.25 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 467.4248046875 174.9169921875 m 494.7392578125 174.9169921875 l s q 0 0 1 rg BT 467.42 176.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 489.74 176.25 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 494.74 176.25 Td (\). ) Tj ET Q q 0 0 0 rg BT 503.45 176.25 Td ( ) Tj ET Q q 0 0 0 rg BT 506.32 176.25 Td (Excluding ) Tj ET Q q 0 0 0 rg BT 550.30 176.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 108.78 164.25 Td (char) Tj ET Q q 0 0 0 rg BT 125.81 164.25 Td (ges ) Tj ET Q q 0 0 0 rg BT 142.35 164.25 Td (for ) Tj ET Q q 0 0 0 rg BT 157.21 164.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.63 164.25 Td (three ) Tj ET Q q 0 0 0 rg BT 195.83 164.25 Td (months ) Tj ET Q q 0 0 0 rg BT 228.48 164.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 255.56 164.25 Td (March ) Tj ET Q q 0 0 0 rg BT 284.87 164.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 300.57 164.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.57 164.25 Td (, ) Tj ET Q q 0 0 0 rg BT 326.28 164.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 362.81 164.25 Td (income ) Tj ET Q q 0 0 0 rg BT 395.45 164.25 Td (before ) Tj ET Q q 0 0 0 rg BT 424.19 164.25 Td (income ) Tj ET Q q 0 0 0 rg BT 456.83 164.25 Td (taxes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.58 164.25 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.34 164.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.54 164.25 Td (56%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.87 164.25 Td ( ) Tj ET Q q 0 0 0 rg BT 543.08 164.25 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td ($16.9 ) Tj ET Q q 0 0 0 rg BT 74.50 152.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 152.25 Td ( ) Tj ET Q q 0 0 0 rg BT 105.89 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 116.17 152.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.89 152.25 Td (first ) Tj ET Q q 0 0 0 rg BT 149.50 152.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 180.31 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 191.14 152.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.14 152.25 Td ( ) Tj ET Q q 0 0 0 rg BT 213.64 152.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.92 152.25 Td ($26.3 ) Tj ET Q q 0 0 0 rg BT 248.92 152.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.81 152.25 Td ( ) Tj ET Q q 0 0 0 rg BT 280.31 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 290.59 152.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.31 152.25 Td (first ) Tj ET Q q 0 0 0 rg BT 323.91 152.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 354.73 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 365.56 152.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.56 152.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.25 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 130.25 Td (e ) Tj ET Q q 0 0 0 rg BT 64.59 130.25 Td (believe ) Tj ET Q q 0 0 0 rg BT 95.48 130.25 Td (that ) Tj ET Q q 0 0 0 rg BT 112.49 130.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.84 130.25 Td (results ) Tj ET Q q 0 0 0 rg BT 155.96 130.25 Td (in ) Tj ET Q q 0 0 0 rg BT 165.75 130.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.99 130.25 Td (first ) Tj ET Q q 0 0 0 rg BT 198.11 130.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 228.44 130.25 Td (of ) Tj ET Q q 0 0 0 rg BT 238.79 130.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.79 130.25 Td ( ) Tj ET Q q 0 0 0 rg BT 260.80 130.25 Td (were ) Tj ET Q q 0 0 0 rg BT 282.25 130.25 Td (positively ) Tj ET Q q 0 0 0 rg BT 323.71 130.25 Td (impacted ) Tj ET Q q 0 0 0 rg BT 362.37 130.25 Td (by: ) Tj ET Q q 0 0 0 rg BT 377.17 130.25 Td (the ) Tj ET Q q 0 0 0 rg BT 391.40 130.25 Td (generally ) Tj ET Q q 0 0 0 rg BT 430.62 130.25 Td (favorable ) Tj ET Q q 0 0 0 rg BT 470.39 130.25 Td (demand ) Tj ET Q q 0 0 0 rg BT 504.06 130.25 Td (for ) Tj ET Q q 0 0 0 rg BT 517.73 130.25 Td (new ) Tj ET Q q 0 0 0 rg BT 536.41 130.25 Td (homes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (discussed ) Tj ET Q q 0 0 0 rg BT 90.70 118.25 Td (above; ) Tj ET Q q 0 0 0 rg BT 120.22 118.25 Td (our ) Tj ET Q q 0 0 0 rg BT 136.42 118.25 Td (strategic ) Tj ET Q q 0 0 0 rg BT 173.16 118.25 Td (growth ) Tj ET Q q 0 0 0 rg BT 204.36 118.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.66 118.25 Td (investment ) Tj ET Q q 0 0 0 rg BT 268.41 118.25 Td (in ) Tj ET Q q 0 0 0 rg BT 279.06 118.25 Td (new ) Tj ET Q q 0 0 0 rg BT 298.59 118.25 Td (communities; ) Tj ET Q q 0 0 0 rg BT 355.89 118.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 398.19 118.25 Td (improvement ) Tj ET Q q 0 0 0 rg BT 454.38 118.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.03 118.25 Td (our ) Tj ET Q q 0 0 0 rg BT 481.22 118.25 Td (mix ) Tj ET Q q 0 0 0 rg BT 499.65 118.25 Td (of ) Tj ET Q q 0 0 0 rg BT 510.85 118.25 Td (communities ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.59 106.25 Td (better ) Tj ET Q q 0 0 0 rg BT 92.00 106.25 Td (locations ) Tj ET Q q 0 0 0 rg BT 130.76 106.25 Td (within ) Tj ET Q q 0 0 0 rg BT 158.97 106.25 Td (each ) Tj ET Q q 0 0 0 rg BT 179.93 106.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.92 106.25 Td (our ) Tj ET Q q 0 0 0 rg BT 206.90 106.25 Td (markets; ) Tj ET Q q 0 0 0 rg BT 243.98 106.25 Td (our ) Tj ET Q q 0 0 0 rg BT 259.96 106.25 Td (continued ) Tj ET Q q 0 0 0 rg BT 302.05 106.25 Td (focus ) Tj ET Q q 0 0 0 rg BT 326.36 106.25 Td (on ) Tj ET Q q 0 0 0 rg BT 339.01 106.25 Td (controlling ) Tj ET Q q 0 0 0 rg BT 385.54 106.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 415.96 106.25 Td (costs; ) Tj ET Q q 0 0 0 rg BT 441.39 106.25 Td (and ) Tj ET Q q 0 0 0 rg BT 458.48 106.25 Td (the ) Tj ET Q q 0 0 0 rg BT 473.35 106.25 Td (strong ) Tj ET Q q 0 0 0 rg BT 501.00 106.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 554.17 106.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 94.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.81 94.25 Td (services ) Tj ET Q q 0 0 0 rg BT 137.52 94.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.07 72.25 Td (calculations ) Tj ET Q q 0 0 0 rg BT 116.85 72.25 Td (of ) Tj ET Q q 0 0 0 rg BT 127.20 72.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 162.55 72.25 Td (income ) Tj ET Q q 0 0 0 rg BT 194.01 72.25 Td (before ) Tj ET Q q 0 0 0 rg BT 221.57 72.25 Td (income ) Tj ET Q q 0 0 0 rg BT 253.03 72.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 275.60 72.25 Td (and ) Tj ET Q q 0 0 0 rg BT 292.06 72.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 327.41 72.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 361.10 72.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 384.23 72.25 Td (mar) Tj ET Q q 0 0 0 rg BT 399.60 72.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 414.40 72.25 Td (\(referred ) Tj ET Q q 0 0 0 rg BT 451.39 72.25 Td (to ) Tj ET Q q 0 0 0 rg BT 461.19 72.25 Td (below\), ) Tj ET Q q 0 0 0 rg BT 493.48 72.25 Td (which ) Tj ET Q q 0 0 0 rg BT 519.94 72.25 Td (we ) Tj ET Q q 0 0 0 rg BT 533.63 72.25 Td (believe ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 60.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 81.96 60.25 Td (a ) Tj ET Q q 0 0 0 rg BT 88.30 60.25 Td (clearer ) Tj ET Q q 0 0 0 rg BT 117.41 60.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 152.63 60.25 Td (of ) Tj ET Q q 0 0 0 rg BT 162.87 60.25 Td (the ) Tj ET Q q 0 0 0 rg BT 177.00 60.25 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 211.68 60.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 264.11 60.25 Td (of ) Tj ET Q q 0 0 0 rg BT 274.35 60.25 Td (our ) Tj ET Q q 0 0 0 rg BT 289.59 60.25 Td (business, ) Tj ET Q q 0 0 0 rg BT 327.89 60.25 Td (are ) Tj ET Q q 0 0 0 rg BT 342.01 60.25 Td (described ) Tj ET Q q 0 0 0 rg BT 382.23 60.25 Td (and ) Tj ET Q q 0 0 0 rg BT 398.58 60.25 Td (reconciled ) Tj ET Q q 0 0 0 rg BT 442.13 60.25 Td (to ) Tj ET Q q 0 0 0 rg BT 451.82 60.25 Td (income ) Tj ET Q q 0 0 0 rg BT 483.16 60.25 Td (before ) Tj ET Q q 0 0 0 rg BT 510.61 60.25 Td (income ) Tj ET Q q 0 0 0 rg BT 541.95 60.25 Td (taxes ) Tj ET Q endstream endobj 63 0 obj <> endobj 64 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 /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 66.07 740.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 99.88 740.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 123.12 740.10 Td (mar) Tj ET Q q 0 0 0 rg BT 138.49 740.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 155.90 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.25 740.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 207.37 740.10 Td (measures ) Tj ET Q q 0 0 0 rg BT 246.71 740.10 Td (that ) Tj ET Q q 0 0 0 rg BT 263.84 740.10 Td (are ) Tj ET Q q 0 0 0 rg BT 278.18 740.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 320.84 740.10 Td (using ) Tj ET Q q 0 0 0 rg BT 344.64 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 360.11 740.10 Td (GAAP) Tj ET Q q 0 0 0 rg BT 386.96 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.09 740.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 419.84 740.10 Td (below ) Tj ET Q q 0 0 0 rg BT 446.41 740.10 Td (under ) Tj ET Q q 0 0 0 rg BT 471.31 740.10 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 523.16 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.29 740.10 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (Measures.) 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 49.5 702.53505859375 m 222.8447265625 702.53505859375 l s q 0 0 0 rg BT 49.50 704.10 Td (Summary of Company Financial Results) Tj ET Q 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 60.58 682.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.55 682.10 Td (first ) Tj ET Q q 0 0 0 rg BT 94.41 682.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 125.48 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 136.56 682.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.56 682.10 Td (, ) Tj ET Q q 0 0 0 rg BT 161.81 682.10 Td (we ) Tj ET Q q 0 0 0 rg BT 176.22 682.10 Td (achieved ) Tj ET Q q 0 0 0 rg BT 214.50 682.10 Td (net ) Tj ET Q q 0 0 0 rg BT 229.47 682.10 Td (income ) Tj ET Q q 0 0 0 rg BT 261.66 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 272.19 682.10 Td (common ) Tj ET Q q 0 0 0 rg BT 309.93 682.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 363.22 682.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.30 682.10 Td ($15.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.20 682.10 Td (, ) Tj ET Q q 0 0 0 rg BT 433.45 682.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.53 682.10 Td ($0.55) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.03 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 469.78 682.10 Td (per ) Tj ET Q q 0 0 0 rg BT 485.30 682.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 515.83 682.10 Td (share. ) Tj ET Q q 0 0 0 rg BT 542.18 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 544.73 682.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (compares ) Tj ET Q q 0 0 0 rg BT 90.49 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.95 670.10 Td (net ) Tj ET Q q 0 0 0 rg BT 115.84 670.10 Td (income ) Tj ET Q q 0 0 0 rg BT 147.95 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.41 670.10 Td (common ) Tj ET Q q 0 0 0 rg BT 196.08 670.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 249.30 670.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 260.30 670.10 Td ($8.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.19 670.10 Td (, ) Tj ET Q q 0 0 0 rg BT 314.37 670.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.38 670.10 Td ($0.30) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.88 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.56 670.10 Td (per ) Tj ET Q q 0 0 0 rg BT 366.00 670.10 Td (diluted ) Tj ET Q q 0 0 0 rg BT 396.45 670.10 Td (share, ) Tj ET Q q 0 0 0 rg BT 422.73 670.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.18 670.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 461.55 670.10 Td (first ) Tj ET Q q 0 0 0 rg BT 480.34 670.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.10 670.10 Td (. ) Tj ET Q q 0 0 0 rg BT 513.28 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 515.96 670.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 533.07 670.10 Td (income ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 658.10 Td (each ) Tj ET Q q 0 0 0 rg BT 80.59 658.10 Td (period ) Tj ET Q q 0 0 0 rg BT 108.64 658.10 Td (included ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.57 658.10 Td ($1.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.47 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 196.97 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 207.24 658.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 244.74 658.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 285.56 658.10 Td (made ) Tj ET Q q 0 0 0 rg BT 309.72 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 320.00 658.10 Td (holders ) Tj ET Q q 0 0 0 rg BT 351.94 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 362.77 658.10 Td (our ) Tj ET Q q 0 0 0 rg BT 378.60 658.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 404.98 658.10 Td (A) Tj ET Q q 0 0 0 rg BT 411.65 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 414.15 658.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 453.85 658.10 Td (Shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (During ) Tj ET Q q 0 0 0 rg BT 79.67 636.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.72 636.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 123.88 636.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 149.59 636.10 Td (March ) Tj ET Q q 0 0 0 rg BT 177.53 636.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 191.87 636.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.87 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 216.21 636.10 Td (we ) Tj ET Q q 0 0 0 rg BT 229.71 636.10 Td (recorded ) Tj ET Q q 0 0 0 rg BT 266.52 636.10 Td (first ) Tj ET Q q 0 0 0 rg BT 284.47 636.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 314.62 636.10 Td (record ) Tj ET Q q 0 0 0 rg BT 342.00 636.10 Td (total ) Tj ET Q q 0 0 0 rg BT 361.61 636.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 395.09 636.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.26 636.10 Td ($407.0 ) Tj ET Q q 0 0 0 rg BT 434.60 636.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 463.49 636.10 Td (, ) Tj ET Q q 0 0 0 rg BT 467.83 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 478.00 636.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.27 636.10 Td ($387.5 ) Tj ET Q q 0 0 0 rg BT 533.61 636.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (was ) Tj ET Q q 0 0 0 rg BT 66.69 624.10 Td (from ) Tj ET Q q 0 0 0 rg BT 87.77 624.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 115.52 624.10 Td (delivered, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.87 624.10 Td ($5.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.76 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.40 624.10 Td (was ) Tj ET Q q 0 0 0 rg BT 224.60 624.10 Td (from ) Tj ET Q q 0 0 0 rg BT 245.68 624.10 Td (land ) Tj ET Q q 0 0 0 rg BT 264.54 624.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 285.62 624.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.70 624.10 Td ($14.3 ) Tj ET Q q 0 0 0 rg BT 325.84 624.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.73 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 356.37 624.10 Td (was ) Tj ET Q q 0 0 0 rg BT 373.57 624.10 Td (from ) Tj ET Q q 0 0 0 rg BT 394.65 624.10 Td (our ) Tj ET Q q 0 0 0 rg BT 409.62 624.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 446.24 624.10 Td (services ) Tj ET Q q 0 0 0 rg BT 480.09 624.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 525.89 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 527.53 624.10 Td (Revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (from ) Tj ET Q q 0 0 0 rg BT 72.06 612.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 101.29 612.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.62 612.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.37 612.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.49 612.10 Td (25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.82 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.95 612.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.85 612.10 Td (2017's ) Tj ET Q q 0 0 0 rg BT 243.66 612.10 Td (first ) Tj ET Q q 0 0 0 rg BT 262.89 612.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 291.21 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.33 612.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 336.88 612.10 Td (to ) Tj ET Q q 0 0 0 rg BT 347.78 612.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.12 612.10 Td (same ) Tj ET Q q 0 0 0 rg BT 386.79 612.10 Td (period ) Tj ET Q q 0 0 0 rg BT 415.46 612.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.36 612.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.36 612.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.48 612.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 478.15 612.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 518.48 612.10 Td (by ) Tj ET Q q 0 0 0 rg BT 531.61 612.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.17 612.10 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 612.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.83 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.18 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 109.97 600.10 Td (number ) Tj ET Q q 0 0 0 rg BT 143.09 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.99 600.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 182.67 600.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 222.45 600.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.78 600.10 Td (162) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.78 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.35 600.10 Td (units\) ) Tj ET Q q 0 0 0 rg BT 268.70 600.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.72 600.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.73 600.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.06 600.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.63 600.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.38 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.96 600.10 Td (in ) Tj ET Q q 0 0 0 rg BT 354.31 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 369.10 600.10 Td (average ) Tj ET Q q 0 0 0 rg BT 402.76 600.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 424.77 600.10 Td (price ) Tj ET Q q 0 0 0 rg BT 447.33 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.23 600.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 486.91 600.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 526.69 600.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 530.02 600.10 Td ($20,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (per ) Tj ET Q q 0 0 0 rg BT 65.55 588.10 Td (home ) Tj ET Q q 0 0 0 rg BT 91.04 588.10 Td (delivered\). ) Tj ET Q q 0 0 0 rg BT 137.35 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.63 588.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 178.89 588.10 Td (from ) Tj ET Q q 0 0 0 rg BT 201.61 588.10 Td (land ) Tj ET Q q 0 0 0 rg BT 222.10 588.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 244.82 588.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 285.30 588.10 Td (relatively ) Tj ET Q q 0 0 0 rg BT 326.34 588.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 342.94 588.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 385.64 588.10 Td (to ) Tj ET Q q 0 0 0 rg BT 396.70 588.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 419.41 588.10 Td (year) Tj ET Q q 0 0 0 rg BT 436.99 588.10 Td () Tj ET Q q 0 0 0 rg BT 439.77 588.10 Td (s ) Tj ET Q q 0 0 0 rg BT 446.94 588.10 Td (first ) Tj ET Q q 0 0 0 rg BT 466.33 588.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 494.09 588.10 Td (. ) Tj ET Q q 0 0 0 rg BT 499.87 588.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 538.13 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.19 588.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 86.44 576.10 Td (services ) Tj ET Q q 0 0 0 rg BT 120.62 576.10 Td (segment ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.91 576.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 193.66 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.62 576.10 Td (42%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.95 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.92 576.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.66 576.10 Td ($14.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 279.55 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.52 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 291.26 576.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.44 576.10 Td (three ) Tj ET Q q 0 0 0 rg BT 327.39 576.10 Td (months ) Tj ET Q q 0 0 0 rg BT 358.80 576.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 384.64 576.10 Td (March ) Tj ET Q q 0 0 0 rg BT 412.71 576.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 427.17 576.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.17 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 449.14 576.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 490.52 576.10 Td (to ) Tj ET Q q 0 0 0 rg BT 500.27 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 514.45 576.10 Td (same ) Tj ET Q q 0 0 0 rg BT 536.96 576.10 Td (period ) Tj ET Q 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 59.30 564.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 81.33 564.10 Td (as ) Tj ET Q q 0 0 0 rg BT 91.69 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 98.15 564.10 Td (result ) Tj ET Q q 0 0 0 rg BT 122.40 564.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 132.75 564.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.51 564.10 Td (s ) Tj ET Q q 0 0 0 rg BT 171.42 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.23 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 195.47 564.10 Td (number ) Tj ET Q q 0 0 0 rg BT 228.04 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 238.40 564.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 257.64 564.10 Td (originations, ) Tj ET Q q 0 0 0 rg BT 309.94 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.19 564.10 Td (average ) Tj ET Q q 0 0 0 rg BT 357.30 564.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 376.54 564.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 408.56 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.03 564.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.27 564.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 471.29 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.65 564.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 504.78 564.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 523.48 564.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.84 564.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.30 564.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.27 552.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.04 552.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 103.48 552.10 Td (December ) Tj ET Q q 0 0 0 rg BT 147.00 552.10 Td (closings, ) Tj ET Q q 0 0 0 rg BT 184.72 552.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.49 552.10 Td (well ) Tj ET Q q 0 0 0 rg BT 215.14 552.10 Td (as ) Tj ET Q q 0 0 0 rg BT 225.91 552.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 253.90 552.10 Td (mar) Tj ET Q q 0 0 0 rg BT 269.26 552.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 288.37 552.10 Td (on ) Tj ET Q q 0 0 0 rg BT 300.81 552.10 Td (our ) Tj ET Q q 0 0 0 rg BT 316.58 552.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 340.13 552.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 359.24 552.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.45 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.11 552.10 Td (period ) Tj ET Q q 0 0 0 rg BT 412.10 552.10 Td (than ) Tj ET Q q 0 0 0 rg BT 431.75 552.10 Td (we ) Tj ET Q q 0 0 0 rg BT 445.85 552.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 496.59 552.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.81 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.46 552.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 543.34 552.10 Td (year) Tj ET Q q 0 0 0 rg BT 560.00 552.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 530.10 Td (otal ) Tj ET Q q 0 0 0 rg BT 72.40 530.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 96.00 530.10 Td (mar) Tj ET Q q 0 0 0 rg BT 111.37 530.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 126.64 530.10 Td (\(total ) Tj ET Q q 0 0 0 rg BT 150.23 530.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 184.37 530.10 Td (less ) Tj ET Q q 0 0 0 rg BT 201.86 530.10 Td (total ) Tj ET Q q 0 0 0 rg BT 222.13 530.10 Td (land ) Tj ET Q q 0 0 0 rg BT 241.84 530.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.77 530.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 292.93 530.10 Td (costs\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.75 530.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.50 530.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.00 530.10 Td ($22.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.89 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.38 530.10 Td (in ) Tj ET Q q 0 0 0 rg BT 425.65 530.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.36 530.10 Td (first ) Tj ET Q q 0 0 0 rg BT 458.96 530.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 489.76 530.10 Td (of ) Tj ET Q q 0 0 0 rg BT 500.59 530.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.59 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.08 530.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.70 518.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.34 518.10 Td (first ) Tj ET Q q 0 0 0 rg BT 92.87 518.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 123.61 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.37 518.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.37 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.79 518.10 Td (as ) Tj ET Q q 0 0 0 rg BT 167.54 518.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.40 518.10 Td (result ) Tj ET Q q 0 0 0 rg BT 199.04 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 209.80 518.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.66 518.10 Td ($18.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.55 518.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.97 518.10 Td (improvement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.29 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 333.72 518.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.92 518.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.56 518.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 382.10 518.10 Td (mar) Tj ET Q q 0 0 0 rg BT 397.46 518.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 412.66 518.10 Td (of ) Tj ET Q q 0 0 0 rg BT 423.42 518.10 Td (our ) Tj ET Q q 0 0 0 rg BT 439.17 518.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 497.15 518.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 541.23 518.10 Td (and ) Tj ET Q q 0 0 0 rg BT 558.09 518.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td ($4.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.19 506.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 155.31 506.10 Td (in ) Tj ET Q q 0 0 0 rg BT 164.88 506.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.89 506.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 201.80 506.10 Td (mar) Tj ET Q q 0 0 0 rg BT 217.17 506.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 231.75 506.10 Td (of ) Tj ET Q q 0 0 0 rg BT 241.87 506.10 Td (our ) Tj ET Q q 0 0 0 rg BT 257.00 506.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 293.78 506.10 Td (services ) Tj ET Q q 0 0 0 rg BT 327.78 506.10 Td (operations. ) Tj ET Q q 0 0 0 rg BT 373.73 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.40 506.10 Td (W) Tj ET Q q 0 0 0 rg BT 384.44 506.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 396.79 506.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 426.90 506.10 Td (to ) Tj ET Q q 0 0 0 rg BT 436.48 506.10 Td (our ) Tj ET Q q 0 0 0 rg BT 451.61 506.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 508.96 506.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 531.87 506.10 Td (mar) Tj ET Q q 0 0 0 rg BT 547.23 506.10 Td (gin, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (our ) Tj ET Q q 0 0 0 rg BT 65.48 494.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 89.25 494.10 Td (mar) Tj ET Q q 0 0 0 rg BT 104.62 494.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 120.05 494.10 Td (on ) Tj ET Q q 0 0 0 rg BT 132.70 494.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 161.47 494.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 201.32 494.10 Td (\(housing ) Tj ET Q q 0 0 0 rg BT 238.98 494.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 262.74 494.10 Td (mar) Tj ET Q q 0 0 0 rg BT 278.11 494.10 Td (gin\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.87 494.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.20 494.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.85 494.10 Td ($18.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.74 494.10 Td (, ) Tj ET Q q 0 0 0 rg BT 396.90 494.10 Td (due ) Tj ET Q q 0 0 0 rg BT 413.99 494.10 Td (to ) Tj ET Q q 0 0 0 rg BT 424.42 494.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.29 494.10 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.62 494.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.27 494.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 493.03 494.10 Td ( ) Tj ET Q q 0 0 0 rg BT 495.68 494.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.11 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 520.98 494.10 Td (number ) Tj ET Q q 0 0 0 rg BT 554.19 494.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 78.03 482.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 117.64 482.10 Td (and ) Tj ET Q q 0 0 0 rg BT 134.50 482.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.13 482.10 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 162.46 482.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 164.88 482.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.63 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.05 482.10 Td (in ) Tj ET Q q 0 0 0 rg BT 210.25 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 224.88 482.10 Td (average ) Tj ET Q q 0 0 0 rg BT 258.38 482.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 280.24 482.10 Td (price ) Tj ET Q q 0 0 0 rg BT 302.64 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 313.39 482.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 341.91 482.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 384.03 482.10 Td (in ) Tj ET Q q 0 0 0 rg BT 394.23 482.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 429.42 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 439.61 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.25 482.10 Td (absence ) Tj ET Q q 0 0 0 rg BT 488.31 482.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.06 482.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.69 482.10 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 533.61 482.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 482.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 470.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 78.76 470.10 Td (for ) Tj ET Q q 0 0 0 rg BT 93.21 470.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 152.08 470.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 178.19 470.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 200.98 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 211.55 470.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 241.54 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 252.67 470.10 Td (our ) Tj ET Q q 0 0 0 rg BT 268.79 470.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 300.47 470.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 354.92 470.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 379.37 470.10 Td (during ) Tj ET Q q 0 0 0 rg BT 408.27 470.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.28 470.10 Td (first ) Tj ET Q q 0 0 0 rg BT 442.18 470.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 473.28 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 484.41 470.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.41 470.10 Td (. ) Tj ET Q q 0 0 0 rg BT 509.70 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.49 470.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 530.83 470.10 Td (housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 72.04 458.10 Td (mar) Tj ET Q q 0 0 0 rg BT 87.41 458.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 101.61 458.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 146.34 458.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 184.67 458.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 186.09 458.10 Td (130) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 201.09 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.52 458.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 223.95 458.10 Td (points ) Tj ET Q q 0 0 0 rg BT 249.82 458.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.69 458.10 Td (17.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.52 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.95 458.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.15 458.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 328.02 458.10 Td (year's ) Tj ET Q q 0 0 0 rg BT 352.34 458.10 Td (first ) Tj ET Q q 0 0 0 rg BT 369.88 458.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.20 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.62 458.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.83 458.10 Td (18.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.66 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.09 458.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 445.29 458.10 Td (2017's ) Tj ET Q q 0 0 0 rg BT 472.41 458.10 Td (first ) Tj ET Q q 0 0 0 rg BT 489.95 458.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.71 458.10 Td (. ) Tj ET Q q 0 0 0 rg BT 521.64 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.07 458.10 Td (Exclusive ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.44 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.26 446.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 130.95 446.10 Td (char) Tj ET Q q 0 0 0 rg BT 147.98 446.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 159.02 446.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 182.29 446.10 Td (during ) Tj ET Q q 0 0 0 rg BT 210.00 446.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.83 446.10 Td (first ) Tj ET Q q 0 0 0 rg BT 241.54 446.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 271.47 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.40 446.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.40 446.10 Td (, ) Tj ET Q q 0 0 0 rg BT 305.51 446.10 Td (however) Tj ET Q q 0 0 0 rg BT 339.54 446.10 Td (, ) Tj ET Q q 0 0 0 rg BT 343.65 446.10 Td (our ) Tj ET Q q 0 0 0 rg BT 358.59 446.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 393.52 446.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 426.80 446.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 449.52 446.10 Td (mar) Tj ET Q q 0 0 0 rg BT 464.88 446.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 479.27 446.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.18 446.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.51 434.10 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.51 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 73.52 434.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 95.54 434.10 Td (points ) Tj ET Q q 0 0 0 rg BT 122.00 434.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.45 434.10 Td (18.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.28 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.29 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.08 434.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.31 434.10 Td (first ) Tj ET Q q 0 0 0 rg BT 213.43 434.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 243.75 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.09 434.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.09 434.10 Td (, ) Tj ET Q q 0 0 0 rg BT 278.61 434.10 Td (lar) Tj ET Q q 0 0 0 rg BT 288.97 434.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 308.20 434.10 Td (as ) Tj ET Q q 0 0 0 rg BT 318.54 434.10 Td (a ) Tj ET Q q 0 0 0 rg BT 324.99 434.10 Td (result ) Tj ET Q q 0 0 0 rg BT 349.22 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.56 434.10 Td (product ) Tj ET Q q 0 0 0 rg BT 392.12 434.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 409.69 434.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.14 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 440.37 434.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 457.94 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.28 434.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 521.95 434.10 Td (delivering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (homes. ) Tj ET Q q 0 0 0 rg BT 80.88 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 83.65 422.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 101.98 422.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 125.86 422.10 Td (mar) Tj ET Q q 0 0 0 rg BT 141.23 422.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 156.78 422.10 Td (on ) Tj ET Q q 0 0 0 rg BT 169.55 422.10 Td (land ) Tj ET Q q 0 0 0 rg BT 189.54 422.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 211.75 422.10 Td (\(land ) Tj ET Q q 0 0 0 rg BT 235.07 422.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 253.39 422.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 277.28 422.10 Td (mar) Tj ET Q q 0 0 0 rg BT 292.64 422.10 Td (gin\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.52 422.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.40 422.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.17 422.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.06 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.83 422.10 Td (as ) Tj ET Q q 0 0 0 rg BT 410.94 422.10 Td (a ) Tj ET Q q 0 0 0 rg BT 418.15 422.10 Td (result ) Tj ET Q q 0 0 0 rg BT 443.14 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 454.24 422.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 496.42 422.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 521.41 422.10 Td (from ) Tj ET Q q 0 0 0 rg BT 543.63 422.10 Td (third ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (party ) Tj ET Q q 0 0 0 rg BT 72.55 410.10 Td (land ) Tj ET Q q 0 0 0 rg BT 92.26 410.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 114.20 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 124.48 410.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.20 410.10 Td (first ) Tj ET Q q 0 0 0 rg BT 157.81 410.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 188.62 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 199.45 410.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.45 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.95 410.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 263.88 410.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.15 410.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.87 410.10 Td (first ) Tj ET Q q 0 0 0 rg BT 307.48 410.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 338.29 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 349.12 410.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 369.12 410.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 386.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.10 386.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.49 386.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.23 386.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.98 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.50 386.10 Td (new ) Tj ET Q q 0 0 0 rg BT 170.68 386.10 Td (contract ) Tj ET Q q 0 0 0 rg BT 205.41 386.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 237.92 386.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.88 386.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.43 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.95 386.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 304.91 386.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 331.31 386.10 Td (on ) Tj ET Q q 0 0 0 rg BT 343.83 386.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 372.46 386.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 412.18 386.10 Td (during ) Tj ET Q q 0 0 0 rg BT 440.81 386.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 455.55 386.10 Td (three ) Tj ET Q q 0 0 0 rg BT 478.06 386.10 Td (months ) Tj ET Q q 0 0 0 rg BT 510.02 386.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 536.42 386.10 Td (March ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 64.27 374.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.27 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.54 374.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 128.23 374.10 Td (to ) Tj ET Q q 0 0 0 rg BT 138.28 374.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.77 374.10 Td (three ) Tj ET Q q 0 0 0 rg BT 175.02 374.10 Td (months ) Tj ET Q q 0 0 0 rg BT 206.74 374.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 232.89 374.10 Td (March ) Tj ET Q q 0 0 0 rg BT 261.25 374.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 276.02 374.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.02 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.29 374.10 Td (were ) Tj ET Q q 0 0 0 rg BT 319.99 374.10 Td (driven ) Tj ET Q q 0 0 0 rg BT 347.81 374.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 387.29 374.10 Td (by ) Tj ET Q q 0 0 0 rg BT 399.56 374.10 Td (better ) Tj ET Q q 0 0 0 rg BT 424.59 374.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 455.19 374.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 491.32 374.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.37 374.10 Td (select ) Tj ET Q q 0 0 0 rg BT 526.40 374.10 Td (locations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.49 362.10 Td (submarkets ) Tj ET Q q 0 0 0 rg BT 114.60 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 131.59 362.10 Td (shifts ) Tj ET Q q 0 0 0 rg BT 155.82 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 166.15 362.10 Td (both ) Tj ET Q q 0 0 0 rg BT 186.49 362.10 Td (product ) Tj ET Q q 0 0 0 rg BT 219.59 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 236.58 362.10 Td (community ) Tj ET Q q 0 0 0 rg BT 284.69 362.10 Td (mix. ) Tj ET Q q 0 0 0 rg BT 305.31 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 307.86 362.10 Td (In ) Tj ET Q q 0 0 0 rg BT 318.75 362.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 356.58 362.10 Td (our ) Tj ET Q q 0 0 0 rg BT 372.46 362.10 Td (new ) Tj ET Q q 0 0 0 rg BT 391.68 362.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 430.33 362.10 Td (benefited ) Tj ET Q q 0 0 0 rg BT 470.09 362.10 Td (from ) Tj ET Q q 0 0 0 rg BT 492.08 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 506.86 362.10 Td (opening ) Tj ET Q q 0 0 0 rg BT 541.63 362.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.52 362.10 Td (24) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (new ) Tj ET Q q 0 0 0 rg BT 68.68 350.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 122.87 350.10 Td (during ) Tj ET Q q 0 0 0 rg BT 151.50 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 166.24 350.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 194.01 350.10 Td (. ) Tj ET Q q 0 0 0 rg BT 199.03 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.37 350.10 Td (W) Tj ET Q q 0 0 0 rg BT 210.01 350.10 Td (e ) Tj ET Q q 0 0 0 rg BT 216.97 350.10 Td (sell ) Tj ET Q q 0 0 0 rg BT 233.38 350.10 Td (a ) Tj ET Q q 0 0 0 rg BT 240.35 350.10 Td (variety ) Tj ET Q q 0 0 0 rg BT 270.64 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.49 350.10 Td (home ) Tj ET Q q 0 0 0 rg BT 306.23 350.10 Td (types ) Tj ET Q q 0 0 0 rg BT 329.86 350.10 Td (in ) Tj ET Q q 0 0 0 rg BT 340.17 350.10 Td (various ) Tj ET Q q 0 0 0 rg BT 372.13 350.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 426.31 350.10 Td (and ) Tj ET Q q 0 0 0 rg BT 443.28 350.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 479.96 350.10 Td (each ) Tj ET Q q 0 0 0 rg BT 500.80 350.10 Td (of ) Tj ET Q q 0 0 0 rg BT 511.65 350.10 Td (which ) Tj ET Q q 0 0 0 rg BT 538.61 350.10 Td (yields ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.68 338.10 Td (dif) Tj ET Q q 0 0 0 rg BT 67.61 338.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 93.67 338.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 117.53 338.10 Td (mar) Tj ET Q q 0 0 0 rg BT 132.90 338.10 Td (gin. ) Tj ET Q q 0 0 0 rg BT 150.92 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 153.06 338.10 Td (As ) Tj ET Q q 0 0 0 rg BT 166.92 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 174.10 338.10 Td (result, ) Tj ET Q q 0 0 0 rg BT 201.57 338.10 Td (our ) Tj ET Q q 0 0 0 rg BT 217.64 338.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 252.06 338.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 275.92 338.10 Td (mar) Tj ET Q q 0 0 0 rg BT 291.28 338.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 306.81 338.10 Td (may ) Tj ET Q q 0 0 0 rg BT 326.77 338.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 364.50 338.10 Td (up ) Tj ET Q q 0 0 0 rg BT 377.24 338.10 Td (or ) Tj ET Q q 0 0 0 rg BT 388.32 338.10 Td (down ) Tj ET Q q 0 0 0 rg BT 413.28 338.10 Td (from ) Tj ET Q q 0 0 0 rg BT 435.47 338.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 466.53 338.10 Td (to ) Tj ET Q q 0 0 0 rg BT 477.05 338.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 508.11 338.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 552.52 338.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (the ) Tj ET Q q 0 0 0 rg BT 63.96 326.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 81.77 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.35 326.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 146.25 326.10 Td (delivering ) Tj ET Q q 0 0 0 rg BT 189.04 326.10 Td (homes. ) Tj ET Q q 0 0 0 rg BT 219.90 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 221.98 326.10 Td (The ) Tj ET Q q 0 0 0 rg BT 239.78 326.10 Td (pricing ) Tj ET Q q 0 0 0 rg BT 270.35 326.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 329.81 326.10 Td (described ) Tj ET Q q 0 0 0 rg BT 370.37 326.10 Td (above ) Tj ET Q q 0 0 0 rg BT 396.50 326.10 Td (were ) Tj ET Q q 0 0 0 rg BT 418.17 326.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 453.74 326.10 Td (of) Tj ET Q q 0 0 0 rg BT 461.89 326.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 478.58 326.10 Td (by ) Tj ET Q q 0 0 0 rg BT 490.83 326.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 518.62 326.10 Td (average ) Tj ET Q q 0 0 0 rg BT 551.95 326.10 Td (lot ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.72 314.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 118.93 314.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 141.71 314.10 Td (related ) Tj ET Q q 0 0 0 rg BT 171.70 314.10 Td (to ) Tj ET Q q 0 0 0 rg BT 182.26 314.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 240.59 314.10 Td (industry ) Tj ET Q q 0 0 0 rg BT 276.15 314.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 320.59 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 337.81 314.10 Td (normal ) Tj ET Q q 0 0 0 rg BT 368.92 314.10 Td (supply ) Tj ET Q q 0 0 0 rg BT 398.37 314.10 Td (and ) Tj ET Q q 0 0 0 rg BT 415.59 314.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 450.02 314.10 Td (dynamics. ) Tj ET Q q 0 0 0 rg BT 493.63 314.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.41 314.10 Td (During ) Tj ET Q q 0 0 0 rg BT 527.52 314.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 314.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (months ) Tj ET Q q 0 0 0 rg BT 81.02 302.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 106.96 302.10 Td (March ) Tj ET Q q 0 0 0 rg BT 135.13 302.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 149.70 302.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 171.76 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 188.27 302.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.27 302.10 Td (, ) Tj ET Q q 0 0 0 rg BT 212.84 302.10 Td (we ) Tj ET Q q 0 0 0 rg BT 226.57 302.10 Td (were ) Tj ET Q q 0 0 0 rg BT 248.06 302.10 Td (able ) Tj ET Q q 0 0 0 rg BT 266.79 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 276.63 302.10 Td (pass ) Tj ET Q q 0 0 0 rg BT 295.92 302.10 Td (a ) Tj ET Q q 0 0 0 rg BT 302.43 302.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 333.38 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 343.78 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 358.06 302.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 385.68 302.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 437.18 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 453.69 302.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 466.31 302.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 488.38 302.10 Td (to ) Tj ET Q q 0 0 0 rg BT 498.23 302.10 Td (our ) Tj ET Q q 0 0 0 rg BT 513.62 302.10 Td (homebuyers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.50 290.10 Td (form ) Tj ET Q q 0 0 0 rg BT 96.43 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.26 290.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 135.31 290.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 157.25 290.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 186.13 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.63 290.10 Td (However) Tj ET Q q 0 0 0 rg BT 224.88 290.10 Td (, ) Tj ET Q q 0 0 0 rg BT 229.88 290.10 Td (we ) Tj ET Q q 0 0 0 rg BT 244.04 290.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 273.19 290.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 306.24 290.10 Td (any ) Tj ET Q q 0 0 0 rg BT 323.18 290.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 364.54 290.10 Td (that ) Tj ET Q q 0 0 0 rg BT 382.04 290.10 Td (we ) Tj ET Q q 0 0 0 rg BT 396.20 290.10 Td (will ) Tj ET Q q 0 0 0 rg BT 414.26 290.10 Td (be ) Tj ET Q q 0 0 0 rg BT 426.19 290.10 Td (able ) Tj ET Q q 0 0 0 rg BT 445.35 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 455.63 290.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 492.56 290.10 Td (to ) Tj ET Q q 0 0 0 rg BT 502.84 290.10 Td (raise ) Tj ET Q q 0 0 0 rg BT 524.22 290.10 Td (prices.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (For ) Tj ET Q q 0 0 0 rg BT 65.78 268.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.39 268.10 Td (three ) Tj ET Q q 0 0 0 rg BT 102.76 268.10 Td (months ) Tj ET Q q 0 0 0 rg BT 134.60 268.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 160.87 268.10 Td (March ) Tj ET Q q 0 0 0 rg BT 189.36 268.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 204.25 268.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.25 268.10 Td (, ) Tj ET Q q 0 0 0 rg BT 229.14 268.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 260.69 268.10 Td (general ) Tj ET Q q 0 0 0 rg BT 292.51 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 309.34 268.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 368.93 268.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.53 268.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.28 268.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.67 268.10 Td ($10.5 ) Tj ET Q q 0 0 0 rg BT 468.56 268.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 497.46 268.10 Td (, ) Tj ET Q q 0 0 0 rg BT 502.35 268.10 Td (which ) Tj ET Q q 0 0 0 rg BT 529.18 268.10 Td (partially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 256.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 74.35 256.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 88.82 256.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.57 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.83 256.10 Td (in ) Tj ET Q q 0 0 0 rg BT 133.87 256.10 Td (our ) Tj ET Q q 0 0 0 rg BT 149.45 256.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 172.82 256.10 Td (mar) Tj ET Q q 0 0 0 rg BT 188.19 256.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 203.23 256.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 243.81 256.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 272.45 256.10 Td (but ) Tj ET Q q 0 0 0 rg BT 287.48 256.10 Td (declined ) Tj ET Q q 0 0 0 rg BT 323.61 256.10 Td (as ) Tj ET Q q 0 0 0 rg BT 334.20 256.10 Td (a ) Tj ET Q q 0 0 0 rg BT 340.90 256.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 386.45 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 397.04 256.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 430.94 256.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.64 256.10 Td (13.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.47 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.73 256.10 Td (in ) Tj ET Q q 0 0 0 rg BT 490.76 256.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.24 256.10 Td (first ) Tj ET Q q 0 0 0 rg BT 523.60 256.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 554.18 256.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.52 244.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.33 244.10 Td (13.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.16 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 112.18 244.10 Td (in ) Tj ET Q q 0 0 0 rg BT 122.99 244.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.23 244.10 Td (first ) Tj ET Q q 0 0 0 rg BT 157.36 244.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 188.70 244.10 Td (of ) Tj ET Q q 0 0 0 rg BT 200.06 244.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.06 244.10 Td (. ) Tj ET Q q 0 0 0 rg BT 225.58 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.61 244.10 Td (Selling ) Tj ET Q q 0 0 0 rg BT 259.97 244.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.20 244.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.95 244.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.98 244.10 Td ($5.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.87 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 387.89 244.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.36 244.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 439.08 244.10 Td (first ) Tj ET Q q 0 0 0 rg BT 458.21 244.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 486.52 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.55 244.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.35 244.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 543.68 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.70 244.10 Td (as ) Tj ET Q q 0 0 0 rg BT 558.06 244.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 95.13 232.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.79 232.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 139.77 232.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.88 232.10 Td (6.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.71 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.04 232.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.15 232.10 Td (2017's ) Tj ET Q q 0 0 0 rg BT 211.17 232.10 Td (first ) Tj ET Q q 0 0 0 rg BT 229.61 232.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.92 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.26 232.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 302.01 232.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.12 232.10 Td (6.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.95 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.28 232.10 Td (for ) Tj ET Q q 0 0 0 rg BT 349.27 232.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.82 232.10 Td (same ) Tj ET Q q 0 0 0 rg BT 386.69 232.10 Td (period ) Tj ET Q q 0 0 0 rg BT 414.57 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.68 232.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.68 232.10 Td (. ) Tj ET Q q 0 0 0 rg BT 449.51 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 451.67 232.10 Td (V) Tj ET Q q 0 0 0 rg BT 457.79 232.10 Td (ariable ) Tj ET Q q 0 0 0 rg BT 487.32 232.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 516.32 232.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 550.85 232.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.83 220.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 126.95 220.10 Td (contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.38 220.10 Td ($3.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.27 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.17 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 237.84 220.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.95 220.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.70 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 288.59 220.10 Td (due ) Tj ET Q q 0 0 0 rg BT 305.92 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 316.59 220.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.70 220.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.25 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.14 220.10 Td (average ) Tj ET Q q 0 0 0 rg BT 394.12 220.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 416.45 220.10 Td (price ) Tj ET Q q 0 0 0 rg BT 439.33 220.10 Td (of ) Tj ET Q q 0 0 0 rg BT 450.55 220.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 479.55 220.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 519.64 220.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.97 220.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (number ) Tj ET Q q 0 0 0 rg BT 82.02 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.32 208.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 120.40 208.10 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 162.08 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 163.91 208.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.43 208.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 214.18 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 216.15 208.10 Td (in ) Tj ET Q q 0 0 0 rg BT 225.91 208.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 254.54 208.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 288.72 208.10 Td (was ) Tj ET Q q 0 0 0 rg BT 306.25 208.10 Td (also ) Tj ET Q q 0 0 0 rg BT 324.33 208.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 371.84 208.10 Td (to ) Tj ET Q q 0 0 0 rg BT 381.59 208.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.00 208.10 Td ($1.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.89 208.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.86 208.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.62 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.59 208.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.34 208.10 Td (non-variable ) Tj ET Q q 0 0 0 rg BT 535.85 208.10 Td (selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 196.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 84.97 196.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 125.44 196.10 Td (related ) Tj ET Q q 0 0 0 rg BT 155.90 196.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.94 196.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 190.20 196.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 234.56 196.10 Td (with ) Tj ET Q q 0 0 0 rg BT 255.60 196.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.19 196.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 294.89 196.10 Td (of) Tj ET Q q 0 0 0 rg BT 303.04 196.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 325.17 196.10 Td (and ) Tj ET Q q 0 0 0 rg BT 342.87 196.10 Td (models ) Tj ET Q q 0 0 0 rg BT 375.02 196.10 Td (as ) Tj ET Q q 0 0 0 rg BT 386.61 196.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.31 196.10 Td (result ) Tj ET Q q 0 0 0 rg BT 419.79 196.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.38 196.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 447.97 196.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.72 196.10 Td (d ) Tj ET Q q 0 0 0 rg BT 488.98 196.10 Td (community ) Tj ET Q q 0 0 0 rg BT 537.80 196.10 Td (count. ) Tj ET Q q 0 0 0 rg BT 565.01 196.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 184.10 Td (General ) Tj ET Q q 0 0 0 rg BT 84.89 184.10 Td (and ) Tj ET Q q 0 0 0 rg BT 103.08 184.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 164.04 184.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.99 184.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.75 184.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.50 184.10 Td ($5.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.39 184.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.14 184.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 337.31 184.10 Td (to ) Tj ET Q q 0 0 0 rg BT 348.84 184.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.80 184.10 Td (first ) Tj ET Q q 0 0 0 rg BT 384.66 184.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 416.73 184.10 Td (of ) Tj ET Q q 0 0 0 rg BT 428.80 184.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.80 184.10 Td ( ) Tj ET Q q 0 0 0 rg BT 452.55 184.10 Td (but ) Tj ET Q q 0 0 0 rg BT 469.08 184.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 512.24 184.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 546.00 184.10 Td (as ) Tj ET Q q 0 0 0 rg BT 558.08 184.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 172.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 94.92 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.37 172.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 139.13 172.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 149.03 172.10 Td (6.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.86 172.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.98 172.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.87 172.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.21 172.10 Td (first ) Tj ET Q q 0 0 0 rg BT 214.43 172.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 244.87 172.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.32 172.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.32 172.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.43 172.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 318.98 172.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.87 172.10 Td (6.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.70 172.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.82 172.10 Td (for ) Tj ET Q q 0 0 0 rg BT 365.60 172.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.93 172.10 Td (same ) Tj ET Q q 0 0 0 rg BT 402.60 172.10 Td (period ) Tj ET Q q 0 0 0 rg BT 430.26 172.10 Td (in ) Tj ET Q q 0 0 0 rg BT 440.16 172.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.16 172.10 Td (. ) Tj ET Q q 0 0 0 rg BT 464.78 172.10 Td ( ) Tj ET Q q 0 0 0 rg BT 466.74 172.10 Td (This ) Tj ET Q q 0 0 0 rg BT 486.64 172.10 Td (dollar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 512.08 172.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 544.84 172.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 172.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 160.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.48 160.10 Td (due ) Tj ET Q q 0 0 0 rg BT 106.69 160.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.24 160.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.45 160.10 Td ($2.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.34 160.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.11 160.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.86 160.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.63 160.10 Td (in ) Tj ET Q q 0 0 0 rg BT 222.18 160.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 280.49 160.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 315.47 160.10 Td (as ) Tj ET Q q 0 0 0 rg BT 326.57 160.10 Td (a ) Tj ET Q q 0 0 0 rg BT 333.78 160.10 Td (result ) Tj ET Q q 0 0 0 rg BT 358.77 160.10 Td (of ) Tj ET Q q 0 0 0 rg BT 369.87 160.10 Td (an ) Tj ET Q q 0 0 0 rg BT 382.07 160.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 417.60 160.10 Td (in ) Tj ET Q q 0 0 0 rg BT 428.15 160.10 Td (employee ) Tj ET Q q 0 0 0 rg BT 469.79 160.10 Td (count ) Tj ET Q q 0 0 0 rg BT 494.78 160.10 Td (as ) Tj ET Q q 0 0 0 rg BT 505.88 160.10 Td (well ) Tj ET Q q 0 0 0 rg BT 525.86 160.10 Td (as ) Tj ET Q q 0 0 0 rg BT 536.96 160.10 Td (higher ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 148.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 88.90 148.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 147.19 148.10 Td (due ) Tj ET Q q 0 0 0 rg BT 164.38 148.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.91 148.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 215.99 148.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 256.50 148.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 287.86 148.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.05 148.10 Td ($1.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.94 148.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.69 148.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.44 148.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.20 148.10 Td (in ) Tj ET Q q 0 0 0 rg BT 392.72 148.10 Td (land ) Tj ET Q q 0 0 0 rg BT 412.69 148.10 Td (related ) Tj ET Q q 0 0 0 rg BT 442.64 148.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 481.49 148.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 521.46 148.10 Td (due ) Tj ET Q q 0 0 0 rg BT 538.64 148.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 148.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 136.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 136.10 Td (d ) Tj ET Q q 0 0 0 rg BT 88.65 136.10 Td (community ) Tj ET Q q 0 0 0 rg BT 135.59 136.10 Td (count, ) Tj ET Q q 0 0 0 rg BT 161.70 136.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.53 136.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 186.43 136.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.32 136.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 216.71 136.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 249.46 136.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.86 136.10 Td (related ) Tj ET Q q 0 0 0 rg BT 279.45 136.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.62 136.10 Td (start-up ) Tj ET Q q 0 0 0 rg BT 320.56 136.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 341.96 136.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 384.44 136.10 Td (with ) Tj ET Q q 0 0 0 rg BT 403.62 136.10 Td (our ) Tj ET Q q 0 0 0 rg BT 418.34 136.10 Td (new ) Tj ET Q q 0 0 0 rg BT 436.39 136.10 Td (Sarasota ) Tj ET Q q 0 0 0 rg BT 471.66 136.10 Td (division, ) Tj ET Q q 0 0 0 rg BT 507.78 136.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 136.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 124.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.17 124.10 Td (in ) Tj ET Q q 0 0 0 rg BT 93.87 124.10 Td (professional ) Tj ET Q q 0 0 0 rg BT 144.67 124.10 Td (fees, ) Tj ET Q q 0 0 0 rg BT 165.19 124.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.55 124.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.91 124.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 207.33 124.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.22 124.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.14 124.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.89 124.10 Td ( ) Tj ET Q q 0 0 0 rg BT 272.81 124.10 Td (in ) Tj ET Q q 0 0 0 rg BT 282.51 124.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 304.43 124.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 347.45 124.10 Td (with ) Tj ET Q q 0 0 0 rg BT 367.15 124.10 Td (new ) Tj ET Q q 0 0 0 rg BT 385.73 124.10 Td (information ) Tj ET Q q 0 0 0 rg BT 434.86 124.10 Td (systems ) Tj ET Q q 0 0 0 rg BT 468.45 124.10 Td (in ) Tj ET Q q 0 0 0 rg BT 478.15 124.10 Td (our ) Tj ET Q q 0 0 0 rg BT 493.40 124.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 530.30 124.10 Td (services ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 Td (operation, ) Tj ET Q q 0 0 0 rg BT 92.26 112.10 Td (along ) Tj ET Q q 0 0 0 rg BT 116.98 112.10 Td (with ) Tj ET Q q 0 0 0 rg BT 137.26 112.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 176.40 112.10 Td (in ) Tj ET Q q 0 0 0 rg BT 186.68 112.10 Td (other ) Tj ET Q q 0 0 0 rg BT 209.73 112.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 268.88 112.10 Td (expenses.) 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 88.53505859375002 m 84.509765625 88.53505859375002 l s q 0 0 0 rg BT 49.50 90.10 Td (Outlook) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 68.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.27 68.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 96.84 68.10 Td (that ) Tj ET Q q 0 0 0 rg BT 114.54 68.10 Td (many ) Tj ET Q q 0 0 0 rg BT 139.45 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 150.48 68.10 Td (our ) Tj ET Q q 0 0 0 rg BT 166.51 68.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 200.87 68.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 235.23 68.10 Td (will ) Tj ET Q q 0 0 0 rg BT 253.48 68.10 Td (experience ) Tj ET Q q 0 0 0 rg BT 299.48 68.10 Td (modest ) Tj ET Q q 0 0 0 rg BT 331.06 68.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 370.41 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 380.88 68.10 Td (total ) Tj ET Q q 0 0 0 rg BT 401.36 68.10 Td (permits ) Tj ET Q q 0 0 0 rg BT 434.05 68.10 Td (and ) Tj ET Q q 0 0 0 rg BT 451.18 68.10 Td (new ) Tj ET Q q 0 0 0 rg BT 470.54 68.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 499.35 68.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 521.48 68.10 Td (during ) Tj ET Q q 0 0 0 rg BT 550.29 68.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 56.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 92.80 56.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.90 56.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.90 56.10 Td (, ) Tj ET Q q 0 0 0 rg BT 129.17 56.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 159.71 56.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.26 56.10 Td (the ) Tj ET Q q 0 0 0 rg BT 185.24 56.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 241.33 56.10 Td (in ) Tj ET Q q 0 0 0 rg BT 251.88 56.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 286.30 56.10 Td (for ) Tj ET Q q 0 0 0 rg BT 300.73 56.10 Td (new ) Tj ET Q q 0 0 0 rg BT 320.16 56.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 349.04 56.10 Td (that ) Tj ET Q q 0 0 0 rg BT 366.80 56.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 404.54 56.10 Td (in ) Tj ET Q q 0 0 0 rg BT 415.09 56.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 440.36 56.10 Td (based ) Tj ET Q q 0 0 0 rg BT 465.90 56.10 Td (on ) Tj ET Q q 0 0 0 rg BT 478.67 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 481.43 56.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 523.64 56.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 554.73 56.10 Td (in ) Tj ET Q endstream endobj 65 0 obj <> endobj 66 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 49.50 740.10 Td (employment, ) Tj ET Q q 0 0 0 rg BT 104.63 740.10 Td (modest ) Tj ET Q q 0 0 0 rg BT 136.15 740.10 Td (wage ) Tj ET Q q 0 0 0 rg BT 159.89 740.10 Td (growth, ) Tj ET Q q 0 0 0 rg BT 193.36 740.10 Td (low ) Tj ET Q q 0 0 0 rg BT 211.00 740.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 243.07 740.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 264.58 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 281.66 740.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 322.62 740.10 Td (consumer ) Tj ET Q q 0 0 0 rg BT 364.14 740.10 Td (confidence. ) Tj ET Q q 0 0 0 rg BT 412.95 740.10 Td (W) Tj ET Q q 0 0 0 rg BT 421.59 740.10 Td (e ) Tj ET Q q 0 0 0 rg BT 428.66 740.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 459.06 740.10 Td (focused ) Tj ET Q q 0 0 0 rg BT 492.80 740.10 Td (on ) Tj ET Q q 0 0 0 rg BT 505.44 740.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 549.17 740.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (profitability ) Tj ET Q q 0 0 0 rg BT 99.29 728.10 Td (by ) Tj ET Q q 0 0 0 rg BT 111.32 728.10 Td (generating ) Tj ET Q q 0 0 0 rg BT 155.55 728.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 197.57 728.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 231.24 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 247.70 728.10 Td (improving ) Tj ET Q q 0 0 0 rg BT 291.39 728.10 Td (overhead ) Tj ET Q q 0 0 0 rg BT 330.07 728.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 369.86 728.10 Td (leverage, ) Tj ET Q q 0 0 0 rg BT 408.25 728.10 Td (continuing ) Tj ET Q q 0 0 0 rg BT 453.04 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.85 728.10 Td (expand ) Tj ET Q q 0 0 0 rg BT 493.75 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 509.11 728.10 Td (market ) Tj ET Q q 0 0 0 rg BT 538.90 728.10 Td (share, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 716.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 105.60 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 115.88 716.10 Td (attractive ) Tj ET Q q 0 0 0 rg BT 155.58 716.10 Td (land ) Tj ET Q q 0 0 0 rg BT 175.30 716.10 Td (opportunities.) 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 (e ) Tj ET Q q 0 0 0 rg BT 65.08 694.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 93.67 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 103.95 694.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 140.88 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.16 694.10 Td (emphasize ) Tj ET Q q 0 0 0 rg BT 195.86 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 210.58 694.10 Td (following ) Tj ET Q q 0 0 0 rg BT 251.97 694.10 Td (strategic ) Tj ET Q q 0 0 0 rg BT 288.34 694.10 Td (business ) Tj ET Q q 0 0 0 rg BT 324.73 694.10 Td (objectives ) Tj ET Q q 0 0 0 rg BT 367.77 694.10 Td (throughout ) Tj ET Q q 0 0 0 rg BT 414.16 694.10 Td (the ) Tj ET Q q 0 0 0 rg BT 428.88 694.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 471.91 694.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.74 694.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 502.74 694.10 Td (:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 672.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 672.10 Td (profitably ) Tj ET Q q 0 0 0 rg BT 127.43 672.10 Td (growing ) Tj ET Q q 0 0 0 rg BT 163.26 672.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.09 672.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 216.57 672.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.85 672.10 Td (our ) Tj ET Q q 0 0 0 rg BT 242.68 672.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 276.84 672.10 Td (markets, ) Tj ET Q q 0 0 0 rg BT 313.50 672.10 Td (including ) Tj ET Q q 0 0 0 rg BT 353.77 672.10 Td (opening ) Tj ET Q q 0 0 0 rg BT 388.49 672.10 Td (new ) Tj ET Q q 0 0 0 rg BT 407.65 672.10 Td (communities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 660.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 660.10 Td (reviewing ) Tj ET Q q 0 0 0 rg BT 127.99 660.10 Td (new ) Tj ET Q q 0 0 0 rg BT 147.15 660.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 181.30 660.10 Td (for ) Tj ET Q q 0 0 0 rg BT 195.46 660.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 241.84 660.10 Td (opportunities;) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 648.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 648.10 Td (maintaining ) Tj ET Q q 0 0 0 rg BT 135.77 648.10 Td (a ) Tj ET Q q 0 0 0 rg BT 142.71 648.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 170.21 648.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 203.24 648.10 Td (sheet; ) Tj ET Q q 0 0 0 rg BT 229.06 648.10 Td (and) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.50 636.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 85.50 636.10 Td (emphasizing ) Tj ET Q q 0 0 0 rg BT 138.54 636.10 Td (customer ) Tj ET Q q 0 0 0 rg BT 177.70 636.10 Td (service, ) Tj ET Q q 0 0 0 rg BT 211.01 636.10 Td (product ) Tj ET Q q 0 0 0 rg BT 244.06 636.10 Td (quality ) Tj ET Q q 0 0 0 rg BT 274.33 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 291.27 636.10 Td (design, ) Tj ET Q q 0 0 0 rg BT 322.38 636.10 Td (and ) Tj ET Q q 0 0 0 rg BT 339.32 636.10 Td (premier ) Tj ET Q q 0 0 0 rg BT 372.91 636.10 Td (locations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 614.10 Td (Consistent ) Tj ET Q q 0 0 0 rg BT 94.34 614.10 Td (with ) Tj ET Q q 0 0 0 rg BT 114.73 614.10 Td (these ) Tj ET Q q 0 0 0 rg BT 137.89 614.10 Td (objectives, ) Tj ET Q q 0 0 0 rg BT 183.55 614.10 Td (we ) Tj ET Q q 0 0 0 rg BT 197.82 614.10 Td (took ) Tj ET Q q 0 0 0 rg BT 218.21 614.10 Td (a ) Tj ET Q q 0 0 0 rg BT 225.27 614.10 Td (number ) Tj ET Q q 0 0 0 rg BT 258.43 614.10 Td (of ) Tj ET Q q 0 0 0 rg BT 269.37 614.10 Td (steps ) Tj ET Q q 0 0 0 rg BT 291.99 614.10 Td (during ) Tj ET Q q 0 0 0 rg BT 320.71 614.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.54 614.10 Td (first ) Tj ET Q q 0 0 0 rg BT 354.26 614.10 Td (three ) Tj ET Q q 0 0 0 rg BT 376.86 614.10 Td (months ) Tj ET Q q 0 0 0 rg BT 408.92 614.10 Td (of ) Tj ET Q q 0 0 0 rg BT 419.87 614.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.87 614.10 Td ( ) Tj ET Q q 0 0 0 rg BT 442.48 614.10 Td (for ) Tj ET Q q 0 0 0 rg BT 456.75 614.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 498.80 614.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 554.73 614.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 602.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 602.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.96 602.10 Td (and ) Tj ET Q q 0 0 0 rg BT 88.85 602.10 Td (beyond, ) Tj ET Q q 0 0 0 rg BT 123.24 602.10 Td (including ) Tj ET Q q 0 0 0 rg BT 163.47 602.10 Td (investing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.59 602.10 Td ($81.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.48 602.10 Td ( ) Tj ET Q q 0 0 0 rg BT 258.94 602.10 Td (in ) Tj ET Q q 0 0 0 rg BT 269.17 602.10 Td (land ) Tj ET Q q 0 0 0 rg BT 288.84 602.10 Td (acquisitions ) Tj ET Q q 0 0 0 rg BT 339.07 602.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.96 602.10 Td ($39.6 ) Tj ET Q q 0 0 0 rg BT 380.92 602.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.81 602.10 Td ( ) Tj ET Q q 0 0 0 rg BT 412.27 602.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.50 602.10 Td (land ) Tj ET Q q 0 0 0 rg BT 442.17 602.10 Td (development ) Tj ET Q q 0 0 0 rg BT 496.28 602.10 Td (to ) Tj ET Q q 0 0 0 rg BT 506.51 602.10 Td (help ) Tj ET Q q 0 0 0 rg BT 526.18 602.10 Td (grow ) Tj ET Q q 0 0 0 rg BT 549.19 602.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 590.10 Td (presence ) Tj ET Q q 0 0 0 rg BT 87.13 590.10 Td (in ) Tj ET Q q 0 0 0 rg BT 97.56 590.10 Td (our ) Tj ET Q q 0 0 0 rg BT 113.54 590.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 147.85 590.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 184.66 590.10 Td ( ) Tj ET Q q 0 0 0 rg BT 187.12 590.10 Td (W) Tj ET Q q 0 0 0 rg BT 195.76 590.10 Td (e ) Tj ET Q q 0 0 0 rg BT 202.85 590.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 241.59 590.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 277.57 590.10 Td (that ) Tj ET Q q 0 0 0 rg BT 295.21 590.10 Td (we ) Tj ET Q q 0 0 0 rg BT 309.52 590.10 Td (will ) Tj ET Q q 0 0 0 rg BT 327.73 590.10 Td (spend ) Tj ET Q q 0 0 0 rg BT 353.71 590.10 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.12 590.10 Td ($500million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.51 590.10 Td ( ) Tj ET Q q 0 0 0 rg BT 468.17 590.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 478.60 590.10 Td ($550million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.99 590.10 Td ( ) Tj ET Q q 0 0 0 rg BT 532.64 590.10 Td (on ) Tj ET Q q 0 0 0 rg BT 545.29 590.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 578.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 91.50 578.10 Td (and ) Tj ET Q q 0 0 0 rg BT 108.51 578.10 Td (land ) Tj ET Q q 0 0 0 rg BT 128.30 578.10 Td (development ) Tj ET Q q 0 0 0 rg BT 182.52 578.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.87 578.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.87 578.10 Td (. ) Tj ET Q q 0 0 0 rg BT 217.94 578.10 Td ( ) Tj ET Q q 0 0 0 rg BT 220.51 578.10 Td (However) Tj ET Q q 0 0 0 rg BT 256.76 578.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.83 578.10 Td (land ) Tj ET Q q 0 0 0 rg BT 281.62 578.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 331.95 578.10 Td (are ) Tj ET Q q 0 0 0 rg BT 346.73 578.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 377.63 578.10 Td (to ) Tj ET Q q 0 0 0 rg BT 387.97 578.10 Td (a ) Tj ET Q q 0 0 0 rg BT 394.98 578.10 Td (number ) Tj ET Q q 0 0 0 rg BT 428.10 578.10 Td (of ) Tj ET Q q 0 0 0 rg BT 439.00 578.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 471.28 578.10 Td (including ) Tj ET Q q 0 0 0 rg BT 511.62 578.10 Td (our ) Tj ET Q q 0 0 0 rg BT 527.52 578.10 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 566.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 89.95 566.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.06 566.10 Td (market ) Tj ET Q q 0 0 0 rg BT 137.50 566.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 184.33 566.10 Td (as ) Tj ET Q q 0 0 0 rg BT 195.34 566.10 Td (well ) Tj ET Q q 0 0 0 rg BT 215.23 566.10 Td (as ) Tj ET Q q 0 0 0 rg BT 226.23 566.10 Td (satisfaction ) Tj ET Q q 0 0 0 rg BT 274.45 566.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.45 566.10 Td (various ) Tj ET Q q 0 0 0 rg BT 317.56 566.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 361.90 566.10 Td (related ) Tj ET Q q 0 0 0 rg BT 391.78 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 402.23 566.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 435.99 566.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 481.15 566.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.63 566.10 Td (W) Tj ET Q q 0 0 0 rg BT 492.27 566.10 Td (e ) Tj ET Q q 0 0 0 rg BT 499.38 566.10 Td (will ) Tj ET Q q 0 0 0 rg BT 517.61 566.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 554.72 566.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 554.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 83.72 554.10 Td (market ) Tj ET Q q 0 0 0 rg BT 114.03 554.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 158.25 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.24 554.10 Td (our ) Tj ET Q q 0 0 0 rg BT 191.13 554.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 226.46 554.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 247.33 554.10 Td (of ) Tj ET Q q 0 0 0 rg BT 258.21 554.10 Td (home ) Tj ET Q q 0 0 0 rg BT 282.98 554.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 304.97 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 321.96 554.10 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 363.38 554.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.38 554.10 Td (we ) Tj ET Q q 0 0 0 rg BT 394.59 554.10 Td (will ) Tj ET Q q 0 0 0 rg BT 412.70 554.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 439.14 554.10 Td (our ) Tj ET Q q 0 0 0 rg BT 455.02 554.10 Td (land ) Tj ET Q q 0 0 0 rg BT 474.79 554.10 Td (spending ) Tj ET Q q 0 0 0 rg BT 513.45 554.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 560.00 554.10 Td (. ) Tj ET Q q 0 0 0 rg BT 565.00 554.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 542.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.93 542.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.17 542.10 Td (24) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 106.17 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 108.53 542.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 162.54 542.10 Td (and ) Tj ET Q q 0 0 0 rg BT 179.34 542.10 Td (closed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.24 542.10 Td (18) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.24 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.60 542.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 273.62 542.10 Td (in ) Tj ET Q q 0 0 0 rg BT 283.75 542.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.33 542.10 Td (first ) Tj ET Q q 0 0 0 rg BT 316.79 542.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 347.47 542.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.15 542.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.15 542.10 Td (, ) Tj ET Q q 0 0 0 rg BT 383.01 542.10 Td (ending ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.59 542.10 Td (2017's ) Tj ET Q q 0 0 0 rg BT 440.64 542.10 Td (first ) Tj ET Q q 0 0 0 rg BT 459.10 542.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.42 542.10 Td ( ) Tj ET Q q 0 0 0 rg BT 489.78 542.10 Td (with ) Tj ET Q q 0 0 0 rg BT 509.91 542.10 Td (a ) Tj ET Q q 0 0 0 rg BT 516.71 542.10 Td (total ) Tj ET Q q 0 0 0 rg BT 536.84 542.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 547.53 542.10 Td (184) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 530.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 103.66 530.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 145.58 530.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.86 530.10 Td (181) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.86 530.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.36 530.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 227.52 530.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.24 530.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 280.84 530.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.84 530.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 508.10 Td (Going ) Tj ET Q q 0 0 0 rg BT 77.06 508.10 Td (forward, ) Tj ET Q q 0 0 0 rg BT 113.76 508.10 Td (we ) Tj ET Q q 0 0 0 rg BT 127.98 508.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 159.41 508.10 Td (our ) Tj ET Q q 0 0 0 rg BT 175.29 508.10 Td (abilities ) Tj ET Q q 0 0 0 rg BT 209.51 508.10 Td (to ) Tj ET Q q 0 0 0 rg BT 219.84 508.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 256.26 508.10 Td (our ) Tj ET Q q 0 0 0 rg BT 272.15 508.10 Td (fixed ) Tj ET Q q 0 0 0 rg BT 295.25 508.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 320.31 508.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 347.86 508.10 Td (land ) Tj ET Q q 0 0 0 rg BT 367.63 508.10 Td (at ) Tj ET Q q 0 0 0 rg BT 377.41 508.10 Td (desired ) Tj ET Q q 0 0 0 rg BT 408.84 508.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 430.27 508.10 Td (of ) Tj ET Q q 0 0 0 rg BT 441.16 508.10 Td (return, ) Tj ET Q q 0 0 0 rg BT 470.09 508.10 Td (and ) Tj ET Q q 0 0 0 rg BT 487.09 508.10 Td (open ) Tj ET Q q 0 0 0 rg BT 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(can ) Tj ET Q q 0 0 0 rg BT 519.32 496.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 552.50 496.10 Td (no ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 484.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 90.87 484.10 Td (that ) Tj ET Q q 0 0 0 rg BT 108.36 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.08 484.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 157.24 484.10 Td (trends ) Tj ET Q q 0 0 0 rg BT 184.18 484.10 Td (reflected ) Tj ET Q q 0 0 0 rg BT 221.65 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 231.93 484.10 Td (our ) Tj ET Q q 0 0 0 rg BT 247.76 484.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 285.24 484.10 Td (and ) Tj ET Q q 0 0 0 rg BT 302.18 484.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 342.44 484.10 Td (metrics ) Tj ET Q q 0 0 0 rg BT 374.38 484.10 Td (will ) Tj ET Q q 0 0 0 rg BT 392.43 484.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 429.37 484.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.65 484.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.36 484.10 Td (future. ) 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 (33) 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 67.97 740.10 Td (following ) Tj ET Q q 0 0 0 rg BT 109.78 740.10 Td (table ) Tj ET Q q 0 0 0 rg BT 132.14 740.10 Td (shows, ) Tj ET Q q 0 0 0 rg BT 162.57 740.10 Td (by ) Tj ET Q q 0 0 0 rg BT 175.50 740.10 Td (segment: ) Tj ET Q q 0 0 0 rg BT 214.52 740.10 Td (revenue; ) Tj ET Q q 0 0 0 rg BT 251.87 740.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 275.91 740.10 Td (mar) Tj ET Q q 0 0 0 rg BT 291.28 740.10 Td (gin; ) Tj ET Q q 0 0 0 rg BT 309.76 740.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 341.85 740.10 Td (general ) Tj ET Q q 0 0 0 rg BT 374.20 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 391.56 740.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 451.69 740.10 Td (expense; ) Tj ET Q q 0 0 0 rg BT 489.60 740.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 530.29 740.10 Td (income; ) 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 66.44 728.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 98.37 728.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 133.08 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 147.24 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.96 728.10 Td (three ) Tj ET Q q 0 0 0 rg BT 184.44 728.10 Td (months ) Tj ET Q q 0 0 0 rg BT 216.39 728.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 242.77 728.10 Td (March ) Tj ET Q q 0 0 0 rg BT 271.37 728.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 286.37 728.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 308.87 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 325.80 728.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.80 728.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 704.6 m 500 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 704.6 m 507 704.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 704.6 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 445 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 692.6 m 500 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 692.6 m 507 692.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 692.6 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 500 632.6 m 507 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 632.6 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 445 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 620.6 m 445 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 632.6 m 500 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 620.6 m 500 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 632.6 m 507 632.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 620.6 m 507 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 632.6 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 507 620.6 m 562 620.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 620.6 m 445 620.6 l s 0 0 0 RG 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555.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 543.6 m 562 543.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 466.6 m 445 466.6 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 445 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 466.6 m 500 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 454.6 m 500 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 466.6 m 507 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 454.6 m 507 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 466.6 m 562 466.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 454.6 m 562 454.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 377.6 m 445 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 377.6 m 500 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 377.6 m 507 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 377.6 m 562 377.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 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/GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 271.6 m 445 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 271.6 m 500 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 271.6 m 507 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 271.6 m 562 271.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 252.60000000000002 m 445 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 252.60000000000002 m 500 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 252.60000000000002 m 507 252.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 252.60000000000002 m 562 252.60000000000002 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 708.83 Td (Three Months Ended March 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 464.00 696.68 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 696.55 Td (2016) 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BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 636.68 Td (14,307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 636.55 Td (10,053) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 624.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 624.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 624.55 Td (revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 624.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 624.68 Td (406,980) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 624.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 624.55 Td (324,370) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 607.68 Td (Gr) Tj ET Q q 0 0 0 rg BT 61.20 607.68 Td (oss ) Tj ET Q q 0 0 0 rg BT 73.36 607.68 Td (margin:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 595.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 595.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 595.68 Td (29,221) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 595.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 595.55 Td (21,255) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 583.55 Td (Southern homebuilding) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 132.83 587.18 Td ( \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 583.68 Td (26,614) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 583.55 Td (20,613) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 571.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 571.68 Td (16,557) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 571.55 Td (12,277) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 559.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 563.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 559.68 Td (14,307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 559.55 Td (10,053) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 547.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 547.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 547.55 Td (gross ) Tj ET Q q 0 0 0 rg BT 88.71 547.55 Td (mar) Tj ET Q q 0 0 0 rg BT 101.01 547.55 Td (gin ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 113.23 551.18 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 547.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 547.68 Td (86,699) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 547.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 547.55 Td (64,198) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 530.68 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 78.62 530.68 Td (general ) Tj ET Q q 0 0 0 rg BT 105.94 530.68 Td (and ) Tj ET Q q 0 0 0 rg BT 120.84 530.68 Td (administrative ) Tj ET Q q 0 0 0 rg BT 172.61 530.68 Td (expense:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 518.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 518.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 518.68 Td (14,362) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 518.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 518.55 Td (10,927) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 506.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 506.68 Td (17,902) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 506.55 Td (14,183) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 494.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 494.68 Td (9,304) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 494.55 Td (8,393) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 482.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 486.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 482.68 Td (5,077) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 482.55 Td (3,778) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 470.55 Td (Corporate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 470.68 Td (8,398) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 470.55 Td (7,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 458.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 458.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 458.55 Td (selling, ) Tj ET Q q 0 0 0 rg BT 95.16 458.55 Td (general ) Tj ET Q q 0 0 0 rg BT 120.70 458.55 Td (and ) Tj ET Q q 0 0 0 rg BT 134.25 458.55 Td (administrative ) Tj ET Q q 0 0 0 rg BT 182.01 458.55 Td (expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 458.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 458.68 Td (55,043) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 458.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 458.55 Td (44,525) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 441.68 Td (Operating ) Tj ET Q q 0 0 0 rg BT 88.61 441.68 Td (income:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 429.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 429.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 429.68 Td (14,859) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 429.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 429.55 Td (10,328) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 417.55 Td (Southern homebuilding) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 132.83 421.18 Td ( \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 417.68 Td (8,712) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 417.55 Td (6,430) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 405.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 405.68 Td (7,253) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 405.55 Td (3,884) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 393.55 Td (Financial services) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 115.04 397.18 Td ( \(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 393.68 Td (9,230) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 393.55 Td (6,275) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 381.55 Td (Less: Corporate selling, general and administrative expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.10 381.68 Td (\(8,398) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 381.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 538.10 381.55 Td (\(7,244) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 381.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 369.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 369.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 369.55 Td (operating ) Tj ET Q q 0 0 0 rg BT 102.04 369.55 Td (income ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 127.58 373.18 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 369.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 369.68 Td (31,656) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 369.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 369.55 Td (19,673) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 352.68 Td (Inter) Tj ET Q q 0 0 0 rg BT 68.68 352.68 Td (est ) Tj ET Q q 0 0 0 rg BT 80.01 352.68 Td (expense:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 340.55 Td (Midwest homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 340.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 340.68 Td (1,377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 340.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 340.55 Td (1,279) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 328.55 Td (Southern homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 328.68 Td (2,377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 328.55 Td (2,194) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 316.55 Td (Mid-Atlantic homebuilding) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 316.68 Td (916) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 316.55 Td (1,408) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 304.55 Td (Financial services ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 117.04 308.18 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 304.68 Td (668) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 304.55 Td (384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 292.55 Td (T) Tj ET Q q 0 0 0 rg BT 56.11 292.55 Td (otal ) Tj ET Q q 0 0 0 rg BT 69.82 292.55 Td (interest ) Tj ET Q q 0 0 0 rg BT 95.37 292.55 Td (expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 292.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 292.68 Td (5,338) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 292.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 292.55 Td (5,265) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 275.55 Td (Equity in income of joint venture arrangements) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 486.10 275.68 Td (\(17) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 275.68 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 275.55 Td (\(307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 275.55 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 256.55 Td (Income ) Tj ET Q q 0 0 0 rg BT 77.49 256.55 Td (before ) Tj ET Q q 0 0 0 rg BT 99.92 256.55 Td (income ) Tj ET Q q 0 0 0 rg BT 125.46 256.55 Td (taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 256.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 256.68 Td (26,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 256.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 256.55 Td (14,715) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 237.50 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 237.50 Td (Our ) Tj ET Q q 0 0 0 rg BT 81.89 237.50 Td (financial ) Tj ET Q q 0 0 0 rg BT 111.82 237.50 Td (services ) Tj ET Q q 0 0 0 rg BT 139.53 237.50 Td (operational ) Tj ET Q q 0 0 0 rg BT 177.46 237.50 Td (results ) Tj ET Q q 0 0 0 rg BT 200.30 237.50 Td (should ) Tj ET Q q 0 0 0 rg BT 223.58 237.50 Td (be ) Tj ET Q q 0 0 0 rg BT 233.08 237.50 Td (viewed ) Tj ET Q q 0 0 0 rg BT 258.13 237.50 Td (in ) Tj ET Q q 0 0 0 rg BT 266.30 237.50 Td (connection ) Tj ET Q q 0 0 0 rg BT 303.34 237.50 Td (with ) Tj ET Q q 0 0 0 rg BT 319.51 237.50 Td (our ) Tj ET Q q 0 0 0 rg BT 332.13 237.50 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 378.51 237.50 Td (business ) Tj ET Q q 0 0 0 rg BT 407.57 237.50 Td (as ) Tj ET Q q 0 0 0 rg BT 416.19 237.50 Td (its ) Tj ET Q q 0 0 0 rg BT 425.69 237.50 Td (operations ) Tj ET Q q 0 0 0 rg BT 460.96 237.50 Td (originate ) Tj ET Q q 0 0 0 rg BT 491.34 237.50 Td (loans ) Tj ET Q q 0 0 0 rg BT 510.18 237.50 Td (and ) Tj ET Q q 0 0 0 rg BT 523.68 237.50 Td (provide ) Tj ET Q q 0 0 0 rg BT 550.06 237.50 Td (title ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 227.90 Td (services ) Tj ET Q q 0 0 0 rg BT 95.27 227.90 Td (primarily ) Tj ET Q q 0 0 0 rg BT 127.04 227.90 Td (for ) Tj ET Q q 0 0 0 rg BT 138.36 227.90 Td (our ) Tj ET Q q 0 0 0 rg BT 151.03 227.90 Td (homebuying ) Tj ET Q q 0 0 0 rg BT 193.02 227.90 Td (customers, ) Tj ET Q q 0 0 0 rg BT 229.46 227.90 Td (with ) Tj ET Q q 0 0 0 rg BT 245.68 227.90 Td (the ) Tj ET Q q 0 0 0 rg BT 257.46 227.90 Td (exception ) Tj ET Q q 0 0 0 rg BT 290.55 227.90 Td (of ) Tj ET Q q 0 0 0 rg BT 299.22 227.90 Td (a ) Tj ET Q q 0 0 0 rg BT 304.77 227.90 Td (small ) Tj ET Q q 0 0 0 rg BT 324.10 227.90 Td (amount ) Tj ET Q q 0 0 0 rg BT 350.10 227.90 Td (of ) Tj ET Q q 0 0 0 rg BT 358.76 227.90 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 390.97 227.90 Td (refinancing.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 212.30 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 212.30 Td (The ) Tj ET Q q 0 0 0 rg BT 81.98 212.30 Td (three ) Tj ET Q q 0 0 0 rg BT 100.02 212.30 Td (months ) Tj ET Q q 0 0 0 rg BT 125.62 212.30 Td (ended ) Tj ET Q q 0 0 0 rg BT 146.77 212.30 Td (March ) Tj ET Q q 0 0 0 rg BT 169.69 212.30 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.73 212.30 Td (2016 ) Tj ET Q q 0 0 0 rg BT 199.78 212.30 Td (includes ) Tj ET Q q 0 0 0 rg BT 228.48 212.30 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.08 212.30 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 250.13 212.30 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.24 212.30 Td ( ) Tj ET Q q 0 0 0 rg BT 275.28 212.30 Td (char) Tj ET Q q 0 0 0 rg BT 288.90 212.30 Td (ge ) Tj ET Q q 0 0 0 rg BT 298.50 212.30 Td (for ) Tj ET Q q 0 0 0 rg BT 309.87 212.30 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 356.78 212.30 Td (repair ) Tj ET Q q 0 0 0 rg BT 377.48 212.30 Td (costs ) Tj ET Q q 0 0 0 rg BT 395.52 212.30 Td (in ) Tj ET Q q 0 0 0 rg BT 403.79 212.30 Td (certain ) Tj ET Q q 0 0 0 rg BT 427.60 212.30 Td (of ) Tj ET Q q 0 0 0 rg BT 436.31 212.30 Td (our ) Tj ET Q q 0 0 0 rg BT 449.02 212.30 Td (Florida ) Tj ET Q q 0 0 0 rg BT 474.17 212.30 Td (communities ) Tj ET Q q 0 0 0 rg BT 517.54 212.30 Td (\(as ) Tj ET Q q 0 0 0 rg BT 528.92 212.30 Td (more ) Tj ET Q q 0 0 0 rg BT 547.40 212.30 Td (fully ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 202.70 Td (discussed ) Tj ET Q q 0 0 0 rg BT 100.16 202.70 Td (in ) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 108.38671875 201.63359375000005 m 129.9375 201.63359375000005 l s q 0 0 1 rg BT 108.39 202.70 Td (Note ) Tj ET Q q 0 0 1 rg BT 125.94 202.70 Td (6) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 129.94 202.70 Td (\).) 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 (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 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 (2017) 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 (2016) 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 265 716.6 m 310 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 716.6 m 321 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 716.6 m 366 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 716.6 m 380 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 716.6 m 425 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 716.6 m 436 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 716.6 m 506 716.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 716.6 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 265 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 690.6 m 310 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 690.6 m 321 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 690.6 m 366 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 690.6 m 380 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 690.6 m 425 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 690.6 m 436 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 690.6 m 506 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 690.6 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 265 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 690.6 m 310 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 690.6 m 321 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 690.6 m 366 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 690.6 m 380 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 690.6 m 425 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 690.6 m 436 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 690.6 m 506 690.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 690.6 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 265 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 642.6 m 310 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 642.6 m 321 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 642.6 m 366 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 642.6 m 380 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 642.6 m 425 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 642.6 m 436 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 642.6 m 506 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 642.6 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 265 642.6 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 265 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 642.6 m 310 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 630.6 m 310 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 642.6 m 321 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 630.6 m 321 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 642.6 m 366 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 630.6 m 366 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 642.6 m 380 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 630.6 m 380 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 642.6 m 425 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 630.6 m 425 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 642.6 m 436 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 630.6 m 436 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 642.6 m 506 642.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 630.6 m 506 630.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 642.6 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 506 630.6 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 381.30 720.83 Td (At March 31, 2017) 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 272.30 694.83 Td (Midwest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 327.20 694.83 Td (Southern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 393.55 702.83 Td (Mid-) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.20 694.83 Td (Atlantic) 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 (Total) 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 267.50 682.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 288.75 682.68 Td (5,521) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.50 682.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 682.68 Td (21,122) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.50 682.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.75 682.68 Td (4,152) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 682.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 682.68 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 (30,795) 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 280.75 670.68 Td (417,867) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.75 670.68 Td (539,395) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.75 670.68 Td (298,561) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 670.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 526.75 670.68 Td (1,255,823) 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 288.75 658.68 Td (3,965) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 658.68 Td (12,924) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 403.75 658.68 Td (7,329) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 494.80 658.68 Td () Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 536.75 658.68 Td (24,218) 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 284.75 646.68 Td (14,009) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 340.75 646.68 Td (27,983) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 368.50 650.96 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 399.75 646.68 Td (16,633) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 646.68 Td (202,804) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 532.75 646.68 Td (261,429) 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 267.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 280.75 634.68 Td (441,362) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 323.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 336.75 634.68 Td (601,424) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 382.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 395.75 634.68 Td (326,675) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 438.50 634.68 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 476.80 634.68 Td (202,804) 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 (1,572,265) 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 265 607.6 m 310 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 607.6 m 321 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 607.6 m 366 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 607.6 m 380 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 607.6 m 425 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 607.6 m 436 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 607.6 m 506 607.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 607.6 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 265 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 580.6 m 310 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 580.6 m 321 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 580.6 m 366 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 580.6 m 380 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 580.6 m 425 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 580.6 m 436 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 580.6 m 506 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 580.6 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 265 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 580.6 m 310 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 580.6 m 321 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 580.6 m 366 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 580.6 m 380 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 580.6 m 425 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 580.6 m 436 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 580.6 m 506 580.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 580.6 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 265 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 531.6 m 310 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 531.6 m 321 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 531.6 m 366 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 531.6 m 380 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 531.6 m 425 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 531.6 m 436 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 531.6 m 506 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 531.6 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 265 531.6 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 265 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 531.6 m 310 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 265 519.6 m 310 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 531.6 m 321 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 310 519.6 m 321 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 531.6 m 366 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 321 519.6 m 366 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 531.6 m 380 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 366 519.6 m 380 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 531.6 m 425 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 380 519.6 m 425 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 531.6 m 436 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 425 519.6 m 436 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 531.6 m 506 531.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 436 519.6 m 506 519.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 506 531.6 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 506 519.6 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 376.55 611.85 Td (At December 31, 2016) 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 273.00 584.85 Td (Midwest) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 328.55 584.85 Td (Southern) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 394.00 592.85 Td (Mid-) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.10 584.85 Td (Atlantic) 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 (Total) 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 267.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 288.75 571.85 Td (3,989) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.75 571.85 Td (22,607) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.75 571.85 Td (3,260) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 571.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.80 571.85 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 (29,856) 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 280.75 559.55 Td (399,814) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.75 559.55 Td (484,038) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.75 559.55 Td (302,226) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.80 559.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.75 559.55 Td (1,186,078) 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 284.75 547.55 Td (10,155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.75 547.55 Td (10,630) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 403.75 547.55 Td (7,231) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 494.80 547.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.75 547.55 Td (28,016) 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 284.75 535.55 Td (25,747) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 340.75 535.55 Td (35,622) Tj ET Q BT /F1 5.20 Tf ET q 0 0 0 rg BT 368.50 539.96 Td (\(b\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 399.75 535.55 Td (13,912) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 535.55 Td (229,280) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 535.55 Td (304,561) 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 267.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 280.75 523.55 Td (439,705) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 323.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 336.75 523.55 Td (552,897) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 382.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.75 523.55 Td (326,629) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.50 523.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 476.80 523.55 Td (229,280) 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 (1,548,511) 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 71 0 obj <>] /Rotate 0 /Contents 72 0 R>> endobj 72 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 /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, 2017 and 2016) 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 445 682.75 m 500 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 682.75 m 507 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 682.75 m 562 682.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 671.75 m 445 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 671.75 m 500 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 671.75 m 507 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 671.75 m 562 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 671.75 m 445 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 671.75 m 500 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 671.75 m 507 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 671.75 m 562 671.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 526.75 m 445 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 526.75 m 500 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 526.75 m 507 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 526.75 m 562 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 526.75 m 445 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 526.75 m 500 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 526.75 m 507 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 526.75 m 562 526.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 383.75 m 445 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 383.75 m 500 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 383.75 m 507 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 383.75 m 562 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 383.75 m 445 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 383.75 m 500 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 383.75 m 507 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 383.75 m 562 383.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 240.75 m 445 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 240.75 m 500 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 240.75 m 507 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 240.75 m 562 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 240.75 m 445 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 240.75 m 500 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 240.75 m 507 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 240.75 m 562 240.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 97.75 m 445 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 97.75 m 500 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 97.75 m 507 97.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 97.75 m 562 97.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 686.98 Td (Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 674.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 674.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 674.70 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 663.83 Td (Midwest Region) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 652.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 652.83 Td (379) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 652.70 Td (322) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 641.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 641.83 Td (556) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 641.70 Td (495) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 630.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 630.83 Td (934) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 630.70 Td (845) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 619.70 Td (Average sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 619.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 619.83 Td (385) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 619.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 619.70 Td (364) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 608.70 Td (Average sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 608.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 608.83 Td (400) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 608.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 608.70 Td (391) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 597.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 597.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 597.83 Td (373,205) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 597.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 597.70 Td (330,441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 586.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 586.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 586.83 Td (145,796) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 586.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 586.70 Td (117,245) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 575.70 Td (Land sale revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 575.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 575.83 Td (626) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 575.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 575.70 Td (925) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 564.70 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 145.92 568.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 564.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 564.83 Td (14,601) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 564.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 564.70 Td (10,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 553.70 Td (Operating income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 553.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 553.83 Td (258) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 553.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 553.70 Td (236) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 542.00 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.80 541.98 Td (62) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 542.00 Td (73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 529.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.80 529.83 Td (63) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 529.70 Td (72) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 518.83 Td (Southern Region) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 507.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 507.83 Td (419) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 507.70 Td (350) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 496.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 496.83 Td (590) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 496.70 Td (492) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 485.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 485.83 Td (845) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 485.70 Td (702) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 474.70 Td (Average sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 474.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 474.83 Td (349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 474.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 474.70 Td (342) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 463.70 Td (Average sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 463.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 463.83 Td (349) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 463.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 463.70 Td (352) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 452.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 452.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 452.83 Td (295,031) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 452.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 452.70 Td (246,963) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 441.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 441.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 441.83 Td (146,081) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 441.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 441.70 Td (119,694) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 430.70 Td (Land sale revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 430.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 430.83 Td (3,284) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 430.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 430.70 Td (3,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 419.70 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 145.92 423.33 Td (\(a\) \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 419.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 419.83 Td (8,601) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 419.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 419.70 Td (6,050) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 408.70 Td (Operating income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 408.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 408.83 Td (111) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 408.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 408.70 Td (380) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 397.70 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.80 397.83 Td (83) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 397.70 Td (67) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 386.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.80 386.83 Td (87) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 386.70 Td (68) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 375.83 Td (Mid-Atlantic Region) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 364.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 364.83 Td (240) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 364.70 Td (204) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 353.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 353.83 Td (308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 353.70 Td (327) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 342.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 342.83 Td (441) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 342.70 Td (422) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 331.70 Td (Average sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 331.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 331.83 Td (398) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 331.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 331.70 Td (354) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 320.70 Td (Average sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 320.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 320.83 Td (377) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 320.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 320.70 Td (361) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 309.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 309.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 309.83 Td (166,179) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 309.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 309.70 Td (152,546) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 298.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 298.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 298.83 Td (95,581) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 298.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 298.70 Td (72,308) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 287.70 Td (Land sale revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 287.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 287.83 Td (1,305) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 287.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 287.70 Td (1,145) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 276.70 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 145.92 280.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 276.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 276.83 Td (7,246) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 276.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 276.70 Td (3,771) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 265.70 Td (Operating income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 265.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 492.80 265.83 Td (7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 265.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 265.70 Td (113) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 254.70 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.80 254.83 Td (36) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 254.70 Td (38) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 243.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 488.80 243.83 Td (34) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 243.70 Td (41) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 232.83 Td (Total Homebuilding Regions) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 221.70 Td (Homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 221.83 Td (1,038) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 221.70 Td (876) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 210.70 Td (New contracts, net) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 210.83 Td (1,454) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 210.70 Td (1,314) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 199.70 Td (Backlog at end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 199.83 Td (2,220) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 199.70 Td (1,969) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 188.70 Td (Average sales price of homes delivered) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 188.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 188.83 Td (373) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 188.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 188.70 Td (353) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 177.70 Td (Average sales price of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 177.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 177.83 Td (376) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 177.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 177.70 Td (371) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 166.70 Td (Aggregate sales value of homes in backlog) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 166.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 166.83 Td (834,415) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 166.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 166.70 Td (729,950) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 155.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 155.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 155.83 Td (387,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 155.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 155.70 Td (309,247) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 144.70 Td (Land sale revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 144.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 144.83 Td (5,215) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 144.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 144.70 Td (5,070) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 133.70 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 145.92 137.33 Td (\(a\) \(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 133.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 133.83 Td (30,448) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 133.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 133.70 Td (19,913) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 122.70 Td (Operating income land) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 122.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 122.83 Td (376) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 122.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 122.70 Td (729) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 111.70 Td (Number of average active communities) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 111.83 Td (181) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 111.70 Td (178) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 100.70 Td (Number of active communities, end of period) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 100.83 Td (184) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 100.70 Td (181) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 85.65 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 85.65 Td (Includes ) Tj ET Q q 0 0 0 rg BT 96.64 85.65 Td (the ) Tj ET Q q 0 0 0 rg BT 108.45 85.65 Td (ef) Tj ET Q q 0 0 0 rg BT 114.52 85.65 Td (fect ) Tj ET Q q 0 0 0 rg BT 128.54 85.65 Td (of ) Tj ET Q q 0 0 0 rg BT 137.24 85.65 Td (total ) Tj ET Q q 0 0 0 rg BT 153.49 85.65 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 199.97 85.65 Td (selling, ) Tj ET Q q 0 0 0 rg BT 225.34 85.65 Td (general ) Tj ET Q q 0 0 0 rg BT 250.91 85.65 Td (and ) Tj ET Q q 0 0 0 rg BT 264.50 85.65 Td (administrative ) Tj ET Q q 0 0 0 rg BT 312.30 85.65 Td (expense ) Tj ET Q q 0 0 0 rg BT 340.10 85.65 Td (for ) Tj ET Q q 0 0 0 rg BT 351.46 85.65 Td (the ) Tj ET Q q 0 0 0 rg BT 363.27 85.65 Td (region ) Tj ET Q q 0 0 0 rg BT 385.74 85.65 Td (as ) Tj ET Q q 0 0 0 rg BT 394.44 85.65 Td (disclosed ) Tj ET Q q 0 0 0 rg BT 426.25 85.65 Td (in ) Tj ET Q q 0 0 0 rg BT 434.51 85.65 Td (the ) Tj ET Q q 0 0 0 rg BT 446.32 85.65 Td (first ) Tj ET Q q 0 0 0 rg BT 461.24 85.65 Td (table ) Tj ET Q q 0 0 0 rg BT 478.82 85.65 Td (set ) Tj ET Q q 0 0 0 rg BT 489.74 85.65 Td (forth ) Tj ET Q q 0 0 0 rg BT 507.33 85.65 Td (in ) Tj ET Q q 0 0 0 rg BT 515.59 85.65 Td (this ) Tj ET Q q 0 0 0 rg BT 529.18 85.65 Td (Outlook ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 76.05 Td (section.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 64.45 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 64.45 Td (The ) Tj ET Q q 0 0 0 rg BT 81.98 64.45 Td (three ) Tj ET Q q 0 0 0 rg BT 100.02 64.45 Td (months ) Tj ET Q q 0 0 0 rg BT 125.62 64.45 Td (ended ) Tj ET Q q 0 0 0 rg BT 146.77 64.45 Td (March ) Tj ET Q q 0 0 0 rg BT 169.69 64.45 Td (31, ) Tj ET Q q 0 0 0 rg BT 181.73 64.45 Td (2016 ) Tj ET Q q 0 0 0 rg BT 199.78 64.45 Td (includes ) Tj ET Q q 0 0 0 rg BT 228.48 64.45 Td (a ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 234.08 64.45 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 250.13 64.45 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 273.24 64.45 Td ( ) Tj ET Q q 0 0 0 rg BT 275.28 64.45 Td (char) Tj ET Q q 0 0 0 rg BT 288.90 64.45 Td (ge ) Tj ET Q q 0 0 0 rg BT 298.50 64.45 Td (for ) Tj ET Q q 0 0 0 rg BT 309.87 64.45 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 356.78 64.45 Td (repair ) Tj ET Q q 0 0 0 rg BT 377.48 64.45 Td (costs ) Tj ET Q q 0 0 0 rg BT 395.52 64.45 Td (in ) Tj ET Q q 0 0 0 rg BT 403.79 64.45 Td (certain ) Tj ET Q q 0 0 0 rg BT 427.60 64.45 Td (of ) Tj ET Q q 0 0 0 rg BT 436.31 64.45 Td (our ) Tj ET Q q 0 0 0 rg BT 449.02 64.45 Td (Florida ) Tj ET Q q 0 0 0 rg BT 474.17 64.45 Td (communities ) Tj ET Q q 0 0 0 rg BT 517.54 64.45 Td (\(as ) Tj ET Q q 0 0 0 rg BT 528.92 64.45 Td (more ) Tj ET Q q 0 0 0 rg BT 547.40 64.45 Td (fully ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 54.85 Td (discussed ) Tj ET Q q 0 0 0 rg BT 100.16 54.85 Td (in ) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 108.38671875 53.78359375000002 m 129.9375 53.78359375000002 l s q 0 0 1 rg BT 108.39 54.85 Td (Note ) Tj ET Q q 0 0 1 rg BT 125.94 54.85 Td (6) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 129.94 54.85 Td (\).) 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 (36) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 733.5 m 500 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 733.5 m 507 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 733.5 m 562 733.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 720.5 m 445 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 720.5 m 500 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 720.5 m 507 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 720.5 m 562 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 720.5 m 445 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 720.5 m 500 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 720.5 m 507 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 720.5 m 562 720.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 638.5 m 445 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 638.5 m 500 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 638.5 m 507 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 638.5 m 562 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 638.5 m 445 638.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 621.5 m 445 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 621.5 m 500 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 621.5 m 507 621.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 621.5 m 562 621.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 737.73 Td (Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 724.75 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 724.73 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 724.75 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 711.73 Td (Financial Services) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 698.75 Td (Number of loans originated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 698.73 Td (725) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 698.75 Td (604) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 685.75 Td (Value of loans originated) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 685.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 470.75 685.73 Td (217,346) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 685.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 685.75 Td (177,038) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 668.75 Td (Revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 668.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 474.80 668.73 Td (14,307) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 668.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 668.75 Td (10,053) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 655.75 Td (Less: Selling, general and administrative expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 655.73 Td (5,077) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 655.75 Td (3,778) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 87.50 642.75 Td (Interest expense) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 484.80 642.73 Td (668) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 642.75 Td (384) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 63.50 625.75 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 625.73 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 625.73 Td (8,562) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 625.75 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 625.75 Td (5,891) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.00 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 598.00 Td ( ) Tj ET Q q 0 0 0 rg BT 59.10 598.00 Td (home ) Tj ET Q q 0 0 0 rg BT 84.25 598.00 Td (is ) Tj ET Q q 0 0 0 rg BT 93.85 598.00 Td (included ) Tj ET Q q 0 0 0 rg BT 131.21 598.00 Td (in ) Tj ET Q q 0 0 0 rg BT 141.92 598.00 Td (new ) Tj ET Q q 0 0 0 rg BT 165.95 598.00 Td (contracts ) Tj ET Q q 0 0 0 rg BT 209.42 598.00 Td (when ) Tj ET Q q 0 0 0 rg BT 234.01 598.00 Td (our ) Tj ET Q q 0 0 0 rg BT 250.27 598.00 Td (standard ) Tj ET Q q 0 0 0 rg BT 287.08 598.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 309.45 598.00 Td (contract ) Tj ET Q q 0 0 0 rg BT 344.58 598.00 Td (is ) Tj ET Q q 0 0 0 rg BT 354.18 598.00 Td (executed. ) Tj ET Q q 0 0 0 rg BT 395.15 598.00 Td ( ) Tj ET Q q 0 0 0 rg BT 398.08 598.00 Td (Homes ) Tj ET Q q 0 0 0 rg BT 433.78 598.00 Td (delivered ) Tj ET Q q 0 0 0 rg BT 478.35 598.00 Td (represents ) Tj ET Q q 0 0 0 rg BT 521.82 598.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 550.86 598.00 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.00 Td (which ) Tj ET Q q 0 0 0 rg BT 76.32 586.00 Td (the ) Tj ET Q q 0 0 0 rg BT 90.92 586.00 Td (closing ) Tj ET Q q 0 0 0 rg BT 122.19 586.00 Td (of ) Tj ET Q q 0 0 0 rg BT 132.90 586.00 Td (the ) Tj ET Q q 0 0 0 rg BT 147.50 586.00 Td (sale ) Tj ET Q q 0 0 0 rg BT 165.43 586.00 Td (has ) Tj ET Q q 0 0 0 rg BT 181.15 586.00 Td (occurred. ) Tj ET Q q 0 0 0 rg BT 221.00 586.00 Td ( ) Tj ET Q q 0 0 0 rg BT 223.39 586.00 Td (Backlog ) Tj ET Q q 0 0 0 rg BT 267.97 586.00 Td (represents ) Tj ET Q q 0 0 0 rg BT 310.89 586.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 339.38 586.00 Td (for ) Tj ET Q q 0 0 0 rg BT 353.43 586.00 Td (which ) Tj ET Q q 0 0 0 rg BT 380.25 586.00 Td (the ) Tj ET Q q 0 0 0 rg BT 394.85 586.00 Td (standard ) Tj ET Q q 0 0 0 rg BT 431.11 586.00 Td (sales ) Tj ET Q q 0 0 0 rg BT 452.93 586.00 Td (contract ) Tj ET Q q 0 0 0 rg BT 487.51 586.00 Td (has ) Tj ET Q q 0 0 0 rg BT 503.23 586.00 Td (been ) Tj ET Q q 0 0 0 rg BT 524.49 586.00 Td (executed, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.00 Td (but ) Tj ET Q q 0 0 0 rg BT 64.64 574.00 Td (which ) Tj ET Q q 0 0 0 rg BT 91.44 574.00 Td (are ) Tj ET Q q 0 0 0 rg BT 106.01 574.00 Td (not ) Tj ET Q q 0 0 0 rg BT 121.15 574.00 Td (included ) Tj ET Q q 0 0 0 rg BT 157.94 574.00 Td (in ) Tj ET Q q 0 0 0 rg BT 168.08 574.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 196.55 574.00 Td (delivered ) Tj ET Q q 0 0 0 rg BT 236.11 574.00 Td (because ) Tj ET Q q 0 0 0 rg BT 270.12 574.00 Td (closings ) Tj ET Q q 0 0 0 rg BT 305.26 574.00 Td (for ) Tj ET Q q 0 0 0 rg BT 319.28 574.00 Td (these ) Tj ET Q q 0 0 0 rg BT 342.19 574.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 370.65 574.00 Td (have ) Tj ET Q q 0 0 0 rg BT 391.89 574.00 Td (not ) Tj ET Q q 0 0 0 rg BT 407.03 574.00 Td (yet ) Tj ET Q q 0 0 0 rg BT 421.61 574.00 Td (occurred ) Tj ET Q q 0 0 0 rg BT 458.95 574.00 Td (as ) Tj ET Q q 0 0 0 rg BT 469.64 574.00 Td (of ) Tj ET Q q 0 0 0 rg BT 480.33 574.00 Td (the ) Tj ET Q q 0 0 0 rg BT 494.91 574.00 Td (end ) Tj ET Q q 0 0 0 rg BT 511.70 574.00 Td (of ) Tj ET Q q 0 0 0 rg BT 522.40 574.00 Td (the ) Tj ET Q q 0 0 0 rg BT 536.97 574.00 Td (period ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.00 Td (specified.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.00 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 540.00 Td (composition ) Tj ET Q q 0 0 0 rg BT 118.97 540.00 Td (of ) Tj ET Q q 0 0 0 rg BT 129.54 540.00 Td (our ) Tj ET Q q 0 0 0 rg BT 145.11 540.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 173.46 540.00 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 215.40 540.00 Td (new ) Tj ET Q q 0 0 0 rg BT 234.30 540.00 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 275.14 540.00 Td (net ) Tj ET Q q 0 0 0 rg BT 289.59 540.00 Td (and ) Tj ET Q q 0 0 0 rg BT 306.27 540.00 Td (backlog ) Tj ET Q q 0 0 0 rg BT 340.17 540.00 Td (is ) Tj ET Q q 0 0 0 rg BT 349.08 540.00 Td (constantly ) Tj ET Q q 0 0 0 rg BT 392.42 540.00 Td (changing ) Tj ET Q q 0 0 0 rg BT 431.32 540.00 Td (and ) Tj ET Q q 0 0 0 rg BT 448.00 540.00 Td (may ) Tj ET Q q 0 0 0 rg BT 467.45 540.00 Td (be ) Tj ET Q q 0 0 0 rg BT 479.13 540.00 Td (based ) Tj ET Q q 0 0 0 rg BT 504.14 540.00 Td (on ) Tj ET Q q 0 0 0 rg BT 516.38 540.00 Td (a ) Tj ET Q q 0 0 0 rg BT 523.06 540.00 Td (dissimilar ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.00 Td (mix ) Tj ET Q q 0 0 0 rg BT 67.66 528.00 Td (of ) Tj ET Q q 0 0 0 rg BT 78.59 528.00 Td (communities ) Tj ET Q q 0 0 0 rg BT 132.85 528.00 Td (between ) Tj ET Q q 0 0 0 rg BT 168.77 528.00 Td (periods ) Tj ET Q q 0 0 0 rg BT 200.81 528.00 Td (as ) Tj ET Q q 0 0 0 rg BT 211.74 528.00 Td (new ) Tj ET Q q 0 0 0 rg BT 231.00 528.00 Td (communities ) Tj ET Q q 0 0 0 rg BT 285.26 528.00 Td (open ) Tj ET Q q 0 0 0 rg BT 307.30 528.00 Td (and ) Tj ET Q q 0 0 0 rg BT 324.34 528.00 Td (existing ) Tj ET Q q 0 0 0 rg BT 358.61 528.00 Td (communities ) Tj ET Q q 0 0 0 rg BT 412.87 528.00 Td (wind ) Tj ET Q q 0 0 0 rg BT 435.47 528.00 Td (down. ) Tj ET Q q 0 0 0 rg BT 462.80 528.00 Td ( ) Tj ET Q q 0 0 0 rg BT 465.40 528.00 Td (Further) Tj ET Q q 0 0 0 rg BT 494.44 528.00 Td (, ) Tj ET Q q 0 0 0 rg BT 499.54 528.00 Td (home ) Tj ET Q q 0 0 0 rg BT 524.36 528.00 Td (types ) Tj ET Q q 0 0 0 rg BT 548.07 528.00 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.00 Td (individual ) Tj ET Q q 0 0 0 rg BT 92.49 516.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 121.04 516.00 Td (within ) Tj ET Q q 0 0 0 rg BT 149.03 516.00 Td (a ) Tj ET Q q 0 0 0 rg BT 155.91 516.00 Td (community ) Tj ET Q q 0 0 0 rg BT 203.90 516.00 Td (can ) Tj ET Q q 0 0 0 rg BT 220.21 516.00 Td (range ) Tj ET Q q 0 0 0 rg BT 244.86 516.00 Td (significantly ) Tj ET Q q 0 0 0 rg BT 297.29 516.00 Td (in ) Tj ET Q q 0 0 0 rg BT 307.50 516.00 Td (price ) Tj ET Q q 0 0 0 rg BT 329.92 516.00 Td (due ) Tj ET Q q 0 0 0 rg BT 346.80 516.00 Td (to ) Tj ET Q q 0 0 0 rg BT 357.02 516.00 Td (dif) Tj ET Q q 0 0 0 rg BT 367.95 516.00 Td (fering ) Tj ET Q q 0 0 0 rg BT 394.26 516.00 Td (square ) Tj ET Q q 0 0 0 rg BT 422.80 516.00 Td (footage, ) Tj ET Q q 0 0 0 rg BT 457.72 516.00 Td (option ) Tj ET Q q 0 0 0 rg BT 485.71 516.00 Td (selections, ) Tj ET Q q 0 0 0 rg BT 530.09 516.00 Td (lot ) Tj ET Q q 0 0 0 rg BT 543.08 516.00 Td (sizes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.00 Td (and ) Tj ET Q q 0 0 0 rg BT 66.05 504.00 Td (quality ) Tj ET Q q 0 0 0 rg BT 95.93 504.00 Td (and ) Tj ET Q q 0 0 0 rg BT 112.48 504.00 Td (location ) Tj ET Q q 0 0 0 rg BT 146.81 504.00 Td (of ) Tj ET Q q 0 0 0 rg BT 157.25 504.00 Td (lots. ) Tj ET Q q 0 0 0 rg BT 176.31 504.00 Td ( ) Tj ET Q q 0 0 0 rg BT 178.26 504.00 Td (These ) Tj ET Q q 0 0 0 rg BT 204.25 504.00 Td (variations ) Tj ET Q q 0 0 0 rg BT 245.80 504.00 Td (may ) Tj ET Q q 0 0 0 rg BT 265.12 504.00 Td (result ) Tj ET Q q 0 0 0 rg BT 289.45 504.00 Td (in ) Tj ET Q q 0 0 0 rg BT 299.34 504.00 Td (a ) Tj ET Q q 0 0 0 rg BT 305.89 504.00 Td (lack ) Tj ET Q q 0 0 0 rg BT 324.66 504.00 Td (of ) Tj ET Q q 0 0 0 rg BT 335.10 504.00 Td (meaningful ) Tj ET Q q 0 0 0 rg BT 382.75 504.00 Td (comparability ) Tj ET Q q 0 0 0 rg BT 440.40 504.00 Td (between ) Tj ET Q q 0 0 0 rg BT 475.82 504.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 504.04 504.00 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 545.86 504.00 Td (new ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.00 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 90.59 492.00 Td (net ) Tj ET Q q 0 0 0 rg BT 105.31 492.00 Td (and ) Tj ET Q q 0 0 0 rg BT 122.25 492.00 Td (backlog ) Tj ET Q q 0 0 0 rg BT 156.40 492.00 Td (due ) Tj ET Q q 0 0 0 rg BT 173.34 492.00 Td (to ) Tj ET Q q 0 0 0 rg BT 183.62 492.00 Td (the ) Tj ET Q q 0 0 0 rg BT 198.34 492.00 Td (changing ) Tj ET Q q 0 0 0 rg BT 237.49 492.00 Td (mix ) Tj ET Q q 0 0 0 rg BT 255.55 492.00 Td (between ) Tj ET Q q 0 0 0 rg BT 291.37 492.00 Td (periods.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 470.00 Td (Cancellation ) Tj ET Q q 0 0 0 rg BT 105.89 470.00 Td (Rates) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 448.00 Td (The ) Tj ET Q q 0 0 0 rg BT 67.30 448.00 Td (following ) Tj ET Q q 0 0 0 rg BT 108.45 448.00 Td (table ) Tj ET Q q 0 0 0 rg BT 130.13 448.00 Td (sets ) Tj ET Q q 0 0 0 rg BT 147.39 448.00 Td (forth ) Tj ET Q q 0 0 0 rg BT 169.08 448.00 Td (the ) Tj ET Q q 0 0 0 rg BT 183.56 448.00 Td (cancellation ) Tj ET Q q 0 0 0 rg BT 234.12 448.00 Td (rates ) Tj ET Q q 0 0 0 rg BT 255.25 448.00 Td (for ) Tj ET Q q 0 0 0 rg BT 269.17 448.00 Td (each ) Tj ET Q q 0 0 0 rg BT 289.74 448.00 Td (of ) Tj ET Q q 0 0 0 rg BT 300.33 448.00 Td (our ) Tj ET Q q 0 0 0 rg BT 315.91 448.00 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 373.72 448.00 Td (segments ) Tj ET Q q 0 0 0 rg BT 413.19 448.00 Td (for ) Tj ET Q q 0 0 0 rg BT 427.11 448.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.58 448.00 Td (three ) Tj ET Q q 0 0 0 rg BT 463.82 448.00 Td (months ) Tj ET Q q 0 0 0 rg BT 495.53 448.00 Td (ended ) Tj ET Q q 0 0 0 rg BT 521.66 448.00 Td (March ) Tj ET Q q 0 0 0 rg BT 550.01 448.00 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 436.00 Td (2017 ) Tj ET Q q 0 0 0 rg BT 72.00 436.00 Td (and ) Tj ET Q q 0 0 0 rg BT 88.94 436.00 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.94 436.00 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 412.5 m 500 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 412.5 m 507 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 412.5 m 562 412.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 400.5 m 445 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 400.5 m 500 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 400.5 m 507 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 400.5 m 562 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 400.5 m 445 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 400.5 m 500 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 400.5 m 507 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 400.5 m 562 400.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 364.5 m 445 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 364.5 m 500 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 364.5 m 507 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 364.5 m 562 364.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 348.5 m 445 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 348.5 m 500 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 348.5 m 507 348.5 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 348.5 m 562 348.5 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 416.73 Td (Three Months Ended March 31,) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 404.58 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 404.45 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 392.45 Td (Midwest) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.15 392.58 Td (13.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.45 392.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.15 392.45 Td (10.8) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 392.45 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 380.45 Td (Southern) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.15 380.58 Td (16.3) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.45 380.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.15 380.45 Td (14.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 380.45 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 368.45 Td (Mid-Atlantic) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.15 368.58 Td (10.5) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.45 368.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 543.15 368.45 Td (6.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 368.45 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 352.45 Td (Total cancellation rate) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.15 352.58 Td (14.0) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.45 352.58 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 539.15 352.45 Td (11.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 352.45 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 325.00 Td (Seasonality) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 303.00 Td (T) Tj ET Q q 0 0 0 rg BT 54.91 303.00 Td (ypically) Tj ET Q q 0 0 0 rg BT 86.47 303.00 Td (, ) Tj ET Q q 0 0 0 rg BT 92.91 303.00 Td (our ) Tj ET Q q 0 0 0 rg BT 110.18 303.00 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 169.67 303.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 215.26 303.00 Td (experience ) Tj ET Q q 0 0 0 rg BT 262.50 303.00 Td (significant ) Tj ET Q q 0 0 0 rg BT 308.64 303.00 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 357.02 303.00 Td (and ) Tj ET Q q 0 0 0 rg BT 375.39 303.00 Td (quarter) Tj ET Q q 0 0 0 rg BT 403.51 303.00 Td (-to-quarter ) Tj ET Q q 0 0 0 rg BT 450.20 303.00 Td (variability ) Tj ET Q q 0 0 0 rg BT 495.23 303.00 Td (in ) Tj ET Q q 0 0 0 rg BT 506.95 303.00 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 291.00 Td (activity ) Tj ET Q q 0 0 0 rg BT 82.11 291.00 Td (levels. ) Tj ET Q q 0 0 0 rg BT 110.55 291.00 Td ( ) Tj ET Q q 0 0 0 rg BT 113.17 291.00 Td (In ) Tj ET Q q 0 0 0 rg BT 124.12 291.00 Td (general, ) Tj ET Q q 0 0 0 rg BT 158.67 291.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 187.40 291.00 Td (delivered ) Tj ET Q q 0 0 0 rg BT 227.22 291.00 Td (increase ) Tj ET Q q 0 0 0 rg BT 262.59 291.00 Td (substantially ) Tj ET Q q 0 0 0 rg BT 315.76 291.00 Td (in ) Tj ET Q q 0 0 0 rg BT 326.16 291.00 Td (the ) Tj ET Q q 0 0 0 rg BT 341.00 291.00 Td (second ) Tj ET Q q 0 0 0 rg BT 371.38 291.00 Td (half ) Tj ET Q q 0 0 0 rg BT 389.55 291.00 Td (of ) Tj ET Q q 0 0 0 rg BT 400.50 291.00 Td (the ) Tj ET Q q 0 0 0 rg BT 415.34 291.00 Td (year ) Tj ET Q q 0 0 0 rg BT 435.16 291.00 Td (compared ) Tj ET Q q 0 0 0 rg BT 477.21 291.00 Td (to ) Tj ET Q q 0 0 0 rg BT 487.61 291.00 Td (the ) Tj ET Q q 0 0 0 rg BT 502.44 291.00 Td (first ) Tj ET Q q 0 0 0 rg BT 521.17 291.00 Td (half ) Tj ET Q q 0 0 0 rg BT 539.34 291.00 Td (of ) Tj ET Q q 0 0 0 rg BT 550.29 291.00 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 279.00 Td (year) Tj ET Q q 0 0 0 rg BT 66.16 279.00 Td (. ) Tj ET Q q 0 0 0 rg BT 71.20 279.00 Td ( ) Tj ET Q q 0 0 0 rg BT 73.56 279.00 Td (W) Tj ET Q q 0 0 0 rg BT 82.20 279.00 Td (e ) Tj ET Q q 0 0 0 rg BT 89.18 279.00 Td (believe ) Tj ET Q q 0 0 0 rg BT 120.60 279.00 Td (that ) Tj ET Q q 0 0 0 rg BT 138.14 279.00 Td (this ) Tj ET Q q 0 0 0 rg BT 155.14 279.00 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 202.11 279.00 Td (reflects ) Tj ET Q q 0 0 0 rg BT 234.08 279.00 Td (the ) Tj ET Q q 0 0 0 rg BT 248.85 279.00 Td (tendency ) Tj ET Q q 0 0 0 rg BT 287.48 279.00 Td (of ) Tj ET Q q 0 0 0 rg BT 298.36 279.00 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 349.78 279.00 Td (to ) Tj ET Q q 0 0 0 rg BT 360.11 279.00 Td (shop ) Tj ET Q q 0 0 0 rg BT 381.54 279.00 Td (for ) Tj ET Q q 0 0 0 rg BT 395.75 279.00 Td (a ) Tj ET Q q 0 0 0 rg BT 402.73 279.00 Td (new ) Tj ET Q q 0 0 0 rg BT 421.94 279.00 Td (home ) Tj ET Q q 0 0 0 rg BT 446.70 279.00 Td (in ) Tj ET Q q 0 0 0 rg BT 457.02 279.00 Td (the ) Tj ET Q q 0 0 0 rg BT 471.79 279.00 Td (spring ) Tj ET Q q 0 0 0 rg BT 499.33 279.00 Td (with ) Tj ET Q q 0 0 0 rg BT 519.66 279.00 Td (the ) Tj ET Q q 0 0 0 rg BT 534.42 279.00 Td (goal ) Tj ET Q q 0 0 0 rg BT 554.18 279.00 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 267.00 Td (closing ) Tj ET Q q 0 0 0 rg BT 80.59 267.00 Td (in ) Tj ET Q q 0 0 0 rg BT 90.58 267.00 Td (the ) Tj ET Q q 0 0 0 rg BT 105.00 267.00 Td (fall ) Tj ET Q q 0 0 0 rg BT 120.53 267.00 Td (or ) Tj ET Q q 0 0 0 rg BT 131.07 267.00 Td (winter) Tj ET Q q 0 0 0 rg BT 156.21 267.00 Td (, ) Tj ET Q q 0 0 0 rg BT 160.92 267.00 Td (as ) Tj ET Q q 0 0 0 rg BT 171.46 267.00 Td (well ) Tj ET Q q 0 0 0 rg BT 190.88 267.00 Td (as ) Tj ET Q q 0 0 0 rg BT 201.42 267.00 Td (the ) Tj ET Q q 0 0 0 rg BT 215.84 267.00 Td (scheduling ) Tj ET Q q 0 0 0 rg BT 261.37 267.00 Td (of ) Tj ET Q q 0 0 0 rg BT 271.91 267.00 Td (construction ) Tj ET Q q 0 0 0 rg BT 323.54 267.00 Td (to ) Tj ET Q q 0 0 0 rg BT 333.53 267.00 Td (accommodate ) Tj ET Q q 0 0 0 rg BT 391.26 267.00 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 427.35 267.00 Td (weather ) Tj ET Q q 0 0 0 rg BT 461.20 267.00 Td (conditions. ) Tj ET Q q 0 0 0 rg BT 507.57 267.00 Td ( ) Tj ET Q q 0 0 0 rg BT 509.77 267.00 Td (Our ) Tj ET Q q 0 0 0 rg BT 527.53 267.00 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 255.00 Td (services ) Tj ET Q q 0 0 0 rg BT 82.98 255.00 Td (operations ) Tj ET Q q 0 0 0 rg BT 125.91 255.00 Td (also ) Tj ET Q q 0 0 0 rg BT 143.29 255.00 Td (experience ) Tj ET Q q 0 0 0 rg BT 187.87 255.00 Td (seasonality ) Tj ET Q q 0 0 0 rg BT 233.57 255.00 Td (because ) Tj ET Q q 0 0 0 rg BT 266.49 255.00 Td (loan ) Tj ET Q q 0 0 0 rg BT 284.98 255.00 Td (originations ) Tj ET Q q 0 0 0 rg BT 334.03 255.00 Td (correspond ) Tj ET Q q 0 0 0 rg BT 379.73 255.00 Td (with ) Tj ET Q q 0 0 0 rg BT 398.78 255.00 Td (the ) Tj ET Q q 0 0 0 rg BT 412.27 255.00 Td (delivery ) Tj ET Q q 0 0 0 rg BT 446.31 255.00 Td (of ) Tj ET Q q 0 0 0 rg BT 455.91 255.00 Td (homes ) Tj ET Q q 0 0 0 rg BT 483.29 255.00 Td (in ) Tj ET Q q 0 0 0 rg BT 492.35 255.00 Td (our ) Tj ET Q q 0 0 0 rg BT 506.95 255.00 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 243.00 Td (operations.) Tj ET Q endstream endobj 75 0 obj <>] /Rotate 0 /Contents 76 0 R>> endobj 76 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 /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 98.39 740.25 Td ( Financial Measur) Tj ET Q q 0 0 0 rg BT 175.98 740.25 Td (es) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 718.25 Td (This ) Tj ET Q q 0 0 0 rg BT 69.21 718.25 Td (report ) Tj ET Q q 0 0 0 rg BT 95.01 718.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 130.27 718.25 Td (information ) Tj ET Q q 0 0 0 rg BT 179.41 718.25 Td (about ) Tj ET Q q 0 0 0 rg BT 203.55 718.25 Td (our ) Tj ET Q q 0 0 0 rg BT 218.81 718.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 254.07 718.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 287.66 718.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 310.71 718.25 Td (mar) Tj ET Q q 0 0 0 rg BT 326.07 718.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 340.78 718.25 Td (and ) Tj ET Q q 0 0 0 rg BT 357.15 718.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 392.40 718.25 Td (income ) Tj ET Q q 0 0 0 rg BT 423.76 718.25 Td (before ) Tj ET Q q 0 0 0 rg BT 451.23 718.25 Td (income ) Tj ET Q q 0 0 0 rg BT 482.59 718.25 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 507.57 718.25 Td (each ) Tj ET Q q 0 0 0 rg BT 527.81 718.25 Td (of ) Tj ET Q q 0 0 0 rg BT 538.07 718.25 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.25 Td (constitutes ) Tj ET Q q 0 0 0 rg BT 94.61 706.25 Td (a ) Tj ET Q q 0 0 0 rg BT 101.38 706.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 146.56 706.25 Td ( ) Tj ET Q q 0 0 0 rg BT 148.90 706.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 186.21 706.25 Td (measure. ) Tj ET Q q 0 0 0 rg BT 224.36 706.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 260.01 706.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 295.67 706.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 329.67 706.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 353.11 706.25 Td (mar) Tj ET Q q 0 0 0 rg BT 368.48 706.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 383.59 706.25 Td (and ) Tj ET Q q 0 0 0 rg BT 400.36 706.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 436.02 706.25 Td (income ) Tj ET Q q 0 0 0 rg BT 467.79 706.25 Td (before ) Tj ET Q q 0 0 0 rg BT 495.66 706.25 Td (income ) Tj ET Q q 0 0 0 rg BT 527.42 706.25 Td (taxes ) Tj ET Q q 0 0 0 rg BT 550.30 706.25 Td (are ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.25 Td (not ) Tj ET Q q 0 0 0 rg BT 64.34 694.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 106.92 694.25 Td (in ) Tj ET Q q 0 0 0 rg BT 116.76 694.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 163.77 694.25 Td (with ) Tj ET Q q 0 0 0 rg BT 183.61 694.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 209.73 694.25 Td (, ) Tj ET Q q 0 0 0 rg BT 214.28 694.25 Td (these ) Tj ET Q q 0 0 0 rg BT 236.89 694.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 273.93 694.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 313.19 694.25 Td (may ) Tj ET Q q 0 0 0 rg BT 332.46 694.25 Td (not ) Tj ET Q q 0 0 0 rg BT 347.30 694.25 Td (be ) Tj ET Q q 0 0 0 rg BT 358.79 694.25 Td (completely ) Tj ET Q q 0 0 0 rg BT 405.28 694.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 453.98 694.25 Td (to ) Tj ET Q q 0 0 0 rg BT 463.81 694.25 Td (similarly-titled ) Tj ET Q q 0 0 0 rg BT 525.30 694.25 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.25 Td (used ) Tj ET Q q 0 0 0 rg BT 70.18 682.25 Td (by ) Tj ET Q q 0 0 0 rg BT 82.53 682.25 Td (other ) Tj ET Q q 0 0 0 rg BT 105.43 682.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 150.54 682.25 Td (in ) Tj ET Q q 0 0 0 rg BT 160.67 682.25 Td (the ) Tj ET Q q 0 0 0 rg BT 175.24 682.25 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 233.15 682.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 268.27 682.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 287.56 682.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 328.50 682.25 Td (should ) Tj ET Q q 0 0 0 rg BT 357.52 682.25 Td (not ) Tj ET Q q 0 0 0 rg BT 372.65 682.25 Td (be ) Tj ET Q q 0 0 0 rg BT 384.44 682.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 430.11 682.25 Td (in ) Tj ET Q q 0 0 0 rg BT 440.23 682.25 Td (isolation ) Tj ET Q q 0 0 0 rg BT 477.03 682.25 Td (or ) Tj ET Q q 0 0 0 rg BT 487.71 682.25 Td (as ) Tj ET Q q 0 0 0 rg BT 498.39 682.25 Td (an ) Tj ET Q q 0 0 0 rg BT 510.18 682.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 554.73 682.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.40 670.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 144.06 670.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 172.75 670.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 210.87 670.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 251.21 670.25 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 296.00 670.25 Td (by ) Tj ET Q q 0 0 0 rg BT 309.14 670.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 335.25 670.25 Td (. ) Tj ET Q q 0 0 0 rg BT 340.89 670.25 Td (Rather) Tj ET Q q 0 0 0 rg BT 367.15 670.25 Td (, ) Tj ET Q q 0 0 0 rg BT 372.79 670.25 Td (these ) Tj ET Q q 0 0 0 rg BT 396.47 670.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 441.66 670.25 Td ( ) Tj ET Q q 0 0 0 rg BT 444.80 670.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 482.92 670.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 523.26 670.25 Td (should ) Tj ET Q q 0 0 0 rg BT 553.07 670.25 Td (be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.25 Td (used ) Tj ET Q q 0 0 0 rg BT 69.78 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 79.51 658.25 Td (supplement ) Tj ET Q q 0 0 0 rg BT 127.56 658.25 Td (our ) Tj ET Q q 0 0 0 rg BT 142.84 658.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 169.70 658.25 Td ( ) Tj ET Q q 0 0 0 rg BT 171.65 658.25 Td (results ) Tj ET Q q 0 0 0 rg BT 199.70 658.25 Td (in ) Tj ET Q q 0 0 0 rg BT 209.43 658.25 Td (order ) Tj ET Q q 0 0 0 rg BT 232.48 658.25 Td (to ) Tj ET Q q 0 0 0 rg BT 242.21 658.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 274.71 658.25 Td (a ) Tj ET Q q 0 0 0 rg BT 281.09 658.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 310.80 658.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 369.40 658.25 Td (of ) Tj ET Q q 0 0 0 rg BT 379.68 658.25 Td (the ) Tj ET Q q 0 0 0 rg BT 393.85 658.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 423.00 658.25 Td (and ) Tj ET Q q 0 0 0 rg BT 439.39 658.25 Td (trends ) Tj ET Q q 0 0 0 rg BT 465.78 658.25 Td (af) Tj ET Q q 0 0 0 rg BT 473.37 658.25 Td (fecting ) Tj ET Q q 0 0 0 rg BT 503.08 658.25 Td (our ) Tj ET Q q 0 0 0 rg BT 518.36 658.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.25 Td (Adjusted housing gross mar) Tj ET Q q 0 0 0 rg BT 161.26 636.25 Td (gin and adjusted income before income taxes are calculated as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 612.75 m 500 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 612.75 m 507 612.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 612.75 m 562 612.75 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 445 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 600.75 m 500 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 600.75 m 507 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 600.75 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 445 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 600.75 m 500 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 600.75 m 507 600.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 600.75 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 49 576.75 m 445 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 576.75 m 500 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 576.75 m 507 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 576.75 m 562 576.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 548.75 m 445 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 548.75 m 500 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 548.75 m 507 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 548.75 m 562 548.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 468.75 m 445 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 468.75 m 500 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 468.75 m 507 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 468.75 m 562 468.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 448.75 m 445 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 448.75 m 500 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 448.75 m 507 448.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 448.75 m 562 448.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 616.98 Td (Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 604.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 604.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 604.70 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 592.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 592.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.50 592.83 Td (387,458) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 592.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 592.70 Td (309,247) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 580.70 Td (Housing cost of sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.50 580.83 Td (315,442) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 580.70 Td (255,831) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 564.70 Td (Housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.50 564.83 Td (72,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 564.70 Td (53,416) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 552.70 Td (Add: Stucco-related char) Tj ET Q q 0 0 0 rg BT 137.32 552.70 Td (ges ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 149.98 556.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.50 552.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 552.70 Td (2,155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 536.70 Td (Adjusted housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 536.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.50 536.83 Td (72,016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 536.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 536.70 Td (55,571) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 520.70 Td (Housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 520.83 Td (18.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 520.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 520.70 Td (17.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 520.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 508.70 Td (Adjusted housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 508.83 Td (18.6) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 508.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 508.70 Td (18.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 508.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 484.70 Td (Income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 484.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.50 484.83 Td (26,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 484.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 484.70 Td (14,715) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 472.70 Td (Add: Stucco-related char) Tj ET Q q 0 0 0 rg BT 137.32 472.70 Td (ges ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 149.98 476.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.50 472.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 472.70 Td (2,155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 456.70 Td (Adjusted income before income taxes) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 456.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.50 456.83 Td (26,335) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 456.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 456.70 Td (16,870) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 433.65 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 433.65 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.60 433.65 Td (warranty ) Tj ET Q q 0 0 0 rg BT 135.03 433.65 Td (char) Tj ET Q q 0 0 0 rg BT 148.65 433.65 Td (ges ) Tj ET Q q 0 0 0 rg BT 161.32 433.65 Td (for ) Tj ET Q q 0 0 0 rg BT 172.64 433.65 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 219.51 433.65 Td (repair ) Tj ET Q q 0 0 0 rg BT 240.16 433.65 Td (costs ) Tj ET Q q 0 0 0 rg BT 258.16 433.65 Td (in ) Tj ET Q q 0 0 0 rg BT 266.38 433.65 Td (certain ) Tj ET Q q 0 0 0 rg BT 290.14 433.65 Td (of ) Tj ET Q q 0 0 0 rg BT 298.81 433.65 Td (our ) Tj ET Q q 0 0 0 rg BT 311.47 433.65 Td (Florida ) Tj ET Q q 0 0 0 rg BT 336.58 433.65 Td (communities ) Tj ET Q q 0 0 0 rg BT 379.91 433.65 Td (\(as ) Tj ET Q q 0 0 0 rg BT 391.24 433.65 Td (more ) Tj ET Q q 0 0 0 rg BT 409.68 433.65 Td (fully ) Tj ET Q q 0 0 0 rg BT 426.79 433.65 Td (discussed ) Tj ET Q q 0 0 0 rg BT 459.45 433.65 Td (in ) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.39 w 0 i [] 0 d 1 J 1 j 3 M 467.671875 432.58359375 m 489.22265625 432.58359375 l s q 0 0 1 rg BT 467.67 433.65 Td (Note ) Tj ET Q q 0 0 1 rg BT 485.22 433.65 Td (6) Tj ET Q BT /F1 8.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 489.22 433.65 Td (\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 411.65 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 411.65 Td (e ) Tj ET Q q 0 0 0 rg BT 64.29 411.65 Td (believe ) Tj ET Q q 0 0 0 rg BT 94.87 411.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 129.91 411.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 163.29 411.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 186.12 411.65 Td (mar) Tj ET Q q 0 0 0 rg BT 201.49 411.65 Td (gin ) Tj ET Q q 0 0 0 rg BT 215.98 411.65 Td (and ) Tj ET Q q 0 0 0 rg BT 232.13 411.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 267.17 411.65 Td (income ) Tj ET Q q 0 0 0 rg BT 298.31 411.65 Td (before ) Tj ET Q q 0 0 0 rg BT 325.56 411.65 Td (income ) Tj ET Q q 0 0 0 rg BT 356.71 411.65 Td (taxes ) Tj ET Q q 0 0 0 rg BT 378.97 411.65 Td (are ) Tj ET Q q 0 0 0 rg BT 392.89 411.65 Td (both ) Tj ET Q q 0 0 0 rg BT 412.38 411.65 Td (relevant ) Tj ET Q q 0 0 0 rg BT 446.30 411.65 Td (and ) Tj ET Q q 0 0 0 rg BT 462.45 411.65 Td (useful ) Tj ET Q q 0 0 0 rg BT 488.60 411.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.29 411.65 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 399.65 Td (to ) Tj ET Q q 0 0 0 rg BT 59.05 399.65 Td (investors ) Tj ET Q q 0 0 0 rg BT 96.94 399.65 Td (in ) Tj ET Q q 0 0 0 rg BT 106.49 399.65 Td (evaluating ) Tj ET Q q 0 0 0 rg BT 149.92 399.65 Td (our ) Tj ET Q q 0 0 0 rg BT 165.03 399.65 Td (operating ) Tj ET Q q 0 0 0 rg BT 204.57 399.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 256.87 399.65 Td (as ) Tj ET Q q 0 0 0 rg BT 266.97 399.65 Td (they ) Tj ET Q q 0 0 0 rg BT 285.97 399.65 Td (measure ) Tj ET Q q 0 0 0 rg BT 321.06 399.65 Td (the ) Tj ET Q q 0 0 0 rg BT 335.05 399.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 357.94 399.65 Td (profit ) Tj ET Q q 0 0 0 rg BT 381.93 399.65 Td (and ) Tj ET Q q 0 0 0 rg BT 398.15 399.65 Td (income ) Tj ET Q q 0 0 0 rg BT 429.36 399.65 Td (before ) Tj ET Q q 0 0 0 rg BT 456.67 399.65 Td (income ) Tj ET Q q 0 0 0 rg BT 487.88 399.65 Td (taxes ) Tj ET Q q 0 0 0 rg BT 510.21 399.65 Td (we ) Tj ET Q q 0 0 0 rg BT 523.64 399.65 Td (generated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 387.65 Td (specifically ) Tj ET Q q 0 0 0 rg BT 97.42 387.65 Td (on ) Tj ET Q q 0 0 0 rg BT 109.26 387.65 Td (our ) Tj ET Q q 0 0 0 rg BT 124.42 387.65 Td (operations ) Tj ET Q q 0 0 0 rg BT 167.91 387.65 Td (during ) Tj ET Q q 0 0 0 rg BT 195.85 387.65 Td (a ) Tj ET Q q 0 0 0 rg BT 202.12 387.65 Td (given ) Tj ET Q q 0 0 0 rg BT 226.17 387.65 Td (period. ) Tj ET Q q 0 0 0 rg BT 255.92 387.65 Td (These ) Tj ET Q q 0 0 0 rg BT 281.63 387.65 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 326.82 387.65 Td ( ) Tj ET Q q 0 0 0 rg BT 328.65 387.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 365.46 387.65 Td (measures ) Tj ET Q q 0 0 0 rg BT 404.50 387.65 Td (isolate ) Tj ET Q q 0 0 0 rg BT 432.44 387.65 Td (the ) Tj ET Q q 0 0 0 rg BT 446.49 387.65 Td (impact ) Tj ET Q q 0 0 0 rg BT 475.54 387.65 Td (that ) Tj ET Q q 0 0 0 rg BT 492.37 387.65 Td (the ) Tj ET Q q 0 0 0 rg BT 506.42 387.65 Td (stucco-related ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 375.65 Td (char) Tj ET Q q 0 0 0 rg BT 66.53 375.65 Td (ges ) Tj ET Q q 0 0 0 rg BT 83.37 375.65 Td (have ) Tj ET Q q 0 0 0 rg BT 105.76 375.65 Td (on ) Tj ET Q q 0 0 0 rg BT 119.27 375.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 154.45 375.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 179.08 375.65 Td (mar) Tj ET Q q 0 0 0 rg BT 194.44 375.65 Td (gins ) Tj ET Q q 0 0 0 rg BT 214.63 375.65 Td (and ) Tj ET Q q 0 0 0 rg BT 232.58 375.65 Td (income ) Tj ET Q q 0 0 0 rg BT 265.52 375.65 Td (before ) Tj ET Q q 0 0 0 rg BT 294.57 375.65 Td (income ) Tj ET Q q 0 0 0 rg BT 327.52 375.65 Td (taxes, ) Tj ET Q q 0 0 0 rg BT 354.08 375.65 Td (and ) Tj ET Q q 0 0 0 rg BT 372.03 375.65 Td (allow ) Tj ET Q q 0 0 0 rg BT 397.76 375.65 Td (investors ) Tj ET Q q 0 0 0 rg BT 437.38 375.65 Td (to ) Tj ET Q q 0 0 0 rg BT 448.67 375.65 Td (make ) Tj ET Q q 0 0 0 rg BT 473.83 375.65 Td (comparisons ) Tj ET Q q 0 0 0 rg BT 527.89 375.65 Td (with ) Tj ET Q q 0 0 0 rg BT 549.18 375.65 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 363.65 Td (competitors ) Tj ET Q q 0 0 0 rg BT 98.88 363.65 Td (that ) Tj ET Q q 0 0 0 rg BT 116.05 363.65 Td (adjust ) Tj ET Q q 0 0 0 rg BT 142.10 363.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 175.94 363.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 199.22 363.65 Td (mar) Tj ET Q q 0 0 0 rg BT 214.59 363.65 Td (gins ) Tj ET Q q 0 0 0 rg BT 233.43 363.65 Td (and ) Tj ET Q q 0 0 0 rg BT 250.04 363.65 Td (income ) Tj ET Q q 0 0 0 rg BT 281.64 363.65 Td (before ) Tj ET Q q 0 0 0 rg BT 309.35 363.65 Td (income ) Tj ET Q q 0 0 0 rg BT 340.95 363.65 Td (taxes ) Tj ET Q q 0 0 0 rg BT 363.67 363.65 Td (in ) Tj ET Q q 0 0 0 rg BT 373.61 363.65 Td (a ) Tj ET Q q 0 0 0 rg BT 380.22 363.65 Td (similar ) Tj ET Q q 0 0 0 rg BT 410.17 363.65 Td (manner) Tj ET Q q 0 0 0 rg BT 439.60 363.65 Td (. ) Tj ET Q q 0 0 0 rg BT 444.11 363.65 Td (W) Tj ET Q q 0 0 0 rg BT 452.75 363.65 Td (e ) Tj ET Q q 0 0 0 rg BT 459.36 363.65 Td (also ) Tj ET Q q 0 0 0 rg BT 477.63 363.65 Td (believe ) Tj ET Q q 0 0 0 rg BT 508.68 363.65 Td (investors ) Tj ET Q q 0 0 0 rg BT 546.95 363.65 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 351.65 Td (find ) Tj ET Q q 0 0 0 rg BT 69.66 351.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 107.04 351.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 142.76 351.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 167.93 351.65 Td (mar) Tj ET Q q 0 0 0 rg BT 183.29 351.65 Td (gin ) Tj ET Q q 0 0 0 rg BT 200.13 351.65 Td (and ) Tj ET Q q 0 0 0 rg BT 218.62 351.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 255.99 351.65 Td (income ) Tj ET Q q 0 0 0 rg BT 289.48 351.65 Td (before ) Tj ET Q q 0 0 0 rg BT 319.07 351.65 Td (income ) Tj ET Q q 0 0 0 rg BT 352.56 351.65 Td (taxes ) Tj ET Q q 0 0 0 rg BT 377.16 351.65 Td (relevant ) Tj ET Q q 0 0 0 rg BT 413.41 351.65 Td (and ) Tj ET Q q 0 0 0 rg BT 431.90 351.65 Td (useful ) Tj ET Q q 0 0 0 rg BT 460.39 351.65 Td (because ) Tj ET Q q 0 0 0 rg BT 496.09 351.65 Td (they ) Tj ET Q q 0 0 0 rg BT 517.36 351.65 Td (represent ) Tj ET Q q 0 0 0 rg BT 558.06 351.65 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 339.65 Td (profitability ) Tj ET Q q 0 0 0 rg BT 99.08 339.65 Td (measure ) Tj ET Q q 0 0 0 rg BT 134.21 339.65 Td (that ) Tj ET Q q 0 0 0 rg BT 151.03 339.65 Td (may ) Tj ET Q q 0 0 0 rg BT 170.06 339.65 Td (be ) Tj ET Q q 0 0 0 rg BT 181.31 339.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 222.55 339.65 Td (to ) Tj ET Q q 0 0 0 rg BT 232.14 339.65 Td (a ) Tj ET Q q 0 0 0 rg BT 238.40 339.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 259.65 339.65 Td (period ) Tj ET Q q 0 0 0 rg BT 287.01 339.65 Td (without ) Tj ET Q q 0 0 0 rg BT 319.39 339.65 Td (regard ) Tj ET Q q 0 0 0 rg BT 346.74 339.65 Td (to ) Tj ET Q q 0 0 0 rg BT 356.33 339.65 Td (variability ) Tj ET Q q 0 0 0 rg BT 399.25 339.65 Td (of ) Tj ET Q q 0 0 0 rg BT 409.39 339.65 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 467.29 339.65 Td (char) Tj ET Q q 0 0 0 rg BT 484.31 339.65 Td (ges. ) Tj ET Q q 0 0 0 rg BT 501.83 339.65 Td (These ) Tj ET Q q 0 0 0 rg BT 527.52 339.65 Td (financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 327.65 Td (measures ) Tj ET Q q 0 0 0 rg BT 88.86 327.65 Td (assist ) Tj ET Q q 0 0 0 rg BT 112.69 327.65 Td (us ) Tj ET Q q 0 0 0 rg BT 123.74 327.65 Td (in ) Tj ET Q q 0 0 0 rg BT 133.68 327.65 Td (making ) Tj ET Q q 0 0 0 rg BT 165.83 327.65 Td (strategic ) Tj ET Q q 0 0 0 rg BT 201.86 327.65 Td (decisions ) Tj ET Q q 0 0 0 rg BT 241.23 327.65 Td (regarding ) Tj ET Q q 0 0 0 rg BT 281.70 327.65 Td (community ) Tj ET Q q 0 0 0 rg BT 329.41 327.65 Td (location ) Tj ET Q q 0 0 0 rg BT 363.78 327.65 Td (and ) Tj ET Q q 0 0 0 rg BT 380.38 327.65 Td (product ) Tj ET Q q 0 0 0 rg BT 413.08 327.65 Td (mix, ) Tj ET Q q 0 0 0 rg BT 433.30 327.65 Td (product ) Tj ET Q q 0 0 0 rg BT 466.00 327.65 Td (pricing ) Tj ET Q q 0 0 0 rg BT 496.48 327.65 Td (and ) Tj ET Q q 0 0 0 rg BT 513.08 327.65 Td (construction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 315.65 Td (pace.) 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 49.5 290.08505859375 m 170.505859375 290.08505859375 l s q 0 0 0 rg BT 49.50 291.65 Td (Y) Tj ET Q q 0 0 0 rg BT 55.61 291.65 Td (ear) Tj ET Q q 0 0 0 rg BT 69.31 291.65 Td ( Over) Tj ET Q q 0 0 0 rg BT 93.28 291.65 Td ( ) Tj ET Q q 0 0 0 rg BT 95.41 291.65 Td (Y) Tj ET Q q 0 0 0 rg BT 101.53 291.65 Td (ear) Tj ET Q q 0 0 0 rg BT 115.22 291.65 Td ( Comparison) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 269.65 Td (Thr) Tj ET Q q 0 0 0 rg BT 65.99 269.65 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 161.64 269.65 Td (ch 31, 2017) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 209.14 269.65 Td ( Compar) Tj ET Q q 0 0 0 rg BT 247.01 269.65 Td (ed to ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 270.16 269.65 Td (Thr) Tj ET Q q 0 0 0 rg BT 286.65 269.65 Td (ee Months Ended Mar) Tj ET Q q 0 0 0 rg BT 382.30 269.65 Td (ch 31, 2016) Tj ET Q BT /F2 10.00 Tf ET BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 247.65 Td (The ) Tj ET Q q 0 0 0 rg BT 66.60 247.65 Td (calculation ) Tj ET Q q 0 0 0 rg BT 113.68 247.65 Td (of ) Tj ET Q q 0 0 0 rg BT 123.56 247.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 159.54 247.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 193.31 247.65 Td (gr) Tj ET Q q 0 0 0 rg BT 201.83 247.65 Td (oss ) Tj ET Q q 0 0 0 rg BT 216.71 247.65 Td (mar) Tj ET Q q 0 0 0 rg BT 232.45 247.65 Td (gin ) Tj ET Q q 0 0 0 rg BT 247.33 247.65 Td (\(r) Tj ET Q q 0 0 0 rg BT 254.18 247.65 Td (eferr) Tj ET Q q 0 0 0 rg BT 273.25 247.65 Td (ed ) Tj ET Q q 0 0 0 rg BT 284.78 247.65 Td (to ) Tj ET Q q 0 0 0 rg BT 294.66 247.65 Td (below\), ) Tj ET Q q 0 0 0 rg BT 326.47 247.65 Td (which ) Tj ET Q q 0 0 0 rg BT 352.46 247.65 Td (we ) Tj ET Q q 0 0 0 rg BT 365.66 247.65 Td (believe ) Tj ET Q q 0 0 0 rg BT 396.07 247.65 Td (pr) Tj ET Q q 0 0 0 rg BT 404.59 247.65 Td (ovides ) Tj ET Q q 0 0 0 rg BT 432.23 247.65 Td (a ) Tj ET Q q 0 0 0 rg BT 439.33 247.65 Td (clear) Tj ET Q q 0 0 0 rg BT 459.51 247.65 Td (er ) Tj ET Q q 0 0 0 rg BT 469.93 247.65 Td (measur) Tj ET Q q 0 0 0 rg BT 499.01 247.65 Td (e ) Tj ET Q q 0 0 0 rg BT 505.54 247.65 Td (of ) Tj ET Q q 0 0 0 rg BT 515.42 247.65 Td (the ) Tj ET Q q 0 0 0 rg BT 529.73 247.65 Td (ongoing ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 235.65 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.98 235.65 Td (of ) Tj ET Q q 0 0 0 rg BT 113.14 235.65 Td (our ) Tj ET Q q 0 0 0 rg BT 129.41 235.65 Td (business, ) Tj ET Q q 0 0 0 rg BT 168.19 235.65 Td (is ) Tj ET Q q 0 0 0 rg BT 177.24 235.65 Td (described ) Tj ET Q q 0 0 0 rg BT 218.50 235.65 Td (and ) Tj ET Q q 0 0 0 rg BT 235.88 235.65 Td (r) Tj ET Q q 0 0 0 rg BT 239.40 235.65 Td (econciled ) Tj ET Q q 0 0 0 rg BT 280.09 235.65 Td (to ) Tj ET Q q 0 0 0 rg BT 290.25 235.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 324.30 235.65 Td (gr) Tj ET Q q 0 0 0 rg BT 332.83 235.65 Td (oss ) Tj ET Q q 0 0 0 rg BT 347.99 235.65 Td (mar) Tj ET Q q 0 0 0 rg BT 363.73 235.65 Td (gin, ) Tj ET Q q 0 0 0 rg BT 381.39 235.65 Td (the ) Tj ET Q q 0 0 0 rg BT 395.99 235.65 Td (financial ) Tj ET Q q 0 0 0 rg BT 433.92 235.65 Td (measur) Tj ET Q q 0 0 0 rg BT 463.00 235.65 Td (e ) Tj ET Q q 0 0 0 rg BT 469.82 235.65 Td (that ) Tj ET Q q 0 0 0 rg BT 487.76 235.65 Td (is ) Tj ET Q q 0 0 0 rg BT 496.81 235.65 Td (calculated ) Tj ET Q q 0 0 0 rg BT 540.84 235.65 Td (using ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 49.50 223.65 Td (our ) Tj ET Q q 0 0 0 rg BT 65.89 223.65 Td (GAAP) Tj ET Q q 0 0 0 rg BT 91.26 223.65 Td ( ) Tj ET Q q 0 0 0 rg BT 93.76 223.65 Td (r) Tj ET Q q 0 0 0 rg BT 97.28 223.65 Td (esults, ) Tj ET Q q 0 0 0 rg BT 125.06 223.65 Td (below ) Tj ET Q q 0 0 0 rg BT 151.44 223.65 Td (under ) Tj ET Q q 0 0 0 rg BT 177.27 223.65 Td (Segment ) Tj ET Q q 0 0 0 rg BT 219.21 223.65 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 264.58 223.65 Td ( ) Tj ET Q q 0 0 0 rg BT 267.08 223.65 Td (Financial ) Tj ET Q q 0 0 0 rg BT 308.46 223.65 Td (Measur) Tj ET Q q 0 0 0 rg BT 338.64 223.65 Td (es.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 199.65 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 88.01 199.65 Td (Region. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.03 199.65 Td (During ) Tj ET Q q 0 0 0 rg BT 156.42 199.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.70 199.65 Td (three ) Tj ET Q q 0 0 0 rg BT 196.75 199.65 Td (months ) Tj ET Q q 0 0 0 rg BT 230.27 199.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 258.21 199.65 Td (March ) Tj ET Q q 0 0 0 rg BT 288.37 199.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 304.94 199.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.94 199.65 Td (, ) Tj ET Q q 0 0 0 rg BT 331.50 199.65 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 391.12 199.65 Td (revenue ) Tj ET Q q 0 0 0 rg BT 426.83 199.65 Td (in ) Tj ET Q q 0 0 0 rg BT 438.67 199.65 Td (our ) Tj ET Q q 0 0 0 rg BT 456.07 199.65 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 495.13 199.65 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.74 199.65 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 199.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.65 Td ($28.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 187.65 Td (, ) Tj ET Q q 0 0 0 rg BT 108.16 187.65 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.88 187.65 Td ($1) Tj ET Q q 0 0 0 rg BT 139.50 187.65 Td (18.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.40 187.65 Td ( ) Tj ET Q q 0 0 0 rg BT 190.67 187.65 Td (in ) Tj ET Q q 0 0 0 rg BT 200.72 187.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.21 187.65 Td (first ) Tj ET Q q 0 0 0 rg BT 233.59 187.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 264.18 187.65 Td (of ) Tj ET Q q 0 0 0 rg BT 274.78 187.65 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 294.78 187.65 Td ( ) Tj ET Q q 0 0 0 rg BT 297.06 187.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.11 187.65 Td ($146.4 ) Tj ET Q q 0 0 0 rg BT 336.88 187.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.77 187.65 Td ( ) Tj ET Q q 0 0 0 rg BT 368.04 187.65 Td (in ) Tj ET Q q 0 0 0 rg BT 378.10 187.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.59 187.65 Td (first ) Tj ET Q q 0 0 0 rg BT 410.97 187.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 441.56 187.65 Td (of ) Tj ET Q q 0 0 0 rg BT 452.16 187.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.16 187.65 Td (. ) Tj ET Q q 0 0 0 rg BT 476.93 187.65 Td ( ) Tj ET Q q 0 0 0 rg BT 479.04 187.65 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 499.09 187.65 Td (24%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.42 187.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.69 187.65 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.45 187.65 Td ( ) Tj ET Q q 0 0 0 rg BT 554.72 187.65 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.65 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 107.95 175.65 Td (revenue ) Tj ET Q q 0 0 0 rg BT 142.49 175.65 Td (was ) Tj ET Q q 0 0 0 rg BT 160.94 175.65 Td (the ) Tj ET Q q 0 0 0 rg BT 176.05 175.65 Td (result ) Tj ET Q q 0 0 0 rg BT 201.17 175.65 Td (of ) Tj ET Q q 0 0 0 rg BT 212.39 175.65 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.73 175.65 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.06 175.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.96 175.65 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.71 175.65 Td ( ) Tj ET Q q 0 0 0 rg BT 281.61 175.65 Td (in ) Tj ET Q q 0 0 0 rg BT 292.28 175.65 Td (the ) Tj ET Q q 0 0 0 rg BT 307.40 175.65 Td (number ) Tj ET Q q 0 0 0 rg BT 340.84 175.65 Td (of ) Tj ET Q q 0 0 0 rg BT 352.07 175.65 Td (homes ) Tj ET Q q 0 0 0 rg BT 381.07 175.65 Td (delivered ) Tj ET Q q 0 0 0 rg BT 421.17 175.65 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.50 175.65 Td (57) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.50 175.65 Td ( ) Tj ET Q q 0 0 0 rg BT 437.40 175.65 Td (units\) ) Tj ET Q q 0 0 0 rg BT 463.07 175.65 Td (and ) Tj ET Q q 0 0 0 rg BT 480.41 175.65 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.75 175.65 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 501.08 175.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 503.97 175.65 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.73 175.65 Td ( ) Tj ET Q q 0 0 0 rg BT 539.62 175.65 Td (in ) Tj ET Q q 0 0 0 rg BT 550.30 175.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.65 Td (average ) Tj ET Q q 0 0 0 rg BT 84.59 163.65 Td (sales ) Tj ET Q q 0 0 0 rg BT 108.04 163.65 Td (price ) Tj ET Q q 0 0 0 rg BT 132.04 163.65 Td (of ) Tj ET Q q 0 0 0 rg BT 144.38 163.65 Td (homes ) Tj ET Q q 0 0 0 rg BT 174.50 163.65 Td (delivered ) Tj ET Q q 0 0 0 rg BT 215.71 163.65 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 219.04 163.65 Td ($21,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.54 163.65 Td ( ) Tj ET Q q 0 0 0 rg BT 255.55 163.65 Td (per ) Tj ET Q q 0 0 0 rg BT 272.33 163.65 Td (home ) Tj ET Q q 0 0 0 rg BT 298.56 163.65 Td (delivered\). ) Tj ET Q q 0 0 0 rg BT 345.60 163.65 Td ( ) Tj ET Q q 0 0 0 rg BT 349.61 163.65 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.60 163.65 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 423.04 163.65 Td ( ) Tj ET Q q 0 0 0 rg BT 427.05 163.65 Td (in ) Tj ET Q q 0 0 0 rg BT 438.84 163.65 Td (our ) Tj ET Q q 0 0 0 rg BT 456.18 163.65 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 495.19 163.65 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.74 163.65 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 163.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 151.65 Td ($4.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 151.65 Td (, ) Tj ET Q q 0 0 0 rg BT 103.28 151.65 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.10 151.65 Td ($10.3 ) Tj ET Q q 0 0 0 rg BT 149.98 151.65 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.87 151.65 Td ( ) Tj ET Q q 0 0 0 rg BT 181.26 151.65 Td (during ) Tj ET Q q 0 0 0 rg BT 209.75 151.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.35 151.65 Td (first ) Tj ET Q q 0 0 0 rg BT 242.85 151.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 273.54 151.65 Td (of ) Tj ET Q q 0 0 0 rg BT 284.26 151.65 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 304.26 151.65 Td ( ) Tj ET Q q 0 0 0 rg BT 306.64 151.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.81 151.65 Td ($14.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.70 151.65 Td ( ) Tj ET Q q 0 0 0 rg BT 373.08 151.65 Td (during ) Tj ET Q q 0 0 0 rg BT 401.57 151.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.18 151.65 Td (three ) Tj ET Q q 0 0 0 rg BT 438.55 151.65 Td (months ) Tj ET Q q 0 0 0 rg BT 470.38 151.65 Td (ended ) Tj ET Q q 0 0 0 rg BT 496.64 151.65 Td (March ) Tj ET Q q 0 0 0 rg BT 525.12 151.65 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.01 151.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 151.65 Td (. ) Tj ET Q q 0 0 0 rg BT 565.01 151.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 139.65 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.14 139.65 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.89 139.65 Td ( ) Tj ET Q q 0 0 0 rg BT 103.98 139.65 Td (in ) Tj ET Q q 0 0 0 rg BT 114.85 139.65 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.71 139.65 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.14 139.65 Td ( ) Tj ET Q q 0 0 0 rg BT 188.23 139.65 Td (was ) Tj ET Q q 0 0 0 rg BT 206.87 139.65 Td (primarily ) Tj ET Q q 0 0 0 rg BT 247.18 139.65 Td (the ) Tj ET Q q 0 0 0 rg BT 262.48 139.65 Td (result ) Tj ET Q q 0 0 0 rg BT 287.79 139.65 Td (of ) Tj ET Q q 0 0 0 rg BT 299.21 139.65 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.74 139.65 Td ($8.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.63 139.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.72 139.65 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.48 139.65 Td ( ) Tj ET Q q 0 0 0 rg BT 399.57 139.65 Td (in ) Tj ET Q q 0 0 0 rg BT 410.44 139.65 Td (our ) Tj ET Q q 0 0 0 rg BT 426.86 139.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 451.06 139.65 Td (mar) Tj ET Q q 0 0 0 rg BT 466.43 139.65 Td (gin, ) Tj ET Q q 0 0 0 rg BT 484.80 139.65 Td (of) Tj ET Q q 0 0 0 rg BT 492.95 139.65 Td (fset, ) Tj ET Q q 0 0 0 rg BT 512.98 139.65 Td (in ) Tj ET Q q 0 0 0 rg BT 523.85 139.65 Td (part, ) Tj ET Q q 0 0 0 rg BT 544.98 139.65 Td (by ) Tj ET Q q 0 0 0 rg BT 558.07 139.65 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 127.65 Td ($3.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 127.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.60 127.65 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.35 127.65 Td ( ) Tj ET Q q 0 0 0 rg BT 135.55 127.65 Td (in ) Tj ET Q q 0 0 0 rg BT 145.54 127.65 Td (selling, ) Tj ET Q q 0 0 0 rg BT 176.91 127.65 Td (general ) Tj ET Q q 0 0 0 rg BT 208.54 127.65 Td (and ) Tj ET Q q 0 0 0 rg BT 225.18 127.65 Td (administrative ) Tj ET Q q 0 0 0 rg BT 284.59 127.65 Td (expense. ) Tj ET Q q 0 0 0 rg BT 321.50 127.65 Td ( ) Tj ET Q q 0 0 0 rg BT 323.55 127.65 Td (W) Tj ET Q q 0 0 0 rg BT 332.59 127.65 Td (ith ) Tj ET Q q 0 0 0 rg BT 345.35 127.65 Td (respect ) Tj ET Q q 0 0 0 rg BT 375.87 127.65 Td (to ) Tj ET Q q 0 0 0 rg BT 385.85 127.65 Td (our ) Tj ET Q q 0 0 0 rg BT 401.38 127.65 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 459.14 127.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 482.46 127.65 Td (mar) Tj ET Q q 0 0 0 rg BT 497.82 127.65 Td (gin, ) Tj ET Q q 0 0 0 rg BT 515.31 127.65 Td (our ) Tj ET Q q 0 0 0 rg BT 530.84 127.65 Td (housing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 115.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 72.64 115.65 Td (mar) Tj ET Q q 0 0 0 rg BT 88.00 115.65 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.81 115.65 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.13 115.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 143.15 115.65 Td ($7.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.05 115.65 Td (, ) Tj ET Q q 0 0 0 rg BT 196.57 115.65 Td (due ) Tj ET Q q 0 0 0 rg BT 213.03 115.65 Td (to ) Tj ET Q q 0 0 0 rg BT 222.83 115.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.08 115.65 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.41 115.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.43 115.65 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 290.18 115.65 Td ( ) Tj ET Q q 0 0 0 rg BT 292.21 115.65 Td (in ) Tj ET Q q 0 0 0 rg BT 302.01 115.65 Td (the ) Tj ET Q q 0 0 0 rg BT 316.25 115.65 Td (number ) Tj ET Q q 0 0 0 rg BT 348.82 115.65 Td (of ) Tj ET Q q 0 0 0 rg BT 359.18 115.65 Td (homes ) Tj ET Q q 0 0 0 rg BT 387.31 115.65 Td (delivered ) Tj ET Q q 0 0 0 rg BT 426.53 115.65 Td (and ) Tj ET Q q 0 0 0 rg BT 443.00 115.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.24 115.65 Td (6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.57 115.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.59 115.65 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.34 115.65 Td ( ) Tj ET Q q 0 0 0 rg BT 507.37 115.65 Td (in ) Tj ET Q q 0 0 0 rg BT 517.17 115.65 Td (the ) Tj ET Q q 0 0 0 rg BT 531.41 115.65 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 103.65 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.76 103.65 Td (price ) Tj ET Q q 0 0 0 rg BT 94.56 103.65 Td (of ) Tj ET Q q 0 0 0 rg BT 105.71 103.65 Td (homes ) Tj ET Q q 0 0 0 rg BT 134.64 103.65 Td (delivered ) Tj ET Q q 0 0 0 rg BT 174.66 103.65 Td (noted ) Tj ET Q q 0 0 0 rg BT 199.69 103.65 Td (above ) Tj ET Q q 0 0 0 rg BT 226.39 103.65 Td (as ) Tj ET Q q 0 0 0 rg BT 237.54 103.65 Td (well ) Tj ET Q q 0 0 0 rg BT 257.57 103.65 Td (as ) Tj ET Q q 0 0 0 rg BT 268.72 103.65 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.98 103.65 Td (improvement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 334.30 103.65 Td ( ) Tj ET Q q 0 0 0 rg BT 337.12 103.65 Td (in ) Tj ET Q q 0 0 0 rg BT 347.72 103.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 382.21 103.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 406.14 103.65 Td (mar) Tj ET Q q 0 0 0 rg BT 421.50 103.65 Td (gin ) Tj ET Q q 0 0 0 rg BT 437.10 103.65 Td (percentage. ) Tj ET Q q 0 0 0 rg BT 485.72 103.65 Td ( ) Tj ET Q q 0 0 0 rg BT 488.54 103.65 Td (Our ) Tj ET Q q 0 0 0 rg BT 506.91 103.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 541.40 103.65 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 91.65 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 91.65 Td (gin ) Tj ET Q q 0 0 0 rg BT 80.72 91.65 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 127.10 91.65 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.42 91.65 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.50 91.65 Td (200) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.50 91.65 Td ( ) Tj ET Q q 0 0 0 rg BT 186.58 91.65 Td (basis ) Tj ET Q q 0 0 0 rg BT 209.65 91.65 Td (points ) Tj ET Q q 0 0 0 rg BT 237.18 91.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.03 91.65 Td (19.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.86 91.65 Td ( ) Tj ET Q q 0 0 0 rg BT 276.94 91.65 Td (in ) Tj ET Q q 0 0 0 rg BT 287.79 91.65 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.08 91.65 Td (first ) Tj ET Q q 0 0 0 rg BT 322.27 91.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 353.66 91.65 Td (of ) Tj ET Q q 0 0 0 rg BT 365.07 91.65 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 385.07 91.65 Td ( ) Tj ET Q q 0 0 0 rg BT 388.14 91.65 Td (compared ) Tj ET Q q 0 0 0 rg BT 430.64 91.65 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.50 91.65 Td (17.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.33 91.65 Td ( ) Tj ET Q q 0 0 0 rg BT 470.40 91.65 Td (in ) Tj ET Q q 0 0 0 rg BT 481.26 91.65 Td (the ) Tj ET Q q 0 0 0 rg BT 496.55 91.65 Td (prior ) Tj ET Q q 0 0 0 rg BT 519.07 91.65 Td (year) Tj ET Q q 0 0 0 rg BT 536.64 91.65 Td () Tj ET Q q 0 0 0 rg BT 539.42 91.65 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.39 91.65 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 79.65 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.26 79.65 Td (. ) Tj ET Q q 0 0 0 rg BT 81.26 79.65 Td (Our ) Tj ET Q q 0 0 0 rg BT 98.31 79.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 131.48 79.65 Td (gross ) Tj ET Q q 0 0 0 rg BT 154.09 79.65 Td (mar) Tj ET Q q 0 0 0 rg BT 169.46 79.65 Td (gin ) Tj ET Q q 0 0 0 rg BT 183.73 79.65 Td (for ) Tj ET Q q 0 0 0 rg BT 196.89 79.65 Td (2016) Tj ET Q q 0 0 0 rg BT 219.67 79.65 Td (s ) Tj ET Q q 0 0 0 rg BT 225.06 79.65 Td (first ) Tj ET Q q 0 0 0 rg BT 242.67 79.65 Td (quarter ) Tj ET Q q 0 0 0 rg BT 272.48 79.65 Td (was ) Tj ET Q q 0 0 0 rg BT 289.53 79.65 Td (unfavorably ) Tj ET Q q 0 0 0 rg BT 339.34 79.65 Td (impacted, ) Tj ET Q q 0 0 0 rg BT 379.99 79.65 Td (however) Tj ET Q q 0 0 0 rg BT 414.02 79.65 Td (, ) Tj ET Q q 0 0 0 rg BT 418.02 79.65 Td (by ) Tj ET Q q 0 0 0 rg BT 429.52 79.65 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.45 79.65 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 484.34 79.65 Td ( ) Tj ET Q q 0 0 0 rg BT 485.84 79.65 Td (char) Tj ET Q q 0 0 0 rg BT 502.87 79.65 Td (ge ) Tj ET Q q 0 0 0 rg BT 513.80 79.65 Td (for ) Tj ET Q q 0 0 0 rg BT 526.96 79.65 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 67.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 96.51 67.65 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 147.42 67.65 Td (from ) Tj ET Q q 0 0 0 rg BT 170.00 67.65 Td (our ) Tj ET Q q 0 0 0 rg BT 186.46 67.65 Td (2015 ) Tj ET Q q 0 0 0 rg BT 209.60 67.65 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 276.35 67.65 Td (Paul ) Tj ET Q q 0 0 0 rg BT 297.27 67.65 Td (acquisition. ) Tj ET Q q 0 0 0 rg BT 346.79 67.65 Td ( ) Tj ET Q q 0 0 0 rg BT 349.92 67.65 Td (Exclusive ) Tj ET Q q 0 0 0 rg BT 392.49 67.65 Td (of ) Tj ET Q q 0 0 0 rg BT 403.96 67.65 Td (this ) Tj ET Q q 0 0 0 rg BT 421.55 67.65 Td (char) Tj ET Q q 0 0 0 rg BT 438.57 67.65 Td (ge, ) Tj ET Q q 0 0 0 rg BT 453.65 67.65 Td (our ) Tj ET Q q 0 0 0 rg BT 470.12 67.65 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 506.58 67.65 Td (housing ) Tj ET Q q 0 0 0 rg BT 541.38 67.65 Td (gross ) Tj ET Q endstream endobj 77 0 obj <>] /Rotate 0 /Contents 78 0 R>> endobj 78 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (38) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 740.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 80.55 740.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 126.76 740.10 Td (improved ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 167.99 740.10 Td (140) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.99 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 185.90 740.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 208.80 740.10 Td (points ) Tj ET Q q 0 0 0 rg BT 236.16 740.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.50 740.10 Td (18.5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.33 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.24 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.93 740.10 Td (last ) Tj ET Q q 0 0 0 rg BT 314.72 740.10 Td (year) Tj ET Q q 0 0 0 rg BT 332.30 740.10 Td () Tj ET Q q 0 0 0 rg BT 335.08 740.10 Td (s ) Tj ET Q q 0 0 0 rg BT 341.87 740.10 Td (first ) Tj ET Q q 0 0 0 rg BT 360.89 740.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 388.65 740.10 Td (. ) Tj ET Q q 0 0 0 rg BT 394.06 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 396.97 740.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 415.43 740.10 Td (land ) Tj ET Q q 0 0 0 rg BT 435.55 740.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 454.00 740.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 478.02 740.10 Td (mar) Tj ET Q q 0 0 0 rg BT 493.39 740.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 509.07 740.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 549.18 740.10 Td (flat ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.42 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 101.70 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 116.42 728.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 138.36 728.10 Td (year) Tj ET Q q 0 0 0 rg BT 155.01 728.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 706.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 83.06 706.10 Td (general ) Tj ET Q q 0 0 0 rg BT 115.20 706.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.36 706.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 192.29 706.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.22 706.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.97 706.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.69 706.10 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 287.91 706.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.81 706.10 Td (, ) Tj ET Q q 0 0 0 rg BT 322.03 706.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.19 706.10 Td ($10.9 ) Tj ET Q q 0 0 0 rg BT 369.41 706.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.30 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 401.02 706.10 Td (for ) Tj ET Q q 0 0 0 rg BT 415.40 706.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.34 706.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 461.38 706.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 487.97 706.10 Td (March ) Tj ET Q q 0 0 0 rg BT 516.79 706.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 532.02 706.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.02 706.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.74 706.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td ($14.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.98 694.10 Td (for ) Tj ET Q q 0 0 0 rg BT 120.22 694.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.02 694.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 165.92 694.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 192.38 694.10 Td (March ) Tj ET Q q 0 0 0 rg BT 221.07 694.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 236.15 694.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 256.15 694.10 Td (, ) Tj ET Q q 0 0 0 rg BT 261.24 694.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.26 694.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.01 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.60 694.10 Td (as ) Tj ET Q q 0 0 0 rg BT 329.51 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 336.53 694.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 382.42 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 393.33 694.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 427.56 694.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.93 694.10 Td (9.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.76 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 461.34 694.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.36 694.10 Td (9.2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.19 694.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.78 694.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.14 694.10 Td (2016) Tj ET Q q 0 0 0 rg BT 539.92 694.10 Td (s ) Tj ET Q q 0 0 0 rg BT 546.40 694.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 77.26 682.10 Td (. ) Tj ET Q q 0 0 0 rg BT 82.22 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.50 682.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.51 682.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.26 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 137.72 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 147.96 682.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 179.58 682.10 Td (general ) Tj ET Q q 0 0 0 rg BT 211.46 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 228.36 682.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 288.03 682.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 322.69 682.10 Td (was ) Tj ET Q q 0 0 0 rg BT 340.70 682.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 391.20 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 401.43 682.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 421.94 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.18 682.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.07 682.10 Td ($2.1 ) Tj ET Q q 0 0 0 rg BT 459.03 682.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.92 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.38 682.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 525.59 682.10 Td (in ) Tj ET Q q 0 0 0 rg BT 535.83 682.10 Td (selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 83.95 670.10 Td (due ) Tj ET Q q 0 0 0 rg BT 100.63 670.10 Td (to ) Tj ET Q q 0 0 0 rg BT 110.65 670.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 124.55 670.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 131.24 670.10 Td ($1.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.13 670.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.37 670.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.12 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.37 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 227.39 670.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 261.83 670.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 290.74 670.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 329.08 670.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 366.32 670.10 Td (from ) Tj ET Q q 0 0 0 rg BT 388.00 670.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 426.89 670.10 Td (in ) Tj ET Q q 0 0 0 rg BT 436.91 670.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 458.59 670.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 513.06 670.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 552.51 670.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.34 658.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 89.89 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.52 658.10 Td (average ) Tj ET Q q 0 0 0 rg BT 126.23 658.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 148.29 658.10 Td (price ) Tj ET Q q 0 0 0 rg BT 170.90 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 181.86 658.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 210.59 658.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 250.42 658.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.48 658.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.03 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 295.66 658.10 Td (number ) Tj ET Q q 0 0 0 rg BT 328.83 658.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.79 658.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 368.52 658.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 408.35 658.10 Td (and ) Tj ET Q q 0 0 0 rg BT 425.41 658.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 439.70 658.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.76 658.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 466.89 658.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 495.78 658.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.41 658.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 531.16 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 533.79 658.10 Td (in ) Tj ET Q q 0 0 0 rg BT 544.19 658.10 Td (non-) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 84.17 646.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 113.30 646.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 151.87 646.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 191.55 646.10 Td (related ) Tj ET Q q 0 0 0 rg BT 221.22 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 231.46 646.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 253.93 646.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 297.49 646.10 Td (with ) Tj ET Q q 0 0 0 rg BT 317.74 646.10 Td (our ) Tj ET Q q 0 0 0 rg BT 333.53 646.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 355.44 646.10 Td (of) Tj ET Q q 0 0 0 rg BT 363.59 646.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 384.93 646.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.84 646.10 Td (models. ) Tj ET Q q 0 0 0 rg BT 435.69 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.98 646.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.00 646.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.75 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.22 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.46 646.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 533.09 646.10 Td (general ) 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 67.35 634.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 127.96 634.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 163.58 634.10 Td (was ) Tj ET Q q 0 0 0 rg BT 182.54 634.10 Td (also ) Tj ET Q q 0 0 0 rg BT 202.06 634.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 251.01 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 262.20 634.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 270.04 634.10 Td ($1.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.94 634.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.35 634.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.10 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.51 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.70 634.10 Td (general ) Tj ET Q q 0 0 0 rg BT 402.53 634.10 Td (and ) Tj ET Q q 0 0 0 rg BT 420.38 634.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 481.00 634.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 519.11 634.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.96 634.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 90.24 622.10 Td (related ) Tj ET Q q 0 0 0 rg BT 120.96 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 132.27 622.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.23 622.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.12 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.64 622.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 225.40 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 228.92 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 240.23 622.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 299.29 622.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 337.52 622.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.49 622.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 366.51 622.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.40 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.93 622.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 435.21 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 446.51 622.10 Td (land ) Tj ET Q q 0 0 0 rg BT 467.25 622.10 Td (related ) Tj ET Q q 0 0 0 rg BT 497.98 622.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 540.10 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 558.06 622.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td ($0.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.89 610.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.65 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.15 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.42 610.10 Td (other ) Tj ET Q q 0 0 0 rg BT 169.47 610.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 228.62 610.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.75 588.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.89 588.10 Td (three ) Tj ET Q q 0 0 0 rg BT 118.80 588.10 Td (months ) Tj ET Q q 0 0 0 rg BT 151.17 588.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 177.97 588.10 Td (March ) Tj ET Q q 0 0 0 rg BT 206.99 588.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 222.41 588.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.41 588.10 Td (, ) Tj ET Q q 0 0 0 rg BT 247.83 588.10 Td (we ) Tj ET Q q 0 0 0 rg BT 262.42 588.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 313.64 588.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.00 588.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 339.33 588.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.25 588.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.01 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.93 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 388.63 588.10 Td (new ) Tj ET Q q 0 0 0 rg BT 408.21 588.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 447.23 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 457.93 588.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.18 588.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 512.10 588.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 543.07 588.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (495) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.07 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.42 576.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.21 576.10 Td (first ) Tj ET Q q 0 0 0 rg BT 110.90 576.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 141.79 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.69 576.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.69 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.26 576.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.61 576.10 Td (556) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.61 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.19 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.54 576.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.33 576.10 Td (first ) Tj ET Q q 0 0 0 rg BT 247.01 576.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 277.90 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.80 576.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.80 576.10 Td (, ) Tj ET Q q 0 0 0 rg BT 313.88 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 330.89 576.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.90 576.10 Td (1) Tj ET Q q 0 0 0 rg BT 347.53 576.10 Td (1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.86 576.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.43 576.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 396.18 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.76 576.10 Td (in ) Tj ET Q q 0 0 0 rg BT 409.11 576.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 443.34 576.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.35 576.10 Td (845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.35 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.92 576.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 511.60 576.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.39 576.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.15 564.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.58 564.10 Td (934) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.58 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.24 564.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 129.00 564.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.87 564.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 182.62 564.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.62 564.10 Td (. ) Tj ET Q q 0 0 0 rg BT 207.77 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.23 564.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.43 564.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 261.19 564.10 Td (s ) Tj ET Q q 0 0 0 rg BT 267.73 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.16 564.10 Td (new ) Tj ET Q q 0 0 0 rg BT 297.48 564.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 336.22 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.31 564.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 387.62 564.10 Td (were ) Tj ET Q q 0 0 0 rg BT 409.70 564.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 445.68 564.10 Td (due ) Tj ET Q q 0 0 0 rg BT 462.77 564.10 Td (to ) Tj ET Q q 0 0 0 rg BT 473.20 564.10 Td (improving ) Tj ET Q q 0 0 0 rg BT 517.52 564.10 Td (sub-market ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 93.81 552.10 Td (within ) Tj ET Q q 0 0 0 rg BT 122.01 552.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.87 552.10 Td (region ) Tj ET Q q 0 0 0 rg BT 165.06 552.10 Td (in ) Tj ET Q q 0 0 0 rg BT 175.48 552.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 210.90 552.10 Td (to ) Tj ET Q q 0 0 0 rg BT 221.32 552.10 Td (contributions ) Tj ET Q q 0 0 0 rg BT 276.74 552.10 Td (from ) Tj ET Q q 0 0 0 rg BT 298.82 552.10 Td (our ) Tj ET Q q 0 0 0 rg BT 314.80 552.10 Td (growing ) Tj ET Q q 0 0 0 rg BT 350.77 552.10 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 417.03 552.10 Td (Paul ) Tj ET Q q 0 0 0 rg BT 437.45 552.10 Td (division. ) Tj ET Q q 0 0 0 rg BT 474.24 552.10 Td (A) Tj ET Q q 0 0 0 rg BT 480.72 552.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 510.01 552.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 532.09 552.10 Td (price ) Tj ET Q q 0 0 0 rg BT 554.72 552.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (backlog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.44 540.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.19 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.48 540.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.54 540.10 Td ($400,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.04 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.32 540.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.83 540.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 226.21 540.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.21 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.49 540.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 290.20 540.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.26 540.10 Td ($391,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.76 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 340.05 540.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.55 540.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 392.93 540.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.93 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.21 540.10 Td (which ) Tj ET Q q 0 0 0 rg BT 441.94 540.10 Td (was ) Tj ET Q q 0 0 0 rg BT 459.77 540.10 Td (due ) Tj ET Q q 0 0 0 rg BT 476.50 540.10 Td (to ) Tj ET Q q 0 0 0 rg BT 486.56 540.10 Td (higher) Tj ET Q q 0 0 0 rg BT 511.91 540.10 Td (-end ) Tj ET Q q 0 0 0 rg BT 531.96 540.10 Td (product ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 528.10 Td (ferings. ) Tj ET Q q 0 0 0 rg BT 90.21 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.51 528.10 Td (During ) Tj ET Q q 0 0 0 rg BT 123.13 528.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.64 528.10 Td (three ) Tj ET Q q 0 0 0 rg BT 159.92 528.10 Td (months ) Tj ET Q q 0 0 0 rg BT 191.67 528.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 217.84 528.10 Td (March ) Tj ET Q q 0 0 0 rg BT 246.23 528.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 261.03 528.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.03 528.10 Td (, ) Tj ET Q q 0 0 0 rg BT 285.82 528.10 Td (we ) Tj ET Q q 0 0 0 rg BT 299.78 528.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.95 528.10 Td (eleven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.04 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 359.34 528.10 Td (new ) Tj ET Q q 0 0 0 rg BT 378.29 528.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 432.25 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 442.32 528.10 Td (our ) Tj ET Q q 0 0 0 rg BT 457.95 528.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 495.24 528.10 Td (region ) Tj ET Q q 0 0 0 rg BT 523.08 528.10 Td (compared ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.66 516.10 Td (one) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.10 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.48 516.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 104.97 516.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 133.05 516.10 Td (first ) Tj ET Q q 0 0 0 rg BT 151.54 516.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.30 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 184.19 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 186.57 516.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 204.50 516.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 240.22 516.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 284.82 516.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 302.19 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 312.35 516.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.06 516.10 Td (Midwest ) Tj ET Q q 0 0 0 rg BT 365.45 516.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.38 516.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 431.13 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 433.51 516.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 443.67 516.10 Td (3.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.17 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.56 516.10 Td (per ) Tj ET Q q 0 0 0 rg BT 473.71 516.10 Td (community ) Tj ET Q q 0 0 0 rg BT 521.64 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.80 516.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 516.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.32 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 91.15 504.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 111.15 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.65 504.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.58 504.10 Td (2.3) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 148.08 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 150.58 504.10 Td (per ) Tj ET Q q 0 0 0 rg BT 165.85 504.10 Td (community ) Tj ET Q q 0 0 0 rg BT 213.90 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 224.18 504.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.90 504.10 Td (first ) Tj ET Q q 0 0 0 rg BT 257.51 504.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 288.32 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 299.15 504.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.15 504.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 91.39 482.10 Td (Region.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 123.33 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.87 482.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.40 482.10 Td (During ) Tj ET Q q 0 0 0 rg BT 162.26 482.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.01 482.10 Td (three ) Tj ET Q q 0 0 0 rg BT 201.53 482.10 Td (months ) Tj ET Q q 0 0 0 rg BT 234.51 482.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 261.91 482.10 Td (March ) Tj ET Q q 0 0 0 rg BT 291.54 482.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 307.58 482.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.58 482.10 Td (, ) Tj ET Q q 0 0 0 rg BT 333.61 482.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 392.69 482.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 427.87 482.10 Td (in ) Tj ET Q q 0 0 0 rg BT 439.18 482.10 Td (our ) Tj ET Q q 0 0 0 rg BT 456.04 482.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 495.68 482.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.76 482.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td ($26.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 470.10 Td (, ) Tj ET Q q 0 0 0 rg BT 108.63 470.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 130.80 470.10 Td ($122.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 189.69 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 192.43 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 202.94 470.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.90 470.10 Td (first ) Tj ET Q q 0 0 0 rg BT 236.74 470.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 267.79 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 278.86 470.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 298.86 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 301.59 470.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.11 470.10 Td ($149.4 ) Tj ET Q q 0 0 0 rg BT 342.34 470.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.23 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 373.97 470.10 Td (in ) Tj ET Q q 0 0 0 rg BT 384.48 470.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.44 470.10 Td (first ) Tj ET Q q 0 0 0 rg BT 418.28 470.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 449.33 470.10 Td (of ) Tj ET Q q 0 0 0 rg BT 460.40 470.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.40 470.10 Td (. ) Tj ET Q q 0 0 0 rg BT 485.63 470.10 Td ( ) Tj ET Q q 0 0 0 rg BT 488.17 470.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.69 470.10 Td (22%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.02 470.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.75 470.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.10 458.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 116.47 458.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 149.93 458.10 Td (was ) Tj ET Q q 0 0 0 rg BT 167.30 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 181.33 458.10 Td (result ) Tj ET Q q 0 0 0 rg BT 205.37 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 215.52 458.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 221.77 458.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.10 458.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.92 458.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.67 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 276.49 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 286.09 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.12 458.10 Td (number ) Tj ET Q q 0 0 0 rg BT 332.49 458.10 Td (of ) Tj ET Q q 0 0 0 rg BT 342.64 458.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 370.56 458.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 409.58 458.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.91 458.10 Td (69) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 422.91 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 424.73 458.10 Td (units\), ) Tj ET Q q 0 0 0 rg BT 451.83 458.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.08 458.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.41 458.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.23 458.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.98 458.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.80 458.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.40 458.10 Td (the ) Tj ET Q q 0 0 0 rg BT 531.43 458.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.62 446.10 Td (price ) Tj ET Q q 0 0 0 rg BT 94.29 446.10 Td (of ) Tj ET Q q 0 0 0 rg BT 105.30 446.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 134.09 446.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 173.98 446.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.31 446.10 Td ($7,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.81 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 207.49 446.10 Td (per ) Tj ET Q q 0 0 0 rg BT 222.94 446.10 Td (home ) Tj ET Q q 0 0 0 rg BT 247.84 446.10 Td (delivered\) ) Tj ET Q q 0 0 0 rg BT 291.05 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 308.17 446.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.29 446.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.18 446.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.87 446.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.62 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.30 446.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.76 446.10 Td (land ) Tj ET Q q 0 0 0 rg BT 432.66 446.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 450.89 446.10 Td (revenue. ) Tj ET Q q 0 0 0 rg BT 487.72 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 490.40 446.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 533.07 446.10 Td (income ) 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 59.45 434.10 Td (our ) Tj ET Q q 0 0 0 rg BT 74.95 434.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 113.23 434.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.94 434.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.70 434.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.86 434.10 Td ($2.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.76 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.93 434.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.53 434.10 Td ($6.4 ) Tj ET Q q 0 0 0 rg BT 273.20 434.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.09 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.26 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 314.21 434.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 328.60 434.10 Td (first ) Tj ET Q q 0 0 0 rg BT 346.88 434.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 377.36 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 387.86 434.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.86 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 410.03 434.10 Td (to ) Tj ET Q q 0 0 0 rg BT 419.98 434.10 Td (an ) Tj ET Q q 0 0 0 rg BT 431.59 434.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.52 434.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.95 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.12 434.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.62 434.10 Td ($8.7million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (during ) Tj ET Q q 0 0 0 rg BT 77.99 422.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.59 422.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 123.28 422.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 149.54 422.10 Td (March ) Tj ET Q q 0 0 0 rg BT 178.02 422.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 192.90 422.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.90 422.10 Td (. ) Tj ET Q q 0 0 0 rg BT 217.78 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.99 422.10 Td (This ) Tj ET Q q 0 0 0 rg BT 240.15 422.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 275.28 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.44 422.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 325.58 422.10 Td (income ) Tj ET Q q 0 0 0 rg BT 357.40 422.10 Td (was ) Tj ET Q q 0 0 0 rg BT 375.33 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 389.93 422.10 Td (result ) Tj ET Q q 0 0 0 rg BT 414.52 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 425.23 422.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 432.05 422.10 Td ($6.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.94 422.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.32 422.10 Td (improvement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.65 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 539.03 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 422.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 74.38 410.10 Td (mar) Tj ET Q q 0 0 0 rg BT 89.75 410.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 106.29 410.10 Td (of) Tj ET Q q 0 0 0 rg BT 114.44 410.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 132.64 410.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 169.73 410.10 Td (by ) Tj ET Q q 0 0 0 rg BT 183.49 410.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.70 410.10 Td ($3.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.59 410.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 244.36 410.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.11 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.88 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 292.42 410.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 325.35 410.10 Td (general, ) Tj ET Q q 0 0 0 rg BT 361.04 410.10 Td (and ) Tj ET Q q 0 0 0 rg BT 379.24 410.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 440.22 410.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 478.69 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.18 410.10 Td (W) Tj ET Q q 0 0 0 rg BT 491.22 410.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 505.54 410.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 537.62 410.10 Td (to ) Tj ET Q q 0 0 0 rg BT 549.17 410.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 107.28 398.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 130.62 398.10 Td (mar) Tj ET Q q 0 0 0 rg BT 145.99 398.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 163.50 398.10 Td (our ) Tj ET Q q 0 0 0 rg BT 179.06 398.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 212.95 398.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 236.30 398.10 Td (mar) Tj ET Q q 0 0 0 rg BT 251.66 398.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.67 398.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.00 398.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.22 398.10 Td ($6.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 356.12 398.10 Td (, ) Tj ET Q q 0 0 0 rg BT 360.85 398.10 Td (due ) Tj ET Q q 0 0 0 rg BT 377.51 398.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 416.95 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 426.96 398.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.41 398.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.74 398.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.97 398.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 494.72 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 496.95 398.10 Td (in ) Tj ET Q q 0 0 0 rg BT 506.96 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.40 398.10 Td (number ) 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 (homes ) Tj ET Q q 0 0 0 rg BT 78.26 386.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 118.11 386.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 142.97 386.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 172.00 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 182.42 386.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 217.84 386.10 Td (to ) Tj ET Q q 0 0 0 rg BT 228.27 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 243.13 386.10 Td (absence ) Tj ET Q q 0 0 0 rg BT 277.43 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.41 386.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.49 386.10 Td ($2.2 ) Tj ET Q q 0 0 0 rg BT 315.64 386.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 344.53 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.18 386.10 Td (char) Tj ET Q q 0 0 0 rg BT 364.21 386.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 376.29 386.10 Td (for ) Tj ET Q q 0 0 0 rg BT 390.60 386.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 449.33 386.10 Td (repair ) Tj ET Q q 0 0 0 rg BT 475.29 386.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 497.94 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.37 386.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 538.22 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 549.19 386.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 80.01 374.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 133.29 374.10 Td (taken ) Tj ET Q q 0 0 0 rg BT 156.57 374.10 Td (during ) Tj ET Q q 0 0 0 rg BT 184.30 374.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.15 374.10 Td (first ) Tj ET Q q 0 0 0 rg BT 215.88 374.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 245.82 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 255.77 374.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 275.77 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.39 374.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 290.68 374.10 Td (more ) Tj ET Q q 0 0 0 rg BT 312.85 374.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 333.36 374.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 373.31 374.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 382.712890625 372.7669921875 m 408.77490234375 372.7669921875 l s q 0 0 1 rg BT 382.71 374.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 403.77 374.10 Td (6) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 408.77 374.10 Td (\). ) Tj ET Q q 0 0 0 rg BT 416.23 374.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 433.40 374.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 466.70 374.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 489.43 374.10 Td (mar) Tj ET Q q 0 0 0 rg BT 504.80 374.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 519.20 374.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.83 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 90.30 362.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 112.21 362.10 Td (16.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.04 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 140.51 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 150.75 362.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 172.66 362.10 Td (year) Tj ET Q q 0 0 0 rg BT 190.24 362.10 Td () Tj ET Q q 0 0 0 rg BT 193.02 362.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 199.38 362.10 Td (first ) Tj ET Q q 0 0 0 rg BT 217.96 362.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 246.28 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 248.75 362.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.00 362.10 Td (18.1%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.83 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 287.30 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 297.55 362.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.23 362.10 Td (first ) Tj ET Q q 0 0 0 rg BT 330.81 362.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 361.60 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.40 362.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 392.40 362.10 Td (. ) Tj ET Q q 0 0 0 rg BT 397.37 362.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.84 362.10 Td (Exclusive ) Tj ET Q q 0 0 0 rg BT 441.75 362.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.55 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 467.23 362.10 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 525.78 362.10 Td (char) Tj ET Q q 0 0 0 rg BT 542.81 362.10 Td (ge ) Tj ET Q q 0 0 0 rg BT 554.72 362.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 71.31 350.10 Td (year) Tj ET Q q 0 0 0 rg BT 88.11 350.10 Td (, ) Tj ET Q q 0 0 0 rg BT 92.98 350.10 Td (however) Tj ET Q q 0 0 0 rg BT 127.01 350.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.88 350.10 Td (our ) Tj ET Q q 0 0 0 rg BT 147.58 350.10 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 183.27 350.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 217.31 350.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 240.79 350.10 Td (mar) Tj ET Q q 0 0 0 rg BT 256.16 350.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 271.30 350.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.97 350.10 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.84 350.10 Td (d ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.21 350.10 Td (60) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.21 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 365.58 350.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 387.95 350.10 Td (points ) Tj ET Q q 0 0 0 rg BT 414.76 350.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.57 350.10 Td (18.7%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.40 350.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.77 350.10 Td (lar) Tj ET Q q 0 0 0 rg BT 475.13 350.10 Td (gely ) Tj ET Q q 0 0 0 rg BT 494.72 350.10 Td (due ) Tj ET Q q 0 0 0 rg BT 511.53 350.10 Td (to ) Tj ET Q q 0 0 0 rg BT 521.67 350.10 Td (the ) Tj ET Q q 0 0 0 rg BT 536.26 350.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 554.18 350.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 338.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 103.40 338.10 Td (delivering ) Tj ET Q q 0 0 0 rg BT 146.17 338.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 174.52 338.10 Td (and ) Tj ET Q q 0 0 0 rg BT 191.19 338.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 218.97 338.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 270.64 338.10 Td (and ) Tj ET Q q 0 0 0 rg BT 287.32 338.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 300.11 338.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 324.84 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 327.08 338.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 344.87 338.10 Td (land ) Tj ET Q q 0 0 0 rg BT 364.32 338.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 382.10 338.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 405.45 338.10 Td (mar) Tj ET Q q 0 0 0 rg BT 420.81 338.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 435.83 338.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.70 338.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 471.94 338.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.83 338.10 Td ( ) Tj ET Q q 0 0 0 rg BT 523.06 338.10 Td (as ) Tj ET Q q 0 0 0 rg BT 533.63 338.10 Td (a ) Tj ET Q q 0 0 0 rg BT 540.30 338.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 326.10 Td (decreased ) Tj ET Q q 0 0 0 rg BT 102.24 326.10 Td (profit ) Tj ET Q q 0 0 0 rg BT 126.96 326.10 Td (from ) Tj ET Q q 0 0 0 rg BT 148.90 326.10 Td (land ) Tj ET Q q 0 0 0 rg BT 168.62 326.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 190.55 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 200.83 326.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.55 326.10 Td (first ) Tj ET Q q 0 0 0 rg BT 234.16 326.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 264.97 326.10 Td (of ) Tj ET Q q 0 0 0 rg BT 275.80 326.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 295.80 326.10 Td ( ) Tj ET Q q 0 0 0 rg BT 298.30 326.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 340.23 326.10 Td (to ) Tj ET Q q 0 0 0 rg BT 350.51 326.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.22 326.10 Td (same ) Tj ET Q q 0 0 0 rg BT 388.27 326.10 Td (period ) Tj ET Q q 0 0 0 rg BT 416.32 326.10 Td (in ) Tj ET Q q 0 0 0 rg BT 426.59 326.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.59 326.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 82.51 304.10 Td (general ) Tj ET Q q 0 0 0 rg BT 114.11 304.10 Td (and ) Tj ET Q q 0 0 0 rg BT 130.73 304.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 190.11 304.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.50 304.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.25 304.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 264.43 304.10 Td ($3.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.32 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 315.49 304.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 337.11 304.10 Td ($14.2 ) Tj ET Q q 0 0 0 rg BT 361.79 304.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.68 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 392.85 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 402.81 304.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.20 304.10 Td (first ) Tj ET Q q 0 0 0 rg BT 435.49 304.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 465.98 304.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.49 304.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 496.49 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 498.66 304.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.62 304.10 Td ($17.9million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.28 292.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.50 292.10 Td (first ) Tj ET Q q 0 0 0 rg BT 91.62 292.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 121.94 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 132.27 292.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.27 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 154.28 292.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.72 292.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.47 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 210.48 292.10 Td (as ) Tj ET Q q 0 0 0 rg BT 220.81 292.10 Td (a ) Tj ET Q q 0 0 0 rg BT 227.25 292.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 272.56 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.89 292.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 316.54 292.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.33 292.10 Td (12.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.16 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 354.16 292.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 375.60 292.10 Td (1) Tj ET Q q 0 0 0 rg BT 380.23 292.10 Td (1.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 401.06 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.07 292.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.85 292.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.07 292.10 Td (first ) Tj ET Q q 0 0 0 rg BT 445.18 292.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 475.50 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 485.84 292.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.84 292.10 Td (. ) Tj ET Q q 0 0 0 rg BT 510.34 292.10 Td ( ) Tj ET Q q 0 0 0 rg BT 512.20 292.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.75 292.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.01 280.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 91.90 280.10 Td (general ) Tj ET Q q 0 0 0 rg BT 124.05 280.10 Td (and ) Tj ET Q q 0 0 0 rg BT 141.21 280.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 201.15 280.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 236.08 280.10 Td (was ) Tj ET Q q 0 0 0 rg BT 254.36 280.10 Td (attributable, ) Tj ET Q q 0 0 0 rg BT 305.13 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.63 280.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 336.40 280.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.91 280.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 354.08 280.10 Td ($2.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.97 280.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 405.69 280.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.45 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 441.17 280.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.68 280.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 481.07 280.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 516.01 280.10 Td (due ) Tj ET Q q 0 0 0 rg BT 533.17 280.10 Td (to ) Tj ET Q q 0 0 0 rg BT 543.68 280.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 558.06 280.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td ($1.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 268.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.02 268.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.77 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.40 268.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.80 268.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 181.63 268.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 210.93 268.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 249.65 268.10 Td (resulting ) Tj ET Q q 0 0 0 rg BT 287.27 268.10 Td (from ) Tj ET Q q 0 0 0 rg BT 309.34 268.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 348.61 268.10 Td (in ) Tj ET Q q 0 0 0 rg BT 359.02 268.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 381.08 268.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 435.94 268.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 475.77 268.10 Td (by ) Tj ET Q q 0 0 0 rg BT 488.40 268.10 Td (the ) Tj ET Q q 0 0 0 rg BT 503.24 268.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 531.41 268.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 72.42 256.10 Td (price ) Tj ET Q q 0 0 0 rg BT 95.88 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 107.69 256.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 137.27 256.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 177.95 256.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.87 256.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 224.90 256.10 Td (number ) Tj ET Q q 0 0 0 rg BT 258.92 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.73 256.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 300.32 256.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 341.00 256.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.91 256.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 374.05 256.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 381.97 256.10 Td ($1.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.86 256.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 434.34 256.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.09 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.57 256.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.82 256.10 Td (non-variable ) Tj ET Q q 0 0 0 rg BT 535.83 256.10 Td (selling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 88.65 244.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 128.92 244.10 Td (related ) Tj ET Q q 0 0 0 rg BT 159.18 244.10 Td (to ) Tj ET Q q 0 0 0 rg BT 170.01 244.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 193.07 244.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 237.22 244.10 Td (with ) Tj ET Q q 0 0 0 rg BT 258.05 244.10 Td (our ) Tj ET Q q 0 0 0 rg BT 274.44 244.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 296.93 244.10 Td (of) Tj ET Q q 0 0 0 rg BT 305.08 244.10 Td (fices ) Tj ET Q q 0 0 0 rg BT 327.01 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 344.51 244.10 Td (models ) Tj ET Q q 0 0 0 rg BT 376.45 244.10 Td (as ) Tj ET Q q 0 0 0 rg BT 387.84 244.10 Td (a ) Tj ET Q q 0 0 0 rg BT 395.33 244.10 Td (result ) Tj ET Q q 0 0 0 rg BT 420.60 244.10 Td (of ) Tj ET Q q 0 0 0 rg BT 431.99 244.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.38 244.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.13 244.10 Td (d ) Tj ET Q q 0 0 0 rg BT 489.18 244.10 Td (community ) Tj ET Q q 0 0 0 rg BT 537.79 244.10 Td (count. ) Tj ET Q q 0 0 0 rg BT 565.01 244.10 Td ( ) Tj ET Q q 0 0 0 rg BT 567.51 244.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.27 232.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.02 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.25 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 118.25 232.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 151.63 232.10 Td (general ) Tj ET Q q 0 0 0 rg BT 185.28 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 203.94 232.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 265.37 232.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 301.80 232.10 Td (was ) Tj ET Q q 0 0 0 rg BT 321.57 232.10 Td (also ) Tj ET Q q 0 0 0 rg BT 341.90 232.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 391.66 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 403.66 232.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 412.32 232.10 Td ($1.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.21 232.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.44 232.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 498.19 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 502.41 232.10 Td (in ) Tj ET Q q 0 0 0 rg BT 514.41 232.10 Td (general ) Tj ET Q q 0 0 0 rg BT 548.06 232.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 108.98 220.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 145.96 220.10 Td (which ) Tj ET Q q 0 0 0 rg BT 172.67 220.10 Td (was ) Tj ET Q q 0 0 0 rg BT 190.49 220.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 229.98 220.10 Td (related ) Tj ET Q q 0 0 0 rg BT 259.45 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 269.50 220.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.21 220.10 Td ($0.7 ) Tj ET Q q 0 0 0 rg BT 295.98 220.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 324.87 220.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.15 220.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.90 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 362.17 220.10 Td (in ) Tj ET Q q 0 0 0 rg BT 372.22 220.10 Td (land ) Tj ET Q q 0 0 0 rg BT 391.71 220.10 Td (related ) Tj ET Q q 0 0 0 rg BT 421.19 220.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 462.06 220.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 468.77 220.10 Td ($0.4 ) Tj ET Q q 0 0 0 rg BT 488.54 220.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 517.43 220.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.70 220.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.46 220.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 220.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.54 208.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 144.75 208.10 Td (and ) Tj ET Q q 0 0 0 rg BT 161.69 208.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.63 208.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.52 208.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.02 208.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.77 208.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.27 208.10 Td (related ) Tj ET Q q 0 0 0 rg BT 284.97 208.10 Td (to ) Tj ET Q q 0 0 0 rg BT 295.25 208.10 Td (start-up ) Tj ET Q q 0 0 0 rg BT 328.30 208.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 350.80 208.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 394.39 208.10 Td (with ) Tj ET Q q 0 0 0 rg BT 414.67 208.10 Td (our ) Tj ET Q q 0 0 0 rg BT 430.50 208.10 Td (new ) Tj ET Q q 0 0 0 rg BT 449.66 208.10 Td (Sarasota ) Tj ET Q q 0 0 0 rg BT 486.04 208.10 Td (division.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (During ) Tj ET Q q 0 0 0 rg BT 80.70 186.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 95.78 186.10 Td (three ) Tj ET Q q 0 0 0 rg BT 118.63 186.10 Td (months ) Tj ET Q q 0 0 0 rg BT 150.95 186.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 177.69 186.10 Td (March ) Tj ET Q q 0 0 0 rg BT 206.65 186.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 222.02 186.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.02 186.10 Td (, ) Tj ET Q q 0 0 0 rg BT 247.39 186.10 Td (we ) Tj ET Q q 0 0 0 rg BT 261.91 186.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 313.08 186.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.38 186.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.71 186.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.58 186.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 374.33 186.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.20 186.10 Td (in ) Tj ET Q q 0 0 0 rg BT 387.84 186.10 Td (new ) Tj ET Q q 0 0 0 rg BT 407.37 186.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 446.33 186.10 Td (in ) Tj ET Q q 0 0 0 rg BT 456.98 186.10 Td (our ) Tj ET Q q 0 0 0 rg BT 473.17 186.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 512.15 186.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 543.06 186.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (492) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.10 174.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.49 174.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.31 174.10 Td (first ) Tj ET Q q 0 0 0 rg BT 111.02 174.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 141.94 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.87 174.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.87 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.48 174.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.86 174.10 Td (590) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.86 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.46 174.10 Td (for ) Tj ET Q q 0 0 0 rg BT 217.73 174.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.55 174.10 Td (first ) Tj ET Q q 0 0 0 rg BT 251.26 174.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 282.18 174.10 Td (of ) Tj ET Q q 0 0 0 rg BT 293.11 174.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 313.11 174.10 Td (, ) Tj ET Q q 0 0 0 rg BT 318.22 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 335.26 174.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.30 174.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.63 174.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.24 174.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 395.99 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 398.60 174.10 Td (in ) Tj ET Q q 0 0 0 rg BT 408.98 174.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 443.24 174.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.28 174.10 Td (702) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 480.28 174.10 Td ( ) Tj ET Q q 0 0 0 rg BT 482.88 174.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 511.60 174.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.42 174.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.27 162.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.81 162.10 Td (845) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.81 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.57 162.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 129.45 162.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.43 162.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 183.29 162.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.29 162.10 Td (. ) Tj ET Q q 0 0 0 rg BT 208.56 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 211.12 162.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.44 162.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.19 162.10 Td (s ) Tj ET Q q 0 0 0 rg BT 268.85 162.10 Td (in ) Tj ET Q q 0 0 0 rg BT 279.39 162.10 Td (new ) Tj ET Q q 0 0 0 rg BT 298.81 162.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 337.67 162.10 Td (and ) Tj ET Q q 0 0 0 rg BT 354.88 162.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 389.30 162.10 Td (were ) Tj ET Q q 0 0 0 rg BT 411.49 162.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 451.47 162.10 Td (due ) Tj ET Q q 0 0 0 rg BT 468.67 162.10 Td (to ) Tj ET Q q 0 0 0 rg BT 479.22 162.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 520.31 162.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 554.73 162.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (our ) Tj ET Q q 0 0 0 rg BT 64.67 150.10 Td (Florida ) Tj ET Q q 0 0 0 rg BT 95.39 150.10 Td (markets ) Tj ET Q q 0 0 0 rg BT 128.89 150.10 Td (as ) Tj ET Q q 0 0 0 rg BT 139.06 150.10 Td (well ) Tj ET Q q 0 0 0 rg BT 158.11 150.10 Td (as ) Tj ET Q q 0 0 0 rg BT 168.28 150.10 Td (continued ) Tj ET Q q 0 0 0 rg BT 209.55 150.10 Td (growth ) Tj ET Q q 0 0 0 rg BT 239.72 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 249.34 150.10 Td (many ) Tj ET Q q 0 0 0 rg BT 273.39 150.10 Td (of ) Tj ET Q q 0 0 0 rg BT 283.56 150.10 Td (our ) Tj ET Q q 0 0 0 rg BT 298.60 150.10 Td (T) Tj ET Q q 0 0 0 rg BT 304.01 150.10 Td (exas ) Tj ET Q q 0 0 0 rg BT 323.61 150.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 359.61 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 361.04 150.10 Td (A) Tj ET Q q 0 0 0 rg BT 367.52 150.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 396.00 150.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 417.28 150.10 Td (price ) Tj ET Q q 0 0 0 rg BT 439.10 150.10 Td (in ) Tj ET Q q 0 0 0 rg BT 448.72 150.10 Td (backlog ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.21 150.10 Td (decreased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 521.63 150.10 Td (, ) Tj ET Q q 0 0 0 rg BT 525.97 150.10 Td (however) Tj ET Q q 0 0 0 rg BT 559.99 150.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.27 138.10 Td ($349,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 97.77 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 100.76 138.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.97 138.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 155.06 138.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.06 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 178.05 138.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.49 138.10 Td ($352,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.99 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 240.98 138.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.19 138.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 295.28 138.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 315.28 138.10 Td ( ) Tj ET Q q 0 0 0 rg BT 318.27 138.10 Td (due ) Tj ET Q q 0 0 0 rg BT 335.70 138.10 Td (to ) Tj ET Q q 0 0 0 rg BT 346.47 138.10 Td (a ) Tj ET Q q 0 0 0 rg BT 353.90 138.10 Td (change ) Tj ET Q q 0 0 0 rg BT 385.21 138.10 Td (in ) Tj ET Q q 0 0 0 rg BT 395.98 138.10 Td (product ) Tj ET Q q 0 0 0 rg BT 429.52 138.10 Td (type ) Tj ET Q q 0 0 0 rg BT 449.73 138.10 Td (and ) Tj ET Q q 0 0 0 rg BT 467.16 138.10 Td (market ) Tj ET Q q 0 0 0 rg BT 497.91 138.10 Td (mix. ) Tj ET Q q 0 0 0 rg BT 518.96 138.10 Td (During ) Tj ET Q q 0 0 0 rg BT 550.29 138.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 126.10 Td (three ) Tj ET Q q 0 0 0 rg BT 72.16 126.10 Td (months ) Tj ET Q q 0 0 0 rg BT 104.28 126.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 130.83 126.10 Td (March ) Tj ET Q q 0 0 0 rg BT 159.60 126.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 174.77 126.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.77 126.10 Td (, ) Tj ET Q q 0 0 0 rg BT 199.94 126.10 Td (we ) Tj ET Q q 0 0 0 rg BT 214.28 126.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 245.83 126.10 Td (eleven) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.92 126.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.59 126.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 328.92 126.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.37 126.10 Td (our ) Tj ET Q q 0 0 0 rg BT 355.38 126.10 Td (Southern ) Tj ET Q q 0 0 0 rg BT 394.16 126.10 Td (region ) Tj ET Q q 0 0 0 rg BT 422.38 126.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 464.47 126.10 Td (to 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BT 333.23 114.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 366.03 114.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.60 114.10 Td (2.4) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 389.10 114.10 Td ( ) Tj ET Q q 0 0 0 rg BT 391.89 114.10 Td (per ) Tj ET Q q 0 0 0 rg BT 407.46 114.10 Td (community ) Tj ET Q q 0 0 0 rg BT 455.80 114.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.38 114.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.39 114.10 Td (first ) Tj ET Q q 0 0 0 rg BT 500.29 114.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 531.40 114.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.52 114.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 102.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.44 102.10 Td (2.5) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 83.94 102.10 Td ( ) Tj ET Q q 0 0 0 rg BT 86.44 102.10 Td (per ) Tj ET Q q 0 0 0 rg BT 101.71 102.10 Td (community ) Tj ET Q q 0 0 0 rg BT 149.76 102.10 Td (in ) Tj ET Q q 0 0 0 rg BT 160.04 102.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.75 102.10 Td (first ) Tj ET Q q 0 0 0 rg BT 193.36 102.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 224.18 102.10 Td (of ) Tj ET Q q 0 0 0 rg BT 235.01 102.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.01 102.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 80.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 104.97 80.10 Td (Region. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 139.60 80.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 142.28 80.10 Td (During ) Tj ET Q q 0 0 0 rg BT 173.29 80.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.19 80.10 Td (three ) Tj ET Q q 0 0 0 rg BT 210.86 80.10 Td (month ) Tj ET Q q 0 0 0 rg BT 239.10 80.10 Td (period ) Tj ET Q q 0 0 0 rg BT 267.32 80.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 293.88 80.10 Td (March ) Tj ET Q q 0 0 0 rg BT 322.66 80.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 337.85 80.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.85 80.10 Td (, ) Tj ET Q q 0 0 0 rg BT 363.03 80.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 421.26 80.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 455.59 80.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.05 80.10 Td (our ) Tj ET Q q 0 0 0 rg BT 482.06 80.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 536.96 80.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 68.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 87.25 68.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 90.32 68.10 Td ($23.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.21 68.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.28 68.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 169.79 68.10 Td ($73.5 ) Tj ET Q q 0 0 0 rg BT 195.36 68.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.25 68.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.31 68.10 Td (in ) Tj ET Q q 0 0 0 rg BT 238.16 68.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.45 68.10 Td (first ) Tj ET Q q 0 0 0 rg BT 272.62 68.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 304.01 68.10 Td (of ) Tj ET Q q 0 0 0 rg BT 315.40 68.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.40 68.10 Td ( ) Tj ET Q q 0 0 0 rg BT 338.47 68.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 349.32 68.10 Td ($96.9 ) Tj ET Q q 0 0 0 rg BT 374.89 68.10 Td (million) Tj ET Q BT 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rg BT 243.92 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 254.64 56.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.46 56.10 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.79 56.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 287.18 56.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 319.93 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 322.32 56.10 Td (in ) Tj ET Q q 0 0 0 rg BT 332.49 56.10 Td (the ) Tj ET Q q 0 0 0 rg BT 347.09 56.10 Td (number ) Tj ET Q q 0 0 0 rg BT 380.02 56.10 Td (of ) Tj ET Q q 0 0 0 rg BT 390.74 56.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 419.24 56.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 458.82 56.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.15 56.10 Td (36) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.15 56.10 Td ( ) Tj ET Q q 0 0 0 rg BT 474.54 56.10 Td (units\), ) Tj ET Q q 0 0 0 rg BT 502.21 56.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.03 56.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 527.36 56.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.75 56.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 79 0 obj <> endobj 80 0 obj <> stream BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.00 33.60 Td (39) 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 60.66 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 76.27 740.10 Td (average ) Tj ET Q q 0 0 0 rg BT 110.73 740.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 133.56 740.10 Td (price ) Tj ET Q q 0 0 0 rg BT 156.93 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.64 740.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 198.14 740.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 238.73 740.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 242.06 740.10 Td ($44,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 274.56 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 277.94 740.10 Td (per ) Tj ET Q q 0 0 0 rg BT 294.09 740.10 Td (home ) Tj ET Q q 0 0 0 rg BT 319.70 740.10 Td (delivered\), ) Tj ET Q q 0 0 0 rg BT 366.11 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.94 740.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.76 740.10 Td ($0.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.65 740.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.04 740.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 476.79 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 480.18 740.10 Td (in ) Tj ET Q q 0 0 0 rg BT 491.34 740.10 Td (land ) Tj ET Q q 0 0 0 rg BT 511.94 740.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 530.88 740.10 Td (revenue ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 90.98 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 100.82 728.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 122.31 728.10 Td (year) Tj ET Q q 0 0 0 rg BT 138.97 728.10 Td (. ) Tj ET Q q 0 0 0 rg BT 143.52 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 145.58 728.10 Td (Operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.62 728.10 Td (income) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.06 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 219.11 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.95 728.10 Td (our ) Tj ET Q q 0 0 0 rg BT 244.34 728.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 298.61 728.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 326.21 728.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 363.96 728.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 366.02 728.10 Td ($3.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.91 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 419.47 728.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.97 728.10 Td ($3.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.86 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 491.91 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 501.75 728.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.02 728.10 Td (first ) Tj ET Q q 0 0 0 rg BT 534.19 728.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.99 716.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.99 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 82.16 716.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.10 716.10 Td ($7.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.99 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.16 716.10 Td (during ) Tj ET Q q 0 0 0 rg BT 171.43 716.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.81 716.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 216.29 716.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 242.33 716.10 Td (March ) Tj ET Q q 0 0 0 rg BT 270.60 716.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 285.26 716.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 305.26 716.10 Td (. ) Tj ET Q q 0 0 0 rg BT 309.93 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.93 716.10 Td (This ) Tj ET Q q 0 0 0 rg BT 331.88 716.10 Td (improvement ) Tj ET Q q 0 0 0 rg BT 387.36 716.10 Td (in ) Tj ET Q q 0 0 0 rg BT 397.30 716.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 437.23 716.10 Td (income ) Tj ET Q q 0 0 0 rg BT 468.83 716.10 Td (was ) Tj ET Q q 0 0 0 rg BT 486.55 716.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 525.92 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.31 716.10 Td (result ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (of ) Tj ET Q q 0 0 0 rg BT 61.03 704.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.66 704.10 Td ($4.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 117.55 704.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.75 704.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.50 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 156.70 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 167.67 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 184.20 704.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 208.51 704.10 Td (mar) Tj ET Q q 0 0 0 rg BT 223.87 704.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 242.35 704.10 Td (of) Tj ET Q q 0 0 0 rg BT 250.50 704.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 270.63 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 281.60 704.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 302.85 704.10 Td (by ) Tj ET Q q 0 0 0 rg BT 316.04 704.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.68 704.10 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 372.57 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 375.76 704.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 411.71 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 422.69 704.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 455.05 704.10 Td (general ) Tj ET Q q 0 0 0 rg BT 487.67 704.10 Td (and ) Tj ET Q q 0 0 0 rg BT 505.30 704.10 Td (administrative ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (expense. ) Tj ET Q q 0 0 0 rg BT 85.92 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 87.52 692.10 Td (W) Tj ET Q q 0 0 0 rg BT 96.55 692.10 Td (ith ) Tj ET Q q 0 0 0 rg BT 108.83 692.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 138.86 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 148.35 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 163.40 692.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 220.67 692.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 243.50 692.10 Td (mar) Tj ET Q q 0 0 0 rg BT 258.86 692.10 Td (gin, ) Tj ET Q q 0 0 0 rg BT 275.86 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 290.90 692.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 324.29 692.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 347.12 692.10 Td (mar) Tj ET Q q 0 0 0 rg BT 362.49 692.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.98 692.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 415.31 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.02 692.10 Td ($4.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.91 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 470.13 692.10 Td (due ) Tj ET Q q 0 0 0 rg BT 486.29 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 495.78 692.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 509.71 692.10 Td (18%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.04 692.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.76 692.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.85 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.63 680.10 Td (number ) Tj ET Q q 0 0 0 rg BT 107.75 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 118.65 680.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 147.33 680.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 187.10 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.11 680.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.90 680.10 Td (12%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.23 680.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.80 680.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.55 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.12 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 285.47 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 300.25 680.10 Td (average ) Tj ET Q q 0 0 0 rg BT 333.91 680.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 355.92 680.10 Td (price ) Tj ET Q q 0 0 0 rg BT 378.47 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.37 680.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 418.05 680.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 457.82 680.10 Td (noted ) Tj ET Q q 0 0 0 rg BT 482.61 680.10 Td (above ) Tj ET Q q 0 0 0 rg BT 509.06 680.10 Td (in ) Tj ET Q q 0 0 0 rg BT 519.40 680.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 554.75 680.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.10 668.10 Td (improvement) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.42 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 118.58 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.52 668.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 164.35 668.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 188.63 668.10 Td (mar) Tj ET Q q 0 0 0 rg BT 203.99 668.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 219.93 668.10 Td (percentage. ) Tj ET Q q 0 0 0 rg BT 268.90 668.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 287.61 668.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 322.44 668.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 346.72 668.10 Td (mar) Tj ET Q q 0 0 0 rg BT 362.08 668.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 378.02 668.10 Td (percentage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.49 668.10 Td (improved) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.81 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 465.97 668.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 479.13 668.10 Td (50) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.13 668.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.30 668.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 515.46 668.10 Td (points ) Tj ET Q q 0 0 0 rg BT 543.07 668.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (16.8%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.33 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 78.41 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 89.26 656.10 Td (last ) Tj ET Q q 0 0 0 rg BT 106.23 656.10 Td (year) Tj ET Q q 0 0 0 rg BT 123.81 656.10 Td () Tj ET Q q 0 0 0 rg BT 126.58 656.10 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.55 656.10 Td (first ) Tj ET Q q 0 0 0 rg BT 152.74 656.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 181.06 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.13 656.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.99 656.10 Td (17.3%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.82 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.90 656.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.75 656.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.05 656.10 Td (first ) Tj ET Q q 0 0 0 rg BT 269.23 656.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 300.63 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.03 656.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 332.03 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.11 656.10 Td (due ) Tj ET Q q 0 0 0 rg BT 352.63 656.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.48 656.10 Td (the ) Tj ET Q q 0 0 0 rg BT 378.78 656.10 Td (mix ) Tj ET Q q 0 0 0 rg BT 397.41 656.10 Td (of ) Tj ET Q q 0 0 0 rg BT 408.82 656.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 438.01 656.10 Td (delivered. ) Tj ET Q q 0 0 0 rg BT 480.79 656.10 Td ( ) Tj ET Q q 0 0 0 rg BT 483.86 656.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 502.49 656.10 Td (land ) Tj ET Q q 0 0 0 rg BT 522.79 656.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 541.41 656.10 Td (gross ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.10 Td (mar) Tj ET Q q 0 0 0 rg BT 64.87 644.10 Td (gin ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 80.14 644.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 114.02 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 116.52 644.10 Td (slightly ) Tj ET Q q 0 0 0 rg BT 149.02 644.10 Td (by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 161.52 644.10 Td ($0.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.41 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.91 644.10 Td (for ) Tj ET Q q 0 0 0 rg BT 227.07 644.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.79 644.10 Td (first ) Tj ET Q q 0 0 0 rg BT 260.40 644.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 291.21 644.10 Td (of ) Tj ET Q q 0 0 0 rg BT 302.04 644.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.04 644.10 Td ( ) Tj ET Q q 0 0 0 rg BT 324.54 644.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 366.47 644.10 Td (to ) Tj ET Q q 0 0 0 rg BT 376.75 644.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.46 644.10 Td (same ) Tj ET Q q 0 0 0 rg BT 414.51 644.10 Td (period ) Tj ET Q q 0 0 0 rg BT 442.56 644.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.83 644.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 472.83 644.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 83.12 622.10 Td (general ) Tj ET Q q 0 0 0 rg BT 115.32 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 132.54 622.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 192.53 622.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.52 622.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 265.27 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.05 622.10 Td ($0.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 316.94 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 319.72 622.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.94 622.10 Td ($8.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.83 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.61 622.10 Td (in ) Tj ET Q q 0 0 0 rg BT 404.17 622.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.17 622.10 Td (first ) Tj ET Q q 0 0 0 rg BT 438.06 622.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 469.16 622.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.27 622.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 500.27 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 503.05 622.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 513.61 622.10 Td ($9.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.75 610.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.44 610.10 Td (first ) Tj ET Q q 0 0 0 rg BT 93.02 610.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 123.81 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 134.61 610.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.61 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 157.08 610.10 Td (but ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.33 610.10 Td (declined) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.20 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 208.68 610.10 Td (as ) Tj ET Q q 0 0 0 rg BT 219.48 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 226.39 610.10 Td (percentage ) Tj ET Q q 0 0 0 rg BT 272.16 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 282.96 610.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 317.08 610.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.33 610.10 Td (9.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.16 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 350.64 610.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 392.53 610.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.78 610.10 Td (1) Tj ET Q q 0 0 0 rg BT 407.41 610.10 Td (1.4%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.24 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 430.71 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 444.85 610.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.53 610.10 Td (first ) Tj ET Q q 0 0 0 rg BT 478.11 610.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 508.90 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 519.70 610.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.70 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 544.68 610.10 Td ( ) 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 (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 84.96 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 95.45 598.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 127.32 598.10 Td (general ) Tj ET Q q 0 0 0 rg BT 159.45 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 176.59 598.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 236.51 598.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 271.42 598.10 Td (was ) Tj ET Q q 0 0 0 rg BT 289.68 598.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 329.60 598.10 Td (due ) Tj ET Q q 0 0 0 rg BT 346.74 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 357.23 598.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.37 598.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 384.58 598.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.47 598.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.18 598.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.93 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 451.64 598.10 Td (in ) Tj ET Q q 0 0 0 rg BT 462.12 598.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 497.03 598.10 Td (selling ) Tj ET Q q 0 0 0 rg BT 526.40 598.10 Td (expenses ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.18 586.10 Td (as ) Tj ET Q q 0 0 0 rg BT 99.97 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 106.88 586.10 Td (result ) Tj ET Q q 0 0 0 rg BT 131.56 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 142.35 586.10 Td (increases ) Tj ET Q q 0 0 0 rg BT 181.46 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 191.71 586.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 213.61 586.10 Td (commissions ) Tj ET Q q 0 0 0 rg BT 268.30 586.10 Td (produced ) Tj ET Q q 0 0 0 rg BT 307.97 586.10 Td (by ) Tj ET Q q 0 0 0 rg BT 320.44 586.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.12 586.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.67 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 363.13 586.10 Td (average ) Tj ET Q q 0 0 0 rg BT 396.68 586.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 418.58 586.10 Td (price ) Tj ET Q q 0 0 0 rg BT 441.03 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 451.83 586.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 480.40 586.10 Td (delivered ) Tj ET Q q 0 0 0 rg BT 520.07 586.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 536.97 586.10 Td (higher) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (number ) Tj ET Q q 0 0 0 rg BT 83.14 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.56 574.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 123.76 574.10 Td (delivered, ) Tj ET Q q 0 0 0 rg BT 166.56 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.43 574.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 213.29 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 224.16 574.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.69 574.10 Td ($0.3 ) Tj ET Q q 0 0 0 rg BT 252.29 574.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.18 574.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.27 574.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 317.02 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 320.12 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 330.99 574.10 Td (general ) Tj ET Q q 0 0 0 rg BT 363.50 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 381.03 574.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 441.33 574.10 Td (expense, ) Tj ET Q q 0 0 0 rg BT 479.13 574.10 Td (which ) Tj ET Q q 0 0 0 rg BT 506.66 574.10 Td (was ) Tj ET Q q 0 0 0 rg BT 525.31 574.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 562.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 101.42 562.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 134.17 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 136.67 562.10 Td (in ) Tj ET Q q 0 0 0 rg BT 146.95 562.10 Td (incentive ) Tj ET Q q 0 0 0 rg BT 186.10 562.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 244.14 562.10 Td (related ) Tj ET Q q 0 0 0 rg BT 273.85 562.10 Td (expenses ) Tj ET Q q 0 0 0 rg BT 312.44 562.10 Td (due ) Tj ET Q q 0 0 0 rg BT 329.38 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 339.66 562.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 380.49 562.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 420.75 562.10 Td (results.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (During ) Tj ET Q q 0 0 0 rg BT 79.77 540.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.92 540.10 Td (three ) Tj ET Q q 0 0 0 rg BT 115.84 540.10 Td (months ) Tj ET Q q 0 0 0 rg BT 147.23 540.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 173.04 540.10 Td (March ) Tj ET Q q 0 0 0 rg BT 201.08 540.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 215.52 540.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 235.52 540.10 Td (, ) Tj ET Q q 0 0 0 rg BT 239.96 540.10 Td (we ) Tj ET Q q 0 0 0 rg BT 253.55 540.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 303.79 540.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 310.17 540.10 Td (5%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 323.50 540.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.44 540.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 358.19 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 360.13 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 369.84 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.00 540.10 Td (number ) Tj ET Q q 0 0 0 rg BT 416.48 540.10 Td (of ) Tj ET Q q 0 0 0 rg BT 426.75 540.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 454.79 540.10 Td (in ) Tj ET Q q 0 0 0 rg BT 464.51 540.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 498.10 540.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.48 540.10 Td (422) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 534.48 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 536.42 540.10 Td (homes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 59.63 528.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 103.64 528.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.64 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 126.56 528.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.25 528.10 Td (441) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 152.25 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.16 528.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 184.19 528.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.32 528.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 238.33 528.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.33 528.10 Td (. ) Tj ET Q q 0 0 0 rg BT 263.74 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 266.01 528.10 Td (A) Tj ET Q q 0 0 0 rg BT 272.49 528.10 Td (verage ) Tj ET Q q 0 0 0 rg BT 302.05 528.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 324.41 528.10 Td (price ) Tj ET Q q 0 0 0 rg BT 347.31 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 358.55 528.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 387.57 528.10 Td (in ) Tj ET Q q 0 0 0 rg BT 398.26 528.10 Td (backlog ) Tj ET Q q 0 0 0 rg BT 432.83 528.10 Td (also ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.86 528.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 489.61 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 492.52 528.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.88 528.10 Td ($361,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.38 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 555.29 528.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.05 516.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.05 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.50 516.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.73 516.10 Td ($377,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.23 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 165.69 516.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.36 516.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 218.91 516.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 238.91 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 243.86 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 246.31 516.10 Td (New ) Tj ET Q q 0 0 0 rg BT 267.65 516.10 Td (contracts, ) Tj ET Q q 0 0 0 rg BT 308.69 516.10 Td (however) Tj ET Q q 0 0 0 rg BT 342.72 516.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 347.68 516.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.09 516.10 Td (d ) Tj ET Q q 0 0 0 rg BT 389.54 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.77 516.10 Td (our ) Tj ET Q q 0 0 0 rg BT 415.56 516.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 470.22 516.10 Td (region, ) Tj ET Q q 0 0 0 rg BT 500.72 516.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 522.61 516.10 Td (327) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 537.61 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 540.06 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 516.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (first ) Tj ET Q q 0 0 0 rg BT 67.91 504.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 98.53 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 109.17 504.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.17 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.47 504.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.56 504.10 Td (308) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.56 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 158.86 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 168.94 504.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 183.46 504.10 Td (first ) Tj ET Q q 0 0 0 rg BT 201.88 504.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 232.50 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 243.13 504.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 263.13 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 265.44 504.10 Td (as ) Tj ET Q q 0 0 0 rg BT 276.07 504.10 Td (a ) Tj ET Q q 0 0 0 rg BT 282.82 504.10 Td (result ) Tj ET Q q 0 0 0 rg BT 307.34 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 317.97 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 332.49 504.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 360.91 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 371.55 504.10 Td (opening ) Tj ET Q q 0 0 0 rg BT 406.07 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 416.70 504.10 Td (new ) Tj ET Q q 0 0 0 rg BT 435.67 504.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 489.63 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 506.38 504.10 Td (fewer ) Tj ET Q q 0 0 0 rg BT 531.44 504.10 Td (average ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (active ) Tj ET Q q 0 0 0 rg BT 75.79 492.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 129.87 492.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 171.72 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 181.92 492.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 203.78 492.10 Td (year) Tj ET Q q 0 0 0 rg BT 220.43 492.10 Td (. ) Tj ET Q q 0 0 0 rg BT 225.35 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 227.77 492.10 Td (During ) Tj ET Q q 0 0 0 rg BT 258.53 492.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 273.16 492.10 Td (three ) Tj ET Q q 0 0 0 rg BT 295.57 492.10 Td (months ) Tj ET Q q 0 0 0 rg BT 327.44 492.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 353.74 492.10 Td (March ) Tj ET Q q 0 0 0 rg BT 382.26 492.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 397.18 492.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.18 492.10 Td (, ) Tj ET Q q 0 0 0 rg BT 422.10 492.10 Td (we ) Tj ET Q q 0 0 0 rg BT 436.18 492.10 Td (opened ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.48 492.10 Td (two) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.48 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 484.90 492.10 Td (communities ) Tj ET Q q 0 0 0 rg BT 538.98 492.10 Td (in ) Tj ET Q q 0 0 0 rg BT 549.18 492.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (Mid-Atlantic ) Tj ET Q q 0 0 0 rg BT 104.40 480.10 Td (region ) Tj ET Q q 0 0 0 rg BT 132.64 480.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 174.76 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 185.23 480.10 Td (opening ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 220.14 480.10 Td (six) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.81 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 234.50 480.10 Td (during ) Tj ET Q q 0 0 0 rg BT 263.31 480.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.22 480.10 Td (first ) Tj ET Q q 0 0 0 rg BT 297.02 480.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 328.03 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.05 480.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 359.05 480.10 Td (. ) Tj ET Q q 0 0 0 rg BT 364.24 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.93 480.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 385.18 480.10 Td (monthly ) Tj ET Q q 0 0 0 rg BT 421.21 480.10 Td (absorption ) Tj ET Q q 0 0 0 rg BT 466.12 480.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 483.79 480.10 Td (in ) Tj ET Q q 0 0 0 rg BT 494.27 480.10 Td (our ) Tj ET Q q 0 0 0 rg BT 510.29 480.10 Td (Mid-Atlantic ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (region ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 77.55 468.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 115.30 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 117.80 468.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.08 468.10 Td (2.9) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 140.58 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.08 468.10 Td (per ) Tj ET Q q 0 0 0 rg BT 158.35 468.10 Td (community ) Tj ET Q q 0 0 0 rg BT 206.40 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 216.68 468.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.39 468.10 Td (first ) Tj ET Q q 0 0 0 rg BT 250.00 468.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 280.82 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.65 468.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 311.65 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 314.15 468.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 336.09 468.10 Td (2.8) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.59 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.09 468.10 Td (per ) Tj ET Q q 0 0 0 rg BT 366.36 468.10 Td (community ) Tj ET Q q 0 0 0 rg BT 414.41 468.10 Td (in ) Tj ET Q q 0 0 0 rg BT 424.69 468.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.40 468.10 Td (first ) Tj ET Q q 0 0 0 rg BT 458.01 468.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 488.83 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 499.66 468.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.66 468.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 92.45 446.10 Td (Services.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 128.82 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 131.20 446.10 Td (Revenue ) Tj ET Q q 0 0 0 rg BT 168.57 446.10 Td (from ) Tj ET Q q 0 0 0 rg BT 190.38 446.10 Td (our ) Tj ET Q q 0 0 0 rg BT 206.09 446.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 246.24 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 263.06 446.10 Td (title ) Tj ET Q q 0 0 0 rg BT 280.99 446.10 Td (operations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 325.02 446.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.77 446.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 365.15 446.10 Td ($4.2 ) Tj ET Q q 0 0 0 rg BT 385.03 446.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.93 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 416.30 446.10 Td (\() Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 419.63 446.10 Td (42%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 437.96 446.10 Td (\) ) Tj ET Q q 0 0 0 rg BT 443.67 446.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.49 446.10 Td ($10.1 ) Tj ET Q q 0 0 0 rg BT 490.37 446.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.26 446.10 Td ( ) Tj ET Q q 0 0 0 rg BT 521.64 446.10 Td (in ) Tj ET Q q 0 0 0 rg BT 531.80 446.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.40 446.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 80.21 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.93 434.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 110.93 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 113.32 434.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.49 434.10 Td ($14.3 ) Tj ET Q q 0 0 0 rg BT 148.39 434.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.28 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.67 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 189.84 434.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.45 434.10 Td (first ) Tj ET Q q 0 0 0 rg BT 222.95 434.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 253.66 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 264.38 434.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 284.38 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.78 434.10 Td (as ) Tj ET Q q 0 0 0 rg BT 297.50 434.10 Td (a ) Tj ET Q q 0 0 0 rg BT 304.33 434.10 Td (result ) Tj ET Q q 0 0 0 rg BT 328.94 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.66 434.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.49 434.10 Td (20%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.82 434.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.21 434.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 399.97 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 402.36 434.10 Td (in ) Tj ET Q q 0 0 0 rg BT 412.53 434.10 Td (the ) Tj ET Q q 0 0 0 rg BT 427.14 434.10 Td (number ) Tj ET Q q 0 0 0 rg BT 460.08 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 470.80 434.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 490.41 434.10 Td (originations, ) Tj ET Q q 0 0 0 rg BT 543.08 434.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (604) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.08 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 77.44 422.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.24 422.10 Td (first ) Tj ET Q q 0 0 0 rg BT 110.93 422.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 141.83 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.74 422.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.74 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.32 422.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.68 422.10 Td (725) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 200.68 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 203.27 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 213.63 422.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.42 422.10 Td (first ) Tj ET Q q 0 0 0 rg BT 247.12 422.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 278.01 422.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.92 422.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.92 422.10 Td (, ) Tj ET Q q 0 0 0 rg BT 314.01 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 331.03 422.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 338.05 422.10 Td (2%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 351.38 422.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 353.96 422.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 386.71 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 389.30 422.10 Td (in ) Tj ET Q q 0 0 0 rg BT 399.66 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 414.46 422.10 Td (average ) Tj ET Q q 0 0 0 rg BT 448.12 422.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 467.92 422.10 Td (amount, ) Tj ET Q q 0 0 0 rg BT 503.00 422.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 525.02 422.10 Td ($293,000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 60.07 410.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 75.08 410.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 106.18 410.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 132.85 410.10 Td (March ) Tj ET Q q 0 0 0 rg BT 161.74 410.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 177.03 410.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.03 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 199.82 410.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 210.39 410.10 Td ($300,000) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 247.89 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.68 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 261.25 410.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.26 410.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 307.36 410.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 334.03 410.10 Td (March ) Tj ET Q q 0 0 0 rg BT 362.92 410.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 378.21 410.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.21 410.10 Td (. ) Tj ET Q q 0 0 0 rg BT 403.50 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 406.09 410.10 Td (W) Tj ET Q q 0 0 0 rg BT 414.73 410.10 Td (e ) Tj ET Q q 0 0 0 rg BT 421.95 410.10 Td (also ) Tj ET Q q 0 0 0 rg BT 440.85 410.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 491.94 410.10 Td (an ) Tj ET Q q 0 0 0 rg BT 504.17 410.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 539.72 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 550.29 410.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 81.92 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.67 398.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 116.20 398.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 135.29 398.10 Td (as ) Tj ET Q q 0 0 0 rg BT 146.04 398.10 Td (a ) Tj ET Q q 0 0 0 rg BT 152.90 398.10 Td (result ) Tj ET Q q 0 0 0 rg BT 177.54 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.29 398.10 Td (our ) Tj ET Q q 0 0 0 rg BT 204.05 398.10 Td (strong ) Tj ET Q q 0 0 0 rg BT 231.47 398.10 Td (December ) Tj ET Q q 0 0 0 rg BT 274.97 398.10 Td (closings, ) Tj ET Q q 0 0 0 rg BT 312.67 398.10 Td (a ) Tj ET Q q 0 0 0 rg BT 319.53 398.10 Td (gain ) Tj ET Q q 0 0 0 rg BT 339.17 398.10 Td (from ) Tj ET Q q 0 0 0 rg BT 361.03 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 375.67 398.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 393.64 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 404.39 398.10 Td (a ) Tj ET Q q 0 0 0 rg BT 411.25 398.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 442.56 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 453.31 398.10 Td (our ) Tj ET Q q 0 0 0 rg BT 469.07 398.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 508.14 398.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 548.06 398.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 77.55 386.10 Td (mar) Tj ET Q q 0 0 0 rg BT 92.91 386.10 Td (gins ) Tj ET Q q 0 0 0 rg BT 112.08 386.10 Td (on ) Tj ET Q q 0 0 0 rg BT 124.58 386.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 148.19 386.10 Td (sold ) Tj ET Q q 0 0 0 rg BT 167.36 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 177.64 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 192.36 386.10 Td (period ) Tj ET Q q 0 0 0 rg BT 220.40 386.10 Td (than ) Tj ET Q q 0 0 0 rg BT 240.12 386.10 Td (we ) Tj ET Q q 0 0 0 rg BT 254.28 386.10 Td (experienced ) Tj ET Q q 0 0 0 rg BT 305.08 386.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.36 386.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 337.30 386.10 Td (year) Tj ET Q q 0 0 0 rg BT 353.95 386.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 364.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 364.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.16 364.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 91.63 364.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.54 364.10 Td (first ) Tj ET Q q 0 0 0 rg BT 126.24 364.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 157.14 364.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.06 364.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.06 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 190.65 364.10 Td (with ) Tj ET Q q 0 0 0 rg BT 211.01 364.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.04 364.10 Td ($3.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 266.93 364.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 269.51 364.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 302.27 364.10 Td ( ) Tj ET Q q 0 0 0 rg BT 304.86 364.10 Td (in ) Tj ET Q q 0 0 0 rg BT 315.22 364.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 355.57 364.10 Td (income ) Tj ET Q q 0 0 0 rg BT 387.59 364.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 429.60 364.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 439.97 364.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 468.25 364.10 Td (first ) Tj ET Q q 0 0 0 rg BT 486.94 364.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.86 364.10 Td (, ) Tj ET Q q 0 0 0 rg BT 519.95 364.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.97 364.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.88 352.10 Td (due ) Tj ET Q q 0 0 0 rg BT 107.49 352.10 Td (to ) Tj ET Q q 0 0 0 rg BT 118.43 352.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.82 352.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.57 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 169.74 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 180.69 352.10 Td (our ) Tj ET Q q 0 0 0 rg BT 197.18 352.10 Td (revenue ) Tj ET Q q 0 0 0 rg BT 232.00 352.10 Td (discussed ) Tj ET Q q 0 0 0 rg BT 273.50 352.10 Td (above, ) Tj ET Q q 0 0 0 rg BT 303.04 352.10 Td (of) Tj ET Q q 0 0 0 rg BT 311.19 352.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 331.30 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 342.24 352.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 363.46 352.10 Td (by ) Tj ET Q q 0 0 0 rg BT 376.63 352.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.23 352.10 Td ($1.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 433.12 352.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 436.29 352.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.04 352.10 Td ( ) Tj ET Q q 0 0 0 rg BT 472.21 352.10 Td (in ) Tj ET Q q 0 0 0 rg BT 483.16 352.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 515.49 352.10 Td (general ) Tj ET Q q 0 0 0 rg BT 548.08 352.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 110.50 340.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 146.51 340.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 189.73 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 201.30 340.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.31 340.10 Td (first ) Tj ET Q q 0 0 0 rg BT 237.22 340.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 269.33 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 281.45 340.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 301.45 340.10 Td (, ) Tj ET Q q 0 0 0 rg BT 307.75 340.10 Td (which ) Tj ET Q q 0 0 0 rg BT 335.98 340.10 Td (was ) Tj ET Q q 0 0 0 rg BT 355.33 340.10 Td (attributable ) Tj ET Q q 0 0 0 rg BT 404.67 340.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 445.67 340.10 Td (to ) Tj ET Q q 0 0 0 rg BT 457.25 340.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 465.48 340.10 Td ($0.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 514.37 340.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 518.17 340.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.92 340.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.72 340.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 107.56 328.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 142.29 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 159.25 328.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 166.21 328.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.10 328.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.62 328.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 252.90 328.10 Td (related ) Tj ET Q q 0 0 0 rg BT 282.62 328.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.92 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 307.66 328.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 325.73 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 336.58 328.10 Td (a ) Tj ET Q q 0 0 0 rg BT 343.54 328.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 374.94 328.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.79 328.10 Td (our ) Tj ET Q q 0 0 0 rg BT 401.65 328.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 440.82 328.10 Td (portfolio, ) Tj ET Q q 0 0 0 rg BT 480.84 328.10 Td (along ) Tj ET Q q 0 0 0 rg BT 505.58 328.10 Td (with ) Tj ET Q q 0 0 0 rg BT 525.88 328.10 Td (increases ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.78 316.10 Td (other ) Tj ET Q q 0 0 0 rg BT 82.83 316.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 141.98 316.10 Td (expenses.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 294.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.99 294.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.58 294.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.58 294.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.57 294.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 148.06 294.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 187.76 294.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 225.79 294.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 266.05 294.10 Td (services ) Tj ET Q q 0 0 0 rg BT 300.74 294.10 Td (in ) Tj ET Q q 0 0 0 rg BT 311.01 294.10 Td (all ) Tj ET Q q 0 0 0 rg BT 323.49 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 334.31 294.10 Td (our ) Tj ET Q q 0 0 0 rg BT 350.13 294.10 Td (markets. ) Tj ET Q q 0 0 0 rg BT 386.23 294.10 Td (Approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.26 294.10 Td (80%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.59 294.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.08 294.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.90 294.10 Td (our ) Tj ET Q q 0 0 0 rg BT 496.72 294.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 525.31 294.10 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 282.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.05 282.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 92.71 282.10 Td (first ) Tj ET Q q 0 0 0 rg BT 111.26 282.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 142.01 282.10 Td (of ) Tj ET Q q 0 0 0 rg BT 152.79 282.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.79 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.23 282.10 Td (were ) Tj ET Q q 0 0 0 rg BT 197.10 282.10 Td (financed ) Tj ET Q q 0 0 0 rg BT 233.96 282.10 Td (through ) Tj ET Q q 0 0 0 rg BT 267.51 282.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 284.95 282.10 Td (Financial, ) Tj ET Q q 0 0 0 rg BT 327.11 282.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 368.97 282.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 379.19 282.10 Td (82%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 397.52 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 399.96 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 410.18 282.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.84 282.10 Td (same ) Tj ET Q q 0 0 0 rg BT 447.83 282.10 Td (period ) Tj ET Q q 0 0 0 rg BT 475.82 282.10 Td (in ) Tj ET Q q 0 0 0 rg BT 486.04 282.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.04 282.10 Td (. ) Tj ET Q q 0 0 0 rg BT 510.98 282.10 Td ( ) Tj ET Q q 0 0 0 rg BT 513.42 282.10 Td (Capture ) Tj ET Q q 0 0 0 rg BT 547.52 282.10 Td (rate ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 270.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.67 270.10 Td (influenced ) Tj ET Q q 0 0 0 rg BT 103.37 270.10 Td (by ) Tj ET Q q 0 0 0 rg BT 115.87 270.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 156.14 270.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 203.62 270.10 Td (and ) Tj ET Q q 0 0 0 rg BT 220.56 270.10 Td (can ) Tj ET Q q 0 0 0 rg BT 236.94 270.10 Td (fluctuate ) Tj ET Q q 0 0 0 rg BT 274.42 270.10 Td (from ) Tj ET Q q 0 0 0 rg BT 296.36 270.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 327.17 270.10 Td (to ) Tj ET Q q 0 0 0 rg BT 337.45 270.10 Td (quarter) Tj ET Q q 0 0 0 rg BT 365.21 270.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 248.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 95.28 248.10 Td (Selling, ) Tj ET Q q 0 0 0 rg BT 130.78 248.10 Td (General ) Tj ET Q q 0 0 0 rg BT 168.22 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 187.28 248.10 Td (Administrative ) Tj ET Q q 0 0 0 rg BT 251.95 248.10 Td (Expense.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 289.45 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 293.56 248.10 Td ( ) Tj ET Q q 0 0 0 rg BT 297.67 248.10 Td (Corporate ) Tj ET Q q 0 0 0 rg BT 341.76 248.10 Td (selling, ) Tj ET Q q 0 0 0 rg BT 375.04 248.10 Td (general ) Tj ET Q q 0 0 0 rg BT 408.57 248.10 Td (and ) Tj ET Q q 0 0 0 rg BT 427.11 248.10 Td (administrative ) Tj ET Q q 0 0 0 rg BT 488.43 248.10 Td (expense ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 524.75 248.10 Td (increased) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.10 Td ($1.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 98.39 236.10 Td (, ) Tj ET Q q 0 0 0 rg BT 102.82 236.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.19 236.10 Td ($7.2 ) Tj ET Q q 0 0 0 rg BT 143.62 236.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.51 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.44 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 188.03 236.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 202.17 236.10 Td (first ) Tj ET Q q 0 0 0 rg BT 220.21 236.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 250.45 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 260.71 236.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.71 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 282.64 236.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.35 236.10 Td ($8.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.24 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 343.17 236.10 Td (for ) Tj ET Q q 0 0 0 rg BT 356.76 236.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.90 236.10 Td (first ) Tj ET Q q 0 0 0 rg BT 388.94 236.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 419.18 236.10 Td (of ) Tj ET Q q 0 0 0 rg BT 429.44 236.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 449.44 236.10 Td (. ) Tj ET Q q 0 0 0 rg BT 453.87 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 455.66 236.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 473.14 236.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 505.89 236.10 Td ( ) Tj ET Q q 0 0 0 rg BT 507.82 236.10 Td (was ) Tj ET Q q 0 0 0 rg BT 525.30 236.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.10 Td (due ) Tj ET Q q 0 0 0 rg BT 66.59 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 77.02 224.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 84.11 224.10 Td ($0.8 ) Tj ET Q q 0 0 0 rg BT 104.26 224.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.15 224.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 135.80 224.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.56 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 171.21 224.10 Td (in ) Tj ET Q q 0 0 0 rg BT 181.64 224.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 239.83 224.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 274.69 224.10 Td (related ) Tj ET Q q 0 0 0 rg BT 304.54 224.10 Td (to ) Tj ET Q q 0 0 0 rg BT 314.97 224.10 Td (our ) Tj ET Q q 0 0 0 rg BT 330.96 224.10 Td (improved ) Tj ET Q q 0 0 0 rg BT 371.93 224.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 412.35 224.10 Td (results, ) Tj ET Q q 0 0 0 rg BT 443.61 224.10 Td (and ) Tj ET Q q 0 0 0 rg BT 460.70 224.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.79 224.10 Td ($0.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 516.68 224.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 519.33 224.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 552.08 224.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 224.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.10 Td (other ) Tj ET Q q 0 0 0 rg BT 72.55 212.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 131.70 212.10 Td (expenses.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 190.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 84.10 190.10 Td (Expense ) Tj ET Q q 0 0 0 rg BT 122.04 190.10 Td (- ) Tj ET Q q 0 0 0 rg BT 128.30 190.10 Td (Net.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.24 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.18 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 151.11 190.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 184.03 190.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 219.17 190.10 Td (for ) Tj ET Q q 0 0 0 rg BT 233.77 190.10 Td (the ) Tj ET Q q 0 0 0 rg BT 248.92 190.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 290.74 190.10 Td (remained ) Tj ET Q q 0 0 0 rg BT 330.88 190.10 Td (flat ) Tj ET Q q 0 0 0 rg BT 347.14 190.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.29 190.10 Td ($5.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.18 190.10 Td ( ) Tj ET Q q 0 0 0 rg BT 409.11 190.10 Td (for ) Tj ET Q q 0 0 0 rg BT 423.71 190.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 438.86 190.10 Td (three ) Tj ET Q q 0 0 0 rg BT 461.78 190.10 Td (months ) Tj ET Q q 0 0 0 rg BT 494.16 190.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 520.97 190.10 Td (March ) Tj ET Q q 0 0 0 rg BT 550.01 190.10 Td (31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 178.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.19 178.10 Td (and ) Tj ET Q q 0 0 0 rg BT 89.33 178.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 114.52 178.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 154.43 178.10 Td (the ) Tj ET Q q 0 0 0 rg BT 169.34 178.10 Td (result ) Tj ET Q q 0 0 0 rg BT 194.25 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 205.27 178.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.41 178.10 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 241.28 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.97 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 254.45 178.10 Td (our ) Tj ET Q q 0 0 0 rg BT 270.47 178.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 309.82 178.10 Td (average ) Tj ET Q q 0 0 0 rg BT 343.60 178.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 387.95 178.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 405.63 178.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.77 178.10 Td (5.89%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.60 178.10 Td ( ) Tj ET Q q 0 0 0 rg BT 456.29 178.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.76 178.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.67 178.10 Td (first ) Tj ET Q q 0 0 0 rg BT 500.48 178.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 531.49 178.10 Td (of ) Tj ET Q q 0 0 0 rg BT 542.51 178.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 166.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 60.26 166.10 Td (5.76%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 86.09 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 89.08 166.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.73 166.10 Td (first ) Tj ET Q q 0 0 0 rg BT 122.82 166.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 154.12 166.10 Td (of ) Tj ET Q q 0 0 0 rg BT 165.44 166.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.44 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 188.42 166.10 Td (which ) Tj ET Q q 0 0 0 rg BT 215.85 166.10 Td (was ) Tj ET Q q 0 0 0 rg BT 234.39 166.10 Td (of) Tj ET Q q 0 0 0 rg BT 242.53 166.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 259.96 166.10 Td (by ) Tj ET Q q 0 0 0 rg BT 272.94 166.10 Td (an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.37 166.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.12 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.11 166.10 Td (in ) Tj ET Q q 0 0 0 rg BT 331.87 166.10 Td (our ) Tj ET Q q 0 0 0 rg BT 348.19 166.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 387.83 166.10 Td (average ) Tj ET Q q 0 0 0 rg BT 421.90 166.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 470.44 166.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.86 166.10 Td ($608.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.75 166.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.74 166.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 154.10 Td (2016's ) Tj ET Q q 0 0 0 rg BT 78.03 154.10 Td (first ) Tj ET Q q 0 0 0 rg BT 96.98 154.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.29 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.13 154.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.74 154.10 Td ($632.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 197.63 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 200.47 154.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.09 154.10 Td (2017's ) Tj ET Q q 0 0 0 rg BT 239.62 154.10 Td (first ) Tj ET Q q 0 0 0 rg BT 258.56 154.10 Td (quarter) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.33 154.10 Td (. ) Tj ET Q q 0 0 0 rg BT 291.66 154.10 Td ( ) Tj ET Q q 0 0 0 rg BT 294.29 154.10 Td (The ) Tj ET Q q 0 0 0 rg BT 312.68 154.10 Td (decline ) Tj ET Q q 0 0 0 rg BT 344.39 154.10 Td (in ) Tj ET Q q 0 0 0 rg BT 355.00 154.10 Td (our ) Tj ET Q q 0 0 0 rg BT 371.17 154.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 410.66 154.10 Td (average ) Tj ET Q q 0 0 0 rg BT 444.58 154.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 489.08 154.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 506.90 154.10 Td (was ) Tj ET Q q 0 0 0 rg BT 525.29 154.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 142.10 Td (due ) Tj ET Q q 0 0 0 rg BT 65.62 142.10 Td (to ) Tj ET Q q 0 0 0 rg BT 75.07 142.10 Td (the ) Tj ET Q q 0 0 0 rg BT 88.97 142.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 113.42 142.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 144.53 142.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 161.19 142.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 193.97 142.10 Td (on ) Tj ET Q q 0 0 0 rg BT 205.64 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.65 142.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 247.33 142.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 279.56 142.10 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 329.29 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.85 142.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.07 142.10 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.82 142.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.50 142.10 Td (in ) Tj ET Q q 0 0 0 rg BT 391.96 142.10 Td (our ) Tj ET Q q 0 0 0 rg BT 406.97 142.10 Td (weighted ) Tj ET Q q 0 0 0 rg BT 445.30 142.10 Td (average ) Tj ET Q q 0 0 0 rg BT 478.07 142.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 525.30 142.10 Td (primarily ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 130.10 Td (related ) Tj ET Q q 0 0 0 rg BT 79.20 130.10 Td (to ) Tj ET Q q 0 0 0 rg BT 89.48 130.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 129.73 130.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 173.89 130.10 Td (under ) Tj ET Q q 0 0 0 rg BT 199.16 130.10 Td (our ) Tj ET Q q 0 0 0 rg BT 214.99 130.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 242.49 130.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 275.54 130.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 285.26 130.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 328.86 130.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.86 130.10 Td ( ) Tj ET Q q 0 0 0 rg BT 351.36 130.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 393.28 130.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 403.56 130.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 447.16 130.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.16 130.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 108.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 91.00 108.10 Td (from ) Tj ET Q q 0 0 0 rg BT 114.15 108.10 Td (Unconsolidated ) Tj ET Q q 0 0 0 rg BT 181.74 108.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 206.01 108.10 Td (V) Tj ET Q q 0 0 0 rg BT 211.57 108.10 Td (entures. ) Tj ET Q q 0 0 0 rg BT 247.78 108.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 250.93 108.10 Td (Earnings ) Tj ET Q q 0 0 0 rg BT 289.62 108.10 Td (from ) Tj ET Q q 0 0 0 rg BT 312.21 108.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 375.89 108.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 397.38 108.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 434.40 108.10 Td (represent ) Tj ET Q q 0 0 0 rg BT 474.19 108.10 Td (our ) Tj ET Q q 0 0 0 rg BT 490.67 108.10 Td (portion ) Tj ET Q q 0 0 0 rg BT 522.70 108.10 Td (of ) Tj ET Q q 0 0 0 rg BT 534.18 108.10 Td (pre-tax ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 96.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 85.75 96.10 Td (from ) Tj ET Q q 0 0 0 rg BT 107.57 96.10 Td (our ) Tj ET Q q 0 0 0 rg BT 123.27 96.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 143.98 96.10 Td (ownership ) Tj ET Q q 0 0 0 rg BT 188.02 96.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.83 96.10 Td (development ) Tj ET Q q 0 0 0 rg BT 258.86 96.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 309.27 96.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 329.98 96.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 366.23 96.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.04 96.10 Td (other ) Tj ET Q q 0 0 0 rg BT 405.96 96.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 436.11 96.10 Td (arrangements. ) Tj ET Q q 0 0 0 rg BT 494.85 96.10 Td ( ) Tj ET Q q 0 0 0 rg BT 497.23 96.10 Td (During ) Tj ET Q q 0 0 0 rg BT 527.93 96.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 96.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 84.10 Td (months ) Tj ET Q q 0 0 0 rg BT 81.70 84.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 108.33 84.10 Td (March ) Tj ET Q q 0 0 0 rg BT 137.18 84.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 152.43 84.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.43 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.18 84.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.37 84.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 212.37 84.10 Td (, ) Tj ET Q q 0 0 0 rg BT 217.62 84.10 Td (the ) Tj ET Q q 0 0 0 rg BT 232.59 84.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 274.23 84.10 Td (earned ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.63 84.10 Td (less ) Tj ET Q q 0 0 0 rg BT 321.38 84.10 Td (than ) Tj ET Q q 0 0 0 rg BT 341.35 84.10 Td ($0.1 ) Tj ET Q q 0 0 0 rg BT 361.60 84.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 390.49 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 393.24 84.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 410.43 84.10 Td ($0.3million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.32 84.10 Td ( ) Tj ET Q q 0 0 0 rg BT 462.07 84.10 Td (in ) Tj ET Q q 0 0 0 rg BT 472.60 84.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 500.35 84.10 Td (in ) Tj ET Q q 0 0 0 rg BT 510.88 84.10 Td (income ) Tj ET Q q 0 0 0 rg BT 543.06 84.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 72.10 Td (unconsolidated ) Tj ET Q q 0 0 0 rg BT 112.54 72.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 133.38 72.10 Td (ventures.) 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 33.60 Td (40) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Income ) Tj ET Q q 0 0 0 rg BT 83.73 740.25 Td (T) Tj ET Q q 0 0 0 rg BT 88.92 740.25 Td (axes.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 109.75 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 112.88 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 116.00 740.25 Td (Our ) Tj ET Q q 0 0 0 rg BT 134.68 740.25 Td (overall ) Tj ET Q q 0 0 0 rg BT 165.56 740.25 Td (ef) Tj ET Q q 0 0 0 rg BT 173.15 740.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 203.48 740.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 218.82 740.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 236.93 740.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.60 740.25 Td (35.9%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 281.43 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 284.56 740.25 Td (for ) Tj ET Q q 0 0 0 rg BT 299.34 740.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.68 740.25 Td (three ) Tj ET Q q 0 0 0 rg BT 337.79 740.25 Td (months ) Tj ET Q q 0 0 0 rg BT 370.37 740.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 397.37 740.25 Td (March ) Tj ET Q q 0 0 0 rg BT 426.59 740.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 442.21 740.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.21 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 465.34 740.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 482.90 740.25 Td (37.6%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.73 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 511.85 740.25 Td (for ) Tj ET Q q 0 0 0 rg BT 526.64 740.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 541.98 740.25 Td (same ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.25 Td (period ) Tj ET Q q 0 0 0 rg BT 78.11 728.25 Td (in ) Tj ET Q q 0 0 0 rg BT 88.96 728.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 108.96 728.25 Td (. ) Tj ET Q q 0 0 0 rg BT 114.53 728.25 Td ( ) Tj ET Q q 0 0 0 rg BT 117.37 728.25 Td (The ) Tj ET Q q 0 0 0 rg BT 135.99 728.25 Td (ef) Tj ET Q q 0 0 0 rg BT 143.58 728.25 Td (fective ) Tj ET Q q 0 0 0 rg BT 173.85 728.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 191.90 728.25 Td (decline ) Tj ET Q q 0 0 0 rg BT 223.84 728.25 Td (from ) Tj ET Q q 0 0 0 rg BT 246.35 728.25 Td (2016) Tj ET Q q 0 0 0 rg BT 269.13 728.25 Td (s ) Tj ET Q q 0 0 0 rg BT 276.08 728.25 Td (same ) Tj ET Q q 0 0 0 rg BT 299.70 728.25 Td (period ) Tj ET Q q 0 0 0 rg BT 328.31 728.25 Td (was ) Tj ET Q q 0 0 0 rg BT 346.93 728.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 387.21 728.25 Td (attributable ) Tj ET Q q 0 0 0 rg BT 435.82 728.25 Td (to ) Tj ET Q q 0 0 0 rg BT 446.66 728.25 Td ( ) Tj ET Q q 0 0 0 rg BT 449.73 728.25 Td (an ) Tj ET Q q 0 0 0 rg BT 462.24 728.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 498.06 728.25 Td (in ) Tj ET Q q 0 0 0 rg BT 508.91 728.25 Td (the ) Tj ET Q q 0 0 0 rg BT 524.19 728.25 Td (estimated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (impact ) Tj ET Q q 0 0 0 rg BT 78.90 716.25 Td (of ) Tj ET Q q 0 0 0 rg BT 89.41 716.25 Td (annual ) Tj ET Q q 0 0 0 rg BT 118.25 716.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 132.65 716.25 Td (benefits ) Tj ET Q q 0 0 0 rg BT 166.49 716.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 204.21 716.25 Td (for ) Tj ET Q q 0 0 0 rg BT 218.06 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 232.46 716.25 Td (domestic ) Tj ET Q q 0 0 0 rg BT 270.75 716.25 Td (production ) Tj ET Q q 0 0 0 rg BT 316.26 716.25 Td (activities ) Tj ET Q q 0 0 0 rg BT 354.54 716.25 Td (deduction ) Tj ET Q q 0 0 0 rg BT 396.16 716.25 Td (which ) Tj ET Q q 0 0 0 rg BT 422.78 716.25 Td (was ) Tj ET Q q 0 0 0 rg BT 440.52 716.25 Td (limited ) Tj ET Q q 0 0 0 rg BT 471.04 716.25 Td (in ) Tj ET Q q 0 0 0 rg BT 481.00 716.25 Td (2016 ) Tj ET Q q 0 0 0 rg BT 503.18 716.25 Td (due ) Tj ET Q q 0 0 0 rg BT 519.81 716.25 Td (to ) Tj ET Q q 0 0 0 rg BT 529.77 716.25 Td (our ) Tj ET Q q 0 0 0 rg BT 545.29 716.25 Td (then ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (NOL) Tj ET Q q 0 0 0 rg BT 69.68 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 72.18 704.25 Td (federal ) Tj ET Q q 0 0 0 rg BT 102.43 704.25 Td (carryforward ) Tj ET Q q 0 0 0 rg BT 157.12 704.25 Td (position.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (Segment ) Tj ET Q q 0 0 0 rg BT 88.26 680.25 Td (Non-GAAP) Tj ET Q q 0 0 0 rg BT 135.67 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 138.87 680.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 182.64 680.25 Td (Measures.) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 225.15 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 228.35 680.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 231.55 680.25 Td (This ) Tj ET Q q 0 0 0 rg BT 252.53 680.25 Td (report ) Tj ET Q q 0 0 0 rg BT 279.61 680.25 Td (contains ) Tj ET Q q 0 0 0 rg BT 316.14 680.25 Td (information ) Tj ET Q q 0 0 0 rg BT 366.55 680.25 Td (about ) Tj ET Q q 0 0 0 rg BT 391.97 680.25 Td (our ) Tj ET Q q 0 0 0 rg BT 408.50 680.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 445.03 680.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 479.90 680.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 504.22 680.25 Td (mar) Tj ET Q q 0 0 0 rg BT 519.58 680.25 Td (gin, ) 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 (constitutes ) Tj ET Q q 0 0 0 rg BT 94.97 668.25 Td (a ) Tj ET Q q 0 0 0 rg BT 102.10 668.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 147.29 668.25 Td ( ) Tj ET Q q 0 0 0 rg BT 149.98 668.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 187.66 668.25 Td (measure. ) Tj ET Q q 0 0 0 rg BT 226.17 668.25 Td (Because ) Tj ET Q q 0 0 0 rg BT 262.18 668.25 Td (adjusted ) Tj ET Q q 0 0 0 rg BT 298.20 668.25 Td (housing ) Tj ET Q q 0 0 0 rg BT 332.57 668.25 Td (gross ) Tj ET Q q 0 0 0 rg BT 356.38 668.25 Td (mar) Tj ET Q q 0 0 0 rg BT 371.74 668.25 Td (gin ) Tj ET Q q 0 0 0 rg BT 387.21 668.25 Td (is ) Tj ET Q q 0 0 0 rg BT 396.58 668.25 Td (not ) Tj ET Q q 0 0 0 rg BT 412.05 668.25 Td (calculated ) Tj ET Q q 0 0 0 rg BT 455.28 668.25 Td (in ) Tj ET Q q 0 0 0 rg BT 465.75 668.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 513.41 668.25 Td (with ) Tj ET Q q 0 0 0 rg BT 533.88 668.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 560.00 668.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 656.25 Td (this ) Tj ET Q q 0 0 0 rg BT 65.60 656.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 102.24 656.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 137.21 656.25 Td (may ) Tj ET Q q 0 0 0 rg BT 156.09 656.25 Td (not ) Tj ET Q q 0 0 0 rg BT 170.52 656.25 Td (be ) Tj ET Q q 0 0 0 rg BT 181.62 656.25 Td (completely ) Tj ET Q q 0 0 0 rg BT 227.70 656.25 Td (comparable ) Tj ET Q q 0 0 0 rg BT 276.00 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 285.44 656.25 Td (similarly-titled ) Tj ET Q q 0 0 0 rg BT 346.53 656.25 Td (measures ) Tj ET Q q 0 0 0 rg BT 385.39 656.25 Td (used ) Tj ET Q q 0 0 0 rg BT 405.38 656.25 Td (by ) Tj ET Q q 0 0 0 rg BT 417.03 656.25 Td (other ) Tj ET Q q 0 0 0 rg BT 439.24 656.25 Td (companies ) Tj ET Q q 0 0 0 rg BT 483.66 656.25 Td (in ) Tj ET Q q 0 0 0 rg BT 493.09 656.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.97 656.25 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (industry ) Tj ET Q q 0 0 0 rg BT 83.84 644.25 Td (and, ) Tj ET Q q 0 0 0 rg BT 102.35 644.25 Td (therefore, ) Tj ET Q q 0 0 0 rg BT 142.50 644.25 Td (should ) Tj ET Q q 0 0 0 rg BT 170.74 644.25 Td (not ) Tj ET Q q 0 0 0 rg BT 185.08 644.25 Td (be ) Tj ET Q q 0 0 0 rg BT 196.09 644.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 240.97 644.25 Td (in ) Tj ET Q q 0 0 0 rg BT 250.31 644.25 Td (isolation ) Tj ET Q q 0 0 0 rg BT 286.32 644.25 Td (or ) Tj ET Q q 0 0 0 rg BT 296.22 644.25 Td (as ) Tj ET Q q 0 0 0 rg BT 306.12 644.25 Td (an ) Tj ET Q q 0 0 0 rg BT 317.12 644.25 Td (alternative ) Tj ET Q q 0 0 0 rg BT 360.88 644.25 Td (to ) Tj ET Q q 0 0 0 rg BT 370.23 644.25 Td (operating ) Tj ET Q q 0 0 0 rg BT 409.56 644.25 Td (performance ) Tj ET Q q 0 0 0 rg BT 461.65 644.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 488.76 644.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 525.31 644.25 Td (measures ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (prescribed ) Tj ET Q q 0 0 0 rg BT 92.86 632.25 Td (by ) Tj ET Q q 0 0 0 rg BT 104.57 632.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 130.69 632.25 Td (. ) Tj ET Q q 0 0 0 rg BT 134.90 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 136.62 632.25 Td (Rather) Tj ET Q q 0 0 0 rg BT 162.87 632.25 Td (, ) Tj ET Q q 0 0 0 rg BT 167.08 632.25 Td (this ) Tj ET Q q 0 0 0 rg BT 183.24 632.25 Td (non-GAAP) Tj ET Q q 0 0 0 rg BT 228.43 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 230.14 632.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 266.84 632.25 Td (measure ) Tj ET Q q 0 0 0 rg BT 301.86 632.25 Td (should ) Tj ET Q q 0 0 0 rg BT 330.25 632.25 Td (be ) Tj ET Q q 0 0 0 rg BT 341.40 632.25 Td (used ) Tj ET Q q 0 0 0 rg BT 361.44 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 370.93 632.25 Td (supplement ) Tj ET Q q 0 0 0 rg BT 418.75 632.25 Td (our ) Tj ET Q q 0 0 0 rg BT 433.79 632.25 Td (GAAP) Tj ET Q q 0 0 0 rg BT 460.65 632.25 Td ( ) Tj ET Q q 0 0 0 rg BT 462.36 632.25 Td (results ) Tj ET Q q 0 0 0 rg BT 490.18 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 499.67 632.25 Td (order ) Tj ET Q q 0 0 0 rg BT 522.48 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 531.98 632.25 Td (provide ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 620.25 Td (greater ) Tj ET Q q 0 0 0 rg BT 86.69 620.25 Td (understanding ) Tj ET Q q 0 0 0 rg BT 145.85 620.25 Td (of ) Tj ET Q q 0 0 0 rg BT 156.68 620.25 Td (the ) Tj ET Q q 0 0 0 rg BT 171.39 620.25 Td (factors ) Tj ET Q q 0 0 0 rg BT 201.10 620.25 Td (and ) Tj ET Q q 0 0 0 rg BT 218.04 620.25 Td (trends ) Tj ET Q q 0 0 0 rg BT 244.98 620.25 Td (af) Tj ET Q q 0 0 0 rg BT 252.57 620.25 Td (fecting ) Tj ET Q q 0 0 0 rg BT 282.83 620.25 Td (our ) Tj ET Q q 0 0 0 rg BT 298.66 620.25 Td (operations.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (Adjusted housing gross mar) Tj ET Q q 0 0 0 rg BT 161.26 596.25 Td (gin for our Midwest and Southern regions is calculated as follows:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 572.75 m 500 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 572.75 m 507 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 572.75 m 562 572.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 560.75 m 445 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 560.75 m 500 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 560.75 m 507 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 560.75 m 562 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 560.75 m 445 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 560.75 m 500 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 560.75 m 507 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 560.75 m 562 560.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 520.75 m 445 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 520.75 m 500 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 520.75 m 507 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 520.75 m 562 520.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 492.75 m 445 492.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 492.75 m 500 492.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 492.75 m 507 492.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 492.75 m 562 492.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 406.75 m 445 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 406.75 m 500 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 406.75 m 507 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 406.75 m 562 406.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 378.75 m 445 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 378.75 m 500 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 378.75 m 507 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 378.75 m 562 378.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 334.75 m 445 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 334.75 m 500 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 334.75 m 507 334.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 334.75 m 562 334.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 576.98 Td (Three Months Ended March 31,) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 564.70 Td (\(Dollars in thousands\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 464.00 564.83 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 564.70 Td (2016) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 548.83 Td (Midwest region:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 536.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 536.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.50 536.83 Td (145,796) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 536.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 536.70 Td (117,245) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 524.70 Td (Housing cost of sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.50 524.83 Td (116,833) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 524.70 Td (96,226) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 508.70 Td (Housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.50 508.83 Td (28,963) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 508.70 Td (21,019) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 496.70 Td (Add: Purchase accounting adjustments ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 183.70 500.33 Td (\(a\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.50 496.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 542.80 496.70 Td (700) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 480.70 Td (Adjusted housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 480.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.50 480.83 Td (28,963) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 480.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 480.70 Td (21,719) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 464.70 Td (Housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 464.83 Td (19.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 464.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 464.70 Td (17.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 464.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 452.70 Td (Adjusted housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 452.83 Td (19.9) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 452.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 452.70 Td (18.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 452.70 Td (%) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 51.50 434.83 Td (Southern region:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 422.70 Td (Housing revenue) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 422.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.50 422.83 Td (146,081) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 422.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.75 422.70 Td (119,694) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 410.70 Td (Housing cost of sales) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.50 410.83 Td (119,578) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 410.70 Td (99,461) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 394.70 Td (Housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.50 394.83 Td (26,503) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 394.70 Td (20,233) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 57.50 382.70 Td (Add: Stucco-related char) Tj ET Q q 0 0 0 rg BT 137.32 382.70 Td (ges ) Tj ET Q BT /F1 8.00 Tf ET BT /F1 5.20 Tf ET q 0 0 0 rg BT 149.98 386.33 Td (\(b\)) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 483.50 382.83 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 382.70 Td (2,155) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 366.70 Td (Adjusted housing gross margin) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 366.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.50 366.83 Td (26,503) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 366.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 366.70 Td (22,388) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 350.70 Td (Housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 350.83 Td (18.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 350.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 350.70 Td (16.9) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 350.70 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 338.70 Td (Adjusted housing gross margin percentage) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 477.50 338.83 Td (18.1) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 491.50 338.83 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 338.70 Td (18.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 554.80 338.70 Td (%) Tj ET Q BT /F1 10.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 319.65 Td (\(a\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 319.65 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.60 319.65 Td (purchase ) Tj ET Q q 0 0 0 rg BT 135.03 319.65 Td (accounting ) Tj ET Q q 0 0 0 rg BT 172.13 319.65 Td (adjustments ) Tj ET Q q 0 0 0 rg BT 212.35 319.65 Td (from ) Tj ET Q q 0 0 0 rg BT 229.90 319.65 Td (our ) Tj ET Q q 0 0 0 rg BT 242.56 319.65 Td (2015 ) Tj ET Q q 0 0 0 rg BT 260.56 319.65 Td (Minneapolis/St. ) Tj ET Q q 0 0 0 rg BT 313.45 319.65 Td (Paul ) Tj ET Q q 0 0 0 rg BT 329.68 319.65 Td (acquisition.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 304.05 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 304.05 Td (Represents ) Tj ET Q q 0 0 0 rg BT 104.45 304.05 Td (warranty ) Tj ET Q q 0 0 0 rg BT 134.73 304.05 Td (char) Tj ET Q q 0 0 0 rg BT 148.36 304.05 Td (ges ) Tj ET Q q 0 0 0 rg BT 160.87 304.05 Td (for ) Tj ET Q q 0 0 0 rg BT 172.05 304.05 Td (stucco-related ) Tj ET Q q 0 0 0 rg BT 218.77 304.05 Td (repair ) Tj ET Q q 0 0 0 rg BT 239.27 304.05 Td (costs ) Tj ET Q q 0 0 0 rg BT 257.12 304.05 Td (in ) Tj ET Q q 0 0 0 rg BT 265.20 304.05 Td (certain ) Tj ET Q q 0 0 0 rg BT 288.81 304.05 Td (of ) Tj ET Q q 0 0 0 rg BT 297.32 304.05 Td (our ) Tj ET Q q 0 0 0 rg BT 309.84 304.05 Td (Florida ) Tj ET Q q 0 0 0 rg BT 334.80 304.05 Td (communities ) Tj ET Q q 0 0 0 rg BT 377.98 304.05 Td (taken ) Tj ET Q q 0 0 0 rg BT 397.16 304.05 Td (during ) Tj ET Q q 0 0 0 rg BT 419.89 304.05 Td (the ) Tj ET Q q 0 0 0 rg BT 431.52 304.05 Td (first ) Tj ET Q q 0 0 0 rg BT 446.26 304.05 Td (quarter ) Tj ET Q q 0 0 0 rg BT 470.76 304.05 Td (of ) Tj ET Q q 0 0 0 rg BT 479.28 304.05 Td (2016. ) Tj ET Q q 0 0 0 rg BT 499.13 304.05 Td ( ) Tj ET Q q 0 0 0 rg BT 500.85 304.05 Td (W) Tj ET Q q 0 0 0 rg BT 508.08 304.05 Td (ith ) Tj ET Q q 0 0 0 rg BT 518.37 304.05 Td (respect ) Tj ET Q q 0 0 0 rg BT 542.88 304.05 Td (to ) Tj ET Q q 0 0 0 rg BT 550.95 304.05 Td (this ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 294.45 Td (matter) Tj ET Q q 0 0 0 rg BT 87.61 294.45 Td (,during ) Tj ET Q q 0 0 0 rg BT 113.99 294.45 Td (the ) Tj ET Q q 0 0 0 rg BT 125.26 294.45 Td (quarter ) Tj ET Q q 0 0 0 rg BT 149.41 294.45 Td (ended ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 170.00 294.45 Td (March31, ) Tj ET Q q 0 0 0 rg BT 204.38 294.45 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 220.38 294.45 Td (, ) Tj ET Q q 0 0 0 rg BT 223.87 294.45 Td (we ) Tj ET Q q 0 0 0 rg BT 234.69 294.45 Td (identified ) Tj ET Q q 0 0 0 rg BT 266.84 294.45 Td (143 ) Tj ET Q q 0 0 0 rg BT 280.34 294.45 Td (additional ) Tj ET Q q 0 0 0 rg BT 313.82 294.45 Td (homes ) Tj ET Q q 0 0 0 rg BT 336.21 294.45 Td (in ) Tj ET Q q 0 0 0 rg BT 343.92 294.45 Td (need ) Tj ET Q q 0 0 0 rg BT 360.52 294.45 Td (of ) Tj ET Q q 0 0 0 rg BT 368.68 294.45 Td (repair ) Tj ET Q q 0 0 0 rg BT 388.82 294.45 Td (and ) Tj ET Q q 0 0 0 rg BT 401.87 294.45 Td (completed ) Tj ET Q q 0 0 0 rg BT 436.68 294.45 Td (repairs ) Tj ET Q q 0 0 0 rg BT 459.94 294.45 Td (on ) Tj ET Q q 0 0 0 rg BT 469.44 294.45 Td (165 ) Tj ET Q q 0 0 0 rg BT 482.93 294.45 Td (homes, ) Tj ET Q q 0 0 0 rg BT 507.31 294.45 Td (and, ) Tj ET Q q 0 0 0 rg BT 522.36 294.45 Td (at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 529.62 294.45 Td (March31, ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 284.85 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 83.50 284.85 Td (, ) Tj ET Q q 0 0 0 rg BT 87.50 284.85 Td (wehave ) Tj ET Q q 0 0 0 rg BT 115.93 284.85 Td (275 ) Tj ET Q q 0 0 0 rg BT 129.93 284.85 Td (homes ) Tj ET Q q 0 0 0 rg BT 152.82 284.85 Td (in ) Tj ET Q q 0 0 0 rg BT 161.04 284.85 Td (various ) Tj ET Q q 0 0 0 rg BT 186.59 284.85 Td (stages ) Tj ET Q q 0 0 0 rg BT 208.14 284.85 Td (of ) Tj ET Q q 0 0 0 rg BT 216.80 284.85 Td (repair) Tj ET Q q 0 0 0 rg BT 235.02 284.85 Td (. ) Tj ET Q q 0 0 0 rg BT 241.02 284.85 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 254.56640625 283.78359375 m 276.1171875 283.78359375 l s q 0 0 1 rg BT 254.57 284.85 Td (Note ) Tj ET Q q 0 0 1 rg BT 272.12 284.85 Td (6) 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 276.12 284.85 Td ( ) Tj ET Q q 0 0 0 rg BT 278.12 284.85 Td (for ) Tj ET Q q 0 0 0 rg BT 289.45 284.85 Td (further ) Tj ET Q q 0 0 0 rg BT 313.21 284.85 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 49.5 259.28505859375 m 237.0390625 259.28505859375 l s q 0 0 0 rg BT 49.50 260.85 Td (LIQUIDITY) Tj ET Q q 0 0 0 rg BT 103.59 260.85 Td ( ) Tj ET Q q 0 0 0 rg BT 105.54 260.85 Td (AND CAPIT) Tj ET Q q 0 0 0 rg BT 160.07 260.85 Td (AL) Tj ET Q q 0 0 0 rg BT 173.41 260.85 Td ( RESOURCES) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 238.85 Td (Overview ) Tj ET Q q 0 0 0 rg BT 93.09 238.85 Td (of ) Tj ET Q q 0 0 0 rg BT 103.92 238.85 Td (Capital ) Tj ET Q q 0 0 0 rg BT 138.09 238.85 Td (Resour) Tj ET Q q 0 0 0 rg BT 168.46 238.85 Td (ces ) Tj ET Q q 0 0 0 rg BT 183.73 238.85 Td (and ) Tj ET Q q 0 0 0 rg BT 202.36 238.85 Td (Liquidity) Tj ET Q q 0 0 0 rg BT 241.82 238.85 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.85 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.14 216.85 Td (March31, ) Tj ET Q q 0 0 0 rg BT 103.88 216.85 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.88 216.85 Td (, ) Tj ET Q q 0 0 0 rg BT 128.02 216.85 Td (we ) Tj ET Q q 0 0 0 rg BT 141.32 216.85 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 157.40 216.85 Td ($38.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 211.29 216.85 Td ( ) Tj ET Q q 0 0 0 rg BT 212.93 216.85 Td (of ) Tj ET Q q 0 0 0 rg BT 222.90 216.85 Td (cash, ) Tj ET Q q 0 0 0 rg BT 244.80 216.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 264.21 216.85 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 311.39 216.85 Td (and ) Tj ET Q q 0 0 0 rg BT 327.47 216.85 Td (restricted ) Tj ET Q q 0 0 0 rg BT 366.31 216.85 Td (cash, ) Tj ET Q q 0 0 0 rg BT 388.22 216.85 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 407.64 216.85 Td ($37.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 461.53 216.85 Td ( ) Tj ET Q q 0 0 0 rg BT 463.17 216.85 Td (of ) Tj ET Q q 0 0 0 rg BT 473.14 216.85 Td (this ) Tj ET Q q 0 0 0 rg BT 489.23 216.85 Td (amount ) Tj ET Q q 0 0 0 rg BT 520.86 216.85 Td (comprised ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 204.85 Td (of ) Tj ET Q q 0 0 0 rg BT 60.09 204.85 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 109.56 204.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 129.59 204.85 Td (and ) Tj ET Q q 0 0 0 rg BT 146.29 204.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 166.32 204.85 Td (equivalents, ) Tj ET Q q 0 0 0 rg BT 216.62 204.85 Td (which ) Tj ET Q q 0 0 0 rg BT 243.32 204.85 Td (represents ) Tj ET Q q 0 0 0 rg BT 286.12 204.85 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 292.82 204.85 Td ($4.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.72 204.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 343.98 204.85 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 376.73 204.85 Td ( ) Tj ET Q q 0 0 0 rg BT 378.99 204.85 Td (in ) Tj ET Q q 0 0 0 rg BT 389.03 204.85 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 438.50 204.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 458.53 204.85 Td (and ) Tj ET Q q 0 0 0 rg BT 475.23 204.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 495.26 204.85 Td (equivalents ) Tj ET Q q 0 0 0 rg BT 543.06 204.85 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 192.85 Td (December ) Tj ET Q q 0 0 0 rg BT 93.62 192.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 109.15 192.85 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.15 192.85 Td (. ) Tj ET Q q 0 0 0 rg BT 134.69 192.85 Td ( ) Tj ET Q q 0 0 0 rg BT 137.72 192.85 Td (Our ) Tj ET Q q 0 0 0 rg BT 156.31 192.85 Td (principal ) Tj ET Q q 0 0 0 rg BT 194.89 192.85 Td (uses ) Tj ET Q q 0 0 0 rg BT 215.14 192.85 Td (of ) Tj ET Q q 0 0 0 rg BT 226.51 192.85 Td (cash ) Tj ET Q q 0 0 0 rg BT 247.31 192.85 Td (for ) Tj ET Q q 0 0 0 rg BT 262.00 192.85 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.26 192.85 Td (three ) Tj ET Q q 0 0 0 rg BT 300.28 192.85 Td (months ) Tj ET Q q 0 0 0 rg BT 332.76 192.85 Td (ended ) Tj ET Q q 0 0 0 rg BT 359.67 192.85 Td (March ) Tj ET Q q 0 0 0 rg BT 388.80 192.85 Td (31, ) Tj ET Q q 0 0 0 rg BT 404.34 192.85 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 424.34 192.85 Td ( ) Tj ET Q q 0 0 0 rg BT 427.37 192.85 Td (were ) Tj ET Q q 0 0 0 rg BT 449.84 192.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 496.75 192.85 Td (in ) Tj ET Q q 0 0 0 rg BT 507.57 192.85 Td (land ) Tj ET Q q 0 0 0 rg BT 527.82 192.85 Td (and ) Tj ET Q q 0 0 0 rg BT 545.29 192.85 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 180.85 Td (development, ) Tj ET Q q 0 0 0 rg BT 105.68 180.85 Td (construction ) Tj ET Q q 0 0 0 rg BT 157.14 180.85 Td (of ) Tj ET Q q 0 0 0 rg BT 167.50 180.85 Td (homes, ) Tj ET Q q 0 0 0 rg BT 198.14 180.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 237.93 180.85 Td (loan ) Tj ET Q q 0 0 0 rg BT 257.18 180.85 Td (originations, ) Tj ET Q q 0 0 0 rg BT 309.48 180.85 Td (investment ) Tj ET Q q 0 0 0 rg BT 355.39 180.85 Td (in ) Tj ET Q q 0 0 0 rg BT 365.20 180.85 Td (joint ) Tj ET Q q 0 0 0 rg BT 385.56 180.85 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 423.97 180.85 Td (operating ) Tj ET Q q 0 0 0 rg BT 463.76 180.85 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 504.39 180.85 Td (and ) Tj ET Q q 0 0 0 rg BT 520.85 180.85 Td (short-term ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 168.85 Td (working ) Tj ET Q q 0 0 0 rg BT 85.96 168.85 Td (capital ) Tj ET Q q 0 0 0 rg BT 115.74 168.85 Td (and ) Tj ET Q q 0 0 0 rg BT 133.30 168.85 Td (debt ) Tj ET Q q 0 0 0 rg BT 153.65 168.85 Td (service ) Tj ET Q q 0 0 0 rg BT 185.09 168.85 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 242.92 168.85 Td (including ) Tj ET Q q 0 0 0 rg BT 283.82 168.85 Td (the ) Tj ET Q q 0 0 0 rg BT 299.16 168.85 Td (repayment ) Tj ET Q q 0 0 0 rg BT 344.49 168.85 Td (of ) Tj ET Q q 0 0 0 rg BT 355.95 168.85 Td (amounts ) Tj ET Q q 0 0 0 rg BT 392.96 168.85 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 442.76 168.85 Td (under ) Tj ET Q q 0 0 0 rg BT 468.65 168.85 Td (our ) Tj ET Q q 0 0 0 rg BT 485.11 168.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 511.00 168.85 Td (facilities. ) Tj ET Q q 0 0 0 rg BT 551.06 168.85 Td ( ) Tj ET Q q 0 0 0 rg BT 554.19 168.85 Td (In ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 156.85 Td (order ) Tj ET Q q 0 0 0 rg BT 73.37 156.85 Td (to ) Tj ET Q q 0 0 0 rg BT 83.92 156.85 Td (fund ) Tj ET Q q 0 0 0 rg BT 105.02 156.85 Td (these ) Tj ET Q q 0 0 0 rg BT 128.34 156.85 Td (uses ) Tj ET Q q 0 0 0 rg BT 148.33 156.85 Td (of ) Tj ET Q q 0 0 0 rg BT 159.43 156.85 Td (cash, ) Tj ET Q q 0 0 0 rg BT 182.47 156.85 Td (we ) Tj ET Q q 0 0 0 rg BT 196.90 156.85 Td (used ) Tj ET Q q 0 0 0 rg BT 218.00 156.85 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 256.31 156.85 Td (from ) Tj ET Q q 0 0 0 rg BT 278.52 156.85 Td (home ) Tj ET Q q 0 0 0 rg BT 303.51 156.85 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 345.15 156.85 Td (and ) Tj ET Q q 0 0 0 rg BT 362.36 156.85 Td (the ) Tj ET Q q 0 0 0 rg BT 377.35 156.85 Td (sale ) Tj ET Q q 0 0 0 rg BT 395.67 156.85 Td (of ) Tj ET Q q 0 0 0 rg BT 406.77 156.85 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 447.30 156.85 Td (loans, ) Tj ET Q q 0 0 0 rg BT 473.68 156.85 Td (as ) Tj ET Q q 0 0 0 rg BT 484.78 156.85 Td (well ) Tj ET Q q 0 0 0 rg BT 504.77 156.85 Td (as ) Tj ET Q q 0 0 0 rg BT 515.87 156.85 Td (excess ) Tj ET Q q 0 0 0 rg BT 544.74 156.85 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 144.85 Td (balances, ) Tj ET Q q 0 0 0 rg BT 88.92 144.85 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 136.98 144.85 Td (under ) Tj ET Q q 0 0 0 rg BT 162.24 144.85 Td (our ) Tj ET Q q 0 0 0 rg BT 178.07 144.85 Td (credit ) Tj ET Q q 0 0 0 rg BT 203.34 144.85 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 242.77 144.85 Td (and ) Tj ET Q q 0 0 0 rg BT 259.71 144.85 Td (other ) Tj ET Q q 0 0 0 rg BT 282.75 144.85 Td (sources ) Tj ET Q q 0 0 0 rg BT 315.24 144.85 Td (of ) Tj ET Q q 0 0 0 rg BT 326.07 144.85 Td (liquidity) Tj ET Q q 0 0 0 rg BT 359.31 144.85 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 122.85 Td (e ) Tj ET Q q 0 0 0 rg BT 65.26 122.85 Td (are ) Tj ET Q q 0 0 0 rg BT 80.15 122.85 Td (actively ) Tj ET Q q 0 0 0 rg BT 114.48 122.85 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 154.93 122.85 Td (and ) Tj ET Q q 0 0 0 rg BT 172.05 122.85 Td (developing ) Tj ET Q q 0 0 0 rg BT 219.17 122.85 Td (lots ) Tj ET Q q 0 0 0 rg BT 236.30 122.85 Td (in ) Tj ET Q q 0 0 0 rg BT 246.76 122.85 Td (our ) Tj ET Q q 0 0 0 rg BT 262.77 122.85 Td (markets ) Tj ET Q q 0 0 0 rg BT 297.11 122.85 Td (to ) Tj ET Q q 0 0 0 rg BT 307.57 122.85 Td (replenish ) Tj ET Q q 0 0 0 rg BT 346.91 122.85 Td (and ) Tj ET Q q 0 0 0 rg BT 364.03 122.85 Td (grow ) Tj ET Q q 0 0 0 rg BT 387.27 122.85 Td (our ) Tj ET Q q 0 0 0 rg BT 403.28 122.85 Td (lot ) Tj ET Q q 0 0 0 rg BT 416.52 122.85 Td (supply ) Tj ET Q q 0 0 0 rg BT 445.87 122.85 Td (and ) Tj ET Q q 0 0 0 rg BT 463.00 122.85 Td (active ) Tj ET Q q 0 0 0 rg BT 489.55 122.85 Td (community ) Tj ET Q q 0 0 0 rg BT 537.79 122.85 Td (count. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.85 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 110.85 Td (e ) Tj ET Q q 0 0 0 rg BT 65.37 110.85 Td (expect ) Tj ET Q q 0 0 0 rg BT 94.26 110.85 Td (to ) Tj ET Q q 0 0 0 rg BT 104.83 110.85 Td (continue ) Tj ET Q q 0 0 0 rg BT 142.05 110.85 Td (to ) Tj ET Q q 0 0 0 rg BT 152.63 110.85 Td (expand ) Tj ET Q q 0 0 0 rg BT 184.29 110.85 Td (our ) Tj ET Q q 0 0 0 rg BT 200.42 110.85 Td (business ) Tj ET Q q 0 0 0 rg BT 237.10 110.85 Td (based ) Tj ET Q q 0 0 0 rg BT 262.66 110.85 Td (on ) Tj ET Q q 0 0 0 rg BT 275.46 110.85 Td (the ) Tj ET Q q 0 0 0 rg BT 290.47 110.85 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 337.13 110.85 Td (level ) Tj ET Q q 0 0 0 rg BT 359.35 110.85 Td (of ) Tj ET Q q 0 0 0 rg BT 370.48 110.85 Td (demand ) Tj ET Q q 0 0 0 rg BT 404.92 110.85 Td (for ) Tj ET Q q 0 0 0 rg BT 419.38 110.85 Td (new ) Tj ET Q q 0 0 0 rg BT 438.83 110.85 Td (homes ) Tj ET Q q 0 0 0 rg BT 467.73 110.85 Td (in ) Tj ET Q q 0 0 0 rg BT 478.30 110.85 Td (our ) Tj ET Q q 0 0 0 rg BT 494.43 110.85 Td (markets. ) Tj ET Q q 0 0 0 rg BT 531.38 110.85 Td ( ) Tj ET Q q 0 0 0 rg BT 534.17 110.85 Td (During ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.85 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 63.01 98.85 Td (first ) Tj ET Q q 0 0 0 rg BT 80.41 98.85 Td (quarter ) Tj ET Q q 0 0 0 rg BT 110.02 98.85 Td (of ) Tj ET Q q 0 0 0 rg BT 119.65 98.85 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.65 98.85 Td (, ) Tj ET Q q 0 0 0 rg BT 143.44 98.85 Td (we ) Tj ET Q q 0 0 0 rg BT 156.39 98.85 Td (delivered ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.89 98.85 Td (1,038) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.39 98.85 Td ( ) Tj ET Q q 0 0 0 rg BT 218.68 98.85 Td (homes, ) Tj ET Q q 0 0 0 rg BT 248.59 98.85 Td (started ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 276.54 98.85 Td (1,256) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 299.04 98.85 Td ( ) Tj ET Q q 0 0 0 rg BT 300.33 98.85 Td (homes, ) Tj ET Q q 0 0 0 rg BT 330.23 98.85 Td (and ) Tj ET Q q 0 0 0 rg BT 345.96 98.85 Td (spent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.37 98.85 Td ($81.8 ) Tj ET Q q 0 0 0 rg BT 392.16 98.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.05 98.85 Td ( ) Tj ET Q q 0 0 0 rg BT 422.35 98.85 Td (on ) Tj ET Q q 0 0 0 rg BT 433.64 98.85 Td (land ) Tj ET Q q 0 0 0 rg BT 452.15 98.85 Td (purchases ) Tj ET Q q 0 0 0 rg BT 492.87 98.85 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.61 98.85 Td ($39.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 562.50 98.85 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.85 Td (on ) Tj ET Q q 0 0 0 rg BT 62.09 86.85 Td (land ) Tj ET Q q 0 0 0 rg BT 81.90 86.85 Td (development. ) Tj ET Q q 0 0 0 rg BT 138.64 86.85 Td ( ) Tj ET Q q 0 0 0 rg BT 141.23 86.85 Td (Based ) Tj ET Q q 0 0 0 rg BT 168.26 86.85 Td (upon ) Tj ET Q q 0 0 0 rg BT 190.85 86.85 Td (our ) Tj ET Q q 0 0 0 rg BT 206.77 86.85 Td (business ) Tj ET Q q 0 0 0 rg BT 243.25 86.85 Td (activity ) Tj ET Q q 0 0 0 rg BT 275.83 86.85 Td (levels, ) Tj ET Q q 0 0 0 rg BT 304.25 86.85 Td (market ) Tj ET Q q 0 0 0 rg BT 334.60 86.85 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 381.36 86.85 Td (and ) Tj ET Q q 0 0 0 rg BT 398.38 86.85 Td (opportunities ) Tj ET Q q 0 0 0 rg BT 453.75 86.85 Td (for ) Tj ET Q q 0 0 0 rg BT 468.00 86.85 Td (land ) Tj ET Q q 0 0 0 rg BT 487.81 86.85 Td (in ) Tj ET Q q 0 0 0 rg BT 498.17 86.85 Td (our ) Tj ET Q q 0 0 0 rg BT 514.09 86.85 Td (markets, ) Tj ET Q q 0 0 0 rg BT 550.84 86.85 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.85 Td (currently ) Tj ET Q q 0 0 0 rg BT 87.72 74.85 Td (estimate ) Tj ET Q q 0 0 0 rg BT 123.17 74.85 Td (that ) Tj ET Q q 0 0 0 rg BT 140.29 74.85 Td (we ) Tj ET Q q 0 0 0 rg BT 154.08 74.85 Td (will ) Tj ET Q q 0 0 0 rg BT 171.77 74.85 Td (spend ) Tj ET Q q 0 0 0 rg BT 197.22 74.85 Td (approximately ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.11 74.85 Td ($500 ) Tj ET Q q 0 0 0 rg BT 279.24 74.85 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 308.13 74.85 Td ( ) Tj ET Q q 0 0 0 rg BT 310.26 74.85 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 320.16 74.85 Td ($550million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.56 74.85 Td ( ) Tj ET Q q 0 0 0 rg BT 373.68 74.85 Td (on ) Tj ET Q q 0 0 0 rg BT 385.81 74.85 Td (land ) Tj ET Q q 0 0 0 rg BT 405.16 74.85 Td (purchases ) Tj ET Q q 0 0 0 rg BT 446.71 74.85 Td (and ) Tj ET Q q 0 0 0 rg BT 463.28 74.85 Td (land ) Tj ET Q q 0 0 0 rg BT 482.62 74.85 Td (development ) Tj ET Q q 0 0 0 rg BT 536.40 74.85 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.85 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 62.85 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 62.85 Td (including ) Tj ET Q q 0 0 0 rg BT 114.77 62.85 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.49 62.85 Td ($121.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 188.38 62.85 Td ( ) Tj ET Q q 0 0 0 rg BT 190.88 62.85 Td (spent ) Tj ET Q q 0 0 0 rg BT 214.49 62.85 Td (during ) Tj ET Q q 0 0 0 rg BT 243.10 62.85 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 257.82 62.85 Td (first ) Tj ET Q q 0 0 0 rg BT 276.42 62.85 Td (three ) Tj ET Q q 0 0 0 rg BT 298.91 62.85 Td (months ) Tj ET Q q 0 0 0 rg BT 330.86 62.85 Td (of ) Tj ET Q q 0 0 0 rg BT 341.69 62.85 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 361.69 62.85 Td (. ) Tj ET Q q 0 0 0 rg BT 366.69 62.85 Td ( ) Tj ET Q endstream endobj 83 0 obj <> endobj 84 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 (W) Tj ET Q q 0 0 0 rg BT 58.14 740.10 Td (e ) Tj ET Q q 0 0 0 rg BT 64.56 740.10 Td (also ) Tj ET Q q 0 0 0 rg BT 82.64 740.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 119.06 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.82 740.10 Td (enter ) Tj ET Q q 0 0 0 rg BT 150.78 740.10 Td (into ) Tj ET Q q 0 0 0 rg BT 168.32 740.10 Td (land ) Tj ET Q q 0 0 0 rg BT 187.52 740.10 Td (option ) Tj ET Q q 0 0 0 rg BT 215.05 740.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 265.06 740.10 Td (taking ) Tj ET Q q 0 0 0 rg BT 292.04 740.10 Td (into ) Tj ET Q q 0 0 0 rg BT 309.58 740.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 365.43 740.10 Td (current ) Tj ET Q q 0 0 0 rg BT 395.72 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 412.14 740.10 Td (projected ) Tj ET Q q 0 0 0 rg BT 451.32 740.10 Td (market ) Tj ET Q q 0 0 0 rg BT 481.07 740.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 527.21 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 536.97 740.10 Td (secure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (land ) Tj ET Q q 0 0 0 rg BT 68.79 728.10 Td (for ) Tj ET Q q 0 0 0 rg BT 82.53 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 96.82 728.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 148.33 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 158.73 728.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 186.92 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 196.77 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 211.06 728.10 Td (future. ) Tj ET Q q 0 0 0 rg BT 239.51 728.10 Td ( ) Tj ET Q q 0 0 0 rg BT 241.59 728.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 278.67 728.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.52 728.10 Td (these ) Tj ET Q q 0 0 0 rg BT 311.14 728.10 Td (land ) Tj ET Q q 0 0 0 rg BT 330.43 728.10 Td (option ) Tj ET Q q 0 0 0 rg BT 358.06 728.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 408.17 728.10 Td (as ) Tj ET Q q 0 0 0 rg BT 418.58 728.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.98 728.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 472.16 728.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 492.16 728.10 Td (, ) Tj ET Q q 0 0 0 rg BT 496.73 728.10 Td (we ) Tj ET Q q 0 0 0 rg BT 510.47 728.10 Td (had ) Tj ET Q q 0 0 0 rg BT 526.98 728.10 Td (purchase ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 97.53 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 107.81 716.10 Td (acquire ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.73 716.10 Td ($622.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.63 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 201.13 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 211.96 716.10 Td (land ) Tj ET Q q 0 0 0 rg BT 231.67 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 248.61 716.10 Td (lots ) Tj ET Q q 0 0 0 rg BT 265.56 716.10 Td (during ) Tj ET Q q 0 0 0 rg BT 294.17 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.88 716.10 Td (remainder ) Tj ET Q q 0 0 0 rg BT 351.92 716.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.75 716.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 382.75 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 385.25 716.10 Td (through ) Tj ET Q q 0 0 0 rg BT 418.86 716.10 Td (2028.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 694.10 Td (Land ) Tj ET Q q 0 0 0 rg BT 71.82 694.10 Td (transactions ) Tj ET Q q 0 0 0 rg BT 121.36 694.10 Td (are ) Tj ET Q q 0 0 0 rg BT 135.34 694.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 165.44 694.10 Td (to ) Tj ET Q q 0 0 0 rg BT 175.00 694.10 Td (a ) Tj ET Q q 0 0 0 rg BT 181.21 694.10 Td (number ) Tj ET Q q 0 0 0 rg BT 213.53 694.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.64 694.10 Td (factors, ) Tj ET Q q 0 0 0 rg BT 255.12 694.10 Td (including ) Tj ET Q q 0 0 0 rg BT 294.67 694.10 Td (our ) Tj ET Q q 0 0 0 rg BT 309.77 694.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 346.53 694.10 Td (condition ) Tj ET Q q 0 0 0 rg BT 386.07 694.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.29 694.10 Td (market ) Tj ET Q q 0 0 0 rg BT 431.83 694.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 477.77 694.10 Td (as ) Tj ET Q q 0 0 0 rg BT 487.87 694.10 Td (well ) Tj ET Q q 0 0 0 rg BT 506.86 694.10 Td (as ) Tj ET Q q 0 0 0 rg BT 516.97 694.10 Td (satisfaction ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.02 682.10 Td (various ) Tj ET Q q 0 0 0 rg BT 91.65 682.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 135.51 682.10 Td (related ) Tj ET Q q 0 0 0 rg BT 164.90 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 174.87 682.10 Td (specific ) Tj ET Q q 0 0 0 rg BT 208.16 682.10 Td (properties. ) Tj ET Q q 0 0 0 rg BT 252.83 682.10 Td ( ) Tj ET Q q 0 0 0 rg BT 254.87 682.10 Td (W) Tj ET Q q 0 0 0 rg BT 263.50 682.10 Td (e ) Tj ET Q q 0 0 0 rg BT 270.13 682.10 Td (will ) Tj ET Q q 0 0 0 rg BT 287.88 682.10 Td (continue ) Tj ET Q q 0 0 0 rg BT 324.51 682.10 Td (to ) Tj ET Q q 0 0 0 rg BT 334.48 682.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 368.33 682.10 Td (market ) Tj ET Q q 0 0 0 rg BT 398.29 682.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 442.14 682.10 Td (and ) Tj ET Q q 0 0 0 rg BT 458.77 682.10 Td (our ) Tj ET Q q 0 0 0 rg BT 474.30 682.10 Td (ongoing ) Tj ET Q q 0 0 0 rg BT 509.27 682.10 Td (pace ) Tj ET Q q 0 0 0 rg BT 529.77 682.10 Td (of ) Tj ET Q q 0 0 0 rg BT 540.29 682.10 Td (home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (deliveries ) Tj ET Q q 0 0 0 rg BT 90.87 670.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.81 670.10 Td (adjust ) Tj ET Q q 0 0 0 rg BT 134.20 670.10 Td (our ) Tj ET Q q 0 0 0 rg BT 150.03 670.10 Td (land ) Tj ET Q q 0 0 0 rg BT 169.74 670.10 Td (spending ) Tj ET Q q 0 0 0 rg BT 208.35 670.10 Td (accordingly) Tj ET Q q 0 0 0 rg BT 254.91 670.10 Td (. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 648.10 Td (Operating ) Tj ET Q q 0 0 0 rg BT 93.05 648.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 116.05 648.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 138.77 648.10 Td (Activities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 176.54 648.10 Td (. ) Tj ET Q q 0 0 0 rg BT 180.92 648.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.80 648.10 Td (During ) Tj ET Q q 0 0 0 rg BT 213.01 648.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.11 648.10 Td (three ) Tj ET Q q 0 0 0 rg BT 248.97 648.10 Td (month ) Tj ET Q q 0 0 0 rg BT 276.41 648.10 Td (period ) Tj ET Q q 0 0 0 rg BT 303.84 648.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 329.59 648.10 Td (March ) Tj ET Q q 0 0 0 rg BT 357.57 648.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 371.95 648.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 391.95 648.10 Td (, ) Tj ET Q q 0 0 0 rg BT 396.33 648.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.87 648.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 428.20 648.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 430.08 648.10 Td ($23.3 ) Tj ET Q q 0 0 0 rg BT 454.46 648.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 483.35 648.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.23 648.10 Td (of ) Tj ET Q q 0 0 0 rg BT 495.44 648.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 515.09 648.10 Td (in ) Tj ET Q q 0 0 0 rg BT 524.75 648.10 Td (operating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 636.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 91.23 636.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 133.78 636.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.68 636.10 Td ($1.4 ) Tj ET Q q 0 0 0 rg BT 165.31 636.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 194.20 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 197.32 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 208.78 636.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 229.68 636.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 268.35 636.10 Td (by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.35 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 281.48 636.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 322.37 636.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 361.59 636.10 Td (during ) Tj ET Q q 0 0 0 rg BT 390.83 636.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 406.17 636.10 Td (first ) Tj ET Q q 0 0 0 rg BT 425.40 636.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 456.85 636.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.30 636.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.30 636.10 Td (. ) Tj ET Q q 0 0 0 rg BT 493.70 636.10 Td (The ) Tj ET Q q 0 0 0 rg BT 512.38 636.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 533.27 636.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 551.60 636.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.73 636.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 624.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 90.14 624.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 129.11 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 139.77 624.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.86 624.10 Td (first ) Tj ET Q q 0 0 0 rg BT 173.85 624.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 205.04 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.24 624.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.24 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.12 624.10 Td (was ) Tj ET Q q 0 0 0 rg BT 257.55 624.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 297.63 624.10 Td (a ) Tj ET Q q 0 0 0 rg BT 304.95 624.10 Td (result ) Tj ET Q q 0 0 0 rg BT 330.04 624.10 Td (of ) Tj ET Q q 0 0 0 rg BT 341.25 624.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 348.56 624.10 Td ($54.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 402.45 624.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.33 624.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 440.96 624.10 Td (in ) Tj ET Q q 0 0 0 rg BT 451.61 624.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 492.82 624.10 Td (and ) Tj ET Q q 0 0 0 rg BT 510.13 624.10 Td (a ) Tj ET Q q 0 0 0 rg BT 517.44 624.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 554.73 624.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 612.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 87.38 612.10 Td (payable, ) Tj ET Q q 0 0 0 rg BT 123.86 612.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 157.83 612.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 216.27 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 233.60 612.10 Td (other ) Tj ET Q q 0 0 0 rg BT 257.03 612.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 297.14 612.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 330.58 612.10 Td ($34.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 384.48 612.10 Td (, ) Tj ET Q q 0 0 0 rg BT 389.87 612.10 Td (of) Tj ET Q q 0 0 0 rg BT 398.02 612.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 415.34 612.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 451.56 612.10 Td (by ) Tj ET Q q 0 0 0 rg BT 464.45 612.10 Td (net ) Tj ET Q q 0 0 0 rg BT 479.55 612.10 Td (income ) Tj ET Q q 0 0 0 rg BT 511.88 612.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.21 612.10 Td (deferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 600.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 64.67 600.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 99.82 600.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 133.32 600.10 Td ($17.3 ) Tj ET Q q 0 0 0 rg BT 158.77 600.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 187.66 600.10 Td (, ) Tj ET Q q 0 0 0 rg BT 193.11 600.10 Td (along ) Tj ET Q q 0 0 0 rg BT 218.27 600.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.00 600.10 Td ($45.3 ) Tj ET Q q 0 0 0 rg BT 264.45 600.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.34 600.10 Td ( ) Tj ET Q q 0 0 0 rg BT 296.29 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 307.57 600.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 346.05 600.10 Td (from ) Tj ET Q q 0 0 0 rg BT 368.44 600.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.60 600.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 402.10 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 413.38 600.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 454.09 600.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 478.15 600.10 Td (net ) Tj ET Q q 0 0 0 rg BT 493.31 600.10 Td (of ) Tj ET Q q 0 0 0 rg BT 504.59 600.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 545.30 600.10 Td (loan ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 588.10 Td (originations. ) Tj ET Q q 0 0 0 rg BT 102.57 588.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 121.13 588.10 Td ($1.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 170.02 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.04 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 184.38 588.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.16 588.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 243.72 588.10 Td (by) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 253.72 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 256.74 588.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 297.52 588.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 336.63 588.10 Td (in ) Tj ET Q q 0 0 0 rg BT 347.42 588.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 362.65 588.10 Td (first ) Tj ET Q q 0 0 0 rg BT 381.77 588.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 413.10 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 424.45 588.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.45 588.10 Td ( ) Tj ET Q q 0 0 0 rg BT 447.46 588.10 Td (was ) Tj ET Q q 0 0 0 rg BT 466.03 588.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 506.25 588.10 Td (a ) Tj ET Q q 0 0 0 rg BT 513.71 588.10 Td (result ) Tj ET Q q 0 0 0 rg BT 538.94 588.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 588.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 576.10 Td (income ) Tj ET Q q 0 0 0 rg BT 81.16 576.10 Td (and ) Tj ET Q q 0 0 0 rg BT 97.83 576.10 Td (deferred ) Tj ET Q q 0 0 0 rg BT 133.36 576.10 Td (tax ) Tj ET Q q 0 0 0 rg BT 147.80 576.10 Td (expense ) Tj ET Q q 0 0 0 rg BT 182.23 576.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.01 576.10 Td ($14.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 268.90 576.10 Td (, ) Tj ET Q q 0 0 0 rg BT 273.63 576.10 Td (along ) Tj ET Q q 0 0 0 rg BT 298.07 576.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.08 576.10 Td ($33.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 371.97 576.10 Td ( ) Tj ET Q q 0 0 0 rg BT 374.20 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 384.75 576.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 422.52 576.10 Td (from ) Tj ET Q q 0 0 0 rg BT 444.18 576.10 Td (the ) Tj ET Q q 0 0 0 rg BT 458.63 576.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 476.40 576.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.96 576.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 526.95 576.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 550.28 576.10 Td (net ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 564.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.59 564.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 101.12 564.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 121.10 564.10 Td (originations, ) Tj ET Q q 0 0 0 rg BT 174.14 564.10 Td (of) Tj ET Q q 0 0 0 rg BT 182.29 564.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 199.49 564.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 235.57 564.10 Td (by ) Tj ET Q q 0 0 0 rg BT 248.34 564.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.54 564.10 Td ($29.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 309.43 564.10 Td ( ) Tj ET Q q 0 0 0 rg BT 312.20 564.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 347.71 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 358.25 564.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 399.34 564.10 Td (and ) Tj ET Q q 0 0 0 rg BT 416.55 564.10 Td (an ) Tj ET Q q 0 0 0 rg BT 428.75 564.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 465.93 564.10 Td (in ) Tj ET Q q 0 0 0 rg BT 476.47 564.10 Td (accounts ) Tj ET Q q 0 0 0 rg BT 514.22 564.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 548.07 564.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 552.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 83.08 552.10 Td (compensation ) Tj ET Q q 0 0 0 rg BT 141.13 552.10 Td (totaling ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.18 552.10 Td ($19.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.07 552.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td (Investing ) Tj ET Q q 0 0 0 rg BT 90.98 528.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 115.25 528.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 139.05 528.10 Td (Activities. ) Tj ET Q q 0 0 0 rg BT 182.46 528.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 185.61 528.10 Td (During ) Tj ET Q q 0 0 0 rg BT 217.08 528.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.44 528.10 Td (first ) Tj ET Q q 0 0 0 rg BT 251.69 528.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 283.15 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 294.63 528.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 314.63 528.10 Td (, ) Tj ET Q q 0 0 0 rg BT 320.27 528.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 335.08 528.10 Td (generated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 373.94 528.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.08 528.10 Td ($3.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.98 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.12 528.10 Td (of ) Tj ET Q q 0 0 0 rg BT 440.60 528.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 461.51 528.10 Td (from ) Tj ET Q q 0 0 0 rg BT 484.09 528.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 523.90 528.10 Td (activities, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 91.87 516.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.60 516.10 Td ($13.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 156.50 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.45 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 170.73 516.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.45 516.10 Td (used) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.78 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.73 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.46 516.10 Td (investing ) Tj ET Q q 0 0 0 rg BT 263.07 516.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 302.12 516.10 Td (during ) Tj ET Q q 0 0 0 rg BT 331.18 516.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.35 516.10 Td (first ) Tj ET Q q 0 0 0 rg BT 365.41 516.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 396.67 516.10 Td (of ) Tj ET Q q 0 0 0 rg BT 407.95 516.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.95 516.10 Td (. ) Tj ET Q q 0 0 0 rg BT 433.40 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 436.14 516.10 Td (This ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 456.87 516.10 Td (decrease) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 491.28 516.10 Td ( ) Tj ET Q q 0 0 0 rg BT 494.23 516.10 Td (in ) Tj ET Q q 0 0 0 rg BT 504.96 516.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 525.68 516.10 Td (used ) Tj ET Q q 0 0 0 rg BT 546.96 516.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 504.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 89.45 504.10 Td (due ) Tj ET Q q 0 0 0 rg BT 106.63 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.15 504.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.33 504.10 Td ($9.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 173.23 504.10 Td ( ) Tj ET Q q 0 0 0 rg BT 175.97 504.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 213.12 504.10 Td (in ) Tj ET Q q 0 0 0 rg BT 223.64 504.10 Td (property ) Tj ET Q q 0 0 0 rg BT 260.26 504.10 Td (and ) Tj ET Q q 0 0 0 rg BT 277.44 504.10 Td (equipment ) Tj ET Q q 0 0 0 rg BT 322.40 504.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 362.35 504.10 Td (due ) Tj ET Q q 0 0 0 rg BT 379.53 504.10 Td (to ) Tj ET Q q 0 0 0 rg BT 390.05 504.10 Td (our ) Tj ET Q q 0 0 0 rg BT 406.12 504.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 444.40 504.10 Td (of ) Tj ET Q q 0 0 0 rg BT 455.47 504.10 Td (an ) Tj ET Q q 0 0 0 rg BT 467.65 504.10 Td (airplane ) Tj ET Q q 0 0 0 rg BT 502.60 504.10 Td (during ) Tj ET Q q 0 0 0 rg BT 531.45 504.10 Td (the ) Tj ET Q q 0 0 0 rg BT 546.40 504.10 Td (first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 81.01 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.53 492.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 118.23 492.10 Td (in ) Tj ET Q q 0 0 0 rg BT 129.20 492.10 Td (addition ) Tj ET Q q 0 0 0 rg BT 165.16 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 176.14 492.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 214.87 492.10 Td (received ) Tj ET Q q 0 0 0 rg BT 251.92 492.10 Td (related ) Tj ET Q q 0 0 0 rg BT 282.32 492.10 Td (to ) Tj ET Q q 0 0 0 rg BT 293.29 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 308.70 492.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 327.44 492.10 Td (of ) Tj ET Q q 0 0 0 rg BT 338.96 492.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 379.92 492.10 Td (servicing ) Tj ET Q q 0 0 0 rg BT 419.77 492.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 445.74 492.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 457.26 492.10 Td ($7.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.16 492.10 Td ( ) Tj ET Q q 0 0 0 rg BT 509.35 492.10 Td (that ) Tj ET Q q 0 0 0 rg BT 527.54 492.10 Td (occurred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (during ) Tj ET Q q 0 0 0 rg BT 78.11 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 92.83 480.10 Td (first ) Tj ET Q q 0 0 0 rg BT 111.43 480.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 142.25 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 153.08 480.10 Td (2017.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (Financing ) Tj ET Q q 0 0 0 rg BT 96.28 456.10 Td (Cash ) Tj ET Q q 0 0 0 rg BT 120.84 456.10 Td (Flow ) Tj ET Q q 0 0 0 rg BT 144.88 456.10 Td (Activities. ) Tj ET Q q 0 0 0 rg BT 188.59 456.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 192.02 456.10 Td (During ) Tj ET Q q 0 0 0 rg BT 223.78 456.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 239.44 456.10 Td (three ) Tj ET Q q 0 0 0 rg BT 262.85 456.10 Td (months ) Tj ET Q q 0 0 0 rg BT 295.74 456.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 323.05 456.10 Td (March ) Tj ET Q q 0 0 0 rg BT 352.58 456.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 368.51 456.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 388.51 456.10 Td (, ) Tj ET Q q 0 0 0 rg BT 394.45 456.10 Td (we ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.54 456.10 Td (generated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 448.41 456.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 451.84 456.10 Td ($24.5 ) Tj ET Q q 0 0 0 rg BT 477.77 456.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 506.67 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 510.10 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 521.86 456.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 543.07 456.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 89.14 444.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 129.62 444.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 170.93 444.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.58 444.10 Td (generating) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.79 444.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.67 444.10 Td ($33.4million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.56 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.44 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 290.65 444.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 310.30 444.10 Td (during ) Tj ET Q q 0 0 0 rg BT 338.28 444.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 352.38 444.10 Td (first ) Tj ET Q q 0 0 0 rg BT 370.37 444.10 Td (three ) Tj ET Q q 0 0 0 rg BT 392.23 444.10 Td (months ) Tj ET Q q 0 0 0 rg BT 423.56 444.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.77 444.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 453.77 444.10 Td (. ) Tj ET Q q 0 0 0 rg BT 458.15 444.10 Td ( ) Tj ET Q q 0 0 0 rg BT 459.90 444.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 477.32 444.10 Td ($8.9million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 526.21 444.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 528.09 444.10 Td (decrease) 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 (in ) Tj ET Q q 0 0 0 rg BT 59.41 432.10 Td (cash ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 79.32 432.10 Td (generated) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 118.18 432.10 Td ( ) Tj ET Q q 0 0 0 rg BT 120.32 432.10 Td (by ) Tj ET Q q 0 0 0 rg BT 132.45 432.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 172.35 432.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 210.59 432.10 Td (was ) Tj ET Q q 0 0 0 rg BT 228.28 432.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 267.63 432.10 Td (due ) Tj ET Q q 0 0 0 rg BT 284.20 432.10 Td (to ) Tj ET Q q 0 0 0 rg BT 294.11 432.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 334.00 432.10 Td (repayments ) Tj ET Q q 0 0 0 rg BT 382.23 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 392.70 432.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 440.39 432.10 Td (under ) Tj ET Q q 0 0 0 rg BT 465.29 432.10 Td (our ) Tj ET Q q 0 0 0 rg BT 480.76 432.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 500.68 432.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 525.58 432.10 Td (facilities.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.84 410.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.27 410.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.27 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 127.60 410.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 144.38 410.10 Td (December ) Tj ET Q q 0 0 0 rg BT 187.80 410.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 202.63 410.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 222.63 410.10 Td (, ) Tj ET Q q 0 0 0 rg BT 227.47 410.10 Td (our ) Tj ET Q q 0 0 0 rg BT 243.13 410.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 263.80 410.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.46 410.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 332.35 410.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 351.90 410.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.01 410.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 391.00 410.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 408.89 410.10 Td (45%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.22 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 429.55 410.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 446.33 410.10 Td (43%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 464.66 410.10 Td (, ) Tj ET Q q 0 0 0 rg BT 469.49 410.10 Td (respectively) Tj ET Q q 0 0 0 rg BT 517.15 410.10 Td (, ) Tj ET Q q 0 0 0 rg BT 521.99 410.10 Td (calculated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (as ) Tj ET Q q 0 0 0 rg BT 59.24 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 72.86 398.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 107.58 398.10 Td (value ) Tj ET Q q 0 0 0 rg BT 130.64 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 140.38 398.10 Td (our ) Tj ET Q q 0 0 0 rg BT 155.12 398.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 203.19 398.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 260.14 398.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 278.77 398.10 Td (divided ) Tj ET Q q 0 0 0 rg BT 310.17 398.10 Td (by ) Tj ET Q q 0 0 0 rg BT 321.58 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.20 398.10 Td (sum ) Tj ET Q q 0 0 0 rg BT 353.27 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 363.01 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.63 398.10 Td (carrying ) Tj ET Q q 0 0 0 rg BT 411.36 398.10 Td (value ) Tj ET Q q 0 0 0 rg BT 434.42 398.10 Td (of ) Tj ET Q q 0 0 0 rg BT 444.15 398.10 Td (our ) Tj ET Q q 0 0 0 rg BT 458.89 398.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 506.96 398.10 Td (homebuilding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 70.89 386.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 91.73 386.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 144.86 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 149.03 386.10 Td (equity) Tj ET Q q 0 0 0 rg BT 173.38 386.10 Td (. ) Tj ET Q q 0 0 0 rg BT 180.05 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 183.92 386.10 Td (The ) Tj ET Q q 0 0 0 rg BT 203.64 386.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 240.57 386.10 Td (compared ) Tj ET Q q 0 0 0 rg BT 284.17 386.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.12 386.10 Td (December ) Tj ET Q q 0 0 0 rg BT 341.38 386.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 358.05 386.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.05 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.22 386.10 Td (was ) Tj ET Q q 0 0 0 rg BT 401.95 386.10 Td (due ) Tj ET Q q 0 0 0 rg BT 420.56 386.10 Td (to ) Tj ET Q q 0 0 0 rg BT 432.51 386.10 Td (a ) Tj ET Q q 0 0 0 rg BT 441.12 386.10 Td (moderately ) Tj ET Q q 0 0 0 rg BT 490.28 386.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 520.00 386.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 554.17 386.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 107.11 374.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 126.39 374.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 175.12 374.10 Td (partially ) Tj ET Q q 0 0 0 rg BT 210.51 374.10 Td (of) Tj ET Q q 0 0 0 rg BT 218.66 374.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 235.16 374.10 Td (by ) Tj ET Q q 0 0 0 rg BT 247.22 374.10 Td (an ) Tj ET Q q 0 0 0 rg BT 258.72 374.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 293.54 374.10 Td (in ) Tj ET Q q 0 0 0 rg BT 303.38 374.10 Td (shareholders) Tj ET Q q 0 0 0 rg BT 356.50 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 358.57 374.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 385.63 374.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.91 374.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 438.07 374.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 458.07 374.10 Td (. ) Tj ET Q q 0 0 0 rg BT 462.63 374.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.54 374.10 Td (W) Tj ET Q q 0 0 0 rg BT 473.18 374.10 Td (e ) Tj ET Q q 0 0 0 rg BT 479.68 374.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 510.62 374.10 Td (that ) Tj ET Q q 0 0 0 rg BT 527.68 374.10 Td (this ) Tj ET Q q 0 0 0 rg BT 544.19 374.10 Td (ratio ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 362.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 86.62 362.10 Td (useful ) Tj ET Q q 0 0 0 rg BT 113.74 362.10 Td (information ) Tj ET Q q 0 0 0 rg BT 163.63 362.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 204.62 362.10 Td (our ) Tj ET Q q 0 0 0 rg BT 220.63 362.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 258.29 362.10 Td (position, ) Tj ET Q q 0 0 0 rg BT 295.70 362.10 Td (for ) Tj ET Q q 0 0 0 rg BT 310.04 362.10 Td (understanding ) Tj ET Q q 0 0 0 rg BT 369.37 362.10 Td (the ) Tj ET Q q 0 0 0 rg BT 384.27 362.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 420.81 362.10 Td (employed ) Tj ET Q q 0 0 0 rg BT 462.93 362.10 Td (in ) Tj ET Q q 0 0 0 rg BT 473.38 362.10 Td (our ) Tj ET Q q 0 0 0 rg BT 489.39 362.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 533.73 362.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.85 362.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 350.10 Td (comparing ) Tj ET Q q 0 0 0 rg BT 94.76 350.10 Td (us ) Tj ET Q q 0 0 0 rg BT 106.16 350.10 Td (with ) Tj ET Q q 0 0 0 rg BT 126.43 350.10 Td (other ) Tj ET Q q 0 0 0 rg BT 149.48 350.10 Td (homebuilders.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 328.10 Td (e ) Tj ET Q q 0 0 0 rg BT 65.54 328.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 86.84 328.10 Td (our ) Tj ET Q q 0 0 0 rg BT 103.14 328.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 147.76 328.10 Td (with ) Tj ET Q q 0 0 0 rg BT 168.50 328.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 189.24 328.10 Td (flows ) Tj ET Q q 0 0 0 rg BT 214.42 328.10 Td (from ) Tj ET Q q 0 0 0 rg BT 236.83 328.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 277.56 328.10 Td (activities, ) Tj ET Q q 0 0 0 rg BT 319.12 328.10 Td (including ) Tj ET Q q 0 0 0 rg BT 359.86 328.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 398.37 328.10 Td (from ) Tj ET Q q 0 0 0 rg BT 420.77 328.10 Td (home ) Tj ET Q q 0 0 0 rg BT 445.96 328.10 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 490.29 328.10 Td (land ) Tj ET Q q 0 0 0 rg BT 510.48 328.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 532.88 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 550.29 328.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 66.88 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 77.05 316.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 116.65 316.10 Td (loans. ) Tj ET Q q 0 0 0 rg BT 142.10 316.10 Td ( ) Tj ET Q q 0 0 0 rg BT 143.80 316.10 Td (W) Tj ET Q q 0 0 0 rg BT 152.44 316.10 Td (e ) Tj ET Q q 0 0 0 rg BT 158.72 316.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 189.43 316.10 Td (that ) Tj ET Q q 0 0 0 rg BT 206.26 316.10 Td (these ) Tj ET Q q 0 0 0 rg BT 228.64 316.10 Td (sources ) Tj ET Q q 0 0 0 rg BT 260.47 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 270.64 316.10 Td (cash, ) Tj ET Q q 0 0 0 rg BT 292.74 316.10 Td (along ) Tj ET Q q 0 0 0 rg BT 316.80 316.10 Td (with ) Tj ET Q q 0 0 0 rg BT 336.41 316.10 Td (our ) Tj ET Q q 0 0 0 rg BT 351.58 316.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 383.95 316.10 Td (of ) Tj ET Q q 0 0 0 rg BT 394.12 316.10 Td (unrestricted ) Tj ET Q q 0 0 0 rg BT 443.16 316.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 462.76 316.10 Td (and ) Tj ET Q q 0 0 0 rg BT 479.04 316.10 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 526.43 316.10 Td (available ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (under ) Tj ET Q q 0 0 0 rg BT 74.87 304.10 Td (our ) Tj ET Q q 0 0 0 rg BT 90.80 304.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 116.17 304.10 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 155.70 304.10 Td (will ) Tj ET Q q 0 0 0 rg BT 173.86 304.10 Td (be ) Tj ET Q q 0 0 0 rg BT 185.90 304.10 Td (suf) Tj ET Q q 0 0 0 rg BT 197.94 304.10 Td (ficient ) Tj ET Q q 0 0 0 rg BT 226.09 304.10 Td (to ) Tj ET Q q 0 0 0 rg BT 236.47 304.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 257.40 304.10 Td (our ) Tj ET Q q 0 0 0 rg BT 273.33 304.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 312.03 304.10 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 358.50 304.10 Td (working ) Tj ET Q q 0 0 0 rg BT 394.43 304.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 423.68 304.10 Td (needs, ) Tj ET Q q 0 0 0 rg BT 451.56 304.10 Td (investment ) Tj ET Q q 0 0 0 rg BT 498.04 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 508.42 304.10 Td (land ) Tj ET Q q 0 0 0 rg BT 528.24 304.10 Td (and ) Tj ET Q q 0 0 0 rg BT 545.28 304.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (development, ) Tj ET Q q 0 0 0 rg BT 106.00 292.10 Td (construction ) Tj ET Q q 0 0 0 rg BT 157.79 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 168.47 292.10 Td (homes, ) Tj ET Q q 0 0 0 rg BT 199.43 292.10 Td (operating ) Tj ET Q q 0 0 0 rg BT 239.54 292.10 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 280.49 292.10 Td (planned ) Tj ET Q q 0 0 0 rg BT 314.50 292.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 343.50 292.10 Td (spending, ) Tj ET Q q 0 0 0 rg BT 384.46 292.10 Td (and ) Tj ET Q q 0 0 0 rg BT 401.25 292.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 420.82 292.10 Td (service ) Tj ET Q q 0 0 0 rg BT 451.48 292.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 506.04 292.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.05 292.10 Td (at ) Tj ET Q q 0 0 0 rg BT 529.61 292.10 Td (least ) Tj ET Q q 0 0 0 rg BT 550.29 292.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td (next ) Tj ET Q q 0 0 0 rg BT 69.35 280.10 Td (twelve ) Tj ET Q q 0 0 0 rg BT 98.63 280.10 Td (months. ) Tj ET Q q 0 0 0 rg BT 133.21 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 135.83 280.10 Td (In ) Tj ET Q q 0 0 0 rg BT 146.79 280.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 184.69 280.10 Td (we ) Tj ET Q q 0 0 0 rg BT 198.98 280.10 Td (routinely ) Tj ET Q q 0 0 0 rg BT 237.71 280.10 Td (monitor ) Tj ET Q q 0 0 0 rg BT 272.01 280.10 Td (current ) Tj ET Q q 0 0 0 rg BT 302.95 280.10 Td (operational ) Tj ET Q q 0 0 0 rg BT 350.56 280.10 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 407.89 280.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 445.50 280.10 Td (market ) Tj ET Q q 0 0 0 rg BT 475.89 280.10 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 522.69 280.10 Td (and ) Tj ET Q q 0 0 0 rg BT 539.75 280.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (relationships ) Tj ET Q q 0 0 0 rg BT 102.79 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.41 268.10 Td (we ) Tj ET Q q 0 0 0 rg BT 133.25 268.10 Td (may ) Tj ET Q q 0 0 0 rg BT 152.65 268.10 Td (choose ) Tj ET Q q 0 0 0 rg BT 182.60 268.10 Td (to ) Tj ET Q q 0 0 0 rg BT 192.56 268.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 212.51 268.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 254.68 268.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 283.51 268.10 Td (by ) Tj ET Q q 0 0 0 rg BT 295.69 268.10 Td (issuing ) Tj ET Q q 0 0 0 rg BT 326.21 268.10 Td (new ) Tj ET Q q 0 0 0 rg BT 345.05 268.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 364.45 268.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 392.18 268.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 419.36 268.10 Td (securities ) Tj ET Q q 0 0 0 rg BT 459.30 268.10 Td (to ) Tj ET Q q 0 0 0 rg BT 469.26 268.10 Td (strengthen ) Tj ET Q q 0 0 0 rg BT 513.10 268.10 Td (our ) Tj ET Q q 0 0 0 rg BT 528.61 268.10 Td (liquidity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.42 256.10 Td (our ) Tj ET Q q 0 0 0 rg BT 74.33 256.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 115.35 256.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 143.59 256.10 Td (structure. ) Tj ET Q q 0 0 0 rg BT 182.66 256.10 Td ( ) Tj ET Q q 0 0 0 rg BT 184.14 256.10 Td (The ) Tj ET Q q 0 0 0 rg BT 201.27 256.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 240.62 256.10 Td (needs ) Tj ET Q q 0 0 0 rg BT 264.98 256.10 Td (of ) Tj ET Q q 0 0 0 rg BT 274.89 256.10 Td (our ) Tj ET Q q 0 0 0 rg BT 289.81 256.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 346.95 256.10 Td (and ) Tj ET Q q 0 0 0 rg BT 362.97 256.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 399.54 256.10 Td (services ) Tj ET Q q 0 0 0 rg BT 433.34 256.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 476.58 256.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 507.04 256.10 Td (on ) Tj ET Q q 0 0 0 rg BT 518.63 256.10 Td (anticipated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 244.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 71.55 244.10 Td (volume ) Tj ET Q q 0 0 0 rg BT 104.16 244.10 Td (in ) Tj ET Q q 0 0 0 rg BT 114.55 244.10 Td (the ) Tj ET Q q 0 0 0 rg BT 129.37 244.10 Td (current ) Tj ET Q q 0 0 0 rg BT 160.30 244.10 Td (year ) Tj ET Q q 0 0 0 rg BT 180.12 244.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.06 244.10 Td (well ) Tj ET Q q 0 0 0 rg BT 210.89 244.10 Td (as ) Tj ET Q q 0 0 0 rg BT 221.83 244.10 Td (future ) Tj ET Q q 0 0 0 rg BT 248.32 244.10 Td (years, ) Tj ET Q q 0 0 0 rg BT 274.53 244.10 Td (inventory ) Tj ET Q q 0 0 0 rg BT 315.46 244.10 Td (levels ) Tj ET Q q 0 0 0 rg BT 341.40 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 358.45 244.10 Td (related ) Tj ET Q q 0 0 0 rg BT 388.26 244.10 Td (turnover) Tj ET Q q 0 0 0 rg BT 421.74 244.10 Td (, ) Tj ET Q q 0 0 0 rg BT 426.85 244.10 Td (forecasted ) Tj ET Q q 0 0 0 rg BT 470.55 244.10 Td (land ) Tj ET Q q 0 0 0 rg BT 490.38 244.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.43 244.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 520.59 244.10 Td (purchases, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 232.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 68.71 232.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 104.59 232.10 Td (dates, ) Tj ET Q q 0 0 0 rg BT 129.64 232.10 Td (and ) Tj ET Q q 0 0 0 rg BT 146.07 232.10 Td (other ) Tj ET Q q 0 0 0 rg BT 168.62 232.10 Td (factors. ) Tj ET Q q 0 0 0 rg BT 200.32 232.10 Td ( ) Tj ET Q q 0 0 0 rg BT 202.32 232.10 Td (If ) Tj ET Q q 0 0 0 rg BT 210.97 232.10 Td (we ) Tj ET Q q 0 0 0 rg BT 224.63 232.10 Td (seek ) Tj ET Q q 0 0 0 rg BT 244.40 232.10 Td (such ) Tj ET Q q 0 0 0 rg BT 264.72 232.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 306.71 232.10 Td (capital, ) Tj ET Q q 0 0 0 rg BT 337.86 232.10 Td (there ) Tj ET Q q 0 0 0 rg BT 359.84 232.10 Td (can ) Tj ET Q q 0 0 0 rg BT 375.72 232.10 Td (be ) Tj ET Q q 0 0 0 rg BT 387.15 232.10 Td (no ) Tj ET Q q 0 0 0 rg BT 399.15 232.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 440.01 232.10 Td (that ) Tj ET Q q 0 0 0 rg BT 457.00 232.10 Td (we ) Tj ET Q q 0 0 0 rg BT 470.66 232.10 Td (would ) Tj ET Q q 0 0 0 rg BT 497.66 232.10 Td (be ) Tj ET Q q 0 0 0 rg BT 509.09 232.10 Td (able ) Tj ET Q q 0 0 0 rg BT 527.75 232.10 Td (to ) Tj ET Q q 0 0 0 rg BT 537.52 232.10 Td (obtain ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 220.10 Td (such ) Tj ET Q q 0 0 0 rg BT 70.55 220.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 113.25 220.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 142.62 220.10 Td (on ) Tj ET Q q 0 0 0 rg BT 155.34 220.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 180.27 220.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 225.17 220.10 Td (to ) Tj ET Q q 0 0 0 rg BT 235.67 220.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 249.78 220.10 Td (if ) Tj ET Q q 0 0 0 rg BT 258.60 220.10 Td (at ) Tj ET Q q 0 0 0 rg BT 268.53 220.10 Td (all, ) Tj ET Q q 0 0 0 rg BT 283.74 220.10 Td (and ) Tj ET Q q 0 0 0 rg BT 300.90 220.10 Td (such ) Tj ET Q q 0 0 0 rg BT 321.95 220.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 364.65 220.10 Td (equity ) Tj ET Q q 0 0 0 rg BT 392.36 220.10 Td (or ) Tj ET Q q 0 0 0 rg BT 403.41 220.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 423.34 220.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 463.82 220.10 Td (could ) Tj ET Q q 0 0 0 rg BT 488.76 220.10 Td (dilute ) Tj ET Q q 0 0 0 rg BT 514.25 220.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.18 220.10 Td (interests ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 208.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 208.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.16 208.10 Td (existing ) Tj ET Q q 0 0 0 rg BT 110.33 208.10 Td (shareholders ) Tj ET Q q 0 0 0 rg BT 163.36 208.10 Td (and/or ) Tj ET Q q 0 0 0 rg BT 191.41 208.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 226.66 208.10 Td (our ) Tj ET Q q 0 0 0 rg BT 242.49 208.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 274.43 208.10 Td (costs. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 186.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.58 186.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.00 186.10 Td (is ) Tj ET Q q 0 0 0 rg BT 118.21 186.10 Td (a ) Tj ET Q q 0 0 0 rg BT 125.18 186.10 Td (party ) Tj ET Q q 0 0 0 rg BT 148.27 186.10 Td (to ) Tj ET Q q 0 0 0 rg BT 158.58 186.10 Td (three ) Tj ET Q q 0 0 0 rg BT 181.10 186.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 215.29 186.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 240.59 186.10 Td (agreements: ) Tj ET Q q 0 0 0 rg BT 291.44 186.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 305.63 186.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 312.61 186.10 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 364.00 186.10 Td ( ) Tj ET Q q 0 0 0 rg BT 366.54 186.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 409.61 186.10 Td (revolving ) Tj ET Q q 0 0 0 rg BT 450.47 186.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 475.77 186.10 Td (facility ) Tj ET Q q 0 0 0 rg BT 506.62 186.10 Td (dated ) Tj ET Q q 0 0 0 rg BT 530.82 186.10 Td (July ) Tj ET Q q 0 0 0 rg BT 550.02 186.10 Td (18, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 174.10 Td (2013, ) Tj ET Q q 0 0 0 rg BT 74.14 174.10 Td (as ) Tj ET Q q 0 0 0 rg BT 84.62 174.10 Td (amended, ) Tj ET Q q 0 0 0 rg BT 125.35 174.10 Td (with ) Tj ET Q q 0 0 0 rg BT 145.28 174.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 162.42 174.10 Td (Homes, ) Tj ET Q q 0 0 0 rg BT 195.39 174.10 Td (Inc. ) Tj ET Q q 0 0 0 rg BT 212.81 174.10 Td (as ) Tj ET Q q 0 0 0 rg BT 223.28 174.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 262.07 174.10 Td (and ) Tj ET Q q 0 0 0 rg BT 278.66 174.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 324.66 174.10 Td (by ) Tj ET Q q 0 0 0 rg BT 336.80 174.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.17 174.10 Td (Company) Tj ET Q q 0 0 0 rg BT 392.83 174.10 Td (s ) Tj ET Q q 0 0 0 rg BT 398.87 174.10 Td (wholly ) Tj ET Q q 0 0 0 rg BT 428.79 174.10 Td (owned ) Tj ET Q q 0 0 0 rg BT 457.59 174.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 515.29 174.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 162.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 67.47 162.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 99.32 162.10 Td (Facility\); ) Tj ET Q q 0 0 0 rg BT 142.84 162.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 156.92 162.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 163.77 162.10 Td ($125million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 215.17 162.10 Td ( ) Tj ET Q q 0 0 0 rg BT 217.59 162.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 250.54 162.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 290.73 162.10 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 344.24 162.10 Td (agreement, ) Tj ET Q q 0 0 0 rg BT 390.80 162.10 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 414.88 162.10 Td (June24, ) Tj ET Q q 0 0 0 rg BT 450.63 162.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 470.63 162.10 Td (, ) Tj ET Q q 0 0 0 rg BT 475.55 162.10 Td (as ) Tj ET Q q 0 0 0 rg BT 486.30 162.10 Td (amended, ) Tj ET Q q 0 0 0 rg BT 527.31 162.10 Td (with ) Tj ET Q q 0 0 0 rg BT 547.51 162.10 Td (M/I ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 150.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 88.73 150.10 Td (as ) Tj ET Q q 0 0 0 rg BT 99.09 150.10 Td (borrower ) Tj ET Q q 0 0 0 rg BT 137.76 150.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 155.33 150.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 179.58 150.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 220.33 150.10 Td (W) Tj ET Q q 0 0 0 rg BT 228.97 150.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 274.42 150.10 Td (Agreement\); ) Tj ET Q q 0 0 0 rg BT 331.41 150.10 Td (and ) Tj ET Q q 0 0 0 rg BT 347.88 150.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 361.56 150.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 368.02 150.10 Td ($15 ) Tj ET Q q 0 0 0 rg BT 385.04 150.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 413.93 150.10 Td ( ) Tj ET Q q 0 0 0 rg BT 415.96 150.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 455.74 150.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 501.07 150.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 544.74 150.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 138.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 66.53 138.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 105.78 138.10 Td (as ) Tj ET Q q 0 0 0 rg BT 116.14 138.10 Td (borrower) Tj ET Q q 0 0 0 rg BT 152.39 138.10 Td (, ) Tj ET Q q 0 0 0 rg BT 156.93 138.10 Td (dated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 180.62 138.10 Td (November ) Tj ET Q q 0 0 0 rg BT 224.86 138.10 Td (3, ) Tj ET Q q 0 0 0 rg BT 234.39 138.10 Td (2015) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 254.39 138.10 Td (, ) Tj ET Q q 0 0 0 rg BT 258.92 138.10 Td (as ) Tj ET Q q 0 0 0 rg BT 269.29 138.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 307.42 138.10 Td (on ) Tj ET Q q 0 0 0 rg BT 319.45 138.10 Td (October ) Tj ET Q q 0 0 0 rg BT 353.69 138.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 368.22 138.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 390.26 138.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 407.84 138.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 432.09 138.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 473.00 138.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 521.68 138.10 Td (Facility\).) 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 (42) 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 (2017) 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 404.75 689.55 Td (10/20/2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.50 689.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 689.55 Td (110,900) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 689.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 689.55 Td (255,814) 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 ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 677.55 Td (106,937) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 511.50 677.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 677.55 Td (729) 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 81.75 658.50 Td (available ) Tj ET Q q 0 0 0 rg BT 112.43 658.50 Td (amount ) Tj ET Q q 0 0 0 rg BT 138.23 658.50 Td (under ) Tj ET Q q 0 0 0 rg BT 158.25 658.50 Td (the ) Tj ET Q q 0 0 0 rg BT 169.84 658.50 Td (Credit ) Tj ET Q q 0 0 0 rg BT 191.64 658.50 Td (Facility ) Tj ET Q q 0 0 0 rg BT 217.89 658.50 Td (is ) Tj ET Q q 0 0 0 rg BT 225.04 658.50 Td (computed ) Tj ET Q q 0 0 0 rg BT 258.39 658.50 Td (in ) Tj ET Q q 0 0 0 rg BT 266.42 658.50 Td (accordance ) Tj ET Q q 0 0 0 rg BT 304.20 658.50 Td (with ) Tj ET Q q 0 0 0 rg BT 320.23 658.50 Td (a ) Tj ET Q q 0 0 0 rg BT 325.59 658.50 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 360.73 658.50 Td (base ) Tj ET Q q 0 0 0 rg BT 376.75 658.50 Td (, ) Tj ET Q q 0 0 0 rg BT 380.56 658.50 Td (which ) Tj ET Q q 0 0 0 rg BT 401.92 658.50 Td (is ) Tj ET Q q 0 0 0 rg BT 409.06 658.50 Td (calculated ) Tj ET Q q 0 0 0 rg BT 443.29 658.50 Td (by ) Tj ET Q q 0 0 0 rg BT 453.10 658.50 Td (applying ) Tj ET Q q 0 0 0 rg BT 482.91 658.50 Td (various ) Tj ET Q q 0 0 0 rg BT 508.27 658.50 Td (advance ) Tj ET Q q 0 0 0 rg BT 536.28 658.50 Td (rates ) Tj ET Q q 0 0 0 rg BT 553.19 658.50 Td (for ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 648.90 Td (dif) Tj ET Q q 0 0 0 rg BT 76.24 648.90 Td (ferent ) Tj ET Q q 0 0 0 rg BT 97.06 648.90 Td (categories ) Tj ET Q q 0 0 0 rg BT 131.65 648.90 Td (of ) Tj ET Q q 0 0 0 rg BT 140.47 648.90 Td (inventory ) Tj ET Q q 0 0 0 rg BT 173.30 648.90 Td (and ) Tj ET Q q 0 0 0 rg BT 187.01 648.90 Td (totaled ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 210.94 648.90 Td ($588.4million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 258.06 648.90 Td ( ) Tj ET Q q 0 0 0 rg BT 260.22 648.90 Td (of ) Tj ET Q q 0 0 0 rg BT 269.05 648.90 Td (availability ) Tj ET Q q 0 0 0 rg BT 307.20 648.90 Td (for ) Tj ET Q q 0 0 0 rg BT 318.69 648.90 Td (additional ) Tj ET Q q 0 0 0 rg BT 352.84 648.90 Td (senior ) Tj ET Q q 0 0 0 rg BT 374.56 648.90 Td (debt ) Tj ET Q q 0 0 0 rg BT 390.50 648.90 Td (at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 398.43 648.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 433.47 648.90 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.47 648.90 Td (. ) Tj ET Q q 0 0 0 rg BT 453.64 648.90 Td ( ) Tj ET Q q 0 0 0 rg BT 455.80 648.90 Td ( ) Tj ET Q q 0 0 0 rg BT 457.49 648.90 Td (As ) Tj ET Q q 0 0 0 rg BT 468.54 648.90 Td (a ) Tj ET Q q 0 0 0 rg BT 474.25 648.90 Td (result, ) Tj ET Q q 0 0 0 rg BT 496.19 648.90 Td (the ) Tj ET Q q 0 0 0 rg BT 508.13 648.90 Td (full ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 521.40 648.90 Td ($400million) Tj ET Q BT /F1 8.00 Tf ET BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 639.30 Td (commitment ) Tj ET Q q 0 0 0 rg BT 108.97 639.30 Td (amount ) Tj ET Q q 0 0 0 rg BT 134.01 639.30 Td (of ) Tj ET Q q 0 0 0 rg BT 141.71 639.30 Td (the ) Tj ET Q q 0 0 0 rg BT 152.52 639.30 Td (facility ) Tj ET Q q 0 0 0 rg BT 176.21 639.30 Td (was ) Tj ET Q q 0 0 0 rg BT 189.69 639.30 Td (available, ) Tj ET Q q 0 0 0 rg BT 221.60 639.30 Td (less ) Tj ET Q q 0 0 0 rg BT 234.64 639.30 Td (any ) Tj ET Q q 0 0 0 rg BT 247.22 639.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 284.70 639.30 Td (and ) Tj ET Q q 0 0 0 rg BT 297.29 639.30 Td (letters ) Tj ET Q q 0 0 0 rg BT 317.88 639.30 Td (of ) Tj ET Q q 0 0 0 rg BT 325.58 639.30 Td (credit ) Tj ET Q q 0 0 0 rg BT 344.82 639.30 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 385.19 639.30 Td ( ) Tj ET Q q 0 0 0 rg BT 386.16 639.30 Td (There ) Tj ET Q q 0 0 0 rg BT 405.85 639.30 Td (were ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 422.43 639.30 Td ($1) Tj ET Q q 0 0 0 rg BT 430.13 639.30 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 445.17 639.30 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 468.28 639.30 Td ( ) Tj ET Q q 0 0 0 rg BT 469.32 639.30 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 506.79 639.30 Td (and ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.38 639.30 Td ($33.3million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 562.50 639.30 Td ( ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 629.70 Td (of ) Tj ET Q q 0 0 0 rg BT 76.16 629.70 Td (letters ) Tj ET Q q 0 0 0 rg BT 97.71 629.70 Td (of ) Tj ET Q q 0 0 0 rg BT 106.38 629.70 Td (credit ) Tj ET Q q 0 0 0 rg BT 126.59 629.70 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 165.92 629.70 Td (at ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 173.69 629.70 Td (March31, ) Tj ET Q q 0 0 0 rg BT 208.57 629.70 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 224.57 629.70 Td (, ) Tj ET Q q 0 0 0 rg BT 228.57 629.70 Td (leaving ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 254.12 629.70 Td ($255.8 ) Tj ET Q q 0 0 0 rg BT 278.12 629.70 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 301.23 629.70 Td ( ) Tj ET Q q 0 0 0 rg BT 303.23 629.70 Td (available. ) Tj ET Q q 0 0 0 rg BT 336.10 629.70 Td ( ) Tj ET Q q 0 0 0 rg BT 337.96 629.70 Td (The ) Tj ET Q q 0 0 0 rg BT 352.39 629.70 Td (Credit ) Tj ET Q q 0 0 0 rg BT 374.39 629.70 Td (Facility ) Tj ET Q q 0 0 0 rg BT 400.83 629.70 Td (has ) Tj ET Q q 0 0 0 rg BT 413.50 629.70 Td (an ) Tj ET Q q 0 0 0 rg BT 423.05 629.70 Td (expiration ) Tj ET Q q 0 0 0 rg BT 457.48 629.70 Td (date ) Tj ET Q q 0 0 0 rg BT 472.80 629.70 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 481.47 629.70 Td (October ) Tj ET Q q 0 0 0 rg BT 509.23 629.70 Td (20, ) Tj ET Q q 0 0 0 rg BT 521.23 629.70 Td (2018) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 537.23 629.70 Td (.) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 49.50 614.10 Td (\(b\) ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 614.10 Td (The ) Tj ET Q q 0 0 0 rg BT 82.70 614.10 Td (available ) Tj ET Q q 0 0 0 rg BT 114.34 614.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 141.10 614.10 Td (is ) Tj ET Q q 0 0 0 rg BT 149.20 614.10 Td (computed ) Tj ET Q q 0 0 0 rg BT 183.51 614.10 Td (in ) Tj ET Q q 0 0 0 rg BT 192.49 614.10 Td (accordance ) Tj ET Q q 0 0 0 rg BT 231.22 614.10 Td (with ) Tj ET Q q 0 0 0 rg BT 248.21 614.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.75 614.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 296.84 614.10 Td (base ) Tj ET Q q 0 0 0 rg BT 313.82 614.10 Td (calculations ) Tj ET Q q 0 0 0 rg BT 354.79 614.10 Td (under ) Tj ET Q q 0 0 0 rg BT 375.77 614.10 Td (the ) Tj ET Q q 0 0 0 rg BT 388.30 614.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 405.29 614.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 438.96 614.10 Td (W) Tj ET Q q 0 0 0 rg BT 445.87 614.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 483.13 614.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 521.43 614.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.74 614.10 Td (the ) Tj ET Q q 0 0 0 rg BT 548.28 614.10 Td (MIF ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 604.50 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 100.60 604.50 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 139.92 604.50 Td (Facility) Tj ET Q q 0 0 0 rg BT 163.85 604.50 Td (, ) Tj ET Q q 0 0 0 rg BT 167.85 604.50 Td (each ) Tj ET Q q 0 0 0 rg BT 184.50 604.50 Td (of ) Tj ET Q q 0 0 0 rg BT 193.17 604.50 Td (which ) Tj ET Q q 0 0 0 rg BT 214.72 604.50 Td (may ) Tj ET Q q 0 0 0 rg BT 230.50 604.50 Td (be ) Tj ET Q q 0 0 0 rg BT 240.05 604.50 Td (increased ) Tj ET Q q 0 0 0 rg BT 272.26 604.50 Td (by ) Tj ET Q q 0 0 0 rg BT 282.26 604.50 Td (pledging ) Tj ET Q q 0 0 0 rg BT 312.26 604.50 Td (additional ) Tj ET Q q 0 0 0 rg BT 346.26 604.50 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 378.47 604.50 Td (collateral. ) Tj ET Q q 0 0 0 rg BT 414.09 604.50 Td (The ) Tj ET Q q 0 0 0 rg BT 428.53 604.50 Td (maximum ) Tj ET Q q 0 0 0 rg BT 462.97 604.50 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 496.07 604.50 Td (commitment ) Tj ET Q q 0 0 0 rg BT 538.51 604.50 Td (amount ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 594.90 Td (of ) Tj ET Q q 0 0 0 rg BT 76.15 594.90 Td (M/I ) Tj ET Q q 0 0 0 rg BT 90.14 594.90 Td (Financial's ) Tj ET Q q 0 0 0 rg BT 126.45 594.90 Td (warehousing ) Tj ET Q q 0 0 0 rg BT 169.32 594.90 Td (agreements ) Tj ET Q q 0 0 0 rg BT 207.73 594.90 Td (as ) Tj ET Q q 0 0 0 rg BT 216.38 594.90 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 225.03 594.90 Td (March31, ) Tj ET Q q 0 0 0 rg BT 259.90 594.90 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 275.90 594.90 Td ( ) Tj ET Q q 0 0 0 rg BT 277.89 594.90 Td (was ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 292.31 594.90 Td ($140 ) Tj ET Q q 0 0 0 rg BT 310.30 594.90 Td (million) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 333.42 594.90 Td (. ) Tj ET Q q 0 0 0 rg BT 337.40 594.90 Td ( ) Tj ET Q q 0 0 0 rg BT 339.25 594.90 Td (The ) Tj ET Q q 0 0 0 rg BT 353.67 594.90 Td (MIF ) Tj ET Q q 0 0 0 rg BT 369.88 594.90 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 402.83 594.90 Td (W) Tj ET Q q 0 0 0 rg BT 409.74 594.90 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 446.39 594.90 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 483.92 594.90 Td (has ) Tj ET Q q 0 0 0 rg BT 496.57 594.90 Td (an ) Tj ET Q q 0 0 0 rg BT 506.11 594.90 Td (expiration ) Tj ET Q q 0 0 0 rg BT 540.53 594.90 Td (date ) Tj ET Q q 0 0 0 rg BT 555.84 594.90 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 585.30 Td (June23, ) Tj ET Q q 0 0 0 rg BT 96.08 585.30 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 112.08 585.30 Td ( ) Tj ET Q q 0 0 0 rg BT 114.00 585.30 Td (and ) Tj ET Q q 0 0 0 rg BT 127.47 585.30 Td (the ) Tj ET Q q 0 0 0 rg BT 139.16 585.30 Td (MIF ) Tj ET Q q 0 0 0 rg BT 155.30 585.30 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 188.32 585.30 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 227.56 585.30 Td (Facility ) Tj ET Q q 0 0 0 rg BT 253.92 585.30 Td (has ) Tj ET Q q 0 0 0 rg BT 266.50 585.30 Td (an ) Tj ET Q q 0 0 0 rg BT 275.97 585.30 Td (expiration ) Tj ET Q q 0 0 0 rg BT 310.32 585.30 Td (date ) Tj ET Q q 0 0 0 rg BT 325.56 585.30 Td (of ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 334.14 585.30 Td (October30, ) Tj ET Q q 0 0 0 rg BT 373.83 585.30 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 389.83 585.30 Td (. ) Tj ET Q q 0 0 0 rg BT 393.75 585.30 Td ( ) Tj ET Q q 0 0 0 rg BT 395.66 585.30 Td (M/I ) Tj ET Q q 0 0 0 rg BT 409.58 585.30 Td (Financial ) Tj ET Q q 0 0 0 rg BT 441.27 585.30 Td (expects ) Tj ET Q q 0 0 0 rg BT 467.18 585.30 Td (to ) Tj ET Q q 0 0 0 rg BT 475.32 585.30 Td (enter ) Tj ET Q q 0 0 0 rg BT 493.22 585.30 Td (into ) Tj ET Q q 0 0 0 rg BT 507.59 585.30 Td (an ) Tj ET Q q 0 0 0 rg BT 517.05 585.30 Td (amendment ) Tj ET Q q 0 0 0 rg BT 556.29 585.30 Td (to ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 575.70 Td (the ) Tj ET Q q 0 0 0 rg BT 78.58 575.70 Td (MIF ) Tj ET Q q 0 0 0 rg BT 94.12 575.70 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 126.43 575.70 Td (W) Tj ET Q q 0 0 0 rg BT 133.34 575.70 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 169.46 575.70 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 206.31 575.70 Td (prior ) Tj ET Q q 0 0 0 rg BT 223.17 575.70 Td (to ) Tj ET Q q 0 0 0 rg BT 230.70 575.70 Td (its ) Tj ET Q q 0 0 0 rg BT 239.56 575.70 Td (expiration ) Tj ET Q q 0 0 0 rg BT 273.30 575.70 Td (that ) Tj ET Q q 0 0 0 rg BT 286.61 575.70 Td (would ) Tj ET Q q 0 0 0 rg BT 307.91 575.70 Td (extend ) Tj ET Q q 0 0 0 rg BT 330.55 575.70 Td (its ) Tj ET Q q 0 0 0 rg BT 339.41 575.70 Td (term ) Tj ET Q q 0 0 0 rg BT 355.38 575.70 Td (for ) Tj ET Q q 0 0 0 rg BT 366.02 575.70 Td (an ) Tj ET Q q 0 0 0 rg BT 374.87 575.70 Td (additional ) Tj ET Q q 0 0 0 rg BT 408.17 575.70 Td (year) Tj ET Q q 0 0 0 rg BT 421.62 575.70 Td (, ) Tj ET Q q 0 0 0 rg BT 424.93 575.70 Td (but ) Tj ET Q q 0 0 0 rg BT 436.46 575.70 Td (M/I ) Tj ET Q q 0 0 0 rg BT 449.77 575.70 Td (Financial ) Tj ET Q q 0 0 0 rg BT 480.84 575.70 Td (can ) Tj ET Q q 0 0 0 rg BT 493.25 575.70 Td (provide ) Tj ET Q q 0 0 0 rg BT 519.00 575.70 Td (no ) Tj ET Q q 0 0 0 rg BT 528.30 575.70 Td (assurances ) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 67.50 566.10 Td (that ) Tj ET Q q 0 0 0 rg BT 81.50 566.10 Td (it ) Tj ET Q q 0 0 0 rg BT 87.94 566.10 Td (will ) Tj ET Q q 0 0 0 rg BT 102.39 566.10 Td (be ) Tj ET Q q 0 0 0 rg BT 111.94 566.10 Td (able ) Tj ET Q q 0 0 0 rg BT 127.26 566.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.48 566.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 157.48 566.10 Td (such ) Tj ET Q q 0 0 0 rg BT 174.14 566.10 Td (an ) Tj ET Q q 0 0 0 rg BT 183.70 566.10 Td (extension.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 542.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.88 542.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 112.27 542.10 Td (- ) Tj ET Q q 0 0 0 rg BT 118.10 542.10 Td (Homebuilding.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 181.73 542.10 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 518.10 Td (Homebuilding ) Tj ET Q q 0 0 0 rg BT 111.79 518.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 140.19 518.10 Td (Facility) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 171.85 518.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.35 518.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.98 518.10 Td (The ) Tj ET Q q 0 0 0 rg BT 195.36 518.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 223.20 518.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 256.59 518.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 293.87 518.10 Td (for ) Tj ET Q q 0 0 0 rg BT 308.36 518.10 Td (an ) Tj ET Q q 0 0 0 rg BT 320.64 518.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 362.34 518.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 415.73 518.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 448.56 518.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 459.73 518.10 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.12 518.10 Td (, ) Tj ET Q q 0 0 0 rg BT 516.46 518.10 Td (including ) Tj ET Q q 0 0 0 rg BT 557.07 518.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 506.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 71.94 506.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 100.83 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 103.26 506.10 Td (sub-facility ) Tj ET Q q 0 0 0 rg BT 151.24 506.10 Td (for ) Tj ET Q q 0 0 0 rg BT 165.34 506.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 192.21 506.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.97 506.10 Td (credit. ) Tj ET Q q 0 0 0 rg BT 230.49 506.10 Td (The ) Tj ET Q q 0 0 0 rg BT 248.48 506.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 275.91 506.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 308.89 506.10 Td (matures ) Tj ET Q q 0 0 0 rg BT 342.98 506.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.42 506.10 Td (October ) Tj ET Q q 0 0 0 rg BT 390.06 506.10 Td (20, ) Tj ET Q q 0 0 0 rg BT 405.00 506.10 Td (2018) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 425.00 506.10 Td (. ) Tj ET Q q 0 0 0 rg BT 429.93 506.10 Td ( ) Tj ET Q q 0 0 0 rg BT 432.37 506.10 Td (For ) Tj ET Q q 0 0 0 rg BT 448.70 506.10 Td (the ) Tj ET Q q 0 0 0 rg BT 463.35 506.10 Td (quarter ) Tj ET Q q 0 0 0 rg BT 494.10 506.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 520.41 506.10 Td (March31, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 494.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 494.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.45 494.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 106.34 494.10 Td (on ) Tj ET Q q 0 0 0 rg BT 118.79 494.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 155.13 494.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 195.90 494.10 Td (under ) Tj ET Q q 0 0 0 rg BT 221.12 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.78 494.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 263.23 494.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 296.23 494.10 Td (was ) Tj ET Q q 0 0 0 rg BT 314.24 494.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 347.78 494.10 Td (at ) Tj ET Q q 0 0 0 rg BT 357.45 494.10 Td (either ) Tj ET Q q 0 0 0 rg BT 382.66 494.10 Td (the ) Tj ET Q q 0 0 0 rg BT 396.79 494.10 Td (Alternate ) Tj ET Q q 0 0 0 rg BT 436.44 494.10 Td (Base ) Tj ET Q q 0 0 0 rg BT 458.33 494.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 479.11 494.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 498.23 494.10 Td (a ) Tj ET Q q 0 0 0 rg BT 505.12 494.10 Td (mar) Tj ET Q q 0 0 0 rg BT 520.49 494.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 535.72 494.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 546.50 494.10 Td (150) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 561.50 494.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 482.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 71.33 482.10 Td (points, ) Tj ET Q q 0 0 0 rg BT 100.10 482.10 Td (or ) Tj ET Q q 0 0 0 rg BT 110.26 482.10 Td (at ) Tj ET Q q 0 0 0 rg BT 119.31 482.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.35 482.10 Td (Eurodollar ) Tj ET Q q 0 0 0 rg BT 177.94 482.10 Td (Rate ) Tj ET Q q 0 0 0 rg BT 198.09 482.10 Td (plus ) Tj ET Q q 0 0 0 rg BT 216.59 482.10 Td (a ) Tj ET Q q 0 0 0 rg BT 222.86 482.10 Td (mar) Tj ET Q q 0 0 0 rg BT 238.22 482.10 Td (gin ) Tj ET Q q 0 0 0 rg BT 252.83 482.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 262.99 482.10 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 277.99 482.10 Td ( ) Tj ET Q q 0 0 0 rg BT 279.82 482.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 301.64 482.10 Td (points. ) Tj ET Q q 0 0 0 rg BT 330.29 482.10 Td (These ) Tj ET Q q 0 0 0 rg BT 355.99 482.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 387.25 482.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 407.96 482.10 Td (are ) Tj ET Q q 0 0 0 rg BT 421.99 482.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 452.14 482.10 Td (to ) Tj ET Q q 0 0 0 rg BT 461.75 482.10 Td (adjustment ) Tj ET Q q 0 0 0 rg BT 507.46 482.10 Td (in ) Tj ET Q q 0 0 0 rg BT 517.07 482.10 Td (subsequent ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 470.10 Td (periods ) Tj ET Q q 0 0 0 rg BT 81.44 470.10 Td (based ) Tj ET Q q 0 0 0 rg BT 106.71 470.10 Td (on ) Tj ET Q q 0 0 0 rg BT 119.21 470.10 Td (the ) Tj ET Q q 0 0 0 rg BT 133.92 470.10 Td (Company) Tj ET Q q 0 0 0 rg BT 175.59 470.10 Td (s ) Tj ET Q q 0 0 0 rg BT 181.98 470.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 218.34 470.10 Td (ratio. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 446.10 Td (Borrowings ) Tj ET Q q 0 0 0 rg BT 99.11 446.10 Td (under ) Tj ET Q q 0 0 0 rg BT 124.27 446.10 Td (the ) Tj ET Q q 0 0 0 rg BT 138.87 446.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 166.26 446.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 199.20 446.10 Td (constitute ) Tj ET Q q 0 0 0 rg BT 240.47 446.10 Td (senior) Tj ET Q q 0 0 0 rg BT 264.51 446.10 Td (, ) Tj ET Q q 0 0 0 rg BT 269.40 446.10 Td (unsecured ) Tj ET Q q 0 0 0 rg BT 312.32 446.10 Td (indebtedness ) Tj ET Q q 0 0 0 rg BT 366.37 446.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.20 446.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 430.57 446.10 Td (is ) Tj ET Q q 0 0 0 rg BT 439.63 446.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 470.34 446.10 Td (to, ) Tj ET Q q 0 0 0 rg BT 483.01 446.10 Td (among ) Tj ET Q q 0 0 0 rg BT 512.62 446.10 Td (other ) Tj ET Q q 0 0 0 rg BT 535.55 446.10 Td (things, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 434.10 Td (a ) Tj ET Q q 0 0 0 rg BT 56.01 434.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 99.73 434.10 Td (base ) Tj ET Q q 0 0 0 rg BT 119.57 434.10 Td (calculated ) Tj ET Q q 0 0 0 rg BT 162.17 434.10 Td (using ) Tj ET Q q 0 0 0 rg BT 185.90 434.10 Td (various ) Tj ET Q q 0 0 0 rg BT 217.41 434.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 252.23 434.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 273.18 434.10 Td (for ) Tj ET Q q 0 0 0 rg BT 286.90 434.10 Td (dif) Tj ET Q q 0 0 0 rg BT 297.83 434.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 323.22 434.10 Td (categories ) Tj ET Q q 0 0 0 rg BT 365.82 434.10 Td (of ) Tj ET Q q 0 0 0 rg BT 376.21 434.10 Td (inventory) Tj ET Q q 0 0 0 rg BT 413.89 434.10 Td (. ) Tj ET Q q 0 0 0 rg BT 418.46 434.10 Td ( ) Tj ET Q q 0 0 0 rg BT 420.38 434.10 Td (The ) Tj ET Q q 0 0 0 rg BT 437.99 434.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 465.05 434.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 497.67 434.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 533.07 434.10 Td (various ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (representations, ) Tj ET Q q 0 0 0 rg BT 114.89 422.10 Td (warranties ) Tj ET Q q 0 0 0 rg BT 158.89 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 175.69 422.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 218.04 422.10 Td (which ) Tj ET Q q 0 0 0 rg BT 244.83 422.10 Td (require, ) Tj ET Q q 0 0 0 rg BT 278.01 422.10 Td (among ) Tj ET Q q 0 0 0 rg BT 307.58 422.10 Td (other ) Tj ET Q q 0 0 0 rg BT 330.49 422.10 Td (things, ) Tj ET Q q 0 0 0 rg BT 359.79 422.10 Td (that ) Tj ET Q q 0 0 0 rg BT 377.15 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 391.72 422.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 432.97 422.10 Td (maintain ) Tj ET Q q 0 0 0 rg BT 470.32 422.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 484.33 422.10 Td (a ) Tj ET Q q 0 0 0 rg BT 491.13 422.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 532.38 422.10 Td (level ) Tj ET Q q 0 0 0 rg BT 554.17 422.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 105.01 410.10 Td (T) Tj ET Q q 0 0 0 rg BT 110.42 410.10 Td (angible ) Tj ET Q q 0 0 0 rg BT 142.81 410.10 Td (Net ) Tj ET Q q 0 0 0 rg BT 159.98 410.10 Td (W) Tj ET Q q 0 0 0 rg BT 168.62 410.10 Td (orth ) Tj ET Q q 0 0 0 rg BT 187.68 410.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.96 410.10 Td ($410.2 ) Tj ET Q q 0 0 0 rg BT 229.42 410.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.31 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 261.26 410.10 Td (\(subject ) Tj ET Q q 0 0 0 rg BT 295.87 410.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.60 410.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 342.30 410.10 Td (over ) Tj ET Q q 0 0 0 rg BT 363.02 410.10 Td (time ) Tj ET Q q 0 0 0 rg BT 383.75 410.10 Td (based ) Tj ET Q q 0 0 0 rg BT 409.47 410.10 Td (on ) Tj ET Q q 0 0 0 rg BT 422.42 410.10 Td (earnings ) Tj ET Q q 0 0 0 rg BT 459.25 410.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.64 410.10 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 515.13 410.10 Td (from ) Tj ET Q q 0 0 0 rg BT 537.52 410.10 Td (equity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (of) Tj ET Q q 0 0 0 rg BT 57.65 398.10 Td (ferings\), ) Tj ET Q q 0 0 0 rg BT 93.42 398.10 Td (\(2\) ) Tj ET Q q 0 0 0 rg BT 107.26 398.10 Td (a ) Tj ET Q q 0 0 0 rg BT 113.88 398.10 Td (leverage ) Tj ET Q q 0 0 0 rg BT 149.92 398.10 Td (ratio ) Tj ET Q q 0 0 0 rg BT 170.42 398.10 Td (not ) Tj ET Q q 0 0 0 rg BT 185.37 398.10 Td (in ) Tj ET Q q 0 0 0 rg BT 195.33 398.10 Td (excess ) Tj ET Q q 0 0 0 rg BT 223.60 398.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 234.11 398.10 Td (60%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 252.44 398.10 Td (, ) Tj ET Q q 0 0 0 rg BT 257.12 398.10 Td (and ) Tj ET Q q 0 0 0 rg BT 273.73 398.10 Td (\(3\) ) Tj ET Q q 0 0 0 rg BT 287.57 398.10 Td (either ) Tj ET Q q 0 0 0 rg BT 312.51 398.10 Td (a ) Tj ET Q q 0 0 0 rg BT 319.13 398.10 Td (minimum ) Tj ET Q q 0 0 0 rg BT 360.19 398.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 392.36 398.10 Td (Coverage ) Tj ET Q q 0 0 0 rg BT 432.85 398.10 Td (Ratio ) Tj ET Q q 0 0 0 rg BT 456.69 398.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.20 398.10 Td (1.5 ) Tj ET Q q 0 0 0 rg BT 481.87 398.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.83 398.10 Td (1.0) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.33 398.10 Td ( ) Tj ET Q q 0 0 0 rg BT 506.50 398.10 Td (or ) Tj ET Q q 0 0 0 rg BT 517.01 398.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.63 398.10 Td (minimum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.88 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 94.60 386.10 Td (available ) Tj ET Q q 0 0 0 rg BT 134.08 386.10 Td (liquidity) Tj ET Q q 0 0 0 rg BT 167.32 386.10 Td (. ) Tj ET Q q 0 0 0 rg BT 173.21 386.10 Td ( ) Tj ET Q q 0 0 0 rg BT 176.59 386.10 Td (In ) Tj ET Q q 0 0 0 rg BT 188.31 386.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 226.97 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.58 386.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 270.96 386.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 304.90 386.10 Td (contains ) Tj ET Q q 0 0 0 rg BT 341.61 386.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 384.99 386.10 Td (that ) Tj ET Q q 0 0 0 rg BT 403.37 386.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 425.65 386.10 Td (the ) Tj ET Q q 0 0 0 rg BT 441.25 386.10 Td (Company) Tj ET Q q 0 0 0 rg BT 482.92 386.10 Td (s ) Tj ET Q q 0 0 0 rg BT 490.20 386.10 Td (number ) Tj ET Q q 0 0 0 rg BT 524.13 386.10 Td (of ) Tj ET Q q 0 0 0 rg BT 535.85 386.10 Td (unsold ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 374.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 83.67 374.10 Td (units ) Tj ET Q q 0 0 0 rg BT 105.62 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 122.56 374.10 Td (model ) Tj ET Q q 0 0 0 rg BT 150.05 374.10 Td (homes, ) Tj ET Q q 0 0 0 rg BT 181.16 374.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.99 374.10 Td (well ) Tj ET Q q 0 0 0 rg BT 211.71 374.10 Td (as ) Tj ET Q q 0 0 0 rg BT 222.54 374.10 Td (the ) Tj ET Q q 0 0 0 rg BT 237.25 374.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 269.75 374.10 Td (of ) Tj ET Q q 0 0 0 rg BT 280.58 374.10 Td (Investments ) Tj ET Q q 0 0 0 rg BT 331.40 374.10 Td (in ) Tj ET Q q 0 0 0 rg BT 341.68 374.10 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 393.61 374.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 444.99 374.10 Td (and ) Tj ET Q q 0 0 0 rg BT 461.93 374.10 Td (Joint ) Tj ET Q q 0 0 0 rg BT 483.70 374.10 Td (V) Tj ET Q q 0 0 0 rg BT 489.81 374.10 Td (entures. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 352.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.70 352.10 Td (Company) Tj ET Q q 0 0 0 rg BT 109.37 352.10 Td (s ) Tj ET Q q 0 0 0 rg BT 115.92 352.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 163.02 352.10 Td (under ) Tj ET Q q 0 0 0 rg BT 188.45 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.32 352.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 230.97 352.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 264.18 352.10 Td (are ) Tj ET Q q 0 0 0 rg BT 279.05 352.10 Td (guaranteed ) Tj ET Q q 0 0 0 rg BT 325.57 352.10 Td (by ) Tj ET Q q 0 0 0 rg BT 338.23 352.10 Td (all ) Tj ET Q q 0 0 0 rg BT 350.88 352.10 Td (of ) Tj ET Q q 0 0 0 rg BT 361.87 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 376.74 352.10 Td (Company) Tj ET Q q 0 0 0 rg BT 418.41 352.10 Td (s ) Tj ET Q q 0 0 0 rg BT 424.96 352.10 Td (subsidiaries, ) Tj ET Q q 0 0 0 rg BT 477.33 352.10 Td (with ) Tj ET Q q 0 0 0 rg BT 497.77 352.10 Td (the ) Tj ET Q q 0 0 0 rg BT 512.64 352.10 Td (exception ) Tj ET Q q 0 0 0 rg BT 554.17 352.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 340.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 98.49 340.10 Td (that ) Tj ET Q q 0 0 0 rg BT 115.25 340.10 Td (are ) Tj ET Q q 0 0 0 rg BT 129.23 340.10 Td (primarily ) Tj ET Q q 0 0 0 rg BT 168.21 340.10 Td (engaged ) Tj ET Q q 0 0 0 rg BT 203.30 340.10 Td (in ) Tj ET Q q 0 0 0 rg BT 212.84 340.10 Td (the ) Tj ET Q q 0 0 0 rg BT 226.83 340.10 Td (business ) Tj ET Q q 0 0 0 rg BT 262.49 340.10 Td (of ) Tj ET Q q 0 0 0 rg BT 272.59 340.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 312.13 340.10 Td (financing, ) Tj ET Q q 0 0 0 rg BT 354.16 340.10 Td (title ) Tj ET Q q 0 0 0 rg BT 371.48 340.10 Td (insurance ) Tj ET Q q 0 0 0 rg BT 411.57 340.10 Td (or ) Tj ET Q q 0 0 0 rg BT 421.67 340.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 451.21 340.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 487.96 340.10 Td (businesses ) Tj ET Q q 0 0 0 rg BT 531.95 340.10 Td (relating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 328.10 Td (to ) Tj ET Q q 0 0 0 rg BT 59.22 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 73.37 328.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 130.86 328.10 Td (and ) Tj ET Q q 0 0 0 rg BT 147.24 328.10 Td (home ) Tj ET Q q 0 0 0 rg BT 171.39 328.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 192.77 328.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 231.09 328.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 260.23 328.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 309.39 328.10 Td (that ) Tj ET Q q 0 0 0 rg BT 326.32 328.10 Td (are ) Tj ET Q q 0 0 0 rg BT 340.47 328.10 Td (not ) Tj ET Q q 0 0 0 rg BT 355.18 328.10 Td (100%-owned ) Tj ET Q q 0 0 0 rg BT 410.44 328.10 Td (by ) Tj ET Q q 0 0 0 rg BT 422.38 328.10 Td (the ) Tj ET Q q 0 0 0 rg BT 436.53 328.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 477.36 328.10 Td (or ) Tj ET Q q 0 0 0 rg BT 487.62 328.10 Td (another ) Tj ET Q q 0 0 0 rg BT 519.55 328.10 Td (subsidiary) Tj ET Q q 0 0 0 rg BT 560.00 328.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 316.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.55 316.10 Td (other ) Tj ET Q q 0 0 0 rg BT 89.72 316.10 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 139.55 316.10 Td (designated ) Tj ET Q q 0 0 0 rg BT 184.93 316.10 Td (by ) Tj ET Q q 0 0 0 rg BT 197.55 316.10 Td (the ) Tj ET Q q 0 0 0 rg BT 212.38 316.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 253.88 316.10 Td (as ) Tj ET Q q 0 0 0 rg BT 264.83 316.10 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 316.87 316.10 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 368.37 316.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 382.65 316.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 415.25 316.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL 0 0 1 RG /GS0 gs 0.49 w 0 i [] 0 d 1 J 1 j 3 M 425.64453125 314.7669921875 m 457.328125 314.7669921875 l s q 0 0 1 rg BT 425.64 316.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 447.70 316.10 Td (1) Tj ET Q q 0 0 1 rg BT 452.33 316.10 Td (1) Tj ET Q BT /F1 10.00 Tf ET 0 Tr /GS0 gs 0 Tw 0 Tc 100 Tz 0 TL q 0 0 0 rg BT 457.33 316.10 Td (\), ) Tj ET Q q 0 0 0 rg BT 465.77 316.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 496.72 316.10 Td (to ) Tj ET Q q 0 0 0 rg BT 507.11 316.10 Td (limitations ) Tj ET Q q 0 0 0 rg BT 552.50 316.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 304.10 Td (the ) Tj ET Q q 0 0 0 rg BT 64.08 304.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 105.30 304.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 137.66 304.10 Td (invested ) Tj ET Q q 0 0 0 rg BT 173.34 304.10 Td (in ) Tj ET Q q 0 0 0 rg BT 183.48 304.10 Td (such ) Tj ET Q q 0 0 0 rg BT 204.17 304.10 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 255.96 304.10 Td (Subsidiaries. ) Tj ET Q q 0 0 0 rg BT 309.71 304.10 Td ( ) Tj ET Q q 0 0 0 rg BT 311.90 304.10 Td (The ) Tj ET Q q 0 0 0 rg BT 329.80 304.10 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 374.37 304.10 Td (for ) Tj ET Q q 0 0 0 rg BT 388.39 304.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.97 304.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 430.33 304.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 463.24 304.10 Td (are ) Tj ET Q q 0 0 0 rg BT 477.81 304.10 Td (the ) Tj ET Q q 0 0 0 rg BT 492.38 304.10 Td (same ) Tj ET Q q 0 0 0 rg BT 515.29 304.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 292.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.49 292.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 109.35 292.10 Td (our ) Tj ET Q q 0 0 0 rg BT 125.68 292.10 Td ($300.0 ) Tj ET Q q 0 0 0 rg BT 156.18 292.10 Td (million ) Tj ET Q q 0 0 0 rg BT 188.07 292.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 229.93 292.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 268.47 292.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 301.46 292.10 Td (of ) Tj ET Q q 0 0 0 rg BT 312.79 292.10 Td (6.75% ) Tj ET Q q 0 0 0 rg BT 341.62 292.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 370.73 292.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 397.05 292.10 Td (due ) Tj ET Q q 0 0 0 rg BT 414.49 292.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 437.49 292.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 456.03 292.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 483.47 292.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 512.58 292.10 Td (Notes\), ) Tj ET Q q 0 0 0 rg BT 549.17 292.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 280.10 Td ($57.5 ) Tj ET Q q 0 0 0 rg BT 73.58 280.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 102.48 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 104.06 280.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 144.50 280.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 181.63 280.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 213.21 280.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.12 280.10 Td (3.25%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.95 280.10 Td ( ) Tj ET Q q 0 0 0 rg BT 250.54 280.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 299.33 280.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 327.02 280.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 381.93 280.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 406.85 280.10 Td (due ) Tj ET Q q 0 0 0 rg BT 422.87 280.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 444.45 280.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 461.58 280.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 487.60 280.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 536.40 280.10 Td (Senior ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 268.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 104.63 268.10 Td (Notes\), ) Tj ET Q q 0 0 0 rg BT 140.04 268.10 Td (and ) Tj ET Q q 0 0 0 rg BT 156.29 268.10 Td (our ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.43 268.10 Td ($86.3 ) Tj ET Q q 0 0 0 rg BT 195.74 268.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 224.63 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 226.44 268.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 267.11 268.10 Td (principal ) Tj ET Q q 0 0 0 rg BT 304.46 268.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 336.27 268.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 346.40 268.10 Td (3.0%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.23 268.10 Td ( ) Tj ET Q q 0 0 0 rg BT 369.04 268.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 418.06 268.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 445.98 268.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 501.12 268.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 526.26 268.10 Td (due ) Tj ET Q q 0 0 0 rg BT 542.50 268.10 Td (2018 ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 256.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 67.55 256.10 Td (2018 ) Tj ET Q q 0 0 0 rg BT 94.49 256.10 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 144.20 256.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 172.81 256.10 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 228.63 256.10 Td (Notes\).) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 234.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.31 234.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.33 234.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 118.13 234.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.13 234.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.32 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 158.23 234.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 199.81 234.10 Td (was ) Tj ET Q q 0 0 0 rg BT 218.06 234.10 Td (in ) Tj ET Q q 0 0 0 rg BT 228.53 234.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 277.31 234.10 Td (with ) Tj ET Q q 0 0 0 rg BT 297.79 234.10 Td (all ) Tj ET Q q 0 0 0 rg BT 310.48 234.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 353.16 234.10 Td (of ) Tj ET Q q 0 0 0 rg BT 364.18 234.10 Td (the ) Tj ET Q q 0 0 0 rg BT 379.09 234.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 406.78 234.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 436.68 234.10 Td (, ) Tj ET Q q 0 0 0 rg BT 441.88 234.10 Td (including ) Tj ET Q q 0 0 0 rg BT 482.34 234.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 520.02 234.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 565.00 234.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 222.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.29 222.10 Td (following ) Tj ET Q q 0 0 0 rg BT 108.42 222.10 Td (table ) Tj ET Q q 0 0 0 rg BT 130.10 222.10 Td (summarizes ) Tj ET Q q 0 0 0 rg BT 180.11 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 194.57 222.10 Td (most ) Tj ET Q q 0 0 0 rg BT 216.27 222.10 Td (significant ) Tj ET Q q 0 0 0 rg BT 260.72 222.10 Td (restrictive ) Tj ET Q q 0 0 0 rg BT 302.95 222.10 Td (covenant ) Tj ET Q q 0 0 0 rg BT 341.29 222.10 Td (thresholds ) Tj ET Q q 0 0 0 rg BT 384.64 222.10 Td (under ) Tj ET Q q 0 0 0 rg BT 409.66 222.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.12 222.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 451.36 222.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 484.15 222.10 Td (and ) Tj ET Q q 0 0 0 rg BT 500.84 222.10 Td (our ) Tj ET Q q 0 0 0 rg BT 516.41 222.10 Td (compliance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 210.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 210.10 Td (such ) Tj ET Q q 0 0 0 rg BT 90.61 210.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 133.09 210.10 Td (as ) Tj ET Q q 0 0 0 rg BT 143.92 210.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 154.75 210.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 198.35 210.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.35 210.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 181.60000000000002 m 398 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 181.60000000000002 m 421 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 181.60000000000002 m 487 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 181.60000000000002 m 496 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 181.60000000000002 m 562 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 181.60000000000002 m 398 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 181.60000000000002 m 421 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 181.60000000000002 m 487 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 181.60000000000002 m 496 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 181.60000000000002 m 562 181.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 109.60000000000002 m 398 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 109.60000000000002 m 421 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 109.60000000000002 m 487 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 109.60000000000002 m 496 109.60000000000002 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 109.60000000000002 m 562 109.60000000000002 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.75 185.85 Td (Financial Covenant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.15 191.55 Td (Covenant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 183.60 Td (Requirement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.80 185.85 Td (Actual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 457.30 173.55 Td ( \(Dollars in millions\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 161.55 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 95.65 161.55 Td (T) Tj ET Q q 0 0 0 rg BT 100.18 161.55 Td (angible ) Tj ET Q q 0 0 0 rg BT 125.45 161.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 138.93 161.55 Td (W) Tj ET Q q 0 0 0 rg BT 146.09 161.55 Td (orth) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 159.83 cm /I5 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 161.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 161.55 Td (410.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 161.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 161.55 Td (620.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 149.55 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 83.25 149.55 Td (Ratio) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 147.83 cm /I6 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.50 149.55 Td (0.60) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.50 149.55 Td (0.47) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 137.55 Td (Interest ) Tj ET Q q 0 0 0 rg BT 77.49 137.55 Td (Coverage ) Tj ET Q q 0 0 0 rg BT 110.14 137.55 Td (Ratio) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 135.83 cm /I7 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 453.25 137.55 Td (1.5 to 1.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 137.55 Td (4.8 to 1.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 125.55 Td (Investments ) Tj ET Q q 0 0 0 rg BT 92.16 125.55 Td (in ) Tj ET Q q 0 0 0 rg BT 100.38 125.55 Td (Unrestricted ) Tj ET Q q 0 0 0 rg BT 141.92 125.55 Td (Subsidiaries ) Tj ET Q q 0 0 0 rg BT 183.03 125.55 Td (and ) Tj ET Q q 0 0 0 rg BT 196.58 125.55 Td (Joint ) Tj ET Q q 0 0 0 rg BT 214.07 125.55 Td (V) Tj ET Q q 0 0 0 rg BT 219.33 125.55 Td (entures) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 123.83 cm /I8 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 125.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 125.55 Td (186.1) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 125.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 125.55 Td (11.2) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 113.55 Td (Unsold ) Tj ET Q q 0 0 0 rg BT 76.61 113.55 Td (Housing ) Tj ET Q q 0 0 0 rg BT 105.73 113.55 Td (Units ) Tj ET Q q 0 0 0 rg BT 125.06 113.55 Td (and ) Tj ET Q q 0 0 0 rg BT 138.61 113.55 Td (Model ) Tj ET Q q 0 0 0 rg BT 161.50 113.55 Td (Homes) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 111.83 cm /I9 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 465.80 113.55 Td (1,718) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 113.55 Td (901) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (Homebuilding ) Tj ET Q q 0 0 0 rg BT 111.15 86.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 137.79 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 148.32 86.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 176.08 86.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 207.37 86.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.87 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 212.07 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 213.78 86.10 Td (As ) Tj ET Q q 0 0 0 rg BT 227.10 86.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 237.63 86.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 280.93 86.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 300.93 86.10 Td (, ) Tj ET Q q 0 0 0 rg BT 305.63 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 320.05 86.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 361.14 86.10 Td (was ) Tj ET Q q 0 0 0 rg BT 378.89 86.10 Td (a ) Tj ET Q q 0 0 0 rg BT 385.53 86.10 Td (party ) Tj ET Q q 0 0 0 rg BT 408.28 86.10 Td (to ) Tj ET Q q 0 0 0 rg BT 418.26 86.10 Td (one ) Tj ET Q q 0 0 0 rg BT 434.90 86.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 467.63 86.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 492.60 86.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 536.44 86.10 Td (for ) Tj ET Q q 0 0 0 rg BT 550.30 86.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 86.05 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 97.05 74.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 124.16 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 135.16 74.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 160.60 74.10 Td (outside ) Tj ET Q q 0 0 0 rg BT 192.16 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 203.16 74.10 Td (the ) Tj ET Q q 0 0 0 rg BT 218.05 74.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 245.71 74.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 278.94 74.10 Td (\(the ) Tj ET Q q 0 0 0 rg BT 297.16 74.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 328.14 74.10 Td (of ) Tj ET Q q 0 0 0 rg BT 339.14 74.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 366.81 74.10 Td (Facility\), ) Tj ET Q q 0 0 0 rg BT 410.30 74.10 Td (with ) Tj ET Q q 0 0 0 rg BT 430.75 74.10 Td (a ) Tj ET Q q 0 0 0 rg BT 437.86 74.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 474.42 74.10 Td (date ) Tj ET Q q 0 0 0 rg BT 493.75 74.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.75 74.10 Td (September30, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 62.10 Td (, ) Tj ET Q q 0 0 0 rg BT 73.98 62.10 Td (which ) Tj ET Q q 0 0 0 rg BT 100.41 62.10 Td (allows ) Tj ET Q q 0 0 0 rg BT 128.50 62.10 Td (for ) Tj ET Q q 0 0 0 rg BT 142.14 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.34 62.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 192.20 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 202.52 62.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 228.94 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 239.25 62.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 264.00 62.10 Td (up ) Tj ET Q q 0 0 0 rg BT 275.98 62.10 Td (to ) Tj ET Q q 0 0 0 rg BT 285.74 62.10 Td (a ) Tj ET Q q 0 0 0 rg BT 292.17 62.10 Td (total ) Tj ET Q q 0 0 0 rg BT 311.92 62.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 322.24 62.10 Td ($2.0 ) Tj ET Q q 0 0 0 rg BT 341.72 62.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 370.61 62.10 Td (. ) Tj ET Q q 0 0 0 rg BT 375.10 62.10 Td ( ) Tj ET Q q 0 0 0 rg BT 377.08 62.10 Td (Under ) Tj ET Q q 0 0 0 rg BT 404.05 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 418.25 62.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 442.46 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.77 62.10 Td (the ) Tj ET Q q 0 0 0 rg BT 466.97 62.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 492.83 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.14 62.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 530.12 62.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 560.02 62.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 50.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 76.34 50.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.07 50.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 112.24 50.10 Td (can ) Tj ET Q q 0 0 0 rg BT 128.52 50.10 Td (be ) Tj ET Q q 0 0 0 rg BT 140.36 50.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 167.77 50.10 Td (for ) Tj ET Q q 0 0 0 rg BT 181.83 50.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 224.79 50.10 Td (terms ) Tj ET Q q 0 0 0 rg BT 249.41 50.10 Td (ranging ) Tj ET Q q 0 0 0 rg BT 282.36 50.10 Td (from ) Tj ET Q q 0 0 0 rg BT 304.20 50.10 Td (one ) Tj ET Q q 0 0 0 rg BT 321.04 50.10 Td (year ) Tj ET Q q 0 0 0 rg BT 340.65 50.10 Td (up ) Tj ET Q q 0 0 0 rg BT 353.06 50.10 Td (to ) Tj ET Q q 0 0 0 rg BT 363.24 50.10 Td (three ) Tj ET Q q 0 0 0 rg BT 385.63 50.10 Td (years. ) Tj ET Q q 0 0 0 rg BT 411.63 50.10 Td ( ) Tj ET Q q 0 0 0 rg BT 413.86 50.10 Td (The ) Tj ET Q q 0 0 0 rg BT 431.81 50.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 458.09 50.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.82 50.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 496.22 50.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 529.17 50.10 Td (contains ) 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 (43) 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 56.80 740.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 77.42 740.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 117.48 740.10 Td (requirement ) Tj ET Q q 0 0 0 rg BT 168.65 740.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.84 740.10 Td (101%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.17 740.10 Td (. ) Tj ET Q q 0 0 0 rg BT 208.53 740.10 Td (Upon ) Tj ET Q q 0 0 0 rg BT 233.61 740.10 Td (maturity ) Tj ET Q q 0 0 0 rg BT 270.35 740.10 Td (or ) Tj ET Q q 0 0 0 rg BT 281.54 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.61 740.10 Td (earlier ) Tj ET Q q 0 0 0 rg BT 325.01 740.10 Td (termination ) Tj ET Q q 0 0 0 rg BT 373.96 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.15 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 400.23 740.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 426.96 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.15 740.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 466.00 740.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 495.90 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 501.26 740.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 528.56 740.10 Td (of ) Tj ET Q q 0 0 0 rg BT 539.74 740.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (that ) Tj ET Q q 0 0 0 rg BT 67.26 728.10 Td (have ) Tj ET Q q 0 0 0 rg BT 88.91 728.10 Td (been ) Tj ET Q q 0 0 0 rg BT 110.55 728.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 138.32 728.10 Td (under ) Tj ET Q q 0 0 0 rg BT 163.86 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.85 728.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 205.49 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 216.58 728.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 244.35 728.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 277.67 728.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 308.20 728.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 357.63 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 378.18 728.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 398.72 728.10 Td (collateral ) Tj ET Q q 0 0 0 rg BT 438.68 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 449.23 728.10 Td (place ) Tj ET Q q 0 0 0 rg BT 473.09 728.10 Td (through ) Tj ET Q q 0 0 0 rg BT 506.97 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 728.10 Td (expiration ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (date.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.40 692.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 74.51 692.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 118.40 692.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 138.40 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 143.68 692.10 Td (there ) Tj ET Q q 0 0 0 rg BT 166.46 692.10 Td (was ) Tj ET Q q 0 0 0 rg BT 184.79 692.10 Td (a ) Tj ET Q q 0 0 0 rg BT 192.02 692.10 Td (total ) Tj ET Q q 0 0 0 rg BT 212.58 692.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 223.69 692.10 Td ($0.6 ) Tj ET Q q 0 0 0 rg BT 243.98 692.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 272.87 692.10 Td ( ) Tj ET Q q 0 0 0 rg BT 275.65 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 286.77 692.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 313.99 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 325.11 692.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 350.65 692.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 378.44 692.10 Td (under ) Tj ET Q q 0 0 0 rg BT 403.99 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 419.00 692.10 Td (Letter ) Tj ET Q q 0 0 0 rg BT 445.65 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 456.77 692.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 484.55 692.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 514.45 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 519.74 692.10 Td (which ) Tj ET Q q 0 0 0 rg BT 546.96 692.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td (collateralized ) Tj ET Q q 0 0 0 rg BT 105.85 680.10 Td (with ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 126.13 680.10 Td ($0.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 175.02 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 177.52 680.10 Td (of ) Tj ET Q q 0 0 0 rg BT 188.35 680.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 228.05 680.10 Td (cash.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 656.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 75.88 656.10 Td (Payable ) Tj ET Q q 0 0 0 rg BT 112.27 656.10 Td (- ) Tj ET Q q 0 0 0 rg BT 118.10 656.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 160.60 656.10 Td (Services.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 632.10 Td (MIF) Tj ET Q q 0 0 0 rg BT 68.77 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 72.11 632.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 115.22 632.10 Td (W) Tj ET Q q 0 0 0 rg BT 123.36 632.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 172.90 632.10 Td (Agreement.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 220.39 632.10 Td ( ) Tj ET Q q 0 0 0 rg BT 223.73 632.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 227.08 632.10 Td (The ) Tj ET Q q 0 0 0 rg BT 245.96 632.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 267.09 632.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 309.07 632.10 Td (W) Tj ET Q q 0 0 0 rg BT 317.71 632.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 364.19 632.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 411.95 632.10 Td (is ) Tj ET Q q 0 0 0 rg BT 421.96 632.10 Td (used ) Tj ET Q q 0 0 0 rg BT 443.64 632.10 Td (to ) Tj ET Q q 0 0 0 rg BT 454.76 632.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 487.52 632.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 520.86 632.10 Td (residential ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 620.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 89.96 620.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 113.77 620.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 157.01 620.10 Td (by ) Tj ET Q q 0 0 0 rg BT 169.71 620.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 187.40 620.10 Td (Financial. ) Tj ET Q q 0 0 0 rg BT 229.81 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 232.32 620.10 Td (The ) Tj ET Q q 0 0 0 rg BT 249.96 620.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 297.09 620.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 334.22 620.10 Td (a ) Tj ET Q q 0 0 0 rg BT 341.36 620.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 384.61 620.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 428.97 620.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 476.65 620.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 487.68 620.10 Td ($125 ) Tj ET Q q 0 0 0 rg BT 510.38 620.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 539.27 620.10 Td (. ) Tj ET Q q 0 0 0 rg BT 544.46 620.10 Td ( ) Tj ET Q q 0 0 0 rg BT 546.97 620.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 608.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 69.03 608.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 109.53 608.10 Td (W) Tj ET Q q 0 0 0 rg BT 118.17 608.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 163.41 608.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 209.58 608.10 Td (expires ) Tj ET Q q 0 0 0 rg BT 240.21 608.10 Td (on ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.96 608.10 Td (June23, ) Tj ET Q q 0 0 0 rg BT 287.04 608.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 307.04 608.10 Td (. ) Tj ET Q q 0 0 0 rg BT 311.29 608.10 Td ( ) Tj ET Q q 0 0 0 rg BT 313.04 608.10 Td (In ) Tj ET Q q 0 0 0 rg BT 323.12 608.10 Td (December ) Tj ET Q q 0 0 0 rg BT 365.95 608.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 390.20 608.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.17 608.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 423.70 608.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 464.20 608.10 Td (W) Tj ET Q q 0 0 0 rg BT 472.84 608.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 518.08 608.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 565.00 608.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.06 596.10 Td (amended ) Tj ET Q q 0 0 0 rg BT 107.16 596.10 Td (to ) Tj ET Q q 0 0 0 rg BT 117.95 596.10 Td (include ) Tj ET Q q 0 0 0 rg BT 150.39 596.10 Td (a ) Tj ET Q q 0 0 0 rg BT 157.84 596.10 Td (seasonal ) Tj ET Q q 0 0 0 rg BT 199.17 596.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 239.37 596.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 280.16 596.10 Td (which ) Tj ET Q q 0 0 0 rg BT 307.60 596.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 348.37 596.10 Td (the ) Tj ET Q q 0 0 0 rg BT 363.59 596.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 407.15 596.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 451.82 596.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 499.82 596.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 510.61 596.10 Td ($150 ) Tj ET Q q 0 0 0 rg BT 533.62 596.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.10 Td (through ) Tj ET Q q 0 0 0 rg BT 83.43 584.10 Td (February ) Tj ET Q q 0 0 0 rg BT 122.36 584.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 132.68 584.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 158.01 584.10 Td ( ) Tj ET Q q 0 0 0 rg BT 160.83 584.10 Td (Interest ) Tj ET Q q 0 0 0 rg BT 193.64 584.10 Td (on ) Tj ET Q q 0 0 0 rg BT 206.47 584.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 243.18 584.10 Td (borrowed ) Tj ET Q q 0 0 0 rg BT 284.32 584.10 Td (under ) Tj ET Q q 0 0 0 rg BT 309.92 584.10 Td (the ) Tj ET Q q 0 0 0 rg BT 324.96 584.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 345.56 584.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 387.06 584.10 Td (W) Tj ET Q q 0 0 0 rg BT 395.70 584.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 441.78 584.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 489.03 584.10 Td (is ) Tj ET Q q 0 0 0 rg BT 498.52 584.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 532.44 584.10 Td (at ) Tj ET Q q 0 0 0 rg BT 542.48 584.10 Td (a ) Tj ET Q q 0 0 0 rg BT 549.74 584.10 Td (per ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.10 Td (annum ) Tj ET Q q 0 0 0 rg BT 79.22 572.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 96.70 572.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 120.86 572.10 Td (to ) Tj ET Q q 0 0 0 rg BT 131.14 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 145.85 572.10 Td (greater ) Tj ET Q q 0 0 0 rg BT 176.11 572.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.94 572.10 Td (\(1\) ) Tj ET Q q 0 0 0 rg BT 201.10 572.10 Td (the ) Tj ET Q q 0 0 0 rg BT 215.81 572.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 249.42 572.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 281.92 572.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 299.40 572.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 318.57 572.10 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 333.57 572.10 Td ( ) Tj ET Q q 0 0 0 rg BT 336.07 572.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 358.57 572.10 Td (points ) Tj ET Q q 0 0 0 rg BT 385.52 572.10 Td (and ) Tj ET Q q 0 0 0 rg BT 402.46 572.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 416.62 572.10 Td (2.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 442.45 572.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (As ) Tj ET Q q 0 0 0 rg BT 64.12 550.10 Td (is ) Tj ET Q q 0 0 0 rg BT 74.29 550.10 Td (typical ) Tj ET Q q 0 0 0 rg BT 105.00 550.10 Td (for ) Tj ET Q q 0 0 0 rg BT 120.17 550.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 151.44 550.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 177.71 550.10 Td (facilities ) Tj ET Q q 0 0 0 rg BT 215.64 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 226.92 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 242.64 550.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 283.90 550.10 Td (origination ) Tj ET Q q 0 0 0 rg BT 331.29 550.10 Td (industry) Tj ET Q q 0 0 0 rg BT 363.42 550.10 Td (, ) Tj ET Q q 0 0 0 rg BT 369.42 550.10 Td (at ) Tj ET Q q 0 0 0 rg BT 380.14 550.10 Td (closing, ) Tj ET Q q 0 0 0 rg BT 415.03 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 430.75 550.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 474.79 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 486.62 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 502.34 550.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.63 550.10 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 538.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 103.77 538.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 150.45 538.10 Td (was ) Tj ET Q q 0 0 0 rg BT 168.26 538.10 Td (set ) Tj ET Q q 0 0 0 rg BT 181.63 538.10 Td (at ) Tj ET Q q 0 0 0 rg BT 191.10 538.10 Td (approximately ) Tj ET Q q 0 0 0 rg BT 251.12 538.10 Td (one ) Tj ET Q q 0 0 0 rg BT 267.82 538.10 Td (year ) Tj ET Q q 0 0 0 rg BT 287.28 538.10 Td (and ) Tj ET Q q 0 0 0 rg BT 303.98 538.10 Td (is ) Tj ET Q q 0 0 0 rg BT 312.90 538.10 Td (under ) Tj ET Q q 0 0 0 rg BT 337.93 538.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 394.06 538.10 Td (for ) Tj ET Q q 0 0 0 rg BT 407.98 538.10 Td (extension ) Tj ET Q q 0 0 0 rg BT 448.56 538.10 Td (annually ) Tj ET Q q 0 0 0 rg BT 485.25 538.10 Td (by ) Tj ET Q q 0 0 0 rg BT 497.51 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 511.98 538.10 Td (participating ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (lenders. ) Tj ET Q q 0 0 0 rg BT 83.73 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 92.37 526.10 Td (e ) Tj ET Q q 0 0 0 rg BT 99.88 526.10 Td (expect ) Tj ET Q q 0 0 0 rg BT 129.05 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 139.90 526.10 Td (extend ) Tj ET Q q 0 0 0 rg BT 169.63 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 184.92 526.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 205.77 526.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 247.50 526.10 Td (W) Tj ET Q q 0 0 0 rg BT 256.14 526.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 302.41 526.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 349.91 526.10 Td (on ) Tj ET Q q 0 0 0 rg BT 362.98 526.10 Td (or ) Tj ET Q q 0 0 0 rg BT 374.39 526.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 396.90 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 407.75 526.10 Td (the ) Tj ET Q q 0 0 0 rg BT 423.04 526.10 Td (current ) Tj ET Q q 0 0 0 rg BT 454.43 526.10 Td (expiration ) Tj ET Q q 0 0 0 rg BT 498.05 526.10 Td (date ) Tj ET Q q 0 0 0 rg BT 517.78 526.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 529.18 526.10 Td (June23, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 69.50 514.10 Td (, ) Tj ET Q q 0 0 0 rg BT 74.50 514.10 Td (but ) Tj ET Q q 0 0 0 rg BT 89.78 514.10 Td (we ) Tj ET Q q 0 0 0 rg BT 103.94 514.10 Td (cannot ) Tj ET Q q 0 0 0 rg BT 133.09 514.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 166.14 514.10 Td (any ) Tj ET Q q 0 0 0 rg BT 183.08 514.10 Td (assurance ) Tj ET Q q 0 0 0 rg BT 224.45 514.10 Td (that ) Tj ET Q q 0 0 0 rg BT 241.94 514.10 Td (we ) Tj ET Q q 0 0 0 rg BT 256.10 514.10 Td (will ) Tj ET Q q 0 0 0 rg BT 274.16 514.10 Td (be ) Tj ET Q q 0 0 0 rg BT 286.10 514.10 Td (able ) Tj ET Q q 0 0 0 rg BT 305.25 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 315.53 514.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 343.03 514.10 Td (such ) Tj ET Q q 0 0 0 rg BT 363.86 514.10 Td (an ) Tj ET Q q 0 0 0 rg BT 375.79 514.10 Td (extension.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (The ) Tj ET Q q 0 0 0 rg BT 68.54 492.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 89.82 492.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 131.94 492.10 Td (W) Tj ET Q q 0 0 0 rg BT 140.58 492.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 187.18 492.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 235.10 492.10 Td (is ) Tj ET Q q 0 0 0 rg BT 245.27 492.10 Td (secured ) Tj ET Q q 0 0 0 rg BT 279.30 492.10 Td (by ) Tj ET Q q 0 0 0 rg BT 292.80 492.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 323.50 492.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 364.76 492.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 389.36 492.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 433.40 492.10 Td (by ) Tj ET Q q 0 0 0 rg BT 446.89 492.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 465.39 492.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 506.10 492.10 Td (that ) Tj ET Q q 0 0 0 rg BT 524.59 492.10 Td (are ) Tj ET Q q 0 0 0 rg BT 540.29 492.10 Td (being ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (warehoused ) Tj ET Q q 0 0 0 rg BT 109.37 480.10 Td (prior ) Tj ET Q q 0 0 0 rg BT 132.04 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 143.05 480.10 Td (their ) Tj ET Q q 0 0 0 rg BT 164.61 480.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 183.39 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 194.40 480.10 Td (investors. ) Tj ET Q q 0 0 0 rg BT 236.24 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.24 480.10 Td (The ) Tj ET Q q 0 0 0 rg BT 258.02 480.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 279.03 480.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 320.91 480.10 Td (W) Tj ET Q q 0 0 0 rg BT 329.55 480.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 375.94 480.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 423.60 480.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 461.27 480.10 Td (for ) Tj ET Q q 0 0 0 rg BT 476.16 480.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 502.18 480.10 Td (with ) Tj ET Q q 0 0 0 rg BT 523.19 480.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 554.74 480.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 79.21 468.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 98.94 468.10 Td (types ) Tj ET Q q 0 0 0 rg BT 122.56 468.10 Td (that ) Tj ET Q q 0 0 0 rg BT 140.06 468.10 Td (can ) Tj ET Q q 0 0 0 rg BT 156.45 468.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 184.50 468.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 233.67 468.10 Td (borrowings. ) Tj ET Q q 0 0 0 rg BT 284.23 468.10 Td ( ) Tj ET Q q 0 0 0 rg BT 286.56 468.10 Td (There ) Tj ET Q q 0 0 0 rg BT 312.39 468.10 Td (are ) Tj ET Q q 0 0 0 rg BT 327.10 468.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 365.71 468.10 Td (no ) Tj ET Q q 0 0 0 rg BT 378.22 468.10 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 422.93 468.10 Td (of ) Tj ET Q q 0 0 0 rg BT 433.77 468.10 Td (the ) Tj ET Q q 0 0 0 rg BT 448.50 468.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 468.79 468.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 510.00 468.10 Td (W) Tj ET Q q 0 0 0 rg BT 518.63 468.10 Td (arehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 98.24 456.10 Td (although ) Tj ET Q q 0 0 0 rg BT 135.05 456.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 151.86 456.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 190.89 456.10 Td (may) Tj ET Q q 0 0 0 rg BT 207.45 456.10 Td (, ) Tj ET Q q 0 0 0 rg BT 211.77 456.10 Td (at ) Tj ET Q q 0 0 0 rg BT 220.80 456.10 Td (its ) Tj ET Q q 0 0 0 rg BT 232.06 456.10 Td (election, ) Tj ET Q q 0 0 0 rg BT 268.03 456.10 Td (designate ) Tj ET Q q 0 0 0 rg BT 307.60 456.10 Td (from ) Tj ET Q q 0 0 0 rg BT 328.86 456.10 Td (time ) Tj ET Q q 0 0 0 rg BT 348.44 456.10 Td (to ) Tj ET Q q 0 0 0 rg BT 358.04 456.10 Td (time ) Tj ET Q q 0 0 0 rg BT 377.62 456.10 Td (any ) Tj ET Q q 0 0 0 rg BT 393.88 456.10 Td (one ) Tj ET Q q 0 0 0 rg BT 410.13 456.10 Td (or ) Tj ET Q q 0 0 0 rg BT 420.27 456.10 Td (more ) Tj ET Q q 0 0 0 rg BT 442.63 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.78 456.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 469.59 456.10 Td (Financial) Tj ET Q q 0 0 0 rg BT 509.58 456.10 Td (s ) Tj ET Q q 0 0 0 rg BT 515.29 456.10 Td (subsidiaries ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 444.10 Td (as ) Tj ET Q q 0 0 0 rg BT 60.33 444.10 Td (guarantors.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 422.10 Td (As ) Tj ET Q q 0 0 0 rg BT 63.08 422.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 73.87 422.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 117.43 422.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 137.43 422.10 Td (, ) Tj ET Q q 0 0 0 rg BT 142.39 422.10 Td (there ) Tj ET Q q 0 0 0 rg BT 164.84 422.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 182.85 422.10 Td ($93.3 ) Tj ET Q q 0 0 0 rg BT 207.82 422.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 236.71 422.10 Td ( ) Tj ET Q q 0 0 0 rg BT 239.17 422.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 288.30 422.10 Td (under ) Tj ET Q q 0 0 0 rg BT 313.53 422.10 Td (the ) Tj ET Q q 0 0 0 rg BT 328.21 422.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 348.45 422.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 389.61 422.10 Td (W) Tj ET Q q 0 0 0 rg BT 398.25 422.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 444.05 422.10 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 490.93 422.10 Td (and ) Tj ET Q q 0 0 0 rg BT 507.83 422.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 525.30 422.10 Td (Financial ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 410.10 Td (was ) Tj ET Q q 0 0 0 rg BT 68.92 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 80.56 410.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 130.51 410.10 Td (with ) Tj ET Q q 0 0 0 rg BT 152.16 410.10 Td (all ) Tj ET Q q 0 0 0 rg BT 166.02 410.10 Td (covenants. ) Tj ET Q q 0 0 0 rg BT 212.37 410.10 Td ( ) Tj ET Q q 0 0 0 rg BT 215.95 410.10 Td (The ) Tj ET Q q 0 0 0 rg BT 235.36 410.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.21 410.10 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 320.56 410.10 Td (as ) Tj ET Q q 0 0 0 rg BT 332.75 410.10 Td (more ) Tj ET Q q 0 0 0 rg BT 357.17 410.10 Td (fully ) Tj ET Q q 0 0 0 rg BT 379.92 410.10 Td (described ) Tj ET Q q 0 0 0 rg BT 422.10 410.10 Td (and ) Tj ET Q q 0 0 0 rg BT 440.40 410.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 474.25 410.10 Td (in ) Tj ET Q q 0 0 0 rg BT 485.89 410.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.97 410.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 523.62 410.10 Td (Mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 398.10 Td (W) Tj ET Q q 0 0 0 rg BT 58.14 398.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 104.76 398.10 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 155.21 398.10 Td (are ) Tj ET Q q 0 0 0 rg BT 170.94 398.10 Td (summarized ) Tj ET Q q 0 0 0 rg BT 223.34 398.10 Td (in ) Tj ET Q q 0 0 0 rg BT 234.64 398.10 Td (the ) Tj ET Q q 0 0 0 rg BT 250.38 398.10 Td (following ) Tj ET Q q 0 0 0 rg BT 292.79 398.10 Td (table, ) Tj ET Q q 0 0 0 rg BT 318.25 398.10 Td (which ) Tj ET Q q 0 0 0 rg BT 346.21 398.10 Td (also ) Tj ET Q q 0 0 0 rg BT 365.85 398.10 Td (sets ) Tj ET Q q 0 0 0 rg BT 384.37 398.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 407.33 398.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 425.86 398.10 Td (Financial) Tj ET Q q 0 0 0 rg BT 465.85 398.10 Td (s ) Tj ET Q q 0 0 0 rg BT 473.26 398.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 522.88 398.10 Td (with ) Tj ET Q q 0 0 0 rg BT 544.18 398.10 Td (such ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 386.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 91.99 386.10 Td (as ) Tj ET Q q 0 0 0 rg BT 102.82 386.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.65 386.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 157.24 386.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 177.24 386.10 Td (:) Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 354.6 m 398 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 354.6 m 421 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 354.6 m 487 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 354.6 m 496 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 354.6 m 562 354.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 294.6 m 398 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 398 294.6 m 421 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 294.6 m 487 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 487 294.6 m 496 294.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 496 294.6 m 562 294.6 l s BT /F1 8.00 Tf ET q 0 0 0 rg BT 191.75 358.85 Td (Financial Covenant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 438.15 366.85 Td (Covenant) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 432.80 358.85 Td (Requirement) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 517.80 358.85 Td (Actual) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 458.30 346.55 Td (\(Dollars in millions\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 334.55 Td (Leverage ) Tj ET Q q 0 0 0 rg BT 83.25 334.55 Td (Ratio) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 332.83 cm /I10 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 449.25 334.55 Td (10.0 to 1.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 528.25 334.55 Td (4.5 to 1.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 322.55 Td (Liquidity) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 320.83 cm /I11 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 322.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 322.55 Td (6.3) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 322.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 322.55 Td (19.7) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 310.55 Td (Adjusted ) Tj ET Q q 0 0 0 rg BT 82.39 310.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 95.94 310.55 Td (Income) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 406.70 310.55 Td (>) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 310.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 473.80 310.55 Td (0.0) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 310.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 310.55 Td (11.6) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 298.55 Td (T) Tj ET Q q 0 0 0 rg BT 55.83 298.55 Td (angible ) Tj ET Q q 0 0 0 rg BT 81.38 298.55 Td (Net ) Tj ET Q q 0 0 0 rg BT 94.78 298.55 Td (W) Tj ET Q q 0 0 0 rg BT 101.69 298.55 Td (orth) Tj ET Q /GS0 gs q 4.39 0 0 7.27 406.80 296.83 cm /I12 Do Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 423.50 298.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 469.80 298.55 Td (12.5) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 498.50 298.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.80 298.55 Td (26.3) Tj ET Q BT /F1 10.00 Tf ET BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 271.10 Td (MIF) Tj ET Q q 0 0 0 rg BT 68.77 271.10 Td ( ) Tj ET Q q 0 0 0 rg BT 71.90 271.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 115.03 271.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 167.05 271.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 198.34 271.10 Td (. ) Tj ET Q q 0 0 0 rg BT 203.96 271.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 207.09 271.10 Td (The ) Tj ET Q q 0 0 0 rg BT 225.76 271.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 246.68 271.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 288.68 271.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 338.45 271.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 372.13 271.10 Td (is ) Tj ET Q q 0 0 0 rg BT 381.93 271.10 Td (used ) Tj ET Q q 0 0 0 rg BT 403.39 271.10 Td (to ) Tj ET Q q 0 0 0 rg BT 414.29 271.10 Td (finance ) Tj ET Q q 0 0 0 rg BT 446.84 271.10 Td (eligible ) Tj ET Q q 0 0 0 rg BT 479.96 271.10 Td (residential ) Tj ET Q q 0 0 0 rg BT 524.74 271.10 Td (mortgage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 259.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 71.97 259.10 Td (originated ) Tj ET Q q 0 0 0 rg BT 113.87 259.10 Td (by ) Tj ET Q q 0 0 0 rg BT 125.23 259.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 141.60 259.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 180.17 259.10 Td (and ) Tj ET Q q 0 0 0 rg BT 195.97 259.10 Td (is ) Tj ET Q q 0 0 0 rg BT 204.00 259.10 Td (structured ) Tj ET Q q 0 0 0 rg BT 245.35 259.10 Td (as ) Tj ET Q q 0 0 0 rg BT 255.04 259.10 Td (a ) Tj ET Q q 0 0 0 rg BT 260.84 259.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 299.96 259.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 344.63 259.10 Td (facility) Tj ET Q q 0 0 0 rg BT 372.30 259.10 Td (. ) Tj ET Q q 0 0 0 rg BT 376.06 259.10 Td (The ) Tj ET Q q 0 0 0 rg BT 392.97 259.10 Td (agreement ) Tj ET Q q 0 0 0 rg BT 435.97 259.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 471.77 259.10 Td ( ) Tj ET Q q 0 0 0 rg BT 473.13 259.10 Td (a ) Tj ET Q q 0 0 0 rg BT 478.93 259.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 520.85 259.10 Td (borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 247.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 96.68 247.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 107.21 247.10 Td ($15 ) Tj ET Q q 0 0 0 rg BT 124.41 247.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.30 247.10 Td ( ) Tj ET Q q 0 0 0 rg BT 155.50 247.10 Td (which ) Tj ET Q q 0 0 0 rg BT 182.14 247.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 222.09 247.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.07 247.10 Td ($35 ) Tj ET Q q 0 0 0 rg BT 249.27 247.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.16 247.10 Td ( ) Tj ET Q q 0 0 0 rg BT 280.36 247.10 Td (from ) Tj ET Q q 0 0 0 rg BT 302.00 247.10 Td (December ) Tj ET Q q 0 0 0 rg BT 345.28 247.10 Td (2, ) Tj ET Q q 0 0 0 rg BT 354.98 247.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 377.18 247.10 Td (through ) Tj ET Q q 0 0 0 rg BT 410.48 247.10 Td (February ) Tj ET Q q 0 0 0 rg BT 448.78 247.10 Td (1, ) Tj ET Q q 0 0 0 rg BT 458.48 247.10 Td (2017. ) Tj ET Q q 0 0 0 rg BT 483.18 247.10 Td ( ) Tj ET Q q 0 0 0 rg BT 485.38 247.10 Td ( ) Tj ET Q q 0 0 0 rg BT 487.57 247.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 504.77 247.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 544.18 247.10 Td (pays ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 235.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.44 235.10 Td (on ) Tj ET Q q 0 0 0 rg BT 93.95 235.10 Td (each ) Tj ET Q q 0 0 0 rg BT 114.77 235.10 Td (advance ) Tj ET Q q 0 0 0 rg BT 150.03 235.10 Td (under ) Tj ET Q q 0 0 0 rg BT 175.30 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 190.03 235.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 210.32 235.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 251.70 235.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 300.85 235.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 333.91 235.10 Td (at ) Tj ET Q q 0 0 0 rg BT 343.63 235.10 Td (a ) Tj ET Q q 0 0 0 rg BT 350.58 235.10 Td (per ) Tj ET Q q 0 0 0 rg BT 365.85 235.10 Td (annum ) Tj ET Q q 0 0 0 rg BT 395.58 235.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 413.07 235.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 437.23 235.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.51 235.10 Td (the ) Tj ET Q q 0 0 0 rg BT 462.24 235.10 Td (floating ) Tj ET Q q 0 0 0 rg BT 495.85 235.10 Td (LIBOR ) Tj ET Q q 0 0 0 rg BT 528.35 235.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 545.84 235.10 Td (plus ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 223.10 Td (250) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.50 223.10 Td ( ) Tj ET Q q 0 0 0 rg BT 67.38 223.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 78.58 223.10 Td (275) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 93.58 223.10 Td ( ) Tj ET Q q 0 0 0 rg BT 96.46 223.10 Td (basis ) Tj ET Q q 0 0 0 rg BT 119.33 223.10 Td (points ) Tj ET Q q 0 0 0 rg BT 146.65 223.10 Td (depending ) Tj ET Q q 0 0 0 rg BT 191.18 223.10 Td (on ) Tj ET Q q 0 0 0 rg BT 204.06 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 219.15 223.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 239.24 223.10 Td (type. ) Tj ET Q q 0 0 0 rg BT 261.83 223.10 Td ( ) Tj ET Q q 0 0 0 rg BT 264.50 223.10 Td (The ) Tj ET Q q 0 0 0 rg BT 282.92 223.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 325.78 223.10 Td (in ) Tj ET Q q 0 0 0 rg BT 336.44 223.10 Td (the ) Tj ET Q q 0 0 0 rg BT 351.53 223.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 372.19 223.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 413.94 223.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 463.46 223.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 496.89 223.10 Td (are ) Tj ET Q q 0 0 0 rg BT 511.97 223.10 Td (substantially ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 211.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 80.50 211.10 Td (to ) Tj ET Q q 0 0 0 rg BT 91.50 211.10 Td (the ) Tj ET Q q 0 0 0 rg BT 106.94 211.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 150.15 211.10 Td (in ) Tj ET Q q 0 0 0 rg BT 161.16 211.10 Td (the ) Tj ET Q q 0 0 0 rg BT 176.60 211.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 197.61 211.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 239.48 211.10 Td (W) Tj ET Q q 0 0 0 rg BT 248.11 211.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 294.50 211.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 344.65 211.10 Td ( ) Tj ET Q q 0 0 0 rg BT 347.65 211.10 Td (The ) Tj ET Q q 0 0 0 rg BT 366.42 211.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 387.43 211.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 429.53 211.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 479.40 211.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 513.18 211.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 550.84 211.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 199.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 74.63 199.10 Td (with ) Tj ET Q q 0 0 0 rg BT 94.76 199.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 125.43 199.10 Td (to ) Tj ET Q q 0 0 0 rg BT 135.56 199.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 165.11 199.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 184.67 199.10 Td (types ) Tj ET Q q 0 0 0 rg BT 208.13 199.10 Td (that ) Tj ET Q q 0 0 0 rg BT 225.48 199.10 Td (can ) Tj ET Q q 0 0 0 rg BT 241.71 199.10 Td (secure ) Tj ET Q q 0 0 0 rg BT 269.59 199.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 318.61 199.10 Td (borrowings, ) Tj ET Q q 0 0 0 rg BT 369.01 199.10 Td (which ) Tj ET Q q 0 0 0 rg BT 395.80 199.10 Td (are ) Tj ET Q q 0 0 0 rg BT 410.36 199.10 Td (substantially ) Tj ET Q q 0 0 0 rg BT 463.26 199.10 Td (similar ) Tj ET Q q 0 0 0 rg BT 493.38 199.10 Td (to ) Tj ET Q q 0 0 0 rg BT 503.51 199.10 Td (the ) Tj ET Q q 0 0 0 rg BT 518.08 199.10 Td (restrictions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 187.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.76 187.10 Td (the ) Tj ET Q q 0 0 0 rg BT 74.46 187.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 94.73 187.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 135.91 187.10 Td (W) Tj ET Q q 0 0 0 rg BT 144.55 187.10 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 190.36 187.10 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 239.76 187.10 Td ( ) Tj ET Q q 0 0 0 rg BT 242.07 187.10 Td (There ) Tj ET Q q 0 0 0 rg BT 267.87 187.10 Td (are ) Tj ET Q q 0 0 0 rg BT 282.56 187.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 321.13 187.10 Td (no ) Tj ET Q q 0 0 0 rg BT 333.62 187.10 Td (guarantors ) Tj ET Q q 0 0 0 rg BT 378.31 187.10 Td (of ) Tj ET Q q 0 0 0 rg BT 389.12 187.10 Td (the ) Tj ET Q q 0 0 0 rg BT 403.82 187.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 424.08 187.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 465.44 187.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 514.57 187.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 544.48 187.10 Td (. ) Tj ET Q q 0 0 0 rg BT 549.46 187.10 Td ( ) Tj ET Q q 0 0 0 rg BT 551.39 187.10 Td (As ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 175.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.29 175.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.84 175.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.84 175.10 Td (, ) Tj ET Q q 0 0 0 rg BT 131.80 175.10 Td (there ) Tj ET Q q 0 0 0 rg BT 155.24 175.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 174.25 175.10 Td ($13.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 228.14 175.10 Td ( ) Tj ET Q q 0 0 0 rg BT 231.59 175.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 281.71 175.10 Td (under ) Tj ET Q q 0 0 0 rg BT 307.94 175.10 Td (the ) Tj ET Q q 0 0 0 rg BT 323.61 175.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 344.85 175.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 387.18 175.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 437.29 175.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 467.19 175.10 Td (. ) Tj ET Q q 0 0 0 rg BT 473.14 175.10 Td ( ) Tj ET Q q 0 0 0 rg BT 476.60 175.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 495.06 175.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 535.72 175.10 Td (was ) Tj ET Q q 0 0 0 rg BT 554.73 175.10 Td (in ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 163.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 98.09 163.10 Td (with ) Tj ET Q q 0 0 0 rg BT 118.37 163.10 Td (all ) Tj ET Q q 0 0 0 rg BT 130.86 163.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 168.34 163.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 210.83 163.10 Td (as ) Tj ET Q q 0 0 0 rg BT 221.66 163.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 232.49 163.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 276.09 163.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 296.09 163.10 Td (.) 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 (44) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 49.50 740.25 Td (Senior) Tj ET Q q 0 0 0 rg BT 77.10 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 79.60 740.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 105.98 740.25 Td (and ) Tj ET Q q 0 0 0 rg BT 124.60 740.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 177.65 740.25 Td (Senior) Tj ET Q q 0 0 0 rg BT 205.25 740.25 Td ( ) Tj ET Q q 0 0 0 rg BT 207.75 740.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 268.60 740.25 Td (Notes.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 716.25 Td (6.75% ) Tj ET Q q 0 0 0 rg BT 78.06 716.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 108.03 716.25 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 136.59 716.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 139.33 716.25 Td (In ) Tj ET Q q 0 0 0 rg BT 150.39 716.25 Td (December ) Tj ET Q q 0 0 0 rg BT 194.21 716.25 Td (2015, ) Tj ET Q q 0 0 0 rg BT 219.44 716.25 Td (the ) Tj ET Q q 0 0 0 rg BT 234.39 716.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 276.01 716.25 Td (issued ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.74 716.25 Td ($300 ) Tj ET Q q 0 0 0 rg BT 326.48 716.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 355.37 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 358.10 716.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 399.70 716.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 437.97 716.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 470.70 716.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 481.76 716.25 Td (6.75%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 507.59 716.25 Td ( ) Tj ET Q q 0 0 0 rg BT 510.33 716.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 539.17 716.25 Td (Notes ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.25 Td (due ) Tj ET Q q 0 0 0 rg BT 66.49 704.25 Td (2021. ) Tj ET Q q 0 0 0 rg BT 91.55 704.25 Td ( ) Tj ET Q q 0 0 0 rg BT 93.92 704.25 Td (The ) Tj ET Q q 0 0 0 rg BT 112.03 704.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 134.58 704.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 163.25 704.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 189.13 704.25 Td (contain ) Tj ET Q q 0 0 0 rg BT 221.12 704.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 250.88 704.25 Td (covenants, ) Tj ET Q q 0 0 0 rg BT 295.92 704.25 Td (as ) Tj ET Q q 0 0 0 rg BT 306.81 704.25 Td (more ) Tj ET Q q 0 0 0 rg BT 329.91 704.25 Td (fully ) Tj ET Q q 0 0 0 rg BT 351.35 704.25 Td (described ) Tj ET Q q 0 0 0 rg BT 392.23 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 409.22 704.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 441.76 704.25 Td (in ) Tj ET Q q 0 0 0 rg BT 452.10 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 466.87 704.25 Td (indenture ) Tj ET Q q 0 0 0 rg BT 507.19 704.25 Td (governing ) Tj ET Q q 0 0 0 rg BT 550.29 704.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (2021 ) Tj ET Q q 0 0 0 rg BT 71.80 692.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 100.20 692.25 Td (Notes, ) Tj ET Q q 0 0 0 rg BT 128.33 692.25 Td (which ) Tj ET Q q 0 0 0 rg BT 155.07 692.25 Td (limit ) Tj ET Q q 0 0 0 rg BT 176.26 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.77 692.25 Td (ability ) Tj ET Q q 0 0 0 rg BT 218.62 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 229.25 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 243.76 692.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 284.94 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 301.68 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 316.19 692.25 Td (restricted ) Tj ET Q q 0 0 0 rg BT 355.69 692.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 405.21 692.25 Td (to, ) Tj ET Q q 0 0 0 rg BT 417.78 692.25 Td (among ) Tj ET Q q 0 0 0 rg BT 447.30 692.25 Td (other ) Tj ET Q q 0 0 0 rg BT 470.14 692.25 Td (things: ) Tj ET Q q 0 0 0 rg BT 499.67 692.25 Td (incur ) Tj ET Q q 0 0 0 rg BT 522.51 692.25 Td (additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (indebtedness; 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (3.0% ) Tj ET Q q 0 0 0 rg BT 72.59 596.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 122.62 596.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 152.11 596.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 209.94 596.25 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 238.02 596.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.28 596.25 Td (In ) Tj ET Q q 0 0 0 rg BT 250.87 596.25 Td (March ) Tj ET Q q 0 0 0 rg BT 279.22 596.25 Td (2013, ) Tj ET Q q 0 0 0 rg BT 303.98 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 318.46 596.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 359.60 596.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 386.86 596.25 Td ($86.3million ) Tj ET Q q 0 0 0 rg BT 443.01 596.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 484.13 596.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 521.92 596.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 554.18 596.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (3.0% ) Tj ET Q q 0 0 0 rg BT 73.11 584.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 123.10 584.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 151.98 584.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 208.08 584.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 234.19 584.25 Td (due ) Tj ET Q q 0 0 0 rg BT 251.41 584.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 276.69 584.25 Td ( ) Tj ET Q q 0 0 0 rg BT 279.26 584.25 Td (The ) Tj ET Q q 0 0 0 rg BT 297.59 584.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 344.24 584.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 362.00 584.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 395.89 584.25 Td (equals ) Tj ET Q q 0 0 0 rg BT 424.21 584.25 Td (30.9478 ) Tj ET Q q 0 0 0 rg BT 459.49 584.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 487.26 584.25 Td (per ) Tj ET Q q 0 0 0 rg BT 502.80 584.25 Td ($1,000 ) Tj ET Q q 0 0 0 rg BT 533.08 584.25 Td (of ) Tj ET Q q 0 0 0 rg BT 544.19 584.25 Td (their ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 572.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.68 572.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 122.82 572.25 Td ( ) Tj ET Q q 0 0 0 rg BT 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rg BT 222.74 560.25 Td ( ) Tj ET Q q 0 0 0 rg BT 224.86 560.25 Td (The ) Tj ET Q q 0 0 0 rg BT 242.68 560.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 264.96 560.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 314.44 560.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 342.83 560.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 398.43 560.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 424.04 560.25 Td (mature ) Tj ET Q q 0 0 0 rg BT 454.08 560.25 Td (on ) Tj ET Q q 0 0 0 rg BT 466.36 560.25 Td (March ) Tj ET Q q 0 0 0 rg BT 494.73 560.25 Td (1, ) Tj ET Q q 0 0 0 rg BT 504.51 560.25 Td (2018. ) Tj ET Q q 0 0 0 rg BT 529.29 560.25 Td () Tj ET Q q 0 0 0 rg BT 531.60 560.25 Td (W) Tj ET Q q 0 0 0 rg BT 540.24 560.25 Td (e ) Tj ET Q q 0 0 0 rg BT 546.96 560.25 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 548.25 Td (consider ) Tj ET Q q 0 0 0 rg BT 86.16 548.25 Td (various ) Tj ET Q q 0 0 0 rg BT 118.38 548.25 Td (alternatives ) Tj ET Q q 0 0 0 rg BT 167.25 548.25 Td (for ) Tj ET Q q 0 0 0 rg BT 181.70 548.25 Td (refinancing ) Tj ET Q q 0 0 0 rg BT 230.01 548.25 Td (the ) Tj ET Q q 0 0 0 rg BT 245.01 548.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 267.80 548.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 317.79 548.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 346.68 548.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 402.79 548.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 428.90 548.25 Td (on ) Tj ET Q q 0 0 0 rg BT 441.69 548.25 Td (or ) Tj ET Q q 0 0 0 rg BT 452.80 548.25 Td (prior ) Tj ET Q q 0 0 0 rg BT 475.02 548.25 Td (to ) Tj ET Q q 0 0 0 rg BT 485.58 548.25 Td (their ) Tj ET Q q 0 0 0 rg BT 506.69 548.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 543.36 548.25 Td (date, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 536.25 Td (including ) Tj ET Q q 0 0 0 rg BT 89.76 536.25 Td (the ) Tj ET Q q 0 0 0 rg BT 104.47 536.25 Td (issuance ) Tj ET Q q 0 0 0 rg BT 140.84 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 151.66 536.25 Td (debt ) Tj ET Q q 0 0 0 rg BT 171.37 536.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 199.40 536.25 Td (equity ) Tj ET Q q 0 0 0 rg BT 226.89 536.25 Td (securities ) Tj ET Q q 0 0 0 rg BT 267.14 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 284.07 536.25 Td (other ) Tj ET Q q 0 0 0 rg BT 307.11 536.25 Td (transactions. ) Tj ET Q q 0 0 0 rg BT 359.86 536.25 Td ( ) Tj ET Q q 0 0 0 rg BT 362.17 536.25 Td (The ) Tj ET Q q 0 0 0 rg BT 380.21 536.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 408.81 536.25 Td (and ) Tj ET Q q 0 0 0 rg BT 425.74 536.25 Td (nature ) Tj ET Q q 0 0 0 rg BT 453.22 536.25 Td (of ) Tj ET Q q 0 0 0 rg BT 464.04 536.25 Td (such ) Tj ET Q q 0 0 0 rg BT 484.86 536.25 Td (transactions, ) Tj ET Q q 0 0 0 rg BT 537.61 536.25 Td (if ) Tj ET Q q 0 0 0 rg BT 546.21 536.25 Td (any) Tj ET Q q 0 0 0 rg BT 560.00 536.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 524.25 Td (will ) Tj ET Q q 0 0 0 rg BT 67.53 524.25 Td (depend ) Tj ET Q q 0 0 0 rg BT 98.88 524.25 Td (on ) Tj ET Q q 0 0 0 rg BT 111.36 524.25 Td (prevailing ) Tj ET Q q 0 0 0 rg BT 154.37 524.25 Td (market ) Tj ET Q q 0 0 0 rg BT 184.61 524.25 Td (conditions, ) Tj ET Q q 0 0 0 rg BT 231.25 524.25 Td (liquidity ) Tj ET Q q 0 0 0 rg BT 267.62 524.25 Td (requirements, ) Tj ET Q q 0 0 0 rg BT 324.79 524.25 Td (contractual ) Tj ET Q q 0 0 0 rg BT 371.69 524.25 Td (restrictions ) Tj ET Q q 0 0 0 rg BT 418.60 524.25 Td (and ) Tj ET Q q 0 0 0 rg BT 435.51 524.25 Td (other ) Tj ET Q q 0 0 0 rg BT 458.53 524.25 Td (factors. ) Tj ET Q q 0 0 0 rg BT 493.03 524.25 Td (T) Tj ET Q q 0 0 0 rg BT 498.44 524.25 Td (o ) Tj ET Q q 0 0 0 rg BT 505.92 524.25 Td (the ) Tj ET Q q 0 0 0 rg BT 520.61 524.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 547.52 524.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 512.25 Td (any ) Tj ET Q q 0 0 0 rg BT 66.70 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 77.80 512.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.78 512.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 115.55 512.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 165.53 512.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 194.40 512.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 250.49 512.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 276.59 512.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 307.12 512.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 356.55 512.25 Td (at ) Tj ET Q q 0 0 0 rg BT 366.53 512.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 403.18 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 420.39 512.25 Td (are ) Tj ET Q q 0 0 0 rg BT 435.36 512.25 Td (not ) Tj ET Q q 0 0 0 rg BT 450.90 512.25 Td (converted ) Tj ET Q q 0 0 0 rg BT 493.09 512.25 Td (into ) Tj ET Q q 0 0 0 rg BT 511.42 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 527.51 512.25 Td (common ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 80.14 500.25 Td (we ) Tj ET Q q 0 0 0 rg BT 94.96 500.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 124.20 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 135.14 500.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 152.73 500.25 Td (the ) Tj ET Q q 0 0 0 rg BT 168.10 500.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 206.79 500.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 239.94 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 251.42 500.25 Td (such ) Tj ET Q q 0 0 0 rg BT 272.91 500.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 322.73 500.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 346.99 500.25 Td (\(plus ) Tj ET Q q 0 0 0 rg BT 370.14 500.25 Td (any ) Tj ET Q q 0 0 0 rg BT 387.73 500.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 421.97 500.25 Td (and ) Tj ET Q q 0 0 0 rg BT 439.56 500.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 469.93 500.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 502.52 500.25 Td (that ) Tj ET Q q 0 0 0 rg BT 520.67 500.25 Td (is ) Tj ET Q q 0 0 0 rg BT 530.49 500.25 Td (due ) Tj ET Q q 0 0 0 rg BT 548.08 500.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (payable\) ) Tj ET Q q 0 0 0 rg BT 86.07 488.25 Td (on ) Tj ET Q q 0 0 0 rg BT 98.22 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 112.58 488.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 148.61 488.25 Td (date ) Tj ET Q q 0 0 0 rg BT 167.41 488.25 Td (in ) Tj ET Q q 0 0 0 rg BT 177.33 488.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 224.44 488.25 Td (with ) Tj ET Q q 0 0 0 rg BT 244.36 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 258.73 488.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 283.09 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 293.56 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.93 488.25 Td (indenture ) Tj ET Q q 0 0 0 rg BT 347.84 488.25 Td (with ) Tj ET Q q 0 0 0 rg BT 367.76 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 382.12 488.25 Td (proceeds ) Tj ET Q q 0 0 0 rg BT 419.81 488.25 Td (from ) Tj ET Q q 0 0 0 rg BT 441.39 488.25 Td (any ) Tj ET Q q 0 0 0 rg BT 457.98 488.25 Td (such ) Tj ET Q q 0 0 0 rg BT 478.45 488.25 Td (refinancing, ) Tj ET Q q 0 0 0 rg BT 528.63 488.25 Td (amounts ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 476.25 Td (available ) Tj ET Q q 0 0 0 rg BT 87.37 476.25 Td (under ) Tj ET Q q 0 0 0 rg BT 111.92 476.25 Td (our ) Tj ET Q q 0 0 0 rg BT 127.04 476.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 153.82 476.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 186.15 476.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 213.48 476.25 Td (other ) Tj ET Q q 0 0 0 rg BT 235.81 476.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 267.59 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 277.70 476.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 308.64 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 310.42 476.25 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 326.6416015625 474.9169921875 m 352.86376953125 474.9169921875 l s q 0 0 1 rg BT 326.64 476.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 347.86 476.25 Td (7) 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 352.86 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 354.65 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 368.09 476.25 Td (more ) Tj ET Q q 0 0 0 rg BT 390.42 476.25 Td (information ) Tj ET Q q 0 0 0 rg BT 439.42 476.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 479.52 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 493.52 476.25 Td (2018 ) Tj ET Q q 0 0 0 rg BT 515.30 476.25 Td (Convertible ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 464.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 78.11 464.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 133.93 464.25 Td (Notes. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 440.25 Td (3.25% ) Tj ET Q q 0 0 0 rg BT 76.85 440.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 126.14 440.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 154.89 440.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 211.98 440.25 Td (Notes. ) Tj ET Q q 0 0 0 rg BT 239.33 440.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.85 440.25 Td (In ) Tj ET Q q 0 0 0 rg BT 250.70 440.25 Td (September ) Tj ET Q q 0 0 0 rg BT 294.98 440.25 Td (2012, ) Tj ET Q q 0 0 0 rg BT 319.00 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 332.73 440.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 373.14 440.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 399.66 440.25 Td ($57.5million ) Tj ET Q q 0 0 0 rg BT 455.07 440.25 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 495.45 440.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 532.51 440.25 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 428.25 Td (of ) Tj ET Q q 0 0 0 rg BT 60.89 428.25 Td (3.25% ) Tj ET Q q 0 0 0 rg BT 89.77 428.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 140.04 428.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 169.20 428.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 225.58 428.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 251.97 428.25 Td (due ) Tj ET Q q 0 0 0 rg BT 269.46 428.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 295.02 428.25 Td ( ) Tj ET Q q 0 0 0 rg BT 297.85 428.25 Td (The ) Tj ET Q q 0 0 0 rg BT 316.46 428.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 363.39 428.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 381.43 428.25 Td (initially ) Tj ET Q q 0 0 0 rg BT 415.59 428.25 Td (equals ) Tj ET Q q 0 0 0 rg BT 444.20 428.25 Td (42.0159 ) Tj ET Q q 0 0 0 rg BT 479.75 428.25 Td (shares ) Tj ET Q q 0 0 0 rg BT 507.80 428.25 Td (per ) Tj ET Q q 0 0 0 rg BT 523.62 428.25 Td ($1,000 ) Tj ET Q q 0 0 0 rg BT 554.18 428.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 416.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 87.82 416.25 Td (amount. ) Tj ET Q q 0 0 0 rg BT 123.09 416.25 Td ( ) Tj ET Q q 0 0 0 rg BT 125.67 416.25 Td (This ) Tj ET Q q 0 0 0 rg BT 146.23 416.25 Td (corresponds ) Tj ET Q q 0 0 0 rg BT 197.33 416.25 Td (to ) Tj ET Q q 0 0 0 rg BT 207.88 416.25 Td (an ) Tj ET Q q 0 0 0 rg BT 220.10 416.25 Td (initial ) Tj ET Q q 0 0 0 rg BT 246.21 416.25 Td (conversion ) Tj ET Q q 0 0 0 rg BT 292.86 416.25 Td (price ) Tj ET Q q 0 0 0 rg BT 315.63 416.25 Td (of ) Tj ET Q q 0 0 0 rg BT 326.74 416.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 387.27 416.25 Td ($23.80 ) Tj ET Q q 0 0 0 rg BT 417.55 416.25 Td (per ) Tj ET Q q 0 0 0 rg BT 433.10 416.25 Td (common ) Tj ET Q q 0 0 0 rg BT 470.87 416.25 Td (share ) Tj ET Q q 0 0 0 rg BT 494.75 416.25 Td (which ) Tj ET Q q 0 0 0 rg BT 521.97 416.25 Td (equates ) Tj ET Q q 0 0 0 rg BT 554.73 416.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 404.25 Td (approximately ) Tj ET Q q 0 0 0 rg BT 109.48 404.25 Td (2.4million ) Tj ET Q q 0 0 0 rg BT 155.59 404.25 Td (common ) Tj ET Q q 0 0 0 rg BT 192.80 404.25 Td (shares. ) Tj ET Q q 0 0 0 rg BT 222.51 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 224.57 404.25 Td (The ) Tj ET Q q 0 0 0 rg BT 242.34 404.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 264.56 404.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 313.99 404.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 342.32 404.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 397.86 404.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 423.41 404.25 Td (mature ) Tj ET Q q 0 0 0 rg BT 453.39 404.25 Td (on ) Tj ET Q q 0 0 0 rg BT 465.61 404.25 Td (September ) Tj ET Q q 0 0 0 rg BT 510.59 404.25 Td (15, ) Tj ET Q q 0 0 0 rg BT 525.31 404.25 Td (2017. ) Tj ET Q q 0 0 0 rg BT 550.03 404.25 Td ( ) Tj ET Q q 0 0 0 rg BT 552.09 404.25 Td (T) Tj ET Q q 0 0 0 rg BT 557.50 404.25 Td (o ) 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 64.16 392.25 Td (extent ) Tj ET Q q 0 0 0 rg BT 91.04 392.25 Td (that ) Tj ET Q q 0 0 0 rg BT 108.48 392.25 Td (any ) Tj ET Q q 0 0 0 rg BT 125.37 392.25 Td (of ) Tj ET Q q 0 0 0 rg BT 136.14 392.25 Td (the ) Tj ET Q q 0 0 0 rg BT 150.80 392.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 173.25 392.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 222.91 392.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 251.46 392.25 Td (Subordinated ) Tj ET Q q 0 0 0 rg BT 307.23 392.25 Td (Notes ) Tj ET Q q 0 0 0 rg BT 333.00 392.25 Td (remain ) Tj ET Q q 0 0 0 rg BT 363.21 392.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 412.32 392.25 Td (at ) Tj ET Q q 0 0 0 rg BT 421.99 392.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 458.31 392.25 Td (and ) Tj ET Q q 0 0 0 rg BT 475.20 392.25 Td (are ) Tj ET Q q 0 0 0 rg BT 489.85 392.25 Td (not ) Tj ET Q q 0 0 0 rg BT 505.07 392.25 Td (converted ) Tj ET Q q 0 0 0 rg BT 546.94 392.25 Td (into ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 380.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.50 380.25 Td (common ) Tj ET Q q 0 0 0 rg BT 103.17 380.25 Td (shares, ) Tj ET Q q 0 0 0 rg BT 133.33 380.25 Td (we ) Tj ET Q q 0 0 0 rg BT 147.66 380.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 176.42 380.25 Td (to ) Tj ET Q q 0 0 0 rg BT 186.87 380.25 Td (pay ) Tj ET Q q 0 0 0 rg BT 203.98 380.25 Td (the ) Tj ET Q q 0 0 0 rg BT 218.87 380.25 Td (principal ) Tj ET Q q 0 0 0 rg BT 257.08 380.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 289.75 380.25 Td (of ) Tj ET Q q 0 0 0 rg BT 300.75 380.25 Td (such ) Tj ET Q q 0 0 0 rg BT 321.75 380.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 371.09 380.25 Td (notes ) Tj ET Q q 0 0 0 rg BT 394.87 380.25 Td (\(plus ) Tj ET Q q 0 0 0 rg BT 417.54 380.25 Td (any ) Tj ET Q q 0 0 0 rg BT 434.65 380.25 Td (accrued ) Tj ET Q q 0 0 0 rg BT 468.40 380.25 Td (and ) Tj ET Q q 0 0 0 rg BT 485.51 380.25 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 515.40 380.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 547.50 380.25 Td (that ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 368.25 Td (is ) Tj ET Q q 0 0 0 rg BT 58.86 368.25 Td (due ) Tj ET Q q 0 0 0 rg BT 75.99 368.25 Td (and ) Tj ET Q q 0 0 0 rg BT 93.12 368.25 Td (payable\) ) Tj ET Q q 0 0 0 rg BT 130.24 368.25 Td (on ) Tj ET Q q 0 0 0 rg BT 142.93 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 157.84 368.25 Td (maturity ) Tj ET Q q 0 0 0 rg BT 194.41 368.25 Td (date ) Tj ET Q q 0 0 0 rg BT 213.76 368.25 Td (in ) Tj ET Q q 0 0 0 rg BT 224.23 368.25 Td (accordance ) Tj ET Q q 0 0 0 rg BT 271.88 368.25 Td (with ) Tj ET Q q 0 0 0 rg BT 292.35 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 307.26 368.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 332.17 368.25 Td (of ) Tj ET Q q 0 0 0 rg BT 343.19 368.25 Td (the ) Tj ET Q q 0 0 0 rg BT 358.10 368.25 Td (indenture ) Tj ET Q q 0 0 0 rg BT 398.56 368.25 Td (from ) Tj ET Q q 0 0 0 rg BT 420.69 368.25 Td (amounts ) Tj ET Q q 0 0 0 rg BT 457.27 368.25 Td (available ) Tj ET Q q 0 0 0 rg BT 496.05 368.25 Td (under ) Tj ET Q q 0 0 0 rg BT 521.51 368.25 Td (our ) Tj ET Q q 0 0 0 rg BT 537.53 368.25 Td (Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 356.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 83.02 356.25 Td (and/or ) Tj ET Q q 0 0 0 rg BT 111.53 356.25 Td (other ) Tj ET Q q 0 0 0 rg BT 135.05 356.25 Td (sources ) Tj ET Q q 0 0 0 rg BT 168.01 356.25 Td (of ) Tj ET Q q 0 0 0 rg BT 179.30 356.25 Td (capital. ) Tj ET Q q 0 0 0 rg BT 211.42 356.25 Td ( ) Tj ET Q q 0 0 0 rg BT 214.39 356.25 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 231.796875 354.9169921875 m 259.203125 354.9169921875 l s q 0 0 1 rg BT 231.80 356.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 254.20 356.25 Td (7) 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 259.20 356.25 Td ( ) Tj ET Q q 0 0 0 rg BT 262.17 356.25 Td (for ) Tj ET Q q 0 0 0 rg BT 276.80 356.25 Td (more ) Tj ET Q q 0 0 0 rg BT 300.31 356.25 Td (information ) Tj ET Q q 0 0 0 rg BT 350.49 356.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 391.78 356.25 Td (the ) Tj ET Q q 0 0 0 rg BT 406.96 356.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 429.93 356.25 Td (Convertible ) Tj ET Q q 0 0 0 rg BT 480.11 356.25 Td (Senior ) Tj ET Q q 0 0 0 rg BT 509.18 356.25 Td (Subordinated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 344.25 Td (Notes. ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 320.25 Td (W) Tj ET Q q 0 0 0 rg BT 57.65 320.25 Td (eighted ) Tj ET Q q 0 0 0 rg BT 88.72 320.25 Td (A) Tj ET Q q 0 0 0 rg BT 94.65 320.25 Td (verage ) Tj ET Q q 0 0 0 rg BT 123.13 320.25 Td (Borrowings. ) Tj ET Q q 0 0 0 rg BT 175.25 320.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.51 320.25 Td (For ) Tj ET Q q 0 0 0 rg BT 191.67 320.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.16 320.25 Td (three ) Tj ET Q q 0 0 0 rg BT 226.41 320.25 Td (months ) Tj ET Q q 0 0 0 rg BT 257.12 320.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 282.27 320.25 Td (March ) Tj ET Q q 0 0 0 rg BT 309.63 320.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 323.40 320.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 344.67 320.25 Td (and ) Tj ET Q q 0 0 0 rg BT 360.37 320.25 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.37 320.25 Td (, ) Tj ET Q q 0 0 0 rg BT 384.14 320.25 Td (our ) Tj ET Q q 0 0 0 rg BT 398.74 320.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 436.66 320.25 Td (average ) Tj ET Q q 0 0 0 rg BT 469.01 320.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 515.83 320.25 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 308.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 70.80 308.25 Td ($632.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 129.69 308.25 Td ( ) Tj ET Q q 0 0 0 rg BT 131.56 308.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.87 308.25 Td ($608.8million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 206.77 308.25 Td (, ) Tj ET Q q 0 0 0 rg BT 211.14 308.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 258.80 308.25 Td (, ) Tj ET Q q 0 0 0 rg BT 263.17 308.25 Td (with ) Tj ET Q q 0 0 0 rg BT 282.82 308.25 Td (a ) Tj ET Q q 0 0 0 rg BT 289.13 308.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 327.66 308.25 Td (average ) Tj ET Q q 0 0 0 rg BT 360.61 308.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 391.92 308.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 408.77 308.25 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.98 308.25 Td (5.76%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.81 308.25 Td ( ) Tj ET Q q 0 0 0 rg BT 446.68 308.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 462.99 308.25 Td (5.89%) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 488.82 308.25 Td (, ) Tj ET Q q 0 0 0 rg BT 493.19 308.25 Td (respectively) Tj ET Q q 0 0 0 rg BT 540.85 308.25 Td (. ) Tj ET Q q 0 0 0 rg BT 545.22 308.25 Td ( ) Tj ET Q q 0 0 0 rg BT 546.96 308.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 296.25 Td (increase) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.25 296.25 Td ( ) Tj ET Q q 0 0 0 rg BT 84.47 296.25 Td (in ) Tj ET Q q 0 0 0 rg BT 94.46 296.25 Td (our ) Tj ET Q q 0 0 0 rg BT 110.01 296.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 148.88 296.25 Td (average ) Tj ET Q q 0 0 0 rg BT 182.17 296.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 229.94 296.25 Td (related ) Tj ET Q q 0 0 0 rg BT 259.36 296.25 Td (to ) Tj ET Q q 0 0 0 rg BT 269.35 296.25 Td (an ) Tj ET Q q 0 0 0 rg BT 281.00 296.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 315.97 296.25 Td (in ) Tj ET Q q 0 0 0 rg BT 325.96 296.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 373.73 296.25 Td (under ) Tj ET Q q 0 0 0 rg BT 398.71 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 413.14 296.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 440.35 296.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 473.12 296.25 Td (during ) Tj ET Q q 0 0 0 rg BT 501.44 296.25 Td (the ) Tj ET Q q 0 0 0 rg BT 515.87 296.25 Td (first ) Tj ET Q q 0 0 0 rg BT 534.19 296.25 Td (quarter ) 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 59.99 284.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 82.15 284.25 Td (compared ) Tj ET Q q 0 0 0 rg BT 123.73 284.25 Td (to ) Tj ET Q q 0 0 0 rg BT 133.67 284.25 Td (the ) Tj ET Q q 0 0 0 rg BT 148.05 284.25 Td (first ) Tj ET Q q 0 0 0 rg BT 166.32 284.25 Td (quarter ) Tj ET Q q 0 0 0 rg BT 196.79 284.25 Td (of ) Tj ET Q q 0 0 0 rg BT 207.28 284.25 Td (2016. ) Tj ET Q q 0 0 0 rg BT 231.94 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 233.94 284.25 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 251.65 284.25 Td (decline) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 280.52 284.25 Td ( ) Tj ET Q q 0 0 0 rg BT 282.68 284.25 Td (in ) Tj ET Q q 0 0 0 rg BT 292.62 284.25 Td (our ) Tj ET Q q 0 0 0 rg BT 308.11 284.25 Td (weighted ) Tj ET Q q 0 0 0 rg BT 346.92 284.25 Td (average ) Tj ET Q q 0 0 0 rg BT 380.17 284.25 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 423.99 284.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 455.58 284.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 472.73 284.25 Td (was ) Tj ET Q q 0 0 0 rg BT 490.44 284.25 Td (also ) Tj ET Q q 0 0 0 rg BT 508.71 284.25 Td (primarily ) Tj ET Q q 0 0 0 rg BT 548.08 284.25 Td (due ) Tj ET Q BT /F1 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 (the ) Tj ET Q q 0 0 0 rg BT 74.50 272.25 Td (increase ) Tj ET Q q 0 0 0 rg BT 109.75 272.25 Td (in ) Tj ET Q q 0 0 0 rg BT 120.03 272.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 168.08 272.25 Td (under ) Tj ET Q q 0 0 0 rg BT 193.35 272.25 Td (our ) Tj ET Q q 0 0 0 rg BT 209.18 272.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 236.67 272.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 269.72 272.25 Td (which ) Tj ET Q q 0 0 0 rg BT 296.66 272.25 Td (has ) Tj ET Q q 0 0 0 rg BT 312.49 272.25 Td (a ) Tj ET Q q 0 0 0 rg BT 319.43 272.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 344.70 272.25 Td (rate. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 248.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.66 248.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 104.93 248.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 124.93 248.25 Td (, ) Tj ET Q q 0 0 0 rg BT 129.59 248.25 Td (we ) Tj ET Q q 0 0 0 rg BT 143.42 248.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 160.02 248.25 Td ($1) Tj ET Q q 0 0 0 rg BT 169.65 248.25 Td (10.9 ) Tj ET Q q 0 0 0 rg BT 189.31 248.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 218.21 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 220.37 248.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 269.20 248.25 Td (under ) Tj ET Q q 0 0 0 rg BT 294.13 248.25 Td (the ) Tj ET Q q 0 0 0 rg BT 308.51 248.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 335.67 248.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 365.58 248.25 Td (. ) Tj ET Q q 0 0 0 rg BT 370.24 248.25 Td ( ) Tj ET Q q 0 0 0 rg BT 372.40 248.25 Td (During ) Tj ET Q q 0 0 0 rg BT 402.90 248.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 417.28 248.25 Td (three ) Tj ET Q q 0 0 0 rg BT 439.43 248.25 Td (months ) Tj ET Q q 0 0 0 rg BT 471.04 248.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 497.08 248.25 Td (March ) Tj ET Q q 0 0 0 rg BT 525.35 248.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 540.01 248.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 248.25 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.30 236.25 Td (average ) Tj ET Q q 0 0 0 rg BT 97.97 236.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 120.55 236.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 153.13 236.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 202.38 236.25 Td (under ) Tj ET Q q 0 0 0 rg BT 227.73 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 242.53 236.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 270.11 236.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 303.25 236.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 321.38 236.25 Td ($109.6 ) Tj ET Q q 0 0 0 rg BT 351.47 236.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 380.36 236.25 Td ( ) Tj ET Q q 0 0 0 rg BT 382.95 236.25 Td (and ) Tj ET Q q 0 0 0 rg BT 399.97 236.25 Td (the ) Tj ET Q q 0 0 0 rg BT 414.77 236.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 457.91 236.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 490.49 236.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 539.73 236.25 Td (under ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 224.25 Td (the ) Tj ET Q q 0 0 0 rg BT 64.77 224.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 92.83 224.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 126.44 224.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.05 224.25 Td ($142.5 ) Tj ET Q q 0 0 0 rg BT 175.61 224.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.50 224.25 Td (. ) Tj ET Q q 0 0 0 rg BT 210.06 224.25 Td ( ) Tj ET Q q 0 0 0 rg BT 213.11 224.25 Td (Based ) Tj ET Q q 0 0 0 rg BT 240.61 224.25 Td (on ) Tj ET Q q 0 0 0 rg BT 253.67 224.25 Td (our ) Tj ET Q q 0 0 0 rg BT 270.06 224.25 Td (current ) Tj ET Q q 0 0 0 rg BT 301.43 224.25 Td (anticipated ) Tj ET Q q 0 0 0 rg BT 348.36 224.25 Td (spending ) Tj ET Q q 0 0 0 rg BT 387.52 224.25 Td (on ) Tj ET Q q 0 0 0 rg BT 400.58 224.25 Td (home ) Tj ET Q q 0 0 0 rg BT 425.85 224.25 Td (construction, ) Tj ET Q q 0 0 0 rg BT 480.85 224.25 Td (land ) Tj ET Q q 0 0 0 rg BT 501.12 224.25 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 548.06 224.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 212.25 Td (development ) Tj ET Q q 0 0 0 rg BT 104.02 212.25 Td (in ) Tj ET Q q 0 0 0 rg BT 114.66 212.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 140.03 212.25 Td (of) Tj ET Q q 0 0 0 rg BT 148.18 212.25 Td (fset ) Tj ET Q q 0 0 0 rg BT 165.48 212.25 Td (by ) Tj ET Q q 0 0 0 rg BT 178.35 212.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 216.75 212.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 237.38 212.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 271.34 212.25 Td (from ) Tj ET Q q 0 0 0 rg BT 293.65 212.25 Td (home ) Tj ET Q q 0 0 0 rg BT 318.73 212.25 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 362.97 212.25 Td (we ) Tj ET Q q 0 0 0 rg BT 377.49 212.25 Td (expect ) Tj ET Q q 0 0 0 rg BT 406.45 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 417.10 212.25 Td (continue ) Tj ET Q q 0 0 0 rg BT 454.40 212.25 Td (to ) Tj ET Q q 0 0 0 rg BT 465.04 212.25 Td (borrow ) Tj ET Q q 0 0 0 rg BT 496.79 212.25 Td (under ) Tj ET Q q 0 0 0 rg BT 522.42 212.25 Td (the ) Tj ET Q q 0 0 0 rg BT 537.51 212.25 Td (Credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 200.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 81.58 200.25 Td (during ) Tj ET Q q 0 0 0 rg BT 109.21 200.25 Td (2017, ) Tj ET Q q 0 0 0 rg BT 133.23 200.25 Td (with ) Tj ET Q q 0 0 0 rg BT 152.53 200.25 Td (an ) Tj ET Q q 0 0 0 rg BT 163.49 200.25 Td (estimated ) Tj ET Q q 0 0 0 rg BT 203.34 200.25 Td (peak ) Tj ET Q q 0 0 0 rg BT 223.74 200.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 255.26 200.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 303.45 200.25 Td (not ) Tj ET Q q 0 0 0 rg BT 317.75 200.25 Td (expected ) Tj ET Q q 0 0 0 rg BT 354.80 200.25 Td (to ) Tj ET Q q 0 0 0 rg BT 364.10 200.25 Td (exceed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 393.38 200.25 Td ($200million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 444.77 200.25 Td (. ) Tj ET Q q 0 0 0 rg BT 448.80 200.25 Td ( ) Tj ET Q q 0 0 0 rg BT 450.21 200.25 Td (The ) Tj ET Q q 0 0 0 rg BT 467.28 200.25 Td (actual ) Tj ET Q q 0 0 0 rg BT 492.68 200.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 524.19 200.25 Td (borrowed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 188.25 Td (during ) Tj ET Q q 0 0 0 rg BT 77.31 188.25 Td (2017 ) Tj ET Q q 0 0 0 rg BT 99.01 188.25 Td (\(and ) Tj ET Q q 0 0 0 rg BT 118.48 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.40 188.25 Td (peak ) Tj ET Q q 0 0 0 rg BT 152.97 188.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 184.67 188.25 Td (outstanding\) ) Tj ET Q q 0 0 0 rg BT 236.37 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 252.50 188.25 Td (related ) Tj ET Q q 0 0 0 rg BT 281.41 188.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 309.22 188.25 Td (are ) Tj ET Q q 0 0 0 rg BT 323.13 188.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 353.16 188.25 Td (to ) Tj ET Q q 0 0 0 rg BT 362.63 188.25 Td (numerous ) Tj ET Q q 0 0 0 rg BT 403.77 188.25 Td (factors, ) Tj ET Q q 0 0 0 rg BT 435.18 188.25 Td (including ) Tj ET Q q 0 0 0 rg BT 474.66 188.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.57 188.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 516.39 188.25 Td (and ) Tj ET Q q 0 0 0 rg BT 532.53 188.25 Td (amount ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 176.25 Td (of ) Tj ET Q q 0 0 0 rg BT 61.15 176.25 Td (land ) Tj ET Q q 0 0 0 rg BT 81.69 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 99.45 176.25 Td (house ) Tj ET Q q 0 0 0 rg BT 126.11 176.25 Td (construction ) Tj ET Q q 0 0 0 rg BT 178.86 176.25 Td (expenditures, ) Tj ET Q q 0 0 0 rg BT 235.78 176.25 Td (payroll ) Tj ET Q q 0 0 0 rg BT 267.43 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 285.19 176.25 Td (other ) Tj ET Q q 0 0 0 rg BT 309.06 176.25 Td (general ) Tj ET Q q 0 0 0 rg BT 341.80 176.25 Td (and ) Tj ET Q q 0 0 0 rg BT 359.57 176.25 Td (administrative ) Tj ET Q q 0 0 0 rg BT 420.10 176.25 Td (expenses, ) Tj ET Q q 0 0 0 rg BT 462.02 176.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 483.11 176.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 517.52 176.25 Td (from ) Tj ET Q q 0 0 0 rg BT 540.29 176.25 Td (home ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 164.25 Td (deliveries, ) Tj ET Q q 0 0 0 rg BT 93.25 164.25 Td (other ) Tj ET Q q 0 0 0 rg BT 116.17 164.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 136.31 164.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 169.78 164.25 Td (and ) Tj ET Q q 0 0 0 rg BT 186.60 164.25 Td (payments, ) Tj ET Q q 0 0 0 rg BT 229.80 164.25 Td (any ) Tj ET Q q 0 0 0 rg BT 246.61 164.25 Td (capital ) Tj ET Q q 0 0 0 rg BT 275.64 164.25 Td (markets ) Tj ET Q q 0 0 0 rg BT 309.67 164.25 Td (transactions ) Tj ET Q q 0 0 0 rg BT 359.81 164.25 Td (or ) Tj ET Q q 0 0 0 rg BT 370.51 164.25 Td (other ) Tj ET Q q 0 0 0 rg BT 393.44 164.25 Td (additional ) Tj ET Q q 0 0 0 rg BT 435.80 164.25 Td (financings ) Tj ET Q q 0 0 0 rg BT 479.83 164.25 Td (by ) Tj ET Q q 0 0 0 rg BT 492.21 164.25 Td (the ) Tj ET Q q 0 0 0 rg BT 506.80 164.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 548.06 164.25 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 152.25 Td (any ) Tj ET Q q 0 0 0 rg BT 65.67 152.25 Td (repayments ) Tj ET Q q 0 0 0 rg BT 113.49 152.25 Td (or ) Tj ET Q q 0 0 0 rg BT 123.55 152.25 Td (redemptions ) Tj ET Q q 0 0 0 rg BT 174.71 152.25 Td (of ) Tj ET Q q 0 0 0 rg BT 184.77 152.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 233.16 152.25 Td (debt. ) Tj ET Q q 0 0 0 rg BT 256.98 152.25 Td (The ) Tj ET Q q 0 0 0 rg BT 274.26 152.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 314.87 152.25 Td (may ) Tj ET Q q 0 0 0 rg BT 333.82 152.25 Td (experience ) Tj ET Q q 0 0 0 rg BT 378.85 152.25 Td (significant ) Tj ET Q q 0 0 0 rg BT 422.79 152.25 Td (variation ) Tj ET Q q 0 0 0 rg BT 460.06 152.25 Td (in ) Tj ET Q q 0 0 0 rg BT 469.57 152.25 Td (cash ) Tj ET Q q 0 0 0 rg BT 489.06 152.25 Td (and ) Tj ET Q q 0 0 0 rg BT 505.23 152.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 531.95 152.25 Td (Facility ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 140.25 Td (balances ) Tj ET Q q 0 0 0 rg BT 86.42 140.25 Td (from ) Tj ET Q q 0 0 0 rg BT 108.36 140.25 Td (week ) Tj ET Q q 0 0 0 rg BT 131.96 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 142.24 140.25 Td (week ) Tj ET Q q 0 0 0 rg BT 165.84 140.25 Td (due ) Tj ET Q q 0 0 0 rg BT 182.78 140.25 Td (to ) Tj ET Q q 0 0 0 rg BT 193.05 140.25 Td (the ) Tj ET Q q 0 0 0 rg BT 207.77 140.25 Td (timing ) Tj ET Q q 0 0 0 rg BT 236.38 140.25 Td (of ) Tj ET Q q 0 0 0 rg BT 247.21 140.25 Td (such ) Tj ET Q q 0 0 0 rg BT 268.04 140.25 Td (receipts ) Tj ET Q q 0 0 0 rg BT 301.64 140.25 Td (and ) Tj ET Q q 0 0 0 rg BT 318.58 140.25 Td (payments.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 118.25 Td (There ) Tj ET Q q 0 0 0 rg BT 75.06 118.25 Td (were ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 96.72 118.25 Td ($33.3 ) Tj ET Q q 0 0 0 rg BT 121.46 118.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 150.36 118.25 Td ( ) Tj ET Q q 0 0 0 rg BT 152.60 118.25 Td (of ) Tj ET Q q 0 0 0 rg BT 163.17 118.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 189.84 118.25 Td (of ) Tj ET Q q 0 0 0 rg BT 200.41 118.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 225.42 118.25 Td (issued ) Tj ET Q q 0 0 0 rg BT 252.66 118.25 Td (and ) Tj ET Q q 0 0 0 rg BT 269.33 118.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 318.24 118.25 Td (under ) Tj ET Q q 0 0 0 rg BT 343.25 118.25 Td (the ) Tj ET Q q 0 0 0 rg BT 357.71 118.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 384.94 118.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 417.73 118.25 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 427.19 118.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 470.53 118.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.53 118.25 Td (. ) Tj ET Q q 0 0 0 rg BT 495.27 118.25 Td ( ) Tj ET Q q 0 0 0 rg BT 497.51 118.25 Td (During ) Tj ET Q q 0 0 0 rg BT 528.08 118.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.54 118.25 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 106.25 Td (months ) Tj ET Q q 0 0 0 rg BT 80.78 106.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 106.49 106.25 Td (March ) Tj ET Q q 0 0 0 rg BT 134.42 106.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 148.75 106.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 168.75 106.25 Td (, ) Tj ET Q q 0 0 0 rg BT 173.08 106.25 Td (the ) Tj ET Q q 0 0 0 rg BT 187.13 106.25 Td (average ) Tj ET Q q 0 0 0 rg BT 220.04 106.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 241.87 106.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 273.69 106.25 Td (of ) Tj ET Q q 0 0 0 rg BT 283.86 106.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 310.12 106.25 Td (of ) Tj ET Q q 0 0 0 rg BT 320.28 106.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 344.88 106.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 393.37 106.25 Td (under ) Tj ET Q q 0 0 0 rg BT 417.97 106.25 Td (the ) Tj ET Q q 0 0 0 rg BT 432.02 106.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 458.85 106.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 491.23 106.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 508.61 106.25 Td ($34.8million) Tj ET Q BT /F1 10.00 Tf ET BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 94.25 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 94.25 Td (the ) Tj ET Q q 0 0 0 rg BT 81.16 94.25 Td (maximum ) Tj ET Q q 0 0 0 rg BT 124.21 94.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 156.70 94.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.53 94.25 Td (letters ) Tj ET Q q 0 0 0 rg BT 194.47 94.25 Td (of ) Tj ET Q q 0 0 0 rg BT 205.30 94.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 230.56 94.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 279.72 94.25 Td (under ) Tj ET Q q 0 0 0 rg BT 304.99 94.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.71 94.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 347.21 94.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 380.26 94.25 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 398.31 94.25 Td ($37.1 ) Tj ET Q q 0 0 0 rg BT 423.31 94.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 452.20 94.25 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 70.25 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.08 70.25 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.76 70.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.76 70.25 Td (, ) Tj ET Q q 0 0 0 rg BT 130.85 70.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 148.43 70.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 188.23 70.25 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.25 70.25 Td ($93.3 ) Tj ET Q q 0 0 0 rg BT 230.33 70.25 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 259.22 70.25 Td ( ) Tj ET Q q 0 0 0 rg BT 261.80 70.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 311.05 70.25 Td (under ) Tj ET Q q 0 0 0 rg BT 336.40 70.25 Td (the ) Tj ET Q q 0 0 0 rg BT 351.20 70.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 371.57 70.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 412.84 70.25 Td (W) Tj ET Q q 0 0 0 rg BT 421.48 70.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 467.37 70.25 Td (Agreement. ) Tj ET Q q 0 0 0 rg BT 519.38 70.25 Td (During ) Tj ET Q q 0 0 0 rg BT 550.29 70.25 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 58.25 Td (three ) Tj ET Q q 0 0 0 rg BT 71.55 58.25 Td (months ) Tj ET Q q 0 0 0 rg BT 103.06 58.25 Td (ended ) Tj ET Q q 0 0 0 rg BT 129.01 58.25 Td (March ) Tj ET Q q 0 0 0 rg BT 157.17 58.25 Td (31, ) Tj ET Q q 0 0 0 rg BT 171.74 58.25 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.74 58.25 Td (, ) Tj ET Q q 0 0 0 rg BT 196.30 58.25 Td (the ) Tj ET Q q 0 0 0 rg BT 210.58 58.25 Td (average ) Tj ET Q q 0 0 0 rg BT 243.73 58.25 Td (daily ) Tj ET Q q 0 0 0 rg BT 265.79 58.25 Td (amount ) Tj ET Q q 0 0 0 rg BT 297.85 58.25 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 346.58 58.25 Td (under ) Tj ET Q q 0 0 0 rg BT 371.42 58.25 Td (the ) Tj ET Q q 0 0 0 rg BT 385.70 58.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 405.55 58.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 446.34 58.25 Td (W) Tj ET Q q 0 0 0 rg BT 454.98 58.25 Td (arehousing ) Tj ET Q q 0 0 0 rg BT 500.47 58.25 Td (Agreement ) Tj ET Q q 0 0 0 rg BT 546.96 58.25 Td (was ) 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 (45) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td ($61.5million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 740.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.75 740.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.56 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.14 740.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 184.05 740.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 217.41 740.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 267.44 740.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 286.35 740.10 Td ($120.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 345.25 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 351.11 740.10 Td (which ) Tj ET Q q 0 0 0 rg BT 378.91 740.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 417.25 740.10 Td (during ) Tj ET Q q 0 0 0 rg BT 446.72 740.10 Td (January) Tj ET Q q 0 0 0 rg BT 477.17 740.10 Td (, ) Tj ET Q q 0 0 0 rg BT 483.03 740.10 Td (while ) Tj ET Q q 0 0 0 rg BT 508.61 740.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.19 740.10 Td (seasonal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 89.19 728.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 129.47 728.10 Td (was ) Tj ET Q q 0 0 0 rg BT 147.52 728.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.80 728.10 Td (ef) Tj ET Q q 0 0 0 rg BT 165.39 728.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 182.87 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.81 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.53 728.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 257.58 728.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 301.74 728.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 349.23 728.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.28 728.10 Td ($150.0 ) Tj ET Q q 0 0 0 rg BT 397.28 728.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 426.17 728.10 Td (.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 61.90 704.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.41 704.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.41 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.31 704.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 147.72 704.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 187.33 704.10 Td (had ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 204.18 704.10 Td ($13.7million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 258.07 704.10 Td ( ) Tj ET Q q 0 0 0 rg BT 260.47 704.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 309.54 704.10 Td (under ) Tj ET Q q 0 0 0 rg BT 334.72 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 349.34 704.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 369.53 704.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 410.81 704.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 459.86 704.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 489.76 704.10 Td (. ) Tj ET Q q 0 0 0 rg BT 497.17 704.10 Td (During ) Tj ET Q q 0 0 0 rg BT 527.90 704.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 542.52 704.10 Td (three ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (months ) Tj ET Q q 0 0 0 rg BT 83.59 692.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 112.10 692.10 Td (March ) Tj ET Q q 0 0 0 rg BT 142.84 692.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 159.98 692.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 179.98 692.10 Td (, ) Tj ET Q q 0 0 0 rg BT 187.12 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 203.98 692.10 Td (average ) Tj ET Q q 0 0 0 rg BT 239.70 692.10 Td (daily ) Tj ET Q q 0 0 0 rg BT 264.33 692.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 298.97 692.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 350.27 692.10 Td (under ) Tj ET Q q 0 0 0 rg BT 377.68 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 394.54 692.10 Td (MIF ) Tj ET Q q 0 0 0 rg BT 416.96 692.10 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 460.47 692.10 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 511.76 692.10 Td (Facility ) Tj ET Q q 0 0 0 rg BT 546.95 692.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.10 Td ($1) Tj ET Q q 0 0 0 rg BT 59.13 680.10 Td (1.1million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.02 680.10 Td ( ) Tj ET Q q 0 0 0 rg BT 106.77 680.10 Td (and ) Tj ET Q q 0 0 0 rg BT 124.95 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.92 680.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 185.21 680.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 218.96 680.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 269.37 680.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 288.67 680.10 Td ($33.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 342.56 680.10 Td (, ) Tj ET Q q 0 0 0 rg BT 348.80 680.10 Td (which ) Tj ET Q q 0 0 0 rg BT 376.99 680.10 Td (occurred ) Tj ET Q q 0 0 0 rg BT 415.71 680.10 Td (during ) Tj ET Q q 0 0 0 rg BT 445.57 680.10 Td (January) Tj ET Q q 0 0 0 rg BT 476.02 680.10 Td (, ) Tj ET Q q 0 0 0 rg BT 482.26 680.10 Td (while ) Tj ET Q q 0 0 0 rg BT 508.23 680.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.19 680.10 Td (seasonal ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 668.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 89.19 668.10 Td (provision ) Tj ET Q q 0 0 0 rg BT 129.47 668.10 Td (was ) Tj ET Q q 0 0 0 rg BT 147.52 668.10 Td (in ) Tj ET Q q 0 0 0 rg BT 157.80 668.10 Td (ef) Tj ET Q q 0 0 0 rg BT 165.39 668.10 Td (fect ) Tj ET Q q 0 0 0 rg BT 182.87 668.10 Td (and ) Tj ET Q q 0 0 0 rg BT 199.81 668.10 Td (the ) Tj ET Q q 0 0 0 rg BT 214.53 668.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 257.58 668.10 Td (borrowing ) Tj ET Q q 0 0 0 rg BT 301.74 668.10 Td (availability ) Tj ET Q q 0 0 0 rg BT 349.23 668.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 367.28 668.10 Td ($35.0 ) Tj ET Q q 0 0 0 rg BT 392.28 668.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 421.17 668.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 646.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 91.90 646.10 Td (Shares. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.72 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 128.04 646.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 141.02 646.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 185.09 646.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 205.09 646.10 Td (, ) Tj ET Q q 0 0 0 rg BT 210.57 646.10 Td (we ) Tj ET Q q 0 0 0 rg BT 225.20 646.10 Td (had ) Tj ET Q q 0 0 0 rg BT 242.61 646.10 Td (2,000,000 ) Tj ET Q q 0 0 0 rg BT 285.59 646.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 330.22 646.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 360.69 646.10 Td (each ) Tj ET Q q 0 0 0 rg BT 381.98 646.10 Td (representing ) Tj ET Q q 0 0 0 rg BT 434.38 646.10 Td (1/1000) Tj ET Q BT /F1 10.00 Tf ET BT /F1 6.50 Tf ET q 0 0 0 rg BT 462.15 650.63 Td (th) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 467.21 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 470.18 646.10 Td (of ) Tj ET Q q 0 0 0 rg BT 481.49 646.10 Td (a ) Tj ET Q q 0 0 0 rg BT 488.90 646.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 515.66 646.10 Td (A) Tj ET Q q 0 0 0 rg BT 522.33 646.10 Td ( ) Tj ET Q q 0 0 0 rg BT 525.30 646.10 Td (Preferred ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (Share, ) Tj ET Q q 0 0 0 rg BT 76.42 634.10 Td (or ) Tj ET Q q 0 0 0 rg BT 86.39 634.10 Td (2,000 ) Tj ET Q q 0 0 0 rg BT 110.54 634.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 136.26 634.10 Td (A) Tj ET Q q 0 0 0 rg BT 142.93 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 144.58 634.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 183.42 634.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 211.73 634.10 Td (in ) Tj ET Q q 0 0 0 rg BT 221.15 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 235.02 634.10 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 278.03 634.10 Td (outstanding. ) Tj ET Q q 0 0 0 rg BT 328.84 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 330.37 634.10 Td (The ) Tj ET Q q 0 0 0 rg BT 347.56 634.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 373.28 634.10 Td (A) Tj ET Q q 0 0 0 rg BT 379.95 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 381.60 634.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 420.44 634.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 448.75 634.10 Td (have ) Tj ET Q q 0 0 0 rg BT 469.28 634.10 Td (a ) Tj ET Q q 0 0 0 rg BT 475.36 634.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 520.34 634.10 Td (preference ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 73.72 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 84.05 622.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 101.61 622.10 Td (per ) Tj ET Q q 0 0 0 rg BT 116.94 622.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 161.16 622.10 Td (share ) Tj ET Q q 0 0 0 rg BT 184.82 622.10 Td (\(plus ) Tj ET Q q 0 0 0 rg BT 207.38 622.10 Td (an ) Tj ET Q q 0 0 0 rg BT 219.38 622.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 251.93 622.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 276.15 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 286.48 622.10 Td (all ) Tj ET Q q 0 0 0 rg BT 299.04 622.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 332.68 622.10 Td (and ) Tj ET Q q 0 0 0 rg BT 349.68 622.10 Td (unpaid ) Tj ET Q q 0 0 0 rg BT 379.46 622.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 420.91 622.10 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 459.00 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 469.89 622.10 Td (not ) Tj ET Q q 0 0 0 rg BT 485.23 622.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 514.44 622.10 Td (or ) Tj ET Q q 0 0 0 rg BT 525.33 622.10 Td (declared\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (for ) Tj ET Q q 0 0 0 rg BT 63.76 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 78.57 610.10 Td (then ) Tj ET Q q 0 0 0 rg BT 98.39 610.10 Td (current ) Tj ET Q q 0 0 0 rg BT 129.30 610.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 167.99 610.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 205.58 610.10 Td (period ) Tj ET Q q 0 0 0 rg BT 233.73 610.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 267.41 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 277.79 610.10 Td (but ) Tj ET Q q 0 0 0 rg BT 293.16 610.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 335.19 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 350.01 610.10 Td (date ) Tj ET Q q 0 0 0 rg BT 369.26 610.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.19 610.10 Td (final ) Tj ET Q q 0 0 0 rg BT 401.11 610.10 Td (distribution\). ) Tj ET Q q 0 0 0 rg BT 455.65 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 458.25 610.10 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 501.96 610.10 Td (on ) Tj ET Q q 0 0 0 rg BT 514.55 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.37 610.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 555.83 610.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.50 610.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 89.13 598.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 118.21 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 132.85 598.10 Td (non-cumulative ) Tj ET Q q 0 0 0 rg BT 198.04 598.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 217.40 598.10 Td (if ) Tj ET Q q 0 0 0 rg BT 225.94 598.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 262.23 598.10 Td (by ) Tj ET Q q 0 0 0 rg BT 274.66 598.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 288.48 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 303.11 598.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 322.76 598.10 Td (at ) Tj ET Q q 0 0 0 rg BT 332.40 598.10 Td (an ) Tj ET Q q 0 0 0 rg BT 344.27 598.10 Td (annual ) Tj ET Q q 0 0 0 rg BT 373.35 598.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 390.77 598.10 Td (of ) Tj ET Q q 0 0 0 rg BT 401.53 598.10 Td (9.75%. ) Tj ET Q q 0 0 0 rg BT 432.28 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 434.71 598.10 Td (Dividends ) Tj ET Q q 0 0 0 rg BT 478.25 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 492.88 598.10 Td (payable ) Tj ET Q q 0 0 0 rg BT 526.41 598.10 Td (quarterly ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 59.27 586.10 Td (arrears, ) Tj ET Q q 0 0 0 rg BT 90.96 586.10 Td (if ) Tj ET Q q 0 0 0 rg BT 99.06 586.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 134.92 586.10 Td (by ) Tj ET Q q 0 0 0 rg BT 146.91 586.10 Td (us, ) Tj ET Q q 0 0 0 rg BT 160.29 586.10 Td (on ) Tj ET Q q 0 0 0 rg BT 172.28 586.10 Td (March ) Tj ET Q q 0 0 0 rg BT 200.37 586.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 214.87 586.10 Td (June ) Tj ET Q q 0 0 0 rg BT 235.19 586.10 Td (15, ) Tj ET Q q 0 0 0 rg BT 249.68 586.10 Td (September ) Tj ET Q q 0 0 0 rg BT 294.44 586.10 Td (15 ) Tj ET Q q 0 0 0 rg BT 306.43 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 322.86 586.10 Td (December ) Tj ET Q q 0 0 0 rg BT 365.94 586.10 Td (15. ) Tj ET Q q 0 0 0 rg BT 380.43 586.10 Td ( ) Tj ET Q q 0 0 0 rg BT 382.42 586.10 Td (If ) Tj ET Q q 0 0 0 rg BT 391.07 586.10 Td (there ) Tj ET Q q 0 0 0 rg BT 413.05 586.10 Td (is ) Tj ET Q q 0 0 0 rg BT 421.71 586.10 Td (a ) Tj ET Q q 0 0 0 rg BT 428.14 586.10 Td (change ) Tj ET Q q 0 0 0 rg BT 458.45 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 468.77 586.10 Td (control ) Tj ET Q q 0 0 0 rg BT 499.09 586.10 Td (of ) Tj ET Q q 0 0 0 rg BT 509.41 586.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 586.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.88 574.10 Td (if ) Tj ET Q q 0 0 0 rg BT 75.94 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 91.10 574.10 Td (Company) Tj ET Q q 0 0 0 rg BT 132.77 574.10 Td (s ) Tj ET Q q 0 0 0 rg BT 139.60 574.10 Td (corporate ) Tj ET Q q 0 0 0 rg BT 180.30 574.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 206.01 574.10 Td (rating ) Tj ET Q q 0 0 0 rg BT 232.28 574.10 Td (is ) Tj ET Q q 0 0 0 rg BT 241.90 574.10 Td (withdrawn ) Tj ET Q q 0 0 0 rg BT 287.61 574.10 Td (or ) Tj ET Q q 0 0 0 rg BT 298.89 574.10 Td (downgraded ) Tj ET Q q 0 0 0 rg BT 351.26 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 361.99 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 369.37 574.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 399.52 574.10 Td (level ) Tj ET Q q 0 0 0 rg BT 421.90 574.10 Td (\(together ) Tj ET Q q 0 0 0 rg BT 460.94 574.10 Td (constituting ) Tj ET Q q 0 0 0 rg BT 511.11 574.10 Td (a ) Tj ET Q q 0 0 0 rg BT 518.49 574.10 Td (change ) Tj ET Q q 0 0 0 rg BT 554.19 574.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (control ) Tj ET Q q 0 0 0 rg BT 80.74 562.10 Td (event\), ) Tj ET Q q 0 0 0 rg BT 115.57 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.70 562.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 172.50 562.10 Td (on ) Tj ET Q q 0 0 0 rg BT 185.42 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 200.54 562.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 227.25 562.10 Td (A) Tj ET Q q 0 0 0 rg BT 233.92 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 236.84 562.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 276.95 562.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 306.52 562.10 Td (will ) Tj ET Q q 0 0 0 rg BT 324.99 562.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 360.65 562.10 Td (to ) Tj ET Q q 0 0 0 rg BT 371.35 562.10 Td (10.75% ) Tj ET Q q 0 0 0 rg BT 405.09 562.10 Td (per ) Tj ET Q q 0 0 0 rg BT 420.77 562.10 Td (year) Tj ET Q q 0 0 0 rg BT 437.42 562.10 Td (. ) Tj ET Q q 0 0 0 rg BT 442.84 562.10 Td ( ) Tj ET Q q 0 0 0 rg BT 445.54 562.10 Td (W) Tj ET Q q 0 0 0 rg BT 454.18 562.10 Td (e ) Tj ET Q q 0 0 0 rg BT 461.53 562.10 Td (may ) Tj ET Q q 0 0 0 rg BT 481.66 562.10 Td (redeem ) Tj ET Q q 0 0 0 rg BT 513.99 562.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.12 562.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 555.83 562.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.50 562.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 550.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 89.07 550.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 118.11 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 128.26 550.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 155.08 550.10 Td (or ) Tj ET Q q 0 0 0 rg BT 165.78 550.10 Td (in ) Tj ET Q q 0 0 0 rg BT 175.94 550.10 Td (part ) Tj ET Q q 0 0 0 rg BT 193.86 550.10 Td (\(provided, ) Tj ET Q q 0 0 0 rg BT 237.61 550.10 Td (that ) Tj ET Q q 0 0 0 rg BT 254.98 550.10 Td (any ) Tj ET Q q 0 0 0 rg BT 271.79 550.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 319.71 550.10 Td (that ) Tj ET Q q 0 0 0 rg BT 337.08 550.10 Td (would ) Tj ET Q q 0 0 0 rg BT 364.46 550.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 393.48 550.10 Td (the ) Tj ET Q q 0 0 0 rg BT 408.07 550.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 449.31 550.10 Td (liquidation ) Tj ET Q q 0 0 0 rg BT 495.02 550.10 Td (preference ) Tj ET Q q 0 0 0 rg BT 539.57 550.10 Td (of ) Tj ET Q q 0 0 0 rg BT 550.28 550.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 538.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 76.10 538.10 Td (A) Tj ET Q q 0 0 0 rg BT 82.77 538.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.54 538.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 125.51 538.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 154.94 538.10 Td (below ) Tj ET Q q 0 0 0 rg BT 182.15 538.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 199.93 538.10 Td (million ) Tj ET Q q 0 0 0 rg BT 231.59 538.10 Td (in ) Tj ET Q q 0 0 0 rg BT 242.14 538.10 Td (the ) Tj ET Q q 0 0 0 rg BT 257.13 538.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 298.77 538.10 Td (would ) Tj ET Q q 0 0 0 rg BT 326.54 538.10 Td (be ) Tj ET Q q 0 0 0 rg BT 338.75 538.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 378.72 538.10 Td (to ) Tj ET Q q 0 0 0 rg BT 389.27 538.10 Td (a ) Tj ET Q q 0 0 0 rg BT 396.49 538.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 444.80 538.10 Td (in ) Tj ET Q q 0 0 0 rg BT 455.35 538.10 Td (whole ) Tj ET Q q 0 0 0 rg BT 482.56 538.10 Td (only\) ) Tj ET Q q 0 0 0 rg BT 506.44 538.10 Td (at ) Tj ET Q q 0 0 0 rg BT 516.43 538.10 Td (any ) Tj ET Q q 0 0 0 rg BT 533.64 538.10 Td (time ) Tj ET Q q 0 0 0 rg BT 554.19 538.10 Td (or ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 526.10 Td (from ) Tj ET Q q 0 0 0 rg BT 71.71 526.10 Td (time ) Tj ET Q q 0 0 0 rg BT 92.25 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 102.80 526.10 Td (time ) Tj ET Q q 0 0 0 rg BT 123.35 526.10 Td (at ) Tj ET Q q 0 0 0 rg BT 133.34 526.10 Td (a ) Tj ET Q q 0 0 0 rg BT 140.54 526.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 161.08 526.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 209.40 526.10 Td (price ) Tj ET Q q 0 0 0 rg BT 232.15 526.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 256.58 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 267.13 526.10 Td ($25 ) Tj ET Q q 0 0 0 rg BT 284.90 526.10 Td (per ) Tj ET Q q 0 0 0 rg BT 300.44 526.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 344.87 526.10 Td (share ) Tj ET Q q 0 0 0 rg BT 368.74 526.10 Td (\(plus ) Tj ET Q q 0 0 0 rg BT 391.51 526.10 Td (an ) Tj ET Q q 0 0 0 rg BT 403.72 526.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 436.48 526.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 460.91 526.10 Td (to ) Tj ET Q q 0 0 0 rg BT 471.46 526.10 Td (all ) Tj ET Q q 0 0 0 rg BT 484.22 526.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 518.08 526.10 Td (and ) Tj ET Q q 0 0 0 rg BT 535.29 526.10 Td (unpaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 514.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 89.99 514.10 Td (\(whether ) Tj ET Q q 0 0 0 rg BT 127.13 514.10 Td (or ) Tj ET Q q 0 0 0 rg BT 137.06 514.10 Td (not ) Tj ET Q q 0 0 0 rg BT 151.44 514.10 Td (earned ) Tj ET Q q 0 0 0 rg BT 179.69 514.10 Td (or ) Tj ET Q q 0 0 0 rg BT 189.62 514.10 Td (declared\) ) Tj ET Q q 0 0 0 rg BT 228.41 514.10 Td (for ) Tj ET Q q 0 0 0 rg BT 241.67 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 255.49 514.10 Td (then ) Tj ET Q q 0 0 0 rg BT 274.31 514.10 Td (current ) Tj ET Q q 0 0 0 rg BT 304.23 514.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 341.92 514.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 378.52 514.10 Td (period ) Tj ET Q q 0 0 0 rg BT 405.67 514.10 Td (accrued ) Tj ET Q q 0 0 0 rg BT 438.35 514.10 Td (to ) Tj ET Q q 0 0 0 rg BT 447.73 514.10 Td (but ) Tj ET Q q 0 0 0 rg BT 462.11 514.10 Td (excluding ) Tj ET Q q 0 0 0 rg BT 503.15 514.10 Td (the ) Tj ET Q q 0 0 0 rg BT 516.97 514.10 Td (redemption ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 502.10 Td (date\). ) Tj ET Q q 0 0 0 rg BT 74.47 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.96 502.10 Td (Holders ) Tj ET Q q 0 0 0 rg BT 111.11 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 121.93 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 136.63 502.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 163.01 502.10 Td (A) Tj ET Q q 0 0 0 rg BT 169.68 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 172.17 502.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 211.85 502.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 241.00 502.10 Td (have ) Tj ET Q q 0 0 0 rg BT 262.36 502.10 Td (no ) Tj ET Q q 0 0 0 rg BT 274.85 502.10 Td (right ) Tj ET Q q 0 0 0 rg BT 296.23 502.10 Td (to ) Tj ET Q q 0 0 0 rg BT 306.49 502.10 Td (require ) Tj ET Q q 0 0 0 rg BT 337.30 502.10 Td (redemption ) Tj ET Q q 0 0 0 rg BT 385.33 502.10 Td (of ) Tj ET Q q 0 0 0 rg BT 396.14 502.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.85 502.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 437.23 502.10 Td (A) Tj ET Q q 0 0 0 rg BT 443.90 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 446.38 502.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 486.07 502.10 Td (Shares. ) Tj ET Q q 0 0 0 rg BT 517.72 502.10 Td ( ) Tj ET Q q 0 0 0 rg BT 520.02 502.10 Td (The ) Tj ET Q q 0 0 0 rg BT 538.06 502.10 Td (Series ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 490.10 Td (A) Tj ET Q q 0 0 0 rg BT 56.17 490.10 Td ( ) Tj ET Q q 0 0 0 rg BT 59.50 490.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 100.02 490.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 130.01 490.10 Td (have ) Tj ET Q q 0 0 0 rg BT 152.21 490.10 Td (no ) Tj ET Q q 0 0 0 rg BT 165.54 490.10 Td (stated ) Tj ET Q q 0 0 0 rg BT 192.20 490.10 Td (maturity) Tj ET Q q 0 0 0 rg BT 225.43 490.10 Td (, ) Tj ET Q q 0 0 0 rg BT 231.26 490.10 Td (are ) Tj ET Q q 0 0 0 rg BT 246.79 490.10 Td (not ) Tj ET Q q 0 0 0 rg BT 262.90 490.10 Td (subject ) Tj ET Q q 0 0 0 rg BT 294.55 490.10 Td (to ) Tj ET Q q 0 0 0 rg BT 305.65 490.10 Td (any ) Tj ET Q q 0 0 0 rg BT 323.42 490.10 Td (sinking ) Tj ET Q q 0 0 0 rg BT 356.20 490.10 Td (fund ) Tj ET Q q 0 0 0 rg BT 377.85 490.10 Td (provisions, ) Tj ET Q q 0 0 0 rg BT 425.35 490.10 Td (are ) Tj ET Q q 0 0 0 rg BT 440.89 490.10 Td (not ) Tj ET Q q 0 0 0 rg BT 456.99 490.10 Td (convertible ) Tj ET Q q 0 0 0 rg BT 505.30 490.10 Td (into ) Tj ET Q q 0 0 0 rg BT 524.19 490.10 Td (any ) Tj ET Q q 0 0 0 rg BT 541.95 490.10 Td (other ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 478.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 91.55 478.10 Td (and ) Tj ET Q q 0 0 0 rg BT 107.78 478.10 Td (will ) Tj ET Q q 0 0 0 rg BT 125.12 478.10 Td (remain ) Tj ET Q q 0 0 0 rg BT 154.67 478.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 203.12 478.10 Td (indefinitely ) Tj ET Q q 0 0 0 rg BT 251.01 478.10 Td (unless ) Tj ET Q q 0 0 0 rg BT 277.80 478.10 Td (redeemed ) Tj ET Q q 0 0 0 rg BT 318.45 478.10 Td (by ) Tj ET Q q 0 0 0 rg BT 330.23 478.10 Td (us. ) Tj ET Q q 0 0 0 rg BT 343.41 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 345.20 478.10 Td (Holders ) Tj ET Q q 0 0 0 rg BT 378.65 478.10 Td (of ) Tj ET Q q 0 0 0 rg BT 388.76 478.10 Td (the ) Tj ET Q q 0 0 0 rg BT 402.77 478.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 428.60 478.10 Td (A) Tj ET Q q 0 0 0 rg BT 435.27 478.10 Td ( ) Tj ET Q q 0 0 0 rg BT 437.05 478.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 476.04 478.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 504.49 478.10 Td (have ) Tj ET Q q 0 0 0 rg BT 525.15 478.10 Td (no ) Tj ET Q q 0 0 0 rg BT 536.94 478.10 Td (voting ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 466.10 Td (rights, ) Tj ET Q q 0 0 0 rg BT 77.22 466.10 Td (except ) Tj ET Q q 0 0 0 rg BT 105.75 466.10 Td (with ) Tj ET Q q 0 0 0 rg BT 125.97 466.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 156.73 466.10 Td (to ) Tj ET Q q 0 0 0 rg BT 166.95 466.10 Td (those ) Tj ET Q q 0 0 0 rg BT 190.50 466.10 Td (specified ) Tj ET Q q 0 0 0 rg BT 229.04 466.10 Td (matters ) Tj ET Q q 0 0 0 rg BT 260.91 466.10 Td (set ) Tj ET Q q 0 0 0 rg BT 274.46 466.10 Td (forth ) Tj ET Q q 0 0 0 rg BT 296.34 466.10 Td (in ) Tj ET Q q 0 0 0 rg BT 306.56 466.10 Td (the ) Tj ET Q q 0 0 0 rg BT 321.22 466.10 Td (Company) Tj ET Q q 0 0 0 rg BT 362.88 466.10 Td (s ) Tj ET Q q 0 0 0 rg BT 368.68 466.10 Td (Amended ) Tj ET Q q 0 0 0 rg BT 410.00 466.10 Td (and ) Tj ET Q q 0 0 0 rg BT 426.88 466.10 Td (Restated ) Tj ET Q q 0 0 0 rg BT 463.21 466.10 Td (Articles ) Tj ET Q q 0 0 0 rg BT 497.31 466.10 Td (of ) Tj ET Q q 0 0 0 rg BT 508.08 466.10 Td (Incorporation ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (or ) Tj ET Q q 0 0 0 rg BT 60.70 454.10 Td (as ) Tj ET Q q 0 0 0 rg BT 71.90 454.10 Td (otherwise ) Tj ET Q q 0 0 0 rg BT 113.64 454.10 Td (required ) Tj ET Q q 0 0 0 rg BT 149.82 454.10 Td (by ) Tj ET Q q 0 0 0 rg BT 162.69 454.10 Td (applicable ) Tj ET Q q 0 0 0 rg BT 206.65 454.10 Td (Ohio ) Tj ET Q q 0 0 0 rg BT 229.52 454.10 Td (law) Tj ET Q q 0 0 0 rg BT 243.30 454.10 Td (, ) Tj ET Q q 0 0 0 rg BT 248.67 454.10 Td (and ) Tj ET Q q 0 0 0 rg BT 265.98 454.10 Td (no ) Tj ET Q q 0 0 0 rg BT 278.85 454.10 Td (preemptive ) Tj ET Q q 0 0 0 rg BT 326.69 454.10 Td (rights. ) Tj ET Q q 0 0 0 rg BT 354.84 454.10 Td ( ) Tj ET Q q 0 0 0 rg BT 357.50 454.10 Td (The ) Tj ET Q q 0 0 0 rg BT 375.91 454.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 425.45 454.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 469.97 454.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 497.83 454.10 Td (are ) Tj ET Q q 0 0 0 rg BT 512.90 454.10 Td (listed ) Tj ET Q q 0 0 0 rg BT 537.44 454.10 Td (on ) Tj ET Q q 0 0 0 rg BT 550.30 454.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 442.10 Td (New ) Tj ET Q q 0 0 0 rg BT 70.85 442.10 Td (Y) Tj ET Q q 0 0 0 rg BT 77.07 442.10 Td (ork ) Tj ET Q q 0 0 0 rg BT 93.30 442.10 Td (Stock ) Tj ET Q q 0 0 0 rg BT 118.97 442.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 161.29 442.10 Td (under ) Tj ET Q q 0 0 0 rg BT 186.96 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 202.07 442.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 233.29 442.10 Td (symbol ) Tj ET Q q 0 0 0 rg BT 265.64 442.10 Td (MHO-PrA. ) Tj ET Q q 0 0 0 rg BT 322.69 442.10 Td ( ) Tj ET Q q 0 0 0 rg BT 325.38 442.10 Td (There ) Tj ET Q q 0 0 0 rg BT 351.59 442.10 Td (is ) Tj ET Q q 0 0 0 rg BT 361.16 442.10 Td (no ) Tj ET Q q 0 0 0 rg BT 374.06 442.10 Td (separate ) Tj ET Q q 0 0 0 rg BT 409.71 442.10 Td (public ) Tj ET Q q 0 0 0 rg BT 437.60 442.10 Td (trading ) Tj ET Q q 0 0 0 rg BT 468.82 442.10 Td (market ) Tj ET Q q 0 0 0 rg BT 499.48 442.10 Td (for ) Tj ET Q q 0 0 0 rg BT 514.04 442.10 Td (the ) Tj ET Q q 0 0 0 rg BT 529.15 442.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 555.85 442.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.52 442.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 430.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 89.20 430.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 118.36 430.10 Td (except ) Tj ET Q q 0 0 0 rg BT 146.95 430.10 Td (as ) Tj ET Q q 0 0 0 rg BT 157.78 430.10 Td (represented ) Tj ET Q q 0 0 0 rg BT 206.37 430.10 Td (by ) Tj ET Q q 0 0 0 rg BT 218.87 430.10 Td (the ) Tj ET Q q 0 0 0 rg BT 233.58 430.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 277.74 430.10 Td (shares.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.84 408.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 108.40 408.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 151.74 408.10 Td (our ) Tj ET Q q 0 0 0 rg BT 167.87 408.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 190.66 408.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 219.57 408.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 245.69 408.10 Td (limits ) Tj ET Q q 0 0 0 rg BT 271.27 408.10 Td (our ) Tj ET Q q 0 0 0 rg BT 287.40 408.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 315.75 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 326.32 408.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 343.55 408.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 385.23 408.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 400.53 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 417.76 408.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 466.37 408.10 Td (our ) Tj ET Q q 0 0 0 rg BT 482.49 408.10 Td (common ) Tj ET Q q 0 0 0 rg BT 520.28 408.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 548.07 408.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 76.03 396.10 Td (A) Tj ET Q q 0 0 0 rg BT 82.70 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 85.39 396.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 125.28 396.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 154.62 396.10 Td (to ) Tj ET Q q 0 0 0 rg BT 165.09 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 180.00 396.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 212.68 396.10 Td (of ) Tj ET Q q 0 0 0 rg BT 223.70 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 238.60 396.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 272.95 396.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 306.17 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 316.64 396.10 Td (our ) Tj ET Q q 0 0 0 rg BT 332.66 396.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 376.99 396.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 418.00 396.10 Td (basket, ) Tj ET Q q 0 0 0 rg BT 453.17 396.10 Td (as ) Tj ET Q q 0 0 0 rg BT 464.19 396.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 496.87 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 507.33 396.10 Td (the ) Tj ET Q q 0 0 0 rg BT 522.24 396.10 Td (indenture. ) Tj ET Q q 0 0 0 rg BT 565.00 396.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (The ) Tj ET Q q 0 0 0 rg BT 67.88 384.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 107.91 384.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 149.07 384.10 Td (basket ) Tj ET Q q 0 0 0 rg BT 177.45 384.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 195.83 384.10 Td ($149.5 ) Tj ET Q q 0 0 0 rg BT 226.17 384.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 255.06 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 257.89 384.10 Td (at ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 267.94 384.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 311.87 384.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 331.87 384.10 Td (. ) Tj ET Q q 0 0 0 rg BT 337.20 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 339.83 384.10 Td (W) Tj ET Q q 0 0 0 rg BT 348.47 384.10 Td (e ) Tj ET Q q 0 0 0 rg BT 355.74 384.10 Td (are ) Tj ET Q q 0 0 0 rg BT 370.77 384.10 Td (permitted ) Tj ET Q q 0 0 0 rg BT 411.93 384.10 Td (by ) Tj ET Q q 0 0 0 rg BT 424.76 384.10 Td (the ) Tj ET Q q 0 0 0 rg BT 439.81 384.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 480.40 384.10 Td (to ) Tj ET Q q 0 0 0 rg BT 491.01 384.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 508.28 384.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 550.00 384.10 Td (on, ) 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 65.97 372.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 113.80 372.10 Td (our ) Tj ET Q q 0 0 0 rg BT 129.16 372.10 Td (common ) Tj ET Q q 0 0 0 rg BT 166.18 372.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 193.20 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 209.67 372.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 235.69 372.10 Td (A) Tj ET Q q 0 0 0 rg BT 242.36 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 244.39 372.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 283.62 372.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 312.30 372.10 Td (to ) Tj ET Q q 0 0 0 rg BT 322.11 372.10 Td (the ) Tj ET Q q 0 0 0 rg BT 336.36 372.10 Td (extent ) Tj ET Q q 0 0 0 rg BT 362.82 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 373.18 372.10 Td (such ) Tj ET Q q 0 0 0 rg BT 393.54 372.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 427.23 372.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 459.79 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 469.60 372.10 Td (our ) Tj ET Q q 0 0 0 rg BT 484.96 372.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 524.19 372.10 Td (payments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (basket. ) Tj ET Q q 0 0 0 rg BT 79.78 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 81.85 360.10 Td (W) Tj ET Q q 0 0 0 rg BT 90.48 360.10 Td (e ) Tj ET Q q 0 0 0 rg BT 97.15 360.10 Td (declared ) Tj ET Q q 0 0 0 rg BT 133.25 360.10 Td (and ) Tj ET Q q 0 0 0 rg BT 149.91 360.10 Td (paid ) Tj ET Q q 0 0 0 rg BT 169.36 360.10 Td (a ) Tj ET Q q 0 0 0 rg BT 176.03 360.10 Td (quarterly ) Tj ET Q q 0 0 0 rg BT 214.35 360.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 251.58 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.14 360.10 Td ($609.375 ) Tj ET Q q 0 0 0 rg BT 301.87 360.10 Td (per ) Tj ET Q q 0 0 0 rg BT 316.87 360.10 Td (share ) Tj ET Q q 0 0 0 rg BT 340.20 360.10 Td (on ) Tj ET Q q 0 0 0 rg BT 352.43 360.10 Td (our ) Tj ET Q q 0 0 0 rg BT 367.99 360.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 394.17 360.10 Td (A) Tj ET Q q 0 0 0 rg BT 400.84 360.10 Td ( ) Tj ET Q q 0 0 0 rg BT 403.07 360.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 442.50 360.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 471.39 360.10 Td (in ) Tj ET Q q 0 0 0 rg BT 481.39 360.10 Td (both ) Tj ET Q q 0 0 0 rg BT 501.40 360.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 515.85 360.10 Td (first ) Tj ET Q q 0 0 0 rg BT 534.19 360.10 Td (quarter ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.66 348.10 Td (2017 ) Tj ET Q q 0 0 0 rg BT 83.50 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 100.77 348.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 120.77 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 123.60 348.10 Td (for ) Tj ET Q q 0 0 0 rg BT 138.10 348.10 Td (an ) Tj ET Q q 0 0 0 rg BT 150.37 348.10 Td (aggregate ) Tj ET Q q 0 0 0 rg BT 192.06 348.10 Td (dividend ) Tj ET Q q 0 0 0 rg BT 229.89 348.10 Td (payment ) Tj ET Q q 0 0 0 rg BT 267.16 348.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 278.32 348.10 Td ($1.2million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.21 348.10 Td (. ) Tj ET Q q 0 0 0 rg BT 332.55 348.10 Td ( ) Tj ET Q q 0 0 0 rg BT 335.18 348.10 Td (The ) Tj ET Q q 0 0 0 rg BT 353.56 348.10 Td (determination ) Tj ET Q q 0 0 0 rg BT 411.93 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 422.54 348.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 439.81 348.10 Td (future ) Tj ET Q q 0 0 0 rg BT 466.52 348.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 508.24 348.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 523.58 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 540.85 348.10 Td (make ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (future ) Tj ET Q q 0 0 0 rg BT 75.53 336.10 Td (repurchases ) Tj ET Q q 0 0 0 rg BT 124.87 336.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 137.85 336.10 Td (our ) Tj ET Q q 0 0 0 rg BT 153.33 336.10 Td (common ) Tj ET Q q 0 0 0 rg BT 190.47 336.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 217.61 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 234.20 336.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 260.31 336.10 Td (A) Tj ET Q q 0 0 0 rg BT 266.98 336.10 Td ( ) Tj ET Q q 0 0 0 rg BT 269.13 336.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 308.47 336.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 337.28 336.10 Td (will ) Tj ET Q q 0 0 0 rg BT 354.99 336.10 Td (be ) Tj ET Q q 0 0 0 rg BT 366.57 336.10 Td (at ) Tj ET Q q 0 0 0 rg BT 375.94 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 390.31 336.10 Td (discretion ) Tj ET Q q 0 0 0 rg BT 431.89 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 442.37 336.10 Td (our ) Tj ET Q q 0 0 0 rg BT 457.84 336.10 Td (board ) Tj ET Q q 0 0 0 rg BT 482.76 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 493.24 336.10 Td (directors ) Tj ET Q q 0 0 0 rg BT 530.37 336.10 Td (and ) Tj ET Q q 0 0 0 rg BT 546.96 336.10 Td (will ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 80.36 324.10 Td (upon ) Tj ET Q q 0 0 0 rg BT 102.34 324.10 Td (our ) Tj ET Q q 0 0 0 rg BT 117.66 324.10 Td (results ) Tj ET Q q 0 0 0 rg BT 145.75 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 156.06 324.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 202.20 324.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 239.17 324.10 Td (condition, ) Tj ET Q q 0 0 0 rg BT 281.43 324.10 Td (capital ) Tj ET Q q 0 0 0 rg BT 310.06 324.10 Td (requirements ) Tj ET Q q 0 0 0 rg BT 364.25 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 380.67 324.10 Td (compliance ) Tj ET Q q 0 0 0 rg BT 428.74 324.10 Td (with ) Tj ET Q q 0 0 0 rg BT 448.50 324.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 467.70 324.10 Td (covenants ) Tj ET Q q 0 0 0 rg BT 509.67 324.10 Td (and ) Tj ET Q q 0 0 0 rg BT 526.10 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 540.30 324.10 Td (terms ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 312.10 Td (our ) Tj ET Q q 0 0 0 rg BT 76.16 312.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 102.55 312.10 Td (A) Tj ET Q q 0 0 0 rg BT 109.22 312.10 Td ( ) Tj ET Q q 0 0 0 rg BT 111.72 312.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 151.41 312.10 Td (Shares, ) Tj ET Q q 0 0 0 rg BT 183.07 312.10 Td (and ) Tj ET Q q 0 0 0 rg BT 200.01 312.10 Td (other ) Tj ET Q q 0 0 0 rg BT 223.06 312.10 Td (factors ) Tj ET Q q 0 0 0 rg BT 252.77 312.10 Td (deemed ) Tj ET Q q 0 0 0 rg BT 286.36 312.10 Td (relevant ) Tj ET Q q 0 0 0 rg BT 321.06 312.10 Td (by ) Tj ET Q q 0 0 0 rg BT 333.56 312.10 Td (our ) Tj ET Q q 0 0 0 rg BT 349.39 312.10 Td (board ) Tj ET Q q 0 0 0 rg BT 374.66 312.10 Td (of ) Tj ET Q q 0 0 0 rg BT 385.49 312.10 Td (directors.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (Universal ) Tj ET Q q 0 0 0 rg BT 91.85 290.10 Td (Shelf ) Tj ET Q q 0 0 0 rg BT 115.88 290.10 Td (Registration. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.30 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.66 290.10 Td (In ) Tj ET Q q 0 0 0 rg BT 184.34 290.10 Td (October ) Tj ET Q q 0 0 0 rg BT 218.90 290.10 Td (2016, ) Tj ET Q q 0 0 0 rg BT 243.76 290.10 Td (the ) Tj ET Q q 0 0 0 rg BT 258.33 290.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 299.57 290.10 Td (filed ) Tj ET Q q 0 0 0 rg BT 320.25 290.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 327.05 290.10 Td ($400million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 378.44 290.10 Td ( ) Tj ET Q q 0 0 0 rg BT 380.79 290.10 Td (universal ) Tj ET Q q 0 0 0 rg BT 419.80 290.10 Td (shelf ) Tj ET Q q 0 0 0 rg BT 441.60 290.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 489.49 290.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 530.17 290.10 Td (with ) Tj ET Q q 0 0 0 rg BT 550.30 290.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (SEC, ) Tj ET Q q 0 0 0 rg BT 73.31 278.10 Td (which ) Tj ET Q q 0 0 0 rg BT 100.71 278.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 149.22 278.10 Td (statement ) Tj ET Q q 0 0 0 rg BT 190.51 278.10 Td (became ) Tj ET Q q 0 0 0 rg BT 224.01 278.10 Td (ef) Tj ET Q q 0 0 0 rg BT 231.60 278.10 Td (fective ) Tj ET Q q 0 0 0 rg BT 261.77 278.10 Td (on ) Tj ET Q q 0 0 0 rg BT 274.74 278.10 Td (November ) Tj ET Q q 0 0 0 rg BT 319.91 278.10 Td (9, ) Tj ET Q q 0 0 0 rg BT 330.38 278.10 Td (2016 ) Tj ET Q q 0 0 0 rg BT 353.35 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 370.75 278.10 Td (will ) Tj ET Q q 0 0 0 rg BT 389.28 278.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 417.23 278.10 Td (in ) Tj ET Q q 0 0 0 rg BT 427.98 278.10 Td (November ) Tj ET Q q 0 0 0 rg BT 473.15 278.10 Td (2019. ) Tj ET Q q 0 0 0 rg BT 498.62 278.10 Td ( ) Tj ET Q q 0 0 0 rg BT 501.59 278.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 539.56 278.10 Td (to ) Tj ET Q q 0 0 0 rg BT 550.30 278.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (registration ) Tj ET Q q 0 0 0 rg BT 97.93 266.10 Td (statement, ) Tj ET Q q 0 0 0 rg BT 141.64 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 156.74 266.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 198.52 266.10 Td (may) Tj ET Q q 0 0 0 rg BT 215.09 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 220.47 266.10 Td (from ) Tj ET Q q 0 0 0 rg BT 242.80 266.10 Td (time ) Tj ET Q q 0 0 0 rg BT 263.46 266.10 Td (to ) Tj ET Q q 0 0 0 rg BT 274.13 266.10 Td (time, ) Tj ET Q q 0 0 0 rg BT 297.29 266.10 Td (of) Tj ET Q q 0 0 0 rg BT 305.44 266.10 Td (fer ) Tj ET Q q 0 0 0 rg BT 319.43 266.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 339.53 266.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 382.68 266.10 Td (common ) Tj ET Q q 0 0 0 rg BT 420.57 266.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 450.95 266.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 490.47 266.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 520.85 266.10 Td (depositary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 79.50 254.10 Td (warrants ) Tj ET Q q 0 0 0 rg BT 116.43 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 126.72 254.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 164.76 254.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 184.48 254.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 227.25 254.10 Td (common ) Tj ET Q q 0 0 0 rg BT 264.75 254.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 294.75 254.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 333.89 254.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 363.89 254.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 408.05 254.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 435.55 254.10 Td (or ) Tj ET Q q 0 0 0 rg BT 446.38 254.10 Td (units ) Tj ET Q q 0 0 0 rg BT 468.34 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 479.18 254.10 Td (two ) Tj ET Q q 0 0 0 rg BT 496.68 254.10 Td (or ) Tj ET Q q 0 0 0 rg BT 507.52 254.10 Td (more ) Tj ET Q q 0 0 0 rg BT 530.57 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 541.41 254.10 Td (those ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 92.29 242.10 Td (rights ) Tj ET Q q 0 0 0 rg BT 117.59 242.10 Td (to ) Tj ET Q q 0 0 0 rg BT 127.90 242.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 165.96 242.10 Td (debt ) Tj ET Q q 0 0 0 rg BT 185.70 242.10 Td (securities, ) Tj ET Q q 0 0 0 rg BT 228.49 242.10 Td (common ) Tj ET Q q 0 0 0 rg BT 266.01 242.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 296.03 242.10 Td (preferred ) Tj ET Q q 0 0 0 rg BT 335.19 242.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 362.71 242.10 Td (or ) Tj ET Q q 0 0 0 rg BT 373.56 242.10 Td (depositary ) Tj ET Q q 0 0 0 rg BT 417.75 242.10 Td (shares, ) Tj ET Q q 0 0 0 rg BT 447.76 242.10 Td (stock ) Tj ET Q q 0 0 0 rg BT 471.40 242.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 509.46 242.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 548.08 242.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 230.10 Td (units. ) Tj ET Q q 0 0 0 rg BT 73.95 230.10 Td ( ) Tj ET Q q 0 0 0 rg BT 76.27 230.10 Td (The ) Tj ET Q q 0 0 0 rg BT 94.31 230.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 122.93 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.87 230.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 172.36 230.10 Td (of ) Tj ET Q q 0 0 0 rg BT 183.19 230.10 Td (of) Tj ET Q q 0 0 0 rg BT 191.34 230.10 Td (ferings, ) Tj ET Q q 0 0 0 rg BT 224.11 230.10 Td (if ) Tj ET Q q 0 0 0 rg BT 232.72 230.10 Td (any) Tj ET Q q 0 0 0 rg BT 246.51 230.10 Td (, ) Tj ET Q q 0 0 0 rg BT 251.51 230.10 Td (will ) Tj ET Q q 0 0 0 rg BT 269.56 230.10 Td (depend ) Tj ET Q q 0 0 0 rg BT 300.94 230.10 Td (on ) Tj ET Q q 0 0 0 rg BT 313.44 230.10 Td (market ) Tj ET Q q 0 0 0 rg BT 343.70 230.10 Td (and ) Tj ET Q q 0 0 0 rg BT 360.64 230.10 Td (general ) Tj ET Q q 0 0 0 rg BT 392.57 230.10 Td (business ) Tj ET Q q 0 0 0 rg BT 428.96 230.10 Td (conditions.) 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 49.5 204.53505859375002 m 202.6787109375 204.53505859375002 l s q 0 0 0 rg BT 49.50 206.10 Td (CONTRACTUAL) Tj ET Q q 0 0 0 rg BT 127.29 206.10 Td ( ) Tj ET Q q 0 0 0 rg BT 129.79 206.10 Td (OBLIGA) Tj ET Q q 0 0 0 rg BT 169.06 206.10 Td (TIONS ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (There ) Tj ET Q q 0 0 0 rg BT 77.67 182.10 Td (have ) Tj ET Q q 0 0 0 rg BT 101.39 182.10 Td (been ) Tj ET Q q 0 0 0 rg BT 125.12 182.10 Td (no ) Tj ET Q q 0 0 0 rg BT 139.97 182.10 Td (material ) Tj ET Q q 0 0 0 rg BT 177.58 182.10 Td (changes ) Tj ET Q q 0 0 0 rg BT 214.64 182.10 Td (to ) Tj ET Q q 0 0 0 rg BT 227.26 182.10 Td (our ) Tj ET Q q 0 0 0 rg BT 245.44 182.10 Td (contractual ) Tj ET Q q 0 0 0 rg BT 294.71 182.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 344.01 182.10 Td (appearing ) Tj ET Q q 0 0 0 rg BT 388.28 182.10 Td (in ) Tj ET Q q 0 0 0 rg BT 400.91 182.10 Td (the ) Tj ET Q q 0 0 0 rg BT 417.98 182.10 Td (Contractual ) Tj ET Q q 0 0 0 rg BT 469.48 182.10 Td (Obligations ) Tj ET Q q 0 0 0 rg BT 520.99 182.10 Td (section ) Tj ET Q q 0 0 0 rg BT 554.17 182.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (Management) Tj ET Q q 0 0 0 rg BT 104.48 170.10 Td (s ) Tj ET Q q 0 0 0 rg BT 110.50 170.10 Td (Discussion ) Tj ET Q q 0 0 0 rg BT 156.53 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 172.63 170.10 Td (Analysis ) Tj ET Q q 0 0 0 rg BT 209.76 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 220.22 170.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 259.56 170.10 Td (Condition ) Tj ET Q q 0 0 0 rg BT 301.70 170.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.27 170.10 Td (Results ) Tj ET Q q 0 0 0 rg BT 349.85 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 360.31 170.10 Td (Operations ) Tj ET Q q 0 0 0 rg BT 406.32 170.10 Td (included ) Tj ET Q q 0 0 0 rg BT 442.88 170.10 Td (in ) Tj ET Q q 0 0 0 rg BT 452.79 170.10 Td (our ) Tj ET Q q 0 0 0 rg BT 467.78 170.10 Td (Annual ) Tj ET Q q 0 0 0 rg BT 499.35 170.10 Td (Report ) Tj ET Q q 0 0 0 rg BT 528.70 170.10 Td (on ) Tj ET Q q 0 0 0 rg BT 540.83 170.10 Td (Form ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (10-K ) Tj ET Q q 0 0 0 rg BT 72.55 158.10 Td (for ) Tj ET Q q 0 0 0 rg BT 86.71 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 101.43 158.10 Td (year ) Tj ET Q q 0 0 0 rg BT 121.14 158.10 Td (ended ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 147.51 158.10 Td (December ) Tj ET Q q 0 0 0 rg BT 191.10 158.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 206.10 158.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 226.10 158.10 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 49.5 132.53505859375002 m 245.45703125 132.53505859375002 l s q 0 0 0 rg BT 49.50 134.10 Td (OFF-BALANCE ) Tj ET Q q 0 0 0 rg BT 124.22 134.10 Td (SHEET) Tj ET Q q 0 0 0 rg BT 157.39 134.10 Td ( ) Tj ET Q q 0 0 0 rg BT 159.34 134.10 Td (ARRANGEMENTS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 112.10 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 75.05322265625 110.76699218750002 m 80.05322265625 110.76699218750002 l s q 0 0 1 rg BT 75.05 112.10 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 80.05 112.10 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 84.7763671875 110.76699218750002 m 89.7763671875 110.76699218750002 l s q 0 0 1 rg BT 84.78 112.10 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 89.78 112.10 Td ( ) Tj ET Q q 0 0 0 rg BT 92.00 112.10 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 108.6611328125 110.76699218750002 m 113.6611328125 110.76699218750002 l s q 0 0 1 rg BT 108.66 112.10 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 113.66 112.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.88 112.10 Td (discuss ) Tj ET Q q 0 0 0 rg BT 147.00 112.10 Td (our ) Tj ET Q q 0 0 0 rg BT 162.55 112.10 Td (of) Tj ET Q q 0 0 0 rg BT 170.70 112.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 210.12 112.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 232.89 112.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 288.97 112.10 Td (with ) Tj ET Q q 0 0 0 rg BT 308.97 112.10 Td (respect ) Tj ET Q q 0 0 0 rg BT 339.51 112.10 Td (to ) Tj ET Q q 0 0 0 rg BT 349.51 112.10 Td (land ) Tj ET Q q 0 0 0 rg BT 368.95 112.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 415.06 112.10 Td (contracts ) Tj ET Q q 0 0 0 rg BT 453.38 112.10 Td (and ) Tj ET Q q 0 0 0 rg BT 470.04 112.10 Td (option ) Tj ET Q q 0 0 0 rg BT 497.82 112.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 548.07 112.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 100.10 Td (land ) Tj ET Q q 0 0 0 rg BT 69.59 100.10 Td (development ) Tj ET Q q 0 0 0 rg BT 124.12 100.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 145.33 100.10 Td (ventures, ) Tj ET Q q 0 0 0 rg BT 184.58 100.10 Td (including ) Tj ET Q q 0 0 0 rg BT 225.23 100.10 Td (the ) Tj ET Q q 0 0 0 rg BT 240.32 100.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 268.18 100.10 Td (and ) Tj ET Q q 0 0 0 rg BT 285.49 100.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 322.25 100.10 Td (of ) Tj ET Q q 0 0 0 rg BT 333.46 100.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 371.32 100.10 Td (obligations ) Tj ET Q q 0 0 0 rg BT 418.63 100.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 452.05 100.10 Td (to ) Tj ET Q q 0 0 0 rg BT 462.70 100.10 Td (these ) Tj ET Q q 0 0 0 rg BT 486.13 100.10 Td (items. ) Tj ET Q q 0 0 0 rg BT 513.17 100.10 Td ( ) Tj ET Q q 0 0 0 rg BT 516.04 100.10 Td (In ) Tj ET Q q 0 0 0 rg BT 527.25 100.10 Td (addition, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 88.10 Td (these ) Tj ET Q q 0 0 0 rg BT 71.52 88.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 96.32 88.10 Td (discuss ) Tj ET Q q 0 0 0 rg BT 126.69 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 140.38 88.10 Td (nature ) Tj ET Q q 0 0 0 rg BT 166.84 88.10 Td (and ) Tj ET Q q 0 0 0 rg BT 182.75 88.10 Td (amounts ) Tj ET Q q 0 0 0 rg BT 218.11 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 227.92 88.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 256.59 88.10 Td (types ) Tj ET Q q 0 0 0 rg BT 279.17 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 288.98 88.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 344.89 88.10 Td (that ) Tj ET Q q 0 0 0 rg BT 361.36 88.10 Td (arise ) Tj ET Q q 0 0 0 rg BT 381.71 88.10 Td (in ) Tj ET Q q 0 0 0 rg BT 390.96 88.10 Td (the ) Tj ET Q q 0 0 0 rg BT 404.65 88.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 440.00 88.10 Td (course ) Tj ET Q q 0 0 0 rg BT 467.57 88.10 Td (of ) Tj ET Q q 0 0 0 rg BT 477.38 88.10 Td (our ) Tj ET Q q 0 0 0 rg BT 492.18 88.10 Td (land ) Tj ET Q q 0 0 0 rg BT 510.87 88.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 76.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.44 76.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 124.49 76.10 Td (operations, ) Tj ET Q q 0 0 0 rg BT 171.15 76.10 Td (including ) Tj ET Q q 0 0 0 rg BT 211.42 76.10 Td (commitments ) Tj ET Q q 0 0 0 rg BT 268.36 76.10 Td (of ) Tj ET Q q 0 0 0 rg BT 279.19 76.10 Td (land ) Tj ET Q q 0 0 0 rg BT 298.90 76.10 Td (development ) Tj ET Q q 0 0 0 rg BT 353.05 76.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 373.89 76.10 Td (ventures ) Tj ET Q q 0 0 0 rg BT 410.27 76.10 Td (for ) Tj ET Q q 0 0 0 rg BT 424.43 76.10 Td (which ) Tj ET Q q 0 0 0 rg BT 451.37 76.10 Td (we ) Tj ET Q q 0 0 0 rg BT 465.53 76.10 Td (might ) Tj ET Q q 0 0 0 rg BT 491.36 76.10 Td (be ) Tj ET Q q 0 0 0 rg BT 503.30 76.10 Td (obligated.) 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 (46) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 740.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 68.76 740.10 Td (of) Tj ET Q q 0 0 0 rg BT 76.91 740.10 Td (f-balance ) Tj ET Q q 0 0 0 rg BT 117.82 740.10 Td (sheet ) Tj ET Q q 0 0 0 rg BT 142.07 740.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 199.65 740.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 233.90 740.10 Td (to ) Tj ET Q q 0 0 0 rg BT 245.39 740.10 Td (our ) Tj ET Q q 0 0 0 rg BT 262.43 740.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 321.69 740.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 367.06 740.10 Td (include ) Tj ET Q q 0 0 0 rg BT 400.20 740.10 Td (joint ) Tj ET Q q 0 0 0 rg BT 422.25 740.10 Td (venture ) Tj ET Q q 0 0 0 rg BT 455.95 740.10 Td (arrangements, ) Tj ET Q q 0 0 0 rg BT 516.02 740.10 Td (land ) Tj ET Q q 0 0 0 rg BT 536.95 740.10 Td (option ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 728.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 100.09 728.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 145.41 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 162.40 728.10 Td (indemnifications ) Tj ET Q q 0 0 0 rg BT 232.17 728.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 275.83 728.10 Td (with ) Tj ET Q q 0 0 0 rg BT 296.16 728.10 Td (acquiring ) Tj ET Q q 0 0 0 rg BT 336.49 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 353.49 728.10 Td (developing ) Tj ET Q q 0 0 0 rg BT 400.48 728.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 422.76 728.10 Td (and ) Tj ET Q q 0 0 0 rg BT 439.76 728.10 Td (the ) Tj ET Q q 0 0 0 rg BT 454.53 728.10 Td (issuance ) Tj ET Q q 0 0 0 rg BT 490.97 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 501.86 728.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 528.85 728.10 Td (of ) Tj ET Q q 0 0 0 rg BT 539.74 728.10 Td (credit ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 716.10 Td (and ) Tj ET Q q 0 0 0 rg BT 66.95 716.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 114.94 716.10 Td (bonds. ) Tj ET Q q 0 0 0 rg BT 144.34 716.10 Td ( ) Tj ET Q q 0 0 0 rg BT 147.35 716.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 165.91 716.10 Td (use ) Tj ET Q q 0 0 0 rg BT 182.25 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 193.59 716.10 Td (these ) Tj ET Q q 0 0 0 rg BT 217.14 716.10 Td (arrangements ) Tj ET Q q 0 0 0 rg BT 274.01 716.10 Td (is ) Tj ET Q q 0 0 0 rg BT 283.69 716.10 Td (for ) Tj ET Q q 0 0 0 rg BT 298.36 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 313.58 716.10 Td (purpose ) Tj ET Q q 0 0 0 rg BT 348.25 716.10 Td (of ) Tj ET Q q 0 0 0 rg BT 359.59 716.10 Td (securing ) Tj ET Q q 0 0 0 rg BT 396.47 716.10 Td (the ) Tj ET Q q 0 0 0 rg BT 411.70 716.10 Td (most ) Tj ET Q q 0 0 0 rg BT 434.15 716.10 Td (desirable ) Tj ET Q q 0 0 0 rg BT 473.25 716.10 Td (lots ) Tj ET Q q 0 0 0 rg BT 490.71 716.10 Td (on ) Tj ET Q q 0 0 0 rg BT 503.72 716.10 Td (which ) Tj ET Q q 0 0 0 rg BT 531.17 716.10 Td (to ) Tj ET Q q 0 0 0 rg BT 541.95 716.10 Td (build ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 704.10 Td (homes ) Tj ET Q q 0 0 0 rg BT 78.68 704.10 Td (for ) Tj ET Q q 0 0 0 rg BT 93.41 704.10 Td (our ) Tj ET Q q 0 0 0 rg BT 109.81 704.10 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 161.76 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 172.61 704.10 Td (a ) Tj ET Q q 0 0 0 rg BT 180.11 704.10 Td (manner ) Tj ET Q q 0 0 0 rg BT 213.17 704.10 Td (that ) Tj ET Q q 0 0 0 rg BT 231.24 704.10 Td (we ) Tj ET Q q 0 0 0 rg BT 245.97 704.10 Td (believe ) Tj ET Q q 0 0 0 rg BT 277.91 704.10 Td (reduces ) Tj ET Q q 0 0 0 rg BT 311.52 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 326.80 704.10 Td (overall ) Tj ET Q q 0 0 0 rg BT 357.64 704.10 Td (risk ) Tj ET Q q 0 0 0 rg BT 375.71 704.10 Td (to ) Tj ET Q q 0 0 0 rg BT 386.56 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 401.84 704.10 Td (Company) Tj ET Q q 0 0 0 rg BT 440.08 704.10 Td (.) Tj ET Q q 0 0 0 rg BT 447.03 704.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 496.93 704.10 Td (, ) Tj ET Q q 0 0 0 rg BT 502.50 704.10 Td (in ) Tj ET Q q 0 0 0 rg BT 513.35 704.10 Td (the ) Tj ET Q q 0 0 0 rg BT 528.64 704.10 Td (ordinary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.10 Td (course ) Tj ET Q q 0 0 0 rg BT 77.37 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.47 692.10 Td (its ) Tj ET Q q 0 0 0 rg BT 98.68 692.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 136.84 692.10 Td (our ) Tj ET Q q 0 0 0 rg BT 151.94 692.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 188.69 692.10 Td (services ) Tj ET Q q 0 0 0 rg BT 222.67 692.10 Td (operations ) Tj ET Q q 0 0 0 rg BT 266.09 692.10 Td (issue ) Tj ET Q q 0 0 0 rg BT 287.86 692.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 332.39 692.10 Td (and ) Tj ET Q q 0 0 0 rg BT 348.59 692.10 Td (indemnities ) Tj ET Q q 0 0 0 rg BT 397.02 692.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 429.33 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 438.88 692.10 Td (the ) Tj ET Q q 0 0 0 rg BT 452.87 692.10 Td (sale ) Tj ET Q q 0 0 0 rg BT 470.18 692.10 Td (of ) Tj ET Q q 0 0 0 rg BT 480.28 692.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 503.16 692.10 Td (to ) Tj ET Q q 0 0 0 rg BT 512.71 692.10 Td (third ) Tj ET Q q 0 0 0 rg BT 533.36 692.10 Td (parties.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 670.10 Td (Land ) Tj ET Q q 0 0 0 rg BT 73.80 670.10 Td (Option ) Tj ET Q q 0 0 0 rg BT 104.39 670.10 Td (Agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 155.77 670.10 Td (In ) Tj ET Q q 0 0 0 rg BT 171.74 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 186.59 670.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 223.10 670.10 Td (course ) Tj ET Q q 0 0 0 rg BT 251.83 670.10 Td (of ) Tj ET Q q 0 0 0 rg BT 262.79 670.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 301.82 670.10 Td (the ) Tj ET Q q 0 0 0 rg BT 316.67 670.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 358.19 670.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 384.70 670.10 Td (into ) Tj ET Q q 0 0 0 rg BT 402.89 670.10 Td (land ) Tj ET Q q 0 0 0 rg BT 422.74 670.10 Td (option ) Tj ET Q q 0 0 0 rg BT 450.93 670.10 Td (or ) Tj ET Q q 0 0 0 rg BT 461.89 670.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 500.06 670.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 548.23 670.10 Td ( ) Tj ET Q q 0 0 0 rg BT 550.86 670.10 Td (for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 658.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.61 658.10 Td (we ) Tj ET Q q 0 0 0 rg BT 90.95 658.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 130.82 658.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 147.93 658.10 Td (non-refundable ) Tj ET Q q 0 0 0 rg BT 211.69 658.10 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 249.64 658.10 Td ( ) Tj ET Q q 0 0 0 rg BT 252.31 658.10 Td (Pursuant ) Tj ET Q q 0 0 0 rg BT 289.99 658.10 Td (to ) Tj ET Q q 0 0 0 rg BT 300.44 658.10 Td (these ) Tj ET Q q 0 0 0 rg BT 323.66 658.10 Td (land ) Tj ET Q q 0 0 0 rg BT 343.55 658.10 Td (option ) Tj ET Q q 0 0 0 rg BT 371.78 658.10 Td (agreements, ) Tj ET Q q 0 0 0 rg BT 422.49 658.10 Td (the ) Tj ET Q q 0 0 0 rg BT 437.38 658.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 478.94 658.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 516.05 658.10 Td (a ) Tj ET Q q 0 0 0 rg BT 523.16 658.10 Td (deposit ) Tj ET Q q 0 0 0 rg BT 554.72 658.10 Td (to ) 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 63.12 646.10 Td (seller ) Tj ET Q q 0 0 0 rg BT 86.18 646.10 Td (as ) Tj ET Q q 0 0 0 rg BT 95.92 646.10 Td (consideration ) Tj ET Q q 0 0 0 rg BT 151.20 646.10 Td (for ) Tj ET Q q 0 0 0 rg BT 164.27 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 177.89 646.10 Td (right ) Tj ET Q q 0 0 0 rg BT 198.18 646.10 Td (to ) Tj ET Q q 0 0 0 rg BT 207.37 646.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 244.31 646.10 Td (land ) Tj ET Q q 0 0 0 rg BT 262.93 646.10 Td (at ) Tj ET Q q 0 0 0 rg BT 271.56 646.10 Td (dif) Tj ET Q q 0 0 0 rg BT 282.48 646.10 Td (ferent ) Tj ET Q q 0 0 0 rg BT 307.21 646.10 Td (times ) Tj ET Q q 0 0 0 rg BT 330.28 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.46 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 353.08 646.10 Td (future, ) Tj ET Q q 0 0 0 rg BT 380.87 646.10 Td (usually ) Tj ET Q q 0 0 0 rg BT 411.16 646.10 Td (at ) Tj ET Q q 0 0 0 rg BT 419.78 646.10 Td (predetermined ) Tj ET Q q 0 0 0 rg BT 478.94 646.10 Td (prices.In ) Tj ET Q q 0 0 0 rg BT 517.55 646.10 Td (accordance ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (with ) Tj ET Q q 0 0 0 rg BT 69.18 634.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 91.08 634.10 Td (810, ) Tj ET Q q 0 0 0 rg BT 111.02 634.10 Td (we ) Tj ET Q q 0 0 0 rg BT 125.12 634.10 Td (analyze ) Tj ET Q q 0 0 0 rg BT 158.09 634.10 Td (our ) Tj ET Q q 0 0 0 rg BT 173.86 634.10 Td (land ) Tj ET Q q 0 0 0 rg BT 193.52 634.10 Td (option ) Tj ET Q q 0 0 0 rg BT 221.52 634.10 Td (or ) Tj ET Q q 0 0 0 rg BT 232.29 634.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 270.27 634.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 318.24 634.10 Td (to ) Tj ET Q q 0 0 0 rg BT 328.46 634.10 Td (determine ) Tj ET Q q 0 0 0 rg BT 370.88 634.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 405.53 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 420.19 634.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 479.84 634.10 Td (land ) Tj ET Q q 0 0 0 rg BT 499.50 634.10 Td (sellers ) Tj ET Q q 0 0 0 rg BT 527.49 634.10 Td (are ) Tj ET Q q 0 0 0 rg BT 541.96 634.10 Td (VIEs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 68.98 622.10 Td (if ) Tj ET Q q 0 0 0 rg BT 77.63 622.10 Td (so, ) Tj ET Q q 0 0 0 rg BT 91.57 622.10 Td (whether ) Tj ET Q q 0 0 0 rg BT 126.32 622.10 Td (we ) Tj ET Q q 0 0 0 rg BT 140.52 622.10 Td (are ) Tj ET Q q 0 0 0 rg BT 155.27 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 170.03 622.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 204.23 622.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 248.55 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 253.59 622.10 Td ( ) Tj ET Q q 0 0 0 rg BT 255.57 622.10 Td (Although ) Tj ET Q q 0 0 0 rg BT 295.90 622.10 Td (we ) Tj ET Q q 0 0 0 rg BT 310.10 622.10 Td (do ) Tj ET Q q 0 0 0 rg BT 322.64 622.10 Td (not ) Tj ET Q q 0 0 0 rg BT 337.96 622.10 Td (have ) Tj ET Q q 0 0 0 rg BT 359.38 622.10 Td (legal ) Tj ET Q q 0 0 0 rg BT 381.36 622.10 Td (title ) Tj ET Q q 0 0 0 rg BT 399.45 622.10 Td (to ) Tj ET Q q 0 0 0 rg BT 409.78 622.10 Td (the ) Tj ET Q q 0 0 0 rg BT 424.54 622.10 Td (optioned ) Tj ET Q q 0 0 0 rg BT 462.07 622.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 483.77 622.10 Td (ASC ) Tj ET Q q 0 0 0 rg BT 505.77 622.10 Td (810 ) Tj ET Q q 0 0 0 rg BT 523.31 622.10 Td (requires ) Tj ET Q q 0 0 0 rg BT 558.06 622.10 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 610.10 Td (company ) Tj ET Q q 0 0 0 rg BT 89.16 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 99.93 610.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 148.48 610.10 Td (a ) Tj ET Q q 0 0 0 rg BT 155.70 610.10 Td (VIE ) Tj ET Q q 0 0 0 rg BT 175.36 610.10 Td (if ) Tj ET Q q 0 0 0 rg BT 184.47 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 199.69 610.10 Td (company ) Tj ET Q q 0 0 0 rg BT 239.34 610.10 Td (is ) Tj ET Q q 0 0 0 rg BT 249.01 610.10 Td (determined ) Tj ET Q q 0 0 0 rg BT 296.99 610.10 Td (to ) Tj ET Q q 0 0 0 rg BT 307.77 610.10 Td (be ) Tj ET Q q 0 0 0 rg BT 320.21 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 335.43 610.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 370.08 610.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 414.41 610.10 Td (. ) Tj ET Q q 0 0 0 rg BT 419.91 610.10 Td ( ) Tj ET Q q 0 0 0 rg BT 422.91 610.10 Td (In ) Tj ET Q q 0 0 0 rg BT 434.24 610.10 Td (cases ) Tj ET Q q 0 0 0 rg BT 458.34 610.10 Td (where ) Tj ET Q q 0 0 0 rg BT 485.77 610.10 Td (we ) Tj ET Q q 0 0 0 rg BT 500.43 610.10 Td (are ) Tj ET Q q 0 0 0 rg BT 515.63 610.10 Td (the ) Tj ET Q q 0 0 0 rg BT 530.85 610.10 Td (primary ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 Td (beneficiary) Tj ET Q q 0 0 0 rg BT 93.82 598.10 Td (, ) Tj ET Q q 0 0 0 rg BT 98.95 598.10 Td (even ) Tj ET Q q 0 0 0 rg BT 120.46 598.10 Td (though ) Tj ET Q q 0 0 0 rg BT 150.86 598.10 Td (we ) Tj ET Q q 0 0 0 rg BT 165.15 598.10 Td (do ) Tj ET Q q 0 0 0 rg BT 177.78 598.10 Td (not ) Tj ET Q q 0 0 0 rg BT 193.19 598.10 Td (have ) Tj ET Q q 0 0 0 rg BT 214.69 598.10 Td (title ) Tj ET Q q 0 0 0 rg BT 232.87 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 243.28 598.10 Td (such ) Tj ET Q q 0 0 0 rg BT 264.24 598.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 286.58 598.10 Td (we ) Tj ET Q q 0 0 0 rg BT 300.87 598.10 Td (are ) Tj ET Q q 0 0 0 rg BT 315.71 598.10 Td (required ) Tj ET Q q 0 0 0 rg BT 351.65 598.10 Td (to ) Tj ET Q q 0 0 0 rg BT 362.06 598.10 Td (consolidate ) Tj ET Q q 0 0 0 rg BT 410.23 598.10 Td (these ) Tj ET Q q 0 0 0 rg BT 433.40 598.10 Td (purchase/option ) Tj ET Q q 0 0 0 rg BT 499.90 598.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 548.06 598.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (reflect ) Tj ET Q q 0 0 0 rg BT 77.02 586.10 Td (such ) Tj ET Q q 0 0 0 rg BT 97.33 586.10 Td (assets ) Tj ET Q q 0 0 0 rg BT 122.64 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 139.07 586.10 Td (liabilities ) Tj ET Q q 0 0 0 rg BT 178.27 586.10 Td (as ) Tj ET Q q 0 0 0 rg BT 188.58 586.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 243.34 586.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 284.20 586.10 Td (not ) Tj ET Q q 0 0 0 rg BT 298.96 586.10 Td (Owned ) Tj ET Q q 0 0 0 rg BT 329.83 586.10 Td (in ) Tj ET Q q 0 0 0 rg BT 339.59 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 354.90 586.10 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 398.54 586.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 444.96 586.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 499.72 586.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 533.91 586.10 Td (Sheets. ) Tj ET Q q 0 0 0 rg BT 565.02 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (At ) Tj ET Q q 0 0 0 rg BT 61.96 574.10 Td (both ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 82.20 574.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 125.76 574.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 145.76 574.10 Td ( ) Tj ET Q q 0 0 0 rg BT 148.22 574.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 165.12 574.10 Td (December ) Tj ET Q q 0 0 0 rg BT 208.67 574.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 223.63 574.10 Td (2016) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 243.63 574.10 Td (, ) Tj ET Q q 0 0 0 rg BT 248.59 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 262.71 574.10 Td (have ) Tj ET Q q 0 0 0 rg BT 284.05 574.10 Td (concluded ) Tj ET Q q 0 0 0 rg BT 327.60 574.10 Td (that ) Tj ET Q q 0 0 0 rg BT 345.06 574.10 Td (we ) Tj ET Q q 0 0 0 rg BT 359.18 574.10 Td (were ) Tj ET Q q 0 0 0 rg BT 381.07 574.10 Td (not ) Tj ET Q q 0 0 0 rg BT 396.31 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 410.98 574.10 Td (primary ) Tj ET Q q 0 0 0 rg BT 445.10 574.10 Td (beneficiary ) Tj ET Q q 0 0 0 rg BT 492.53 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 503.32 574.10 Td (any ) Tj ET Q q 0 0 0 rg BT 520.04 574.10 Td (VIEs ) Tj ET Q q 0 0 0 rg BT 543.06 574.10 Td (from ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 562.10 Td (which ) Tj ET Q q 0 0 0 rg BT 76.44 562.10 Td (we ) Tj ET Q q 0 0 0 rg BT 90.60 562.10 Td (are ) Tj ET Q q 0 0 0 rg BT 105.31 562.10 Td (purchasing ) Tj ET Q q 0 0 0 rg BT 151.68 562.10 Td (under ) Tj ET Q q 0 0 0 rg BT 176.95 562.10 Td (land ) Tj ET Q q 0 0 0 rg BT 196.67 562.10 Td (option ) Tj ET Q q 0 0 0 rg BT 224.72 562.10 Td (or ) Tj ET Q q 0 0 0 rg BT 235.55 562.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 273.59 562.10 Td (agreements.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 540.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 62.07 540.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 105.74 540.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 125.74 540.10 Td (, ) Tj ET Q q 0 0 0 rg BT 130.82 540.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 190.60 540.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 232.05 540.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 249.62 540.10 Td (Owned ) Tj ET Q q 0 0 0 rg BT 285.51 540.10 Td (was ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 303.64 540.10 Td ($12.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 357.53 540.10 Td (. ) Tj ET Q q 0 0 0 rg BT 362.60 540.10 Td ( ) Tj ET Q q 0 0 0 rg BT 364.61 540.10 Td (At ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 377.18 540.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 420.85 540.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 440.85 540.10 Td (, ) Tj ET Q q 0 0 0 rg BT 445.92 540.10 Td (the ) Tj ET Q q 0 0 0 rg BT 460.71 540.10 Td (corresponding ) Tj ET Q q 0 0 0 rg BT 520.49 540.10 Td (liability ) Tj ET Q q 0 0 0 rg BT 554.17 540.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 528.10 Td ($12.0million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 103.39 528.10 Td ( ) Tj ET Q q 0 0 0 rg BT 105.30 528.10 Td (has ) Tj ET Q q 0 0 0 rg BT 120.54 528.10 Td (been ) Tj ET Q q 0 0 0 rg BT 141.33 528.10 Td (classified ) Tj ET Q q 0 0 0 rg BT 181.00 528.10 Td (as ) Tj ET Q q 0 0 0 rg BT 191.25 528.10 Td (Obligation ) Tj ET Q q 0 0 0 rg BT 235.93 528.10 Td (for ) Tj ET Q q 0 0 0 rg BT 249.50 528.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 304.18 528.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 344.97 528.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 361.88 528.10 Td (Owned ) Tj ET Q q 0 0 0 rg BT 392.68 528.10 Td (on ) Tj ET Q q 0 0 0 rg BT 404.59 528.10 Td (our ) Tj ET Q q 0 0 0 rg BT 419.83 528.10 Td (Unaudited ) Tj ET Q q 0 0 0 rg BT 463.39 528.10 Td (Condensed ) Tj ET Q q 0 0 0 rg BT 509.74 528.10 Td (Consolidated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 516.10 Td (Balance ) Tj ET Q q 0 0 0 rg BT 84.20 516.10 Td (Sheets.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 492.10 Td (Other ) Tj ET Q q 0 0 0 rg BT 75.48 492.10 Td (than ) Tj ET Q q 0 0 0 rg BT 95.90 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 111.32 492.10 Td (Consolidated ) Tj ET Q q 0 0 0 rg BT 167.30 492.10 Td (Inventory ) Tj ET Q q 0 0 0 rg BT 209.39 492.10 Td (Not ) Tj ET Q q 0 0 0 rg BT 227.59 492.10 Td (Owned ) Tj ET Q q 0 0 0 rg BT 259.68 492.10 Td (balance, ) Tj ET Q q 0 0 0 rg BT 295.92 492.10 Td (the ) Tj ET Q q 0 0 0 rg BT 311.35 492.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 353.44 492.10 Td (currently ) Tj ET Q q 0 0 0 rg BT 392.74 492.10 Td (believes ) Tj ET Q q 0 0 0 rg BT 428.71 492.10 Td (that ) Tj ET Q q 0 0 0 rg BT 446.91 492.10 Td (its ) Tj ET Q q 0 0 0 rg BT 459.57 492.10 Td (maximum ) Tj ET Q q 0 0 0 rg BT 503.33 492.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 542.63 492.10 Td (as ) Tj ET Q q 0 0 0 rg BT 554.17 492.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 480.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 93.07 480.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 113.07 480.10 Td ( ) Tj ET Q q 0 0 0 rg BT 115.55 480.10 Td (related ) Tj ET Q q 0 0 0 rg BT 145.22 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 155.48 480.10 Td (our ) Tj ET Q q 0 0 0 rg BT 171.28 480.10 Td (land ) Tj ET Q q 0 0 0 rg BT 190.97 480.10 Td (option ) Tj ET Q q 0 0 0 rg BT 219.00 480.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 267.01 480.10 Td (is ) Tj ET Q q 0 0 0 rg BT 276.16 480.10 Td (equal ) Tj ET Q q 0 0 0 rg BT 300.29 480.10 Td (to ) Tj ET Q q 0 0 0 rg BT 310.54 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 325.23 480.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 357.70 480.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.50 480.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.20 480.10 Td (Company) Tj ET Q q 0 0 0 rg BT 424.86 480.10 Td (s ) Tj ET Q q 0 0 0 rg BT 431.23 480.10 Td (outstanding ) Tj ET Q q 0 0 0 rg BT 480.37 480.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 515.62 480.10 Td (and ) Tj ET Q q 0 0 0 rg BT 532.53 480.10 Td (prepaid ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 468.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 95.69 468.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 120.50 468.10 Td (which ) Tj ET Q q 0 0 0 rg BT 147.25 468.10 Td (totaled ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.77 468.10 Td ($45.1 ) Tj ET Q q 0 0 0 rg BT 201.58 468.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 230.47 468.10 Td (, ) Tj ET Q q 0 0 0 rg BT 235.28 468.10 Td (including ) Tj ET Q q 0 0 0 rg BT 275.36 468.10 Td (cash ) Tj ET Q q 0 0 0 rg BT 295.44 468.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 330.53 468.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 341.17 468.10 Td ($30.8 ) Tj ET Q q 0 0 0 rg BT 365.98 468.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 394.87 468.10 Td (, ) Tj ET Q q 0 0 0 rg BT 399.68 468.10 Td (prepaid ) Tj ET Q q 0 0 0 rg BT 431.98 468.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 478.17 468.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 500.48 468.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 511.12 468.10 Td ($5.6million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 560.01 468.10 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 456.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 76.43 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 87.26 456.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 112.53 456.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 123.36 456.10 Td ($3.5 ) Tj ET Q q 0 0 0 rg BT 143.36 456.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 172.25 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 174.75 456.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 191.69 456.10 Td ($5.2 ) Tj ET Q q 0 0 0 rg BT 211.69 456.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 240.58 456.10 Td ( ) Tj ET Q q 0 0 0 rg BT 243.08 456.10 Td (of ) Tj ET Q q 0 0 0 rg BT 253.91 456.10 Td (other ) Tj ET Q q 0 0 0 rg BT 276.96 456.10 Td (non-cash ) Tj ET Q q 0 0 0 rg BT 315.55 456.10 Td (deposits.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 432.10 Td (Letters ) Tj ET Q q 0 0 0 rg BT 79.82 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 90.14 432.10 Td (Credit ) Tj ET Q q 0 0 0 rg BT 117.69 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 135.24 432.10 Td (Completion ) Tj ET Q q 0 0 0 rg BT 185.02 432.10 Td (Bonds.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 213.64 432.10 Td () Tj ET Q q 0 0 0 rg BT 218.46 432.10 Td (The ) Tj ET Q q 0 0 0 rg BT 236.00 432.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 276.88 432.10 Td (provides ) Tj ET Q q 0 0 0 rg BT 313.31 432.10 Td (standby ) Tj ET Q q 0 0 0 rg BT 346.41 432.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 372.83 432.10 Td (of ) Tj ET Q q 0 0 0 rg BT 383.16 432.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 407.91 432.10 Td (and ) Tj ET Q q 0 0 0 rg BT 424.34 432.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 471.33 432.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 497.21 432.10 Td (for ) Tj ET Q q 0 0 0 rg BT 510.86 432.10 Td (development ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 420.10 Td (work ) Tj ET Q q 0 0 0 rg BT 72.26 420.10 Td (in ) Tj ET Q q 0 0 0 rg BT 82.24 420.10 Td (progress, ) Tj ET Q q 0 0 0 rg BT 120.83 420.10 Td (deposits ) Tj ET Q q 0 0 0 rg BT 155.81 420.10 Td (on ) Tj ET Q q 0 0 0 rg BT 168.02 420.10 Td (land ) Tj ET Q q 0 0 0 rg BT 187.44 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 204.09 420.10 Td (lot ) Tj ET Q q 0 0 0 rg BT 216.85 420.10 Td (purchase ) Tj ET Q q 0 0 0 rg BT 254.59 420.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 302.33 420.10 Td (and ) Tj ET Q q 0 0 0 rg BT 318.98 420.10 Td (miscellaneous ) Tj ET Q q 0 0 0 rg BT 377.83 420.10 Td (deposits. ) Tj ET Q q 0 0 0 rg BT 417.33 420.10 Td (As ) Tj ET Q q 0 0 0 rg BT 430.65 420.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 441.19 420.10 Td (March31, ) Tj ET Q q 0 0 0 rg BT 484.49 420.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 504.49 420.10 Td (, ) Tj ET Q q 0 0 0 rg BT 509.20 420.10 Td (the ) Tj ET Q q 0 0 0 rg BT 523.62 420.10 Td (Company ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 408.10 Td (had ) Tj ET Q q 0 0 0 rg BT 67.08 408.10 Td (outstanding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 116.90 408.10 Td ($146.5 ) Tj ET Q q 0 0 0 rg BT 147.54 408.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 176.43 408.10 Td ( ) Tj ET Q q 0 0 0 rg BT 179.58 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 191.06 408.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 239.19 408.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 266.23 408.10 Td (and ) Tj ET Q q 0 0 0 rg BT 283.81 408.10 Td (standby ) Tj ET Q q 0 0 0 rg BT 318.07 408.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 345.65 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 357.12 408.10 Td (credit, ) Tj ET Q q 0 0 0 rg BT 385.53 408.10 Td (some ) Tj ET Q q 0 0 0 rg BT 409.79 408.10 Td (of ) Tj ET Q q 0 0 0 rg BT 421.26 408.10 Td (which ) Tj ET Q q 0 0 0 rg BT 448.85 408.10 Td (were ) Tj ET Q q 0 0 0 rg BT 471.42 408.10 Td (issued ) Tj ET Q q 0 0 0 rg BT 499.57 408.10 Td (to ) Tj ET Q q 0 0 0 rg BT 510.49 408.10 Td (various ) Tj ET Q q 0 0 0 rg BT 543.08 408.10 Td (local ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 396.10 Td (governmental ) Tj ET Q q 0 0 0 rg BT 108.05 396.10 Td (entities, ) Tj ET Q q 0 0 0 rg BT 142.99 396.10 Td (that ) Tj ET Q q 0 0 0 rg BT 161.56 396.10 Td (expire ) Tj ET Q q 0 0 0 rg BT 190.11 396.10 Td (at ) Tj ET Q q 0 0 0 rg BT 200.89 396.10 Td (various ) Tj ET Q q 0 0 0 rg BT 233.89 396.10 Td (times ) Tj ET Q q 0 0 0 rg BT 259.12 396.10 Td (through ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 293.80 396.10 Td (September ) Tj ET Q q 0 0 0 rg BT 340.13 396.10 Td (2024) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 360.13 396.10 Td (.Included ) Tj ET Q q 0 0 0 rg BT 406.18 396.10 Td (in ) Tj ET Q q 0 0 0 rg BT 417.52 396.10 Td (this ) Tj ET Q q 0 0 0 rg BT 435.54 396.10 Td (total ) Tj ET Q q 0 0 0 rg BT 456.88 396.10 Td (are: ) Tj ET Q q 0 0 0 rg BT 475.43 396.10 Td (\(1\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 490.65 396.10 Td ($104.7 ) Tj ET Q q 0 0 0 rg BT 521.72 396.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 550.61 396.10 Td ( ) Tj ET Q q 0 0 0 rg BT 554.18 396.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 384.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 102.87 384.10 Td (and ) Tj ET Q q 0 0 0 rg BT 120.15 384.10 Td (maintenance ) Tj ET Q q 0 0 0 rg BT 173.53 384.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 200.27 384.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 217.55 384.10 Td ($28.6 ) Tj ET Q q 0 0 0 rg BT 242.90 384.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 271.79 384.10 Td ( ) Tj ET Q q 0 0 0 rg BT 274.64 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 285.81 384.10 Td (performance ) Tj ET Q q 0 0 0 rg BT 339.18 384.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 366.46 384.10 Td (of ) Tj ET Q q 0 0 0 rg BT 377.64 384.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 403.25 384.10 Td (that ) Tj ET Q q 0 0 0 rg BT 421.09 384.10 Td (serve ) Tj ET Q q 0 0 0 rg BT 445.04 384.10 Td (as ) Tj ET Q q 0 0 0 rg BT 456.21 384.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 504.05 384.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 530.79 384.10 Td (for ) Tj ET Q q 0 0 0 rg BT 545.30 384.10 Td (land ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 372.10 Td (development ) Tj ET Q q 0 0 0 rg BT 105.27 372.10 Td (work ) Tj ET Q q 0 0 0 rg BT 129.94 372.10 Td (in ) Tj ET Q q 0 0 0 rg BT 141.84 372.10 Td (progress; ) Tj ET Q q 0 0 0 rg BT 182.62 372.10 Td (\(2\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 198.39 372.10 Td ($5.3 ) Tj ET Q q 0 0 0 rg BT 220.01 372.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 248.90 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 253.02 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 265.47 372.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 304.57 372.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 333.12 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 345.57 372.10 Td (credit; ) Tj ET Q q 0 0 0 rg BT 375.23 372.10 Td (and ) Tj ET Q q 0 0 0 rg BT 393.79 372.10 Td (\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 409.57 372.10 Td ($7.9 ) Tj ET Q q 0 0 0 rg BT 431.19 372.10 Td (million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 460.08 372.10 Td ( ) Tj ET Q q 0 0 0 rg BT 464.20 372.10 Td (of ) Tj ET Q q 0 0 0 rg BT 476.65 372.10 Td (financial ) Tj ET Q q 0 0 0 rg BT 515.75 372.10 Td (bonds.) Tj ET Q q 0 0 0 rg BT 546.96 372.10 Td (The ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 360.10 Td (development ) Tj ET Q q 0 0 0 rg BT 103.92 360.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 152.22 360.10 Td (under ) Tj ET Q q 0 0 0 rg BT 177.76 360.10 Td (which ) Tj ET Q q 0 0 0 rg BT 204.97 360.10 Td (we ) Tj ET Q q 0 0 0 rg BT 219.40 360.10 Td (are ) Tj ET Q q 0 0 0 rg BT 234.38 360.10 Td (required ) Tj ET Q q 0 0 0 rg BT 270.46 360.10 Td (to ) Tj ET Q q 0 0 0 rg BT 281.01 360.10 Td (provide ) Tj ET Q q 0 0 0 rg BT 314.33 360.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 362.09 360.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 388.75 360.10 Td (or ) Tj ET Q q 0 0 0 rg BT 399.85 360.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 427.05 360.10 Td (of ) Tj ET Q q 0 0 0 rg BT 438.15 360.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 463.69 360.10 Td (are ) Tj ET Q q 0 0 0 rg BT 478.66 360.10 Td (generally ) Tj ET Q q 0 0 0 rg BT 518.64 360.10 Td (not ) Tj ET Q q 0 0 0 rg BT 534.18 360.10 Td (subject ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 348.10 Td (to ) Tj ET Q q 0 0 0 rg BT 58.93 348.10 Td (a ) Tj ET Q q 0 0 0 rg BT 65.01 348.10 Td (required ) Tj ET Q q 0 0 0 rg BT 99.97 348.10 Td (completion ) Tj ET Q q 0 0 0 rg BT 146.61 348.10 Td (date ) Tj ET Q q 0 0 0 rg BT 164.91 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 181.00 348.10 Td (only ) Tj ET Q q 0 0 0 rg BT 200.42 348.10 Td (require ) Tj ET Q q 0 0 0 rg BT 230.39 348.10 Td (that ) Tj ET Q q 0 0 0 rg BT 247.03 348.10 Td (the ) Tj ET Q q 0 0 0 rg BT 260.89 348.10 Td (improvements ) Tj ET Q q 0 0 0 rg BT 319.75 348.10 Td (are ) Tj ET Q q 0 0 0 rg BT 333.60 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 343.03 348.10 Td (place ) Tj ET Q q 0 0 0 rg BT 365.77 348.10 Td (in ) Tj ET Q q 0 0 0 rg BT 375.20 348.10 Td (phases ) Tj ET Q q 0 0 0 rg BT 403.50 348.10 Td (as ) Tj ET Q q 0 0 0 rg BT 413.48 348.10 Td (houses ) Tj ET Q q 0 0 0 rg BT 442.35 348.10 Td (are ) Tj ET Q q 0 0 0 rg BT 456.20 348.10 Td (built ) Tj ET Q q 0 0 0 rg BT 476.18 348.10 Td (and ) Tj ET Q q 0 0 0 rg BT 492.27 348.10 Td (sold.In ) Tj ET Q q 0 0 0 rg BT 526.42 348.10 Td (locations ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 336.10 Td (where ) Tj ET Q q 0 0 0 rg BT 75.54 336.10 Td (development ) Tj ET Q q 0 0 0 rg BT 128.80 336.10 Td (has ) Tj ET Q q 0 0 0 rg BT 143.74 336.10 Td (progressed, ) Tj ET Q q 0 0 0 rg BT 191.17 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 205.00 336.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 236.60 336.10 Td (of ) Tj ET Q q 0 0 0 rg BT 246.54 336.10 Td (development ) Tj ET Q q 0 0 0 rg BT 299.80 336.10 Td (work ) Tj ET Q q 0 0 0 rg BT 321.97 336.10 Td (remaining ) Tj ET Q q 0 0 0 rg BT 364.12 336.10 Td (to ) Tj ET Q q 0 0 0 rg BT 373.51 336.10 Td (be ) Tj ET Q q 0 0 0 rg BT 384.56 336.10 Td (completed ) Tj ET Q q 0 0 0 rg BT 427.82 336.10 Td (is ) Tj ET Q q 0 0 0 rg BT 436.10 336.10 Td (typically ) Tj ET Q q 0 0 0 rg BT 472.70 336.10 Td (less ) Tj ET Q q 0 0 0 rg BT 489.31 336.10 Td (than ) Tj ET Q q 0 0 0 rg BT 508.14 336.10 Td (the ) Tj ET Q q 0 0 0 rg BT 521.96 336.10 Td (remaining ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 324.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 82.00 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 92.83 324.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 119.22 324.10 Td (or ) Tj ET Q q 0 0 0 rg BT 130.05 324.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 156.98 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 167.81 324.10 Td (credit ) Tj ET Q q 0 0 0 rg BT 193.07 324.10 Td (due ) Tj ET Q q 0 0 0 rg BT 210.01 324.10 Td (to ) Tj ET Q q 0 0 0 rg BT 220.29 324.10 Td (timing ) Tj ET Q q 0 0 0 rg BT 248.90 324.10 Td (delays ) Tj ET Q q 0 0 0 rg BT 276.95 324.10 Td (in ) Tj ET Q q 0 0 0 rg BT 287.23 324.10 Td (obtaining ) Tj ET Q q 0 0 0 rg BT 327.50 324.10 Td (release ) Tj ET Q q 0 0 0 rg BT 357.76 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 368.59 324.10 Td (the ) Tj ET Q q 0 0 0 rg BT 383.30 324.10 Td (bonds ) Tj ET Q q 0 0 0 rg BT 409.70 324.10 Td (or ) Tj ET Q q 0 0 0 rg BT 420.53 324.10 Td (letters ) Tj ET Q q 0 0 0 rg BT 447.46 324.10 Td (of ) Tj ET Q q 0 0 0 rg BT 458.29 324.10 Td (credit.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 302.10 Td (Guarantees ) Tj ET Q q 0 0 0 rg BT 99.58 302.10 Td (and ) Tj ET Q q 0 0 0 rg BT 117.43 302.10 Td (Indemnities) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 166.33 302.10 Td (.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 168.83 302.10 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 171.33 302.10 Td ( ) Tj ET Q q 0 0 0 rg BT 173.63 302.10 Td (In ) Tj ET Q q 0 0 0 rg BT 184.25 302.10 Td (the ) Tj ET Q q 0 0 0 rg BT 198.76 302.10 Td (ordinary ) Tj ET Q q 0 0 0 rg BT 234.93 302.10 Td (course ) Tj ET Q q 0 0 0 rg BT 263.33 302.10 Td (of ) Tj ET Q q 0 0 0 rg BT 273.95 302.10 Td (business, ) Tj ET Q q 0 0 0 rg BT 312.64 302.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 329.93 302.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 369.44 302.10 Td (enters ) Tj ET Q q 0 0 0 rg BT 395.61 302.10 Td (into ) Tj ET Q q 0 0 0 rg BT 413.46 302.10 Td (agreements ) Tj ET Q q 0 0 0 rg BT 461.29 302.10 Td (that ) Tj ET Q q 0 0 0 rg BT 478.58 302.10 Td (guarantee ) Tj ET Q q 0 0 0 rg BT 519.74 302.10 Td (purchasers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 290.10 Td (of ) Tj ET Q q 0 0 0 rg BT 59.31 290.10 Td (its ) Tj ET Q q 0 0 0 rg BT 70.23 290.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 109.47 290.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 132.06 290.10 Td (that ) Tj ET Q q 0 0 0 rg BT 148.53 290.10 Td (M/I ) Tj ET Q q 0 0 0 rg BT 165.01 290.10 Td (Financial ) Tj ET Q q 0 0 0 rg BT 203.70 290.10 Td (will ) Tj ET Q q 0 0 0 rg BT 220.73 290.10 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 265.51 290.10 Td (a ) Tj ET Q q 0 0 0 rg BT 271.43 290.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 290.12 290.10 Td (if ) Tj ET Q q 0 0 0 rg BT 297.71 290.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 326.39 290.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 369.53 290.10 Td (occur) Tj ET Q q 0 0 0 rg BT 391.18 290.10 Td (.) Tj ET Q q 0 0 0 rg BT 398.50 290.10 Td (The ) Tj ET Q q 0 0 0 rg BT 415.53 290.10 Td (risks ) Tj ET Q q 0 0 0 rg BT 435.90 290.10 Td (associated ) Tj ET Q q 0 0 0 rg BT 478.47 290.10 Td (with ) Tj ET Q q 0 0 0 rg BT 497.72 290.10 Td (these ) Tj ET Q q 0 0 0 rg BT 519.75 290.10 Td (guarantees ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 278.10 Td (are ) Tj ET Q q 0 0 0 rg BT 65.93 278.10 Td (of) Tj ET Q q 0 0 0 rg BT 74.08 278.10 Td (fset ) Tj ET Q q 0 0 0 rg BT 92.73 278.10 Td (by ) Tj ET Q q 0 0 0 rg BT 106.95 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 123.39 278.10 Td (value ) Tj ET Q q 0 0 0 rg BT 149.26 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 161.81 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 178.25 278.10 Td (underlying ) Tj ET Q q 0 0 0 rg BT 225.79 278.10 Td (assets, ) Tj ET Q q 0 0 0 rg BT 255.84 278.10 Td (and ) Tj ET Q q 0 0 0 rg BT 274.50 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 290.93 278.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 334.04 278.10 Td (accrues ) Tj ET Q q 0 0 0 rg BT 368.23 278.10 Td (its ) Tj ET Q q 0 0 0 rg BT 381.90 278.10 Td (best ) Tj ET Q q 0 0 0 rg BT 402.22 278.10 Td (estimate ) Tj ET Q q 0 0 0 rg BT 439.76 278.10 Td (of ) Tj ET Q q 0 0 0 rg BT 452.31 278.10 Td (the ) Tj ET Q q 0 0 0 rg BT 468.75 278.10 Td (probable ) Tj ET Q q 0 0 0 rg BT 507.95 278.10 Td (loss ) Tj ET Q q 0 0 0 rg BT 527.73 278.10 Td (on ) Tj ET Q q 0 0 0 rg BT 541.95 278.10 Td (these ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 266.10 Td (loans.) Tj ET Q q 0 0 0 rg BT 77.56 266.10 Td (Additionally) Tj ET Q q 0 0 0 rg BT 127.46 266.10 Td (, ) Tj ET Q q 0 0 0 rg BT 132.69 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 147.64 266.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 189.26 266.10 Td (has ) Tj ET Q q 0 0 0 rg BT 205.33 266.10 Td (provided ) Tj ET Q q 0 0 0 rg BT 243.61 266.10 Td (certain ) Tj ET Q q 0 0 0 rg BT 273.54 266.10 Td (other ) Tj ET Q q 0 0 0 rg BT 296.82 266.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 342.31 266.10 Td (and ) Tj ET Q q 0 0 0 rg BT 359.48 266.10 Td (indemnities ) Tj ET Q q 0 0 0 rg BT 408.88 266.10 Td (in ) Tj ET Q q 0 0 0 rg BT 419.39 266.10 Td (connection ) Tj ET Q q 0 0 0 rg BT 465.99 266.10 Td (with ) Tj ET Q q 0 0 0 rg BT 486.50 266.10 Td (the ) Tj ET Q q 0 0 0 rg BT 501.45 266.10 Td (acquisition ) Tj ET Q q 0 0 0 rg BT 548.07 266.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 254.10 Td (development ) Tj ET Q q 0 0 0 rg BT 105.08 254.10 Td (of ) Tj ET Q q 0 0 0 rg BT 117.33 254.10 Td (land ) Tj ET Q q 0 0 0 rg BT 138.48 254.10 Td (by ) Tj ET Q q 0 0 0 rg BT 152.40 254.10 Td (our ) Tj ET Q q 0 0 0 rg BT 169.66 254.10 Td (homebuilding ) Tj ET Q q 0 0 0 rg BT 229.14 254.10 Td (operations.Refer ) Tj ET Q q 0 0 0 rg BT 304.43 254.10 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 316.1298828125 252.76699218750002 m 344.49462890625 252.76699218750002 l s q 0 0 1 rg BT 316.13 254.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 339.49 254.10 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 344.49 254.10 Td ( ) Tj ET Q q 0 0 0 rg BT 348.42 254.10 Td (for ) Tj ET Q q 0 0 0 rg BT 364.01 254.10 Td (additional ) Tj ET Q q 0 0 0 rg BT 407.92 254.10 Td (details ) Tj ET Q q 0 0 0 rg BT 437.95 254.10 Td (relating ) Tj ET Q q 0 0 0 rg BT 472.42 254.10 Td (to ) Tj ET Q q 0 0 0 rg BT 484.13 254.10 Td (our ) Tj ET Q q 0 0 0 rg BT 501.38 254.10 Td (guarantees ) Tj ET Q q 0 0 0 rg BT 548.06 254.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 242.10 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 49.5 216.53505859375002 m 217.0439453125 216.53505859375002 l s q 0 0 0 rg BT 49.50 218.10 Td (INTEREST) Tj ET Q q 0 0 0 rg BT 99.90 218.10 Td ( ) Tj ET Q q 0 0 0 rg BT 102.40 218.10 Td (RA) Tj ET Q q 0 0 0 rg BT 116.10 218.10 Td (TES ) Tj ET Q q 0 0 0 rg BT 136.95 218.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 161.11 218.10 Td (INFLA) Tj ET Q q 0 0 0 rg BT 191.48 218.10 Td (TION) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 194.10 Td (Our ) Tj ET Q q 0 0 0 rg BT 67.46 194.10 Td (business ) Tj ET Q q 0 0 0 rg BT 103.77 194.10 Td (is ) Tj ET Q q 0 0 0 rg BT 112.85 194.10 Td (significantly ) Tj ET Q q 0 0 0 rg BT 165.25 194.10 Td (af) Tj ET Q q 0 0 0 rg BT 172.84 194.10 Td (fected ) Tj ET Q q 0 0 0 rg BT 199.68 194.10 Td (by ) Tj ET Q q 0 0 0 rg BT 212.09 194.10 Td (general ) Tj ET Q q 0 0 0 rg BT 243.92 194.10 Td (economic ) Tj ET Q q 0 0 0 rg BT 285.21 194.10 Td (conditions ) Tj ET Q q 0 0 0 rg BT 329.29 194.10 Td (within ) Tj ET Q q 0 0 0 rg BT 357.25 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 371.88 194.10 Td (United ) Tj ET Q q 0 0 0 rg BT 401.51 194.10 Td (States ) Tj ET Q q 0 0 0 rg BT 427.81 194.10 Td (and, ) Tj ET Q q 0 0 0 rg BT 447.16 194.10 Td (particularly) Tj ET Q q 0 0 0 rg BT 492.60 194.10 Td (, ) Tj ET Q q 0 0 0 rg BT 497.51 194.10 Td (by ) Tj ET Q q 0 0 0 rg BT 509.92 194.10 Td (the ) Tj ET Q q 0 0 0 rg BT 524.55 194.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 554.18 194.10 Td (of ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 182.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.33 182.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 102.60 182.10 Td (and ) Tj ET Q q 0 0 0 rg BT 119.44 182.10 Td (inflation. ) Tj ET Q q 0 0 0 rg BT 160.72 182.10 Td (Inflation ) Tj ET Q q 0 0 0 rg BT 197.55 182.10 Td (can ) Tj ET Q q 0 0 0 rg BT 213.82 182.10 Td (have ) Tj ET Q q 0 0 0 rg BT 235.09 182.10 Td (a ) Tj ET Q q 0 0 0 rg BT 241.93 182.10 Td (long-term ) Tj ET Q q 0 0 0 rg BT 283.76 182.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 313.37 182.10 Td (on ) Tj ET Q q 0 0 0 rg BT 325.76 182.10 Td (us ) Tj ET Q q 0 0 0 rg BT 337.05 182.10 Td (because ) Tj ET Q q 0 0 0 rg BT 371.09 182.10 Td (increasing ) Tj ET Q q 0 0 0 rg BT 414.58 182.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 436.98 182.10 Td (of ) Tj ET Q q 0 0 0 rg BT 447.71 182.10 Td (land, ) Tj ET Q q 0 0 0 rg BT 469.82 182.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 508.87 182.10 Td (and ) Tj ET Q q 0 0 0 rg BT 525.70 182.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 548.65 182.10 Td (can ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 170.10 Td (result ) Tj ET Q q 0 0 0 rg BT 74.37 170.10 Td (in ) Tj ET Q q 0 0 0 rg BT 84.81 170.10 Td (a ) Tj ET Q q 0 0 0 rg BT 91.90 170.10 Td (need ) Tj ET Q q 0 0 0 rg BT 113.44 170.10 Td (to ) Tj ET Q q 0 0 0 rg BT 123.87 170.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 159.28 170.10 Td (the ) Tj ET Q q 0 0 0 rg BT 174.15 170.10 Td (sales ) Tj ET Q q 0 0 0 rg BT 196.25 170.10 Td (prices ) Tj ET Q q 0 0 0 rg BT 222.78 170.10 Td (of ) Tj ET Q q 0 0 0 rg BT 233.77 170.10 Td (homes. ) Tj ET Q q 0 0 0 rg BT 265.03 170.10 Td ( ) Tj ET Q q 0 0 0 rg BT 267.69 170.10 Td (In ) Tj ET Q q 0 0 0 rg BT 278.67 170.10 Td (addition, ) Tj ET Q q 0 0 0 rg BT 316.60 170.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 353.14 170.10 Td (is ) Tj ET Q q 0 0 0 rg BT 362.47 170.10 Td (often ) Tj ET Q q 0 0 0 rg BT 385.67 170.10 Td (accompanied ) Tj ET Q q 0 0 0 rg BT 441.08 170.10 Td (by ) Tj ET Q q 0 0 0 rg BT 453.73 170.10 Td (higher ) Tj ET Q q 0 0 0 rg BT 481.94 170.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 514.03 170.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 538.06 170.10 Td (which ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 158.10 Td (can ) Tj ET Q q 0 0 0 rg BT 65.91 158.10 Td (have ) Tj ET Q q 0 0 0 rg BT 87.33 158.10 Td (a ) Tj ET Q q 0 0 0 rg BT 94.30 158.10 Td (negative ) Tj ET Q q 0 0 0 rg BT 130.71 158.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 160.45 158.10 Td (on ) Tj ET Q q 0 0 0 rg BT 172.99 158.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 207.20 158.10 Td (demand ) Tj ET Q q 0 0 0 rg BT 241.39 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 258.36 158.10 Td (the ) Tj ET Q q 0 0 0 rg BT 273.11 158.10 Td (costs ) Tj ET Q q 0 0 0 rg BT 295.65 158.10 Td (of ) Tj ET Q q 0 0 0 rg BT 306.51 158.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 346.81 158.10 Td (land ) Tj ET Q q 0 0 0 rg BT 366.57 158.10 Td (development ) Tj ET Q q 0 0 0 rg BT 420.75 158.10 Td (activities ) Tj ET Q q 0 0 0 rg BT 459.39 158.10 Td (and ) Tj ET Q q 0 0 0 rg BT 476.36 158.10 Td (housing ) Tj ET Q q 0 0 0 rg BT 510.57 158.10 Td (construction. ) Tj ET Q q 0 0 0 rg BT 565.00 158.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 146.10 Td (Higher ) Tj ET Q q 0 0 0 rg BT 79.64 146.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 111.44 146.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 132.69 146.10 Td (also ) Tj ET Q q 0 0 0 rg BT 151.17 146.10 Td (may ) Tj ET Q q 0 0 0 rg BT 170.75 146.10 Td (decrease ) Tj ET Q q 0 0 0 rg BT 207.54 146.10 Td (our ) Tj ET Q q 0 0 0 rg BT 223.24 146.10 Td (potential ) Tj ET Q q 0 0 0 rg BT 260.60 146.10 Td (market ) Tj ET Q q 0 0 0 rg BT 290.73 146.10 Td (by ) Tj ET Q q 0 0 0 rg BT 303.10 146.10 Td (making ) Tj ET Q q 0 0 0 rg BT 335.46 146.10 Td (it ) Tj ET Q q 0 0 0 rg BT 343.39 146.10 Td (more ) Tj ET Q q 0 0 0 rg BT 366.31 146.10 Td (dif) Tj ET Q q 0 0 0 rg BT 377.23 146.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 400.71 146.10 Td (for ) Tj ET Q q 0 0 0 rg BT 414.74 146.10 Td (homebuyers ) Tj ET Q q 0 0 0 rg BT 465.98 146.10 Td (to ) Tj ET Q q 0 0 0 rg BT 476.13 146.10 Td (qualify ) Tj ET Q q 0 0 0 rg BT 506.83 146.10 Td (for ) Tj ET Q q 0 0 0 rg BT 520.86 146.10 Td (mortgages ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 134.10 Td (or ) Tj ET Q q 0 0 0 rg BT 59.95 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 69.85 134.10 Td (obtain ) Tj ET Q q 0 0 0 rg BT 96.96 134.10 Td (mortgages ) Tj ET Q q 0 0 0 rg BT 140.74 134.10 Td (at ) Tj ET Q q 0 0 0 rg BT 150.07 134.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 181.62 134.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 202.62 134.10 Td (that ) Tj ET Q q 0 0 0 rg BT 219.73 134.10 Td (are ) Tj ET Q q 0 0 0 rg BT 234.06 134.10 Td (acceptable ) Tj ET Q q 0 0 0 rg BT 278.37 134.10 Td (to ) Tj ET Q q 0 0 0 rg BT 288.26 134.10 Td (them. ) Tj ET Q q 0 0 0 rg BT 315.23 134.10 Td (The ) Tj ET Q q 0 0 0 rg BT 332.89 134.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 362.22 134.10 Td (of ) Tj ET Q q 0 0 0 rg BT 372.67 134.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 412.54 134.10 Td (rates ) Tj ET Q q 0 0 0 rg BT 433.54 134.10 Td (can ) Tj ET Q q 0 0 0 rg BT 449.54 134.10 Td (be ) Tj ET Q q 0 0 0 rg BT 461.09 134.10 Td (of) Tj ET Q q 0 0 0 rg BT 469.24 134.10 Td (fset, ) Tj ET Q q 0 0 0 rg BT 488.30 134.10 Td (in ) Tj ET Q q 0 0 0 rg BT 498.20 134.10 Td (part, ) Tj ET Q q 0 0 0 rg BT 518.37 134.10 Td (by ) Tj ET Q q 0 0 0 rg BT 530.48 134.10 Td (of) Tj ET Q q 0 0 0 rg BT 538.63 134.10 Td (fering ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 122.10 Td (variable ) Tj ET Q q 0 0 0 rg BT 84.46 122.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 102.19 122.10 Td (loans ) Tj ET Q q 0 0 0 rg BT 126.05 122.10 Td (with ) Tj ET Q q 0 0 0 rg BT 146.59 122.10 Td (lower ) Tj ET Q q 0 0 0 rg BT 172.11 122.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 204.29 122.10 Td (rates. ) Tj ET Q q 0 0 0 rg BT 230.92 122.10 Td (In ) Tj ET Q q 0 0 0 rg BT 242.01 122.10 Td (conjunction ) Tj ET Q q 0 0 0 rg BT 291.97 122.10 Td (with ) Tj ET Q q 0 0 0 rg BT 312.50 122.10 Td (our ) Tj ET Q q 0 0 0 rg BT 328.59 122.10 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 369.10 122.10 Td (financing ) Tj ET Q q 0 0 0 rg BT 409.62 122.10 Td (services, ) Tj ET Q q 0 0 0 rg BT 447.08 122.10 Td (hedging ) Tj ET Q q 0 0 0 rg BT 482.05 122.10 Td (methods ) Tj ET Q q 0 0 0 rg BT 518.69 122.10 Td (are ) Tj ET Q q 0 0 0 rg BT 533.65 122.10 Td (used ) Tj ET Q q 0 0 0 rg BT 554.73 122.10 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 110.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 79.01 110.10 Td (our ) Tj ET Q q 0 0 0 rg BT 95.20 110.10 Td (exposure ) Tj ET Q q 0 0 0 rg BT 134.16 110.10 Td (to ) Tj ET Q q 0 0 0 rg BT 144.80 110.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 177.10 110.10 Td (rate ) Tj ET Q q 0 0 0 rg BT 194.95 110.10 Td (fluctuations ) Tj ET Q q 0 0 0 rg BT 245.02 110.10 Td (between ) Tj ET Q q 0 0 0 rg BT 281.20 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 296.28 110.10 Td (commitment ) Tj ET Q q 0 0 0 rg BT 349.69 110.10 Td (date ) Tj ET Q q 0 0 0 rg BT 369.21 110.10 Td (of ) Tj ET Q q 0 0 0 rg BT 380.40 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 395.48 110.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 415.56 110.10 Td (and ) Tj ET Q q 0 0 0 rg BT 432.86 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 447.94 110.10 Td (time ) Tj ET Q q 0 0 0 rg BT 468.58 110.10 Td (the ) Tj ET Q q 0 0 0 rg BT 483.66 110.10 Td (loan ) Tj ET Q q 0 0 0 rg BT 503.74 110.10 Td (closes. ) Tj ET Q q 0 0 0 rg BT 533.54 110.10 Td ( ) Tj ET Q q 0 0 0 rg BT 536.40 110.10 Td (Rising ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 98.10 Td (interest ) Tj ET Q q 0 0 0 rg BT 81.65 98.10 Td (rates, ) Tj ET Q q 0 0 0 rg BT 105.74 98.10 Td (as ) Tj ET Q q 0 0 0 rg BT 116.79 98.10 Td (well ) Tj ET Q q 0 0 0 rg BT 136.72 98.10 Td (as ) Tj ET Q q 0 0 0 rg BT 147.76 98.10 Td (increased ) Tj ET Q q 0 0 0 rg BT 188.23 98.10 Td (materials ) Tj ET Q q 0 0 0 rg BT 227.60 98.10 Td (and ) Tj ET Q q 0 0 0 rg BT 244.75 98.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 268.01 98.10 Td (costs, ) Tj ET Q q 0 0 0 rg BT 293.23 98.10 Td (may ) Tj ET Q q 0 0 0 rg BT 313.16 98.10 Td (reduce ) Tj ET Q q 0 0 0 rg BT 342.52 98.10 Td (gross ) Tj ET Q q 0 0 0 rg BT 366.35 98.10 Td (mar) Tj ET Q q 0 0 0 rg BT 381.71 98.10 Td (gins. ) Tj ET Q q 0 0 0 rg BT 403.60 98.10 Td ( ) Tj ET Q q 0 0 0 rg BT 405.71 98.10 Td (An ) Tj ET Q q 0 0 0 rg BT 420.65 98.10 Td (increase ) Tj ET Q q 0 0 0 rg BT 456.12 98.10 Td (in ) Tj ET Q q 0 0 0 rg BT 466.61 98.10 Td (material ) Tj ET Q q 0 0 0 rg BT 502.08 98.10 Td (and ) Tj ET Q q 0 0 0 rg BT 519.24 98.10 Td (labor ) Tj ET Q q 0 0 0 rg BT 542.50 98.10 Td (costs ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 86.10 Td (is ) Tj ET Q q 0 0 0 rg BT 58.73 86.10 Td (particularly ) Tj ET Q q 0 0 0 rg BT 107.39 86.10 Td (a ) Tj ET Q q 0 0 0 rg BT 114.39 86.10 Td (problem ) Tj ET Q q 0 0 0 rg BT 150.28 86.10 Td (during ) Tj ET Q q 0 0 0 rg BT 178.95 86.10 Td (a ) Tj ET Q q 0 0 0 rg BT 185.95 86.10 Td (period ) Tj ET Q q 0 0 0 rg BT 214.06 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 224.95 86.10 Td (declining ) Tj ET Q q 0 0 0 rg BT 264.73 86.10 Td (home ) Tj ET Q q 0 0 0 rg BT 289.51 86.10 Td (prices. ) Tj ET Q q 0 0 0 rg BT 318.45 86.10 Td ( ) Tj ET Q q 0 0 0 rg BT 321.01 86.10 Td (Conversely) Tj ET Q q 0 0 0 rg BT 365.91 86.10 Td (, ) Tj ET Q q 0 0 0 rg BT 370.97 86.10 Td (deflation ) Tj ET Q q 0 0 0 rg BT 409.08 86.10 Td (can ) Tj ET Q q 0 0 0 rg BT 425.52 86.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 455.30 86.10 Td (the ) Tj ET Q q 0 0 0 rg BT 470.08 86.10 Td (value ) Tj ET Q q 0 0 0 rg BT 494.29 86.10 Td (of ) Tj ET Q q 0 0 0 rg BT 505.19 86.10 Td (real ) Tj ET Q q 0 0 0 rg BT 522.74 86.10 Td (estate ) Tj ET Q q 0 0 0 rg BT 548.06 86.10 Td (and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 74.10 Td (make ) Tj ET Q q 0 0 0 rg BT 73.49 74.10 Td (it ) Tj ET Q q 0 0 0 rg BT 81.39 74.10 Td (dif) Tj ET Q q 0 0 0 rg BT 92.32 74.10 Td (ficult ) Tj ET Q q 0 0 0 rg BT 115.76 74.10 Td (for ) Tj ET Q q 0 0 0 rg BT 129.75 74.10 Td (us ) Tj ET Q q 0 0 0 rg BT 140.98 74.10 Td (to ) Tj ET Q q 0 0 0 rg BT 151.10 74.10 Td (recover ) Tj ET Q q 0 0 0 rg BT 183.41 74.10 Td (our ) Tj ET Q q 0 0 0 rg BT 199.08 74.10 Td (land ) Tj ET Q q 0 0 0 rg BT 218.64 74.10 Td (costs. ) Tj ET Q q 0 0 0 rg BT 243.47 74.10 Td ( ) Tj ET Q q 0 0 0 rg BT 245.64 74.10 Td (Therefore, ) Tj ET Q q 0 0 0 rg BT 289.90 74.10 Td (either ) Tj ET Q q 0 0 0 rg BT 315.00 74.10 Td (inflation ) Tj ET Q q 0 0 0 rg BT 351.22 74.10 Td (or ) Tj ET Q q 0 0 0 rg BT 361.88 74.10 Td (deflation ) Tj ET Q q 0 0 0 rg BT 399.76 74.10 Td (could ) Tj ET Q q 0 0 0 rg BT 424.32 74.10 Td (adversely ) Tj ET Q q 0 0 0 rg BT 464.97 74.10 Td (impact ) Tj ET Q q 0 0 0 rg BT 494.52 74.10 Td (our ) Tj ET Q q 0 0 0 rg BT 510.19 74.10 Td (future ) Tj ET Q q 0 0 0 rg BT 536.41 74.10 Td (results ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 62.10 Td (of ) Tj ET Q q 0 0 0 rg BT 60.33 62.10 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 (47) 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 67.27 704.25 Td (revolving ) Tj ET Q q 0 0 0 rg BT 110.03 704.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 137.23 704.25 Td (and ) Tj ET Q q 0 0 0 rg BT 156.11 704.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 198.31 704.25 Td (repurchase ) Tj ET Q q 0 0 0 rg BT 246.05 704.25 Td (facilities, ) Tj ET Q q 0 0 0 rg BT 287.42 704.25 Td (consisting ) Tj ET Q q 0 0 0 rg BT 332.42 704.25 Td (of ) Tj ET Q q 0 0 0 rg BT 345.18 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 361.84 704.25 Td (Credit ) Tj ET Q q 0 0 0 rg BT 391.27 704.25 Td (Facility) Tj ET Q q 0 0 0 rg BT 421.17 704.25 Td (, ) Tj ET Q q 0 0 0 rg BT 428.11 704.25 Td (the ) Tj ET Q q 0 0 0 rg BT 444.77 704.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 466.99 704.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 509.98 704.25 Td (W) Tj ET Q q 0 0 0 rg BT 518.62 704.25 Td (arehousing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 692.25 Td (Agreement, ) Tj ET Q q 0 0 0 rg BT 99.45 692.25 Td (and ) Tj ET Q q 0 0 0 rg BT 116.91 692.25 Td (the ) Tj ET Q q 0 0 0 rg BT 132.15 692.25 Td (MIF ) Tj ET Q q 0 0 0 rg BT 152.96 692.25 Td (Mortgage ) Tj ET Q q 0 0 0 rg BT 194.86 692.25 Td (Repurchase ) Tj ET Q q 0 0 0 rg BT 244.53 692.25 Td (Facility ) Tj ET Q q 0 0 0 rg BT 278.10 692.25 Td (which ) Tj ET Q q 0 0 0 rg BT 305.57 692.25 Td (permit ) Tj ET Q q 0 0 0 rg BT 334.69 692.25 Td (borrowings ) Tj ET Q q 0 0 0 rg BT 383.27 692.25 Td (of ) Tj ET Q q 0 0 0 rg BT 394.62 692.25 Td (up ) Tj ET Q q 0 0 0 rg BT 407.65 692.25 Td (to ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 418.45 692.25 Td ($540million) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 469.84 692.25 Td (, ) Tj ET Q q 0 0 0 rg BT 475.37 692.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 506.71 692.25 Td (to ) Tj ET Q q 0 0 0 rg BT 517.52 692.25 Td (availability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 680.25 Td (constraints. ) Tj ET Q q 0 0 0 rg BT 97.83 680.25 Td ( ) Tj ET Q q 0 0 0 rg BT 99.77 680.25 Td (Additionally) Tj ET Q q 0 0 0 rg BT 149.68 680.25 Td (, ) Tj ET Q q 0 0 0 rg BT 154.68 680.25 Td (M/I ) Tj ET Q q 0 0 0 rg BT 172.18 680.25 Td (Financial ) Tj ET Q q 0 0 0 rg BT 211.89 680.25 Td (is ) Tj ET Q q 0 0 0 rg BT 221.06 680.25 Td (exposed ) Tj ET Q q 0 0 0 rg BT 256.33 680.25 Td (to ) Tj ET Q q 0 0 0 rg BT 266.60 680.25 Td (interest ) Tj ET Q q 0 0 0 rg BT 298.54 680.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 316.02 680.25 Td (risk ) Tj ET Q q 0 0 0 rg BT 333.52 680.25 Td (associated ) Tj ET Q q 0 0 0 rg BT 377.12 680.25 Td (with ) Tj ET Q q 0 0 0 rg BT 397.40 680.25 Td (its ) Tj ET Q q 0 0 0 rg BT 409.34 680.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 449.61 680.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 469.32 680.25 Td (origination ) Tj ET Q q 0 0 0 rg BT 515.71 680.25 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 84.19 656.25 Td (Rate ) Tj ET Q q 0 0 0 rg BT 106.10 656.25 Td (Lock ) Tj ET Q q 0 0 0 rg BT 129.68 656.25 Td (Commitments: ) Tj ET Q q 0 0 0 rg BT 193.26 656.25 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 196.28 656.25 Td (Interest ) Tj ET Q q 0 0 0 rg BT 229.29 656.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 247.30 656.25 Td (lock ) Tj ET Q q 0 0 0 rg BT 267.54 656.25 Td (commitments ) Tj ET Q q 0 0 0 rg BT 325.01 656.25 Td (\(IRLCs\) ) Tj ET Q q 0 0 0 rg BT 370.24 656.25 Td (are ) Tj ET Q q 0 0 0 rg BT 385.47 656.25 Td (extended ) Tj ET Q q 0 0 0 rg BT 424.59 656.25 Td (to ) Tj ET Q q 0 0 0 rg BT 435.39 656.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 465.61 656.25 Td (home-buying ) Tj ET Q q 0 0 0 rg BT 521.96 656.25 Td (customers ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 644.25 Td (who ) Tj ET Q q 0 0 0 rg BT 69.38 644.25 Td (have ) Tj ET Q q 0 0 0 rg BT 90.91 644.25 Td (applied ) Tj ET Q q 0 0 0 rg BT 122.99 644.25 Td (for ) Tj ET Q q 0 0 0 rg BT 137.31 644.25 Td (a ) Tj ET Q q 0 0 0 rg BT 144.40 644.25 Td (mortgage ) Tj ET Q q 0 0 0 rg BT 184.82 644.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 204.69 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 221.78 644.25 Td (meet ) Tj ET Q q 0 0 0 rg BT 243.87 644.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 273.72 644.25 Td (defined ) Tj ET Q q 0 0 0 rg BT 306.36 644.25 Td (credit ) Tj ET Q q 0 0 0 rg BT 331.78 644.25 Td (and ) Tj ET Q q 0 0 0 rg BT 348.87 644.25 Td (underwriting ) Tj ET Q q 0 0 0 rg BT 403.18 644.25 Td (criteria. ) Tj ET Q q 0 0 0 rg BT 436.65 644.25 Td ( ) Tj ET Q q 0 0 0 rg BT 439.11 644.25 Td (T) Tj ET Q q 0 0 0 rg BT 444.52 644.25 Td (ypically) Tj ET Q q 0 0 0 rg BT 476.08 644.25 Td (, ) Tj ET Q q 0 0 0 rg BT 481.23 644.25 Td (the ) Tj ET Q q 0 0 0 rg BT 496.10 644.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 525.43 644.25 Td (will ) Tj ET Q q 0 0 0 rg BT 543.64 644.25 Td (have ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 632.25 Td (a ) Tj ET Q q 0 0 0 rg BT 56.44 632.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 92.26 632.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.09 632.25 Td (less ) Tj ET Q q 0 0 0 rg BT 120.59 632.25 Td (than ) Tj ET Q q 0 0 0 rg BT 140.31 632.25 Td (six ) Tj ET Q q 0 0 0 rg BT 154.48 632.25 Td (months; ) Tj ET Q q 0 0 0 rg BT 189.21 632.25 Td (however) Tj ET Q q 0 0 0 rg BT 223.24 632.25 Td (, ) Tj ET Q q 0 0 0 rg BT 228.24 632.25 Td (in ) Tj ET Q q 0 0 0 rg BT 238.51 632.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 268.22 632.25 Td (markets, ) Tj ET Q q 0 0 0 rg BT 304.87 632.25 Td (the ) Tj ET Q q 0 0 0 rg BT 319.59 632.25 Td (duration ) Tj ET Q q 0 0 0 rg BT 355.41 632.25 Td (could ) Tj ET Q q 0 0 0 rg BT 380.13 632.25 Td (extend ) Tj ET Q q 0 0 0 rg BT 409.29 632.25 Td (to ) Tj ET Q q 0 0 0 rg BT 419.56 632.25 Td (twelve ) Tj ET Q q 0 0 0 rg BT 448.72 632.25 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 75.30 608.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 105.00 608.25 Td (are ) Tj ET Q q 0 0 0 rg BT 120.23 608.25 Td (committed ) Tj ET Q q 0 0 0 rg BT 166.02 608.25 Td (to ) Tj ET Q q 0 0 0 rg BT 176.82 608.25 Td (a ) Tj ET Q q 0 0 0 rg BT 184.28 608.25 Td (specific ) Tj ET Q q 0 0 0 rg BT 218.40 608.25 Td (third ) Tj ET Q q 0 0 0 rg BT 240.31 608.25 Td (party ) Tj ET Q q 0 0 0 rg BT 263.88 608.25 Td (investor ) Tj ET Q q 0 0 0 rg BT 299.12 608.25 Td (through ) Tj ET Q q 0 0 0 rg BT 333.26 608.25 Td (the ) Tj ET Q q 0 0 0 rg BT 348.50 608.25 Td (use ) Tj ET Q q 0 0 0 rg BT 364.85 608.25 Td (of ) Tj ET Q q 0 0 0 rg BT 376.21 608.25 Td (best-ef) Tj ET Q q 0 0 0 rg BT 403.23 608.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 424.59 608.25 Td (whole ) Tj ET Q q 0 0 0 rg BT 452.05 608.25 Td (loan ) Tj ET Q q 0 0 0 rg BT 472.29 608.25 Td (delivery ) Tj ET Q q 0 0 0 rg BT 508.08 608.25 Td (commitments ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 596.25 Td (matching ) Tj ET Q q 0 0 0 rg BT 88.57 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 102.65 596.25 Td (exact ) Tj ET Q q 0 0 0 rg BT 125.61 596.25 Td (terms ) Tj ET Q q 0 0 0 rg BT 149.69 596.25 Td (of ) Tj ET Q q 0 0 0 rg BT 159.88 596.25 Td (the ) Tj ET Q q 0 0 0 rg BT 173.96 596.25 Td (IRLC ) Tj ET Q q 0 0 0 rg BT 198.60 596.25 Td (loan. ) Tj ET Q q 0 0 0 rg BT 220.18 596.25 Td ( ) Tj ET Q q 0 0 0 rg BT 222.05 596.25 Td (Uncommitted ) Tj ET Q q 0 0 0 rg BT 278.90 596.25 Td (IRLCs ) Tj ET Q q 0 0 0 rg BT 307.43 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 321.50 596.25 Td (considered ) Tj ET Q q 0 0 0 rg BT 366.68 596.25 Td (derivative ) Tj ET Q q 0 0 0 rg BT 408.52 596.25 Td (instruments ) Tj ET Q q 0 0 0 rg BT 457.05 596.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.35 596.25 Td (are ) Tj ET Q q 0 0 0 rg BT 487.42 596.25 Td (fair ) Tj ET Q q 0 0 0 rg BT 503.16 596.25 Td (value ) Tj ET Q q 0 0 0 rg BT 526.68 596.25 Td (adjusted, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 584.25 Td (with ) Tj ET Q q 0 0 0 rg BT 69.78 584.25 Td (the ) Tj ET Q q 0 0 0 rg BT 84.50 584.25 Td (resulting ) Tj ET Q q 0 0 0 rg BT 121.99 584.25 Td (gain ) Tj ET Q q 0 0 0 rg BT 141.71 584.25 Td (or ) Tj ET Q q 0 0 0 rg BT 152.54 584.25 Td (loss ) Tj ET Q q 0 0 0 rg BT 170.60 584.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 208.07 584.25 Td (in ) Tj ET Q q 0 0 0 rg BT 218.35 584.25 Td (current ) Tj ET Q q 0 0 0 rg BT 249.17 584.25 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 67.78 476.25 Td (is ) Tj ET Q q 0 0 0 rg BT 77.73 476.25 Td (covered ) Tj ET Q q 0 0 0 rg BT 112.66 476.25 Td (through ) Tj ET Q q 0 0 0 rg BT 147.04 476.25 Td (the ) Tj ET Q q 0 0 0 rg BT 162.54 476.25 Td (use ) Tj ET Q q 0 0 0 rg BT 179.15 476.25 Td (of ) Tj ET Q q 0 0 0 rg BT 190.76 476.25 Td (a ) Tj ET Q q 0 0 0 rg BT 198.48 476.25 Td (best-ef) Tj ET Q q 0 0 0 rg BT 225.51 476.25 Td (forts ) Tj ET Q q 0 0 0 rg BT 247.12 476.25 Td (contract ) Tj ET Q q 0 0 0 rg BT 282.60 476.25 Td (or ) Tj ET Q q 0 0 0 rg BT 294.21 476.25 Td (by ) Tj ET Q q 0 0 0 rg BT 307.49 476.25 Td (FMBSs. ) Tj ET Q q 0 0 0 rg BT 343.85 476.25 Td ( ) Tj ET Q q 0 0 0 rg BT 346.89 476.25 Td (The ) Tj ET Q q 0 0 0 rg BT 365.72 476.25 Td (FMBSs ) Tj ET Q q 0 0 0 rg BT 399.57 476.25 Td (are ) Tj ET Q q 0 0 0 rg BT 415.06 476.25 Td (classified ) Tj ET Q q 0 0 0 rg BT 456.11 476.25 Td (and ) Tj ET Q q 0 0 0 rg BT 473.82 476.25 Td (accounted ) Tj ET Q q 0 0 0 rg BT 517.64 476.25 Td (for ) Tj ET Q q 0 0 0 rg BT 532.58 476.25 Td (as ) Tj ET Q q 0 0 0 rg BT 544.19 476.25 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 (2017) 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 (2016) 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 (March 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 (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.00 411.70 Td (2016) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 399.70 Td (Best-effort 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 ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 469.80 399.83 Td (7,681) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 399.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 399.70 Td (6,607) 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 (111,427) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 387.70 Td (66,875) 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 (112,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 375.70 Td (66,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 363.70 Td (Best-effort contracts and related mortgage loans held for sale) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 465.80 363.83 Td (15,515) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 363.70 Td (125,348) 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 465.80 351.83 Td (97,000) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 351.70 Td (33,000) 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 465.80 339.83 Td (96,333) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 536.80 339.70 Td (32,870) 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 (2017) 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 (2016) 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 (March 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 (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 523.00 283.70 Td (2016) 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 ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.80 270.98 Td (113,596) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 271.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 271.00 Td (154,020) 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 473.10 258.83 Td (\(681) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 258.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 258.70 Td (230) 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 (1,092) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 246.70 Td (250) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 234.70 Td (Best-efforts contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 473.10 234.83 Td (\(324) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 487.80 234.83 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 548.10 234.70 Td (\(90) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 234.70 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 222.70 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 432.50 222.83 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 461.80 222.83 Td (113,683) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 503.50 222.70 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.80 222.70 Td (154,410) 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 (gain ) Tj ET Q q 0 0 0 rg BT 247.03 195.25 Td (\(loss\) ) 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 (2017 ) 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 (2016) 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 445 159.75 m 500 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 159.75 m 507 159.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 159.75 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 445 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 146.75 m 500 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 146.75 m 507 146.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 146.75 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 445 146.75 m 500 146.75 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 445 94.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 94.75 m 500 94.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 94.75 m 507 94.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 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 445 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 445 81.75 m 500 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 500 81.75 m 507 81.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 507 81.75 m 562 81.75 l s BT /F2 8.00 Tf ET q 0 0 0 rg BT 448.10 163.98 Td (Three Months Ended March 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 464.00 150.98 Td (2017) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 526.00 151.00 Td (2016) 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 447.50 137.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 137.98 Td (4,874) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 138.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 138.00 Td (1,360) 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 482.10 124.98 Td (\(911) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 124.98 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 544.10 125.00 Td (\(766) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 558.80 125.00 Td (\)) 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 484.80 111.98 Td (842) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 546.80 112.00 Td (569) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 99.00 Td (Best-efforts contracts) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.10 98.98 Td (\(234) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 496.80 98.98 Td (\)) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 550.80 99.00 Td (69) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 86.00 Td (Total gain recognized) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 447.50 85.98 Td ($) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 478.80 85.98 Td (4,571) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 509.50 86.00 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.80 86.00 Td (1,232) 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 (48) 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 (2017) 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 (2017) 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 49 523.6 m 196 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 523.6 m 241 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 523.6 m 245 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 523.6 m 285 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 523.6 m 289 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 523.6 m 329 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 523.6 m 333 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 523.6 m 373 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 523.6 m 377 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 523.6 m 417 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 523.6 m 421 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 523.6 m 466 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 523.6 m 470 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 523.6 m 513 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 523.6 m 517 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 523.6 m 562 523.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 476.6 m 241 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 476.6 m 245 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 476.6 m 285 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 476.6 m 289 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 476.6 m 329 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 476.6 m 333 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 476.6 m 373 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 476.6 m 377 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 476.6 m 417 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 476.6 m 421 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 476.6 m 466 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 476.6 m 470 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 476.6 m 513 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 476.6 m 517 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 476.6 m 562 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 476.6 m 196 476.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 49 450.6 m 196 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 196 450.6 m 241 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 241 450.6 m 245 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 245 450.6 m 285 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 285 450.6 m 289 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 289 450.6 m 329 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 329 450.6 m 333 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 333 450.6 m 373 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 373 450.6 m 377 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 377 450.6 m 417 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 417 450.6 m 421 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 421 450.6 m 466 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 466 450.6 m 470 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 470 450.6 m 513 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 513 450.6 m 517 450.6 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 517 450.6 m 562 450.6 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 Value) 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 (2017) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 256.50 599.83 Td (2018) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 300.50 599.83 Td (2019) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 344.50 599.83 Td (2020) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 388.50 599.83 Td (2021) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 424.70 599.83 Td (Thereafter) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 482.25 599.83 Td (Total) Tj ET Q BT /F2 8.00 Tf ET q 0 0 0 rg BT 522.75 599.83 Td (3/31/2017) 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 ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.75 563.55 Td (107,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.80 563.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 563.55 Td (107,661) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 563.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 563.55 Td (105,348) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 551.55 Td (Weighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 551.55 Td (4.12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.80 551.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 551.55 Td (4.12) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 551.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 539.55 Td (Variable rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 215.75 539.55 Td (8,365) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.80 539.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 487.75 539.55 Td (8,365) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 539.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 540.75 539.55 Td (8,248) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 527.55 Td (Weighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 527.55 Td (3.56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 527.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.80 527.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 527.55 Td (3.56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 527.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 504.55 Td (LIABILITIES:) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 492.55 Td (Long-term debt fixed rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 211.75 492.55 Td (57,908) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 247.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 255.80 492.55 Td (86,781) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 291.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 309.80 492.55 Td (292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 335.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 353.80 492.55 Td (292) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 379.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 383.80 492.55 Td (300,216) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.80 492.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 492.55 Td (445,489) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 492.55 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 492.55 Td (467,558) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 480.55 Td (Weighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 480.55 Td (3.37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 263.80 480.55 Td (3.02) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 277.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 307.80 480.55 Td (3.37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 321.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 351.80 480.55 Td (3.37) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 365.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 395.80 480.55 Td (6.73) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 409.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.80 480.55 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 480.55 Td (5.56) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 480.55 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 467.85 Td (Short-term debt variable rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 198.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 207.75 467.85 Td (217,837) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.80 467.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 472.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 479.75 467.85 Td (217,837) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 519.50 467.85 Td ($) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 532.75 467.85 Td (217,837) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 51.50 454.85 Td (Weighted average interest rate) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 219.75 454.85 Td (3.48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 233.80 454.85 Td (%) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 269.80 454.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 313.80 454.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 357.80 454.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 401.80 454.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 454.80 454.85 Td () Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 491.75 454.85 Td (3.48) Tj ET Q BT /F1 8.00 Tf ET q 0 0 0 rg BT 505.80 454.85 Td (%) Tj ET Q BT /F1 10.00 Tf 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(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 (2017) 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 67.69 512.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 109.22 512.25 Td (and ) Tj ET Q q 0 0 0 rg BT 126.30 512.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 156.15 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 167.12 512.25 Td (its ) Tj ET Q q 0 0 0 rg BT 179.22 512.25 Td (subsidiaries ) Tj ET Q q 0 0 0 rg BT 229.08 512.25 Td (have ) Tj ET Q q 0 0 0 rg BT 250.60 512.25 Td (received ) Tj ET Q q 0 0 0 rg BT 287.10 512.25 Td (claims ) Tj ET Q q 0 0 0 rg BT 315.85 512.25 Td (from ) Tj ET Q q 0 0 0 rg BT 337.94 512.25 Td (homeowners ) Tj ET Q q 0 0 0 rg BT 391.68 512.25 Td (in ) Tj ET Q q 0 0 0 rg BT 402.10 512.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 431.95 512.25 Td (of ) Tj ET Q q 0 0 0 rg BT 442.92 512.25 Td (our ) Tj ET Q q 0 0 0 rg BT 458.89 512.25 Td (Florida ) Tj ET Q q 0 0 0 rg BT 490.43 512.25 Td (communities ) Tj ET Q q 0 0 0 rg BT 544.73 512.25 Td (\(and ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 500.25 Td (been ) Tj ET Q q 0 0 0 rg BT 70.55 500.25 Td (named ) Tj ET Q q 0 0 0 rg BT 99.38 500.25 Td (as ) Tj ET Q q 0 0 0 rg BT 109.89 500.25 Td (a ) Tj ET Q q 0 0 0 rg BT 116.50 500.25 Td (defendant ) Tj ET Q q 0 0 0 rg BT 158.10 500.25 Td (in ) Tj ET Q q 0 0 0 rg BT 168.05 500.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 189.66 500.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 240.15 500.25 Td (initiated ) Tj ET Q q 0 0 0 rg BT 275.10 500.25 Td (by ) Tj ET Q q 0 0 0 rg BT 287.27 500.25 Td (certain ) Tj ET Q q 0 0 0 rg BT 316.65 500.25 Td (of ) Tj ET Q q 0 0 0 rg BT 327.16 500.25 Td (such ) Tj ET Q q 0 0 0 rg BT 347.66 500.25 Td (homeowners\) ) Tj ET Q q 0 0 0 rg BT 404.27 500.25 Td (related ) Tj ET Q q 0 0 0 rg BT 433.64 500.25 Td (to ) Tj ET Q q 0 0 0 rg BT 443.60 500.25 Td (stucco ) Tj ET Q q 0 0 0 rg BT 471.32 500.25 Td (on ) Tj ET Q q 0 0 0 rg BT 483.49 500.25 Td (their ) Tj ET Q q 0 0 0 rg BT 503.99 500.25 Td (homes. ) Tj ET Q q 0 0 0 rg BT 534.78 500.25 Td ( ) Tj ET Q q 0 0 0 rg BT 536.95 500.25 Td (Please ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 488.25 Td (refer ) Tj ET Q q 0 0 0 rg BT 70.87 488.25 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 81.1455078125 486.9169921875 m 108.083984375 486.9169921875 l s q 0 0 1 rg BT 81.15 488.25 Td (Note ) Tj ET Q q 0 0 1 rg BT 103.08 488.25 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 108.08 488.25 Td ( ) Tj ET Q q 0 0 0 rg BT 110.58 488.25 Td (of ) Tj ET Q q 0 0 0 rg BT 121.41 488.25 Td (the ) Tj ET Q q 0 0 0 rg BT 136.13 488.25 Td (Company) Tj ET Q q 0 0 0 rg BT 177.80 488.25 Td (s ) Tj ET Q q 0 0 0 rg BT 184.19 488.25 Td (consolidated ) Tj ET Q q 0 0 0 rg BT 237.23 488.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 274.71 488.25 Td (statements ) Tj ET Q q 0 0 0 rg BT 319.42 488.25 Td (for ) Tj ET Q q 0 0 0 rg BT 333.58 488.25 Td (further ) Tj ET Q q 0 0 0 rg BT 363.29 488.25 Td (information ) Tj ET Q q 0 0 0 rg BT 413.00 488.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 453.82 488.25 Td (these ) Tj ET Q q 0 0 0 rg BT 476.86 488.25 Td (stucco ) Tj ET Q q 0 0 0 rg BT 504.91 488.25 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 66.95 440.25 Td (in ) Tj ET Q q 0 0 0 rg BT 77.74 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 92.97 440.25 Td (aggregate, ) Tj ET Q q 0 0 0 rg BT 137.34 440.25 Td (will ) Tj ET Q q 0 0 0 rg BT 155.91 440.25 Td (not ) Tj ET Q q 0 0 0 rg BT 171.70 440.25 Td (have ) Tj ET Q q 0 0 0 rg BT 193.59 440.25 Td (a ) Tj ET Q q 0 0 0 rg BT 201.04 440.25 Td (material ) Tj ET Q q 0 0 0 rg BT 236.81 440.25 Td (ef) Tj ET Q q 0 0 0 rg BT 244.40 440.25 Td (fect ) Tj ET Q q 0 0 0 rg BT 262.40 440.25 Td (on ) Tj ET Q q 0 0 0 rg BT 275.41 440.25 Td (the ) Tj ET Q q 0 0 0 rg BT 290.64 440.25 Td (Company) Tj ET Q q 0 0 0 rg BT 332.30 440.25 Td (s ) Tj ET Q q 0 0 0 rg BT 339.20 440.25 Td (financial ) Tj ET Q q 0 0 0 rg BT 377.20 440.25 Td (position, ) Tj ET Q q 0 0 0 rg BT 414.93 440.25 Td (results ) Tj ET Q q 0 0 0 rg BT 444.05 440.25 Td (of ) Tj ET Q q 0 0 0 rg BT 455.40 440.25 Td (operationsand ) Tj ET Q q 0 0 0 rg BT 517.00 440.25 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 70.50 428.25 Td (legal ) Tj ET Q q 0 0 0 rg BT 92.61 428.25 Td (proceedings ) Tj ET Q q 0 0 0 rg BT 143.60 428.25 Td (are ) Tj ET Q q 0 0 0 rg BT 158.48 428.25 Td (subject ) Tj ET Q q 0 0 0 rg BT 189.47 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 199.92 428.25 Td (inherent ) Tj ET Q q 0 0 0 rg BT 235.36 428.25 Td (uncertainties. ) Tj ET Q q 0 0 0 rg BT 291.43 428.25 Td (The ) Tj ET Q q 0 0 0 rg BT 309.65 428.25 Td (Company ) Tj ET Q q 0 0 0 rg BT 351.21 428.25 Td (has ) Tj ET Q q 0 0 0 rg BT 367.21 428.25 Td (recorded ) Tj ET Q q 0 0 0 rg BT 404.86 428.25 Td (a ) Tj ET Q q 0 0 0 rg BT 411.97 428.25 Td (liability ) Tj ET Q q 0 0 0 rg BT 445.75 428.25 Td (to ) Tj ET Q q 0 0 0 rg BT 456.20 428.25 Td (provide ) Tj ET Q q 0 0 0 rg BT 489.42 428.25 Td (for ) Tj ET Q q 0 0 0 rg BT 503.75 428.25 Td (the ) Tj ET Q q 0 0 0 rg BT 518.64 428.25 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 (2016) 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 49.50 310.25 Td (The ) Tj ET Q q 0 0 0 rg BT 67.95 310.25 Td (value ) Tj ET Q q 0 0 0 rg BT 92.51 310.25 Td (of ) Tj ET Q q 0 0 0 rg BT 103.18 310.25 Td (our ) Tj ET Q q 0 0 0 rg BT 119.97 310.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 156.74 310.25 Td (income ) Tj ET Q q 0 0 0 rg BT 189.07 310.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 204.19 310.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 226.53 310.25 Td (could ) Tj ET Q q 0 0 0 rg BT 251.65 310.25 Td (be ) Tj ET Q q 0 0 0 rg BT 263.43 310.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 316.88 310.25 Td (reduced ) Tj ET Q q 0 0 0 rg BT 351.99 310.25 Td (if ) Tj ET Q q 0 0 0 rg BT 360.44 310.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 402.22 310.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 417.34 310.25 Td (rates ) Tj ET Q q 0 0 0 rg BT 439.68 310.25 Td (in ) Tj ET Q q 0 0 0 rg BT 450.36 310.25 Td (the ) Tj ET Q q 0 0 0 rg BT 465.48 310.25 Td (United ) Tj ET Q q 0 0 0 rg BT 495.60 310.25 Td (States ) Tj ET Q q 0 0 0 rg BT 522.39 310.25 Td (\(U.S.\) ) Tj ET Q q 0 0 0 rg BT 549.17 310.25 Td (are ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 49.50 298.25 Td (lowered ) Tj ET Q q 0 0 0 rg BT 84.22 298.25 Td (or ) Tj ET Q q 0 0 0 rg BT 95.61 298.25 Td (if ) Tj ET Q q 0 0 0 rg BT 104.22 298.25 Td (other ) Tj ET Q q 0 0 0 rg BT 128.39 298.25 Td (changes ) Tj ET Q q 0 0 0 rg BT 164.78 298.25 Td (in ) Tj ET Q q 0 0 0 rg BT 175.62 298.25 Td (the ) Tj ET Q q 0 0 0 rg BT 190.90 298.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 211.18 298.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 253.12 298.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 268.40 298.25 Td (system ) Tj ET Q q 0 0 0 rg BT 298.11 298.25 Td (occur) Tj ET Q q 0 0 0 rg BT 320.89 298.25 Td (. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 276.25 Td (Due ) Tj ET Q q 0 0 0 rg BT 68.62 276.25 Td (to ) Tj ET Q q 0 0 0 rg BT 78.86 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 93.54 276.25 Td (recent ) Tj ET Q q 0 0 0 rg BT 120.42 276.25 Td (change ) Tj ET Q q 0 0 0 rg BT 151.19 276.25 Td (of ) Tj ET Q q 0 0 0 rg BT 161.98 276.25 Td (our ) Tj ET Q q 0 0 0 rg BT 177.77 276.25 Td (President, ) Tj ET Q q 0 0 0 rg BT 219.95 276.25 Td (discussions ) Tj ET Q q 0 0 0 rg BT 267.97 276.25 Td (in ) Tj ET Q q 0 0 0 rg BT 278.21 276.25 Td (the ) Tj ET Q q 0 0 0 rg BT 292.89 276.25 Td (U.S. ) Tj ET Q q 0 0 0 rg BT 313.13 276.25 Td (Congress ) Tj ET Q q 0 0 0 rg BT 352.81 276.25 Td (regarding ) Tj ET Q q 0 0 0 rg BT 393.59 276.25 Td (comprehensive ) Tj ET Q q 0 0 0 rg BT 456.58 276.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 471.26 276.25 Td (reform ) Tj ET Q q 0 0 0 rg BT 500.92 276.25 Td (have ) Tj ET Q q 0 0 0 rg BT 522.26 276.25 Td (increased. ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 264.25 Td (Such ) Tj ET Q q 0 0 0 rg BT 72.49 264.25 Td (legislation ) Tj ET Q q 0 0 0 rg BT 117.14 264.25 Td (could ) Tj ET Q q 0 0 0 rg BT 142.35 264.25 Td (significantly ) Tj ET Q q 0 0 0 rg BT 195.33 264.25 Td (alter ) Tj ET Q q 0 0 0 rg BT 216.08 264.25 Td (the ) Tj ET Q q 0 0 0 rg BT 231.29 264.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 265.94 264.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 281.15 264.25 Td (code, ) Tj ET Q q 0 0 0 rg BT 305.51 264.25 Td (including ) Tj ET Q q 0 0 0 rg BT 346.28 264.25 Td (a ) Tj ET Q q 0 0 0 rg BT 353.71 264.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 394.46 264.25 Td (in ) Tj ET Q q 0 0 0 rg BT 405.23 264.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 445.97 264.25 Td (income ) Tj ET Q q 0 0 0 rg BT 478.39 264.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 493.60 264.25 Td (rates. ) Tj ET Q q 0 0 0 rg BT 517.31 264.25 Td (Although ) Tj ET Q q 0 0 0 rg BT 558.08 264.25 Td (a ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 252.25 Td (reduction ) Tj ET Q q 0 0 0 rg BT 90.23 252.25 Td (in ) Tj ET Q q 0 0 0 rg BT 100.97 252.25 Td (the ) Tj ET Q q 0 0 0 rg BT 116.15 252.25 Td (corporate ) Tj ET Q q 0 0 0 rg BT 156.87 252.25 Td (income ) Tj ET Q q 0 0 0 rg BT 189.27 252.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 204.46 252.25 Td (rate ) Tj ET Q q 0 0 0 rg BT 222.41 252.25 Td (could ) Tj ET Q q 0 0 0 rg BT 247.59 252.25 Td (result ) Tj ET Q q 0 0 0 rg BT 272.77 252.25 Td (in ) Tj ET Q q 0 0 0 rg BT 283.51 252.25 Td (lower ) Tj ET Q q 0 0 0 rg BT 309.25 252.25 Td (future ) Tj ET Q q 0 0 0 rg BT 336.09 252.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 351.27 252.25 Td (expense ) Tj ET Q q 0 0 0 rg BT 386.44 252.25 Td (and ) Tj ET Q q 0 0 0 rg BT 403.85 252.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 419.03 252.25 Td (payments, ) Tj ET Q q 0 0 0 rg BT 462.82 252.25 Td (it ) Tj ET Q q 0 0 0 rg BT 471.34 252.25 Td (would ) Tj ET Q q 0 0 0 rg BT 499.31 252.25 Td (reduce, ) Tj ET Q q 0 0 0 rg BT 531.42 252.25 Td (perhaps ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 240.25 Td (significantly) Tj ET Q q 0 0 0 rg BT 98.84 240.25 Td (, ) Tj ET Q q 0 0 0 rg BT 103.88 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 118.64 240.25 Td (value ) Tj ET Q q 0 0 0 rg BT 142.84 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 153.71 240.25 Td (our ) Tj ET Q q 0 0 0 rg BT 169.59 240.25 Td (existing ) Tj ET Q q 0 0 0 rg BT 203.80 240.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 239.64 240.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 254.40 240.25 Td (asset ) Tj ET Q q 0 0 0 rg BT 276.39 240.25 Td (and ) Tj ET Q q 0 0 0 rg BT 293.37 240.25 Td (could ) Tj ET Q q 0 0 0 rg BT 318.13 240.25 Td (result ) Tj ET Q q 0 0 0 rg BT 342.89 240.25 Td (in ) Tj ET Q q 0 0 0 rg BT 353.21 240.25 Td (a ) Tj ET Q q 0 0 0 rg BT 360.19 240.25 Td (char) Tj ET Q q 0 0 0 rg BT 377.22 240.25 Td (ge ) Tj ET Q q 0 0 0 rg BT 389.20 240.25 Td (to ) Tj ET Q q 0 0 0 rg BT 399.52 240.25 Td (our ) Tj ET Q q 0 0 0 rg BT 415.39 240.25 Td (earnings ) Tj ET Q q 0 0 0 rg BT 451.81 240.25 Td (from ) Tj ET Q q 0 0 0 rg BT 473.79 240.25 Td (the ) Tj ET Q q 0 0 0 rg BT 488.55 240.25 Td (write-down ) Tj ET Q q 0 0 0 rg BT 537.19 240.25 Td (of ) Tj ET Q q 0 0 0 rg BT 548.07 240.25 Td (this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 228.25 Td (asset. ) Tj ET Q q 0 0 0 rg BT 73.76 228.25 Td (It ) Tj ET Q q 0 0 0 rg BT 82.20 228.25 Td (is ) Tj ET Q q 0 0 0 rg BT 91.19 228.25 Td (uncertain ) Tj ET Q q 0 0 0 rg BT 130.72 228.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 165.25 228.25 Td (or ) Tj ET Q q 0 0 0 rg BT 175.90 228.25 Td (when ) Tj ET Q q 0 0 0 rg BT 199.89 228.25 Td (any ) Tj ET Q q 0 0 0 rg BT 216.65 228.25 Td (such ) Tj ET Q q 0 0 0 rg BT 237.30 228.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 251.84 228.25 Td (reform ) Tj ET Q q 0 0 0 rg BT 281.38 228.25 Td (proposals ) Tj ET Q q 0 0 0 rg BT 322.03 228.25 Td (will ) Tj ET Q q 0 0 0 rg BT 339.91 228.25 Td (be ) Tj ET Q q 0 0 0 rg BT 351.67 228.25 Td (enacted ) Tj ET Q q 0 0 0 rg BT 384.53 228.25 Td (into ) Tj ET Q q 0 0 0 rg BT 402.41 228.25 Td (law) Tj ET Q q 0 0 0 rg BT 416.20 228.25 Td (, ) Tj ET Q q 0 0 0 rg BT 421.02 228.25 Td (and ) Tj ET Q q 0 0 0 rg BT 437.79 228.25 Td (whether ) Tj ET Q q 0 0 0 rg BT 472.32 228.25 Td (or ) Tj ET Q q 0 0 0 rg BT 482.97 228.25 Td (how ) Tj ET Q q 0 0 0 rg BT 502.52 228.25 Td (they ) Tj ET Q q 0 0 0 rg BT 522.06 228.25 Td (will ) Tj ET Q q 0 0 0 rg BT 539.94 228.25 Td (af) Tj ET Q q 0 0 0 rg BT 547.53 228.25 Td (fect ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 216.25 Td (our ) Tj ET Q q 0 0 0 rg BT 65.33 216.25 Td (deferred ) Tj ET Q q 0 0 0 rg BT 101.14 216.25 Td (tax ) Tj ET Q q 0 0 0 rg BT 115.85 216.25 Td (asset.) Tj ET Q endstream endobj 101 0 obj <>] /Rotate 0 /Contents 102 0 R>> endobj 102 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 (There ) Tj ET Q q 0 0 0 rg BT 75.63 646.10 Td (were ) Tj ET Q q 0 0 0 rg BT 97.87 646.10 Td (no ) Tj ET Q q 0 0 0 rg BT 110.68 646.10 Td (purchases ) Tj ET Q q 0 0 0 rg BT 152.92 646.10 Td (made ) Tj ET Q q 0 0 0 rg BT 177.39 646.10 Td (by) Tj ET Q q 0 0 0 rg BT 186.74 646.10 Td (, ) Tj ET Q q 0 0 0 rg BT 192.05 646.10 Td (or ) Tj ET Q q 0 0 0 rg BT 203.20 646.10 Td (on ) Tj ET Q q 0 0 0 rg BT 216.01 646.10 Td (behalf ) Tj ET Q q 0 0 0 rg BT 243.81 646.10 Td (of, ) Tj ET Q q 0 0 0 rg BT 257.45 646.10 Td (the ) Tj ET Q q 0 0 0 rg BT 272.48 646.10 Td (Company ) Tj ET Q q 0 0 0 rg BT 314.18 646.10 Td (or ) Tj ET Q q 0 0 0 rg BT 325.32 646.10 Td (any ) Tj ET Q q 0 0 0 rg BT 342.57 646.10 Td (af) Tj ET Q q 0 0 0 rg BT 354.60 646.10 Td (filiated ) Tj ET Q q 0 0 0 rg BT 385.73 646.10 Td (purchaser ) Tj ET Q q 0 0 0 rg BT 431.85 646.10 Td (\(as ) Tj ET Q q 0 0 0 rg BT 446.32 646.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 479.12 646.10 Td (in ) Tj ET Q q 0 0 0 rg BT 489.71 646.10 Td (Rule ) Tj ET Q q 0 0 0 rg BT 511.41 646.10 Td (10b-18\(a\)\(3\) ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 634.10 Td (under ) Tj ET Q q 0 0 0 rg BT 75.00 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 89.94 634.10 Td (Securities ) Tj ET Q q 0 0 0 rg BT 132.11 634.10 Td (Exchange ) Tj ET Q q 0 0 0 rg BT 173.66 634.10 Td (Act ) Tj ET Q q 0 0 0 rg BT 190.83 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 201.89 634.10 Td (1934, ) Tj ET Q q 0 0 0 rg BT 227.12 634.10 Td (as ) Tj ET Q q 0 0 0 rg BT 238.17 634.10 Td (amended\) ) Tj ET Q q 0 0 0 rg BT 280.33 634.10 Td (of ) Tj ET Q q 0 0 0 rg BT 291.39 634.10 Td (the ) Tj ET Q q 0 0 0 rg BT 306.33 634.10 Td (Company) Tj ET Q q 0 0 0 rg BT 348.00 634.10 Td (s ) Tj ET Q q 0 0 0 rg BT 354.62 634.10 Td (common ) Tj ET Q q 0 0 0 rg BT 392.34 634.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 420.06 634.10 Td (or ) Tj ET Q q 0 0 0 rg BT 431.12 634.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 457.69 634.10 Td (A) Tj ET Q q 0 0 0 rg BT 464.36 634.10 Td ( ) Tj ET Q q 0 0 0 rg BT 467.09 634.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 507.02 634.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 536.41 634.10 Td (during ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 622.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 64.22 622.10 Td (three ) Tj ET Q q 0 0 0 rg BT 86.70 622.10 Td (months ) Tj ET Q q 0 0 0 rg BT 118.65 622.10 Td (ended ) Tj ET Q q 0 0 0 rg BT 145.03 622.10 Td (March ) Tj ET Q q 0 0 0 rg BT 173.63 622.10 Td (31, ) Tj ET Q q 0 0 0 rg BT 188.63 622.10 Td (2017) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 208.63 622.10 Td (. ) Tj ET Q q 0 0 0 rg BT 213.63 622.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 598.10 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 67.0869140625 596.7669921875 m 94.673828125 596.7669921875 l s q 0 0 1 rg BT 67.09 598.10 Td (Note ) Tj ET Q q 0 0 1 rg BT 89.67 598.10 Td (7) 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 94.67 598.10 Td ( ) Tj ET Q q 0 0 0 rg BT 97.82 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 115.41 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 130.77 598.10 Td (Liquidity ) Tj ET Q q 0 0 0 rg BT 175.58 598.10 Td (and ) Tj ET Q q 0 0 0 rg BT 193.17 598.10 Td (Capital ) Tj ET Q q 0 0 0 rg BT 225.20 598.10 Td (Resources ) Tj ET Q q 0 0 0 rg BT 273.89 598.10 Td (section ) Tj ET Q q 0 0 0 rg BT 305.36 598.10 Td (above ) Tj ET Q q 0 0 0 rg BT 332.38 598.10 Td (for ) Tj ET Q q 0 0 0 rg BT 347.19 598.10 Td (more ) Tj ET Q q 0 0 0 rg BT 370.89 598.10 Td (information ) Tj ET Q q 0 0 0 rg BT 421.25 598.10 Td (regarding ) Tj ET Q q 0 0 0 rg BT 462.71 598.10 Td (the ) Tj ET Q q 0 0 0 rg BT 478.08 598.10 Td (limit ) Tj ET Q q 0 0 0 rg BT 500.12 598.10 Td (imposed ) Tj ET Q q 0 0 0 rg BT 537.15 598.10 Td (by ) Tj ET Q q 0 0 0 rg BT 550.30 598.10 Td (the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 586.10 Td (indenture ) Tj ET Q q 0 0 0 rg BT 89.81 586.10 Td (governing ) Tj ET Q q 0 0 0 rg BT 132.90 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 148.78 586.10 Td (2021 ) Tj ET Q q 0 0 0 rg BT 171.32 586.10 Td (Senior ) Tj ET Q q 0 0 0 rg BT 199.98 586.10 Td (Notes ) Tj ET Q q 0 0 0 rg BT 225.85 586.10 Td (on ) Tj ET Q q 0 0 0 rg BT 238.40 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 254.27 586.10 Td (ability ) Tj ET Q q 0 0 0 rg BT 282.37 586.10 Td (to ) Tj ET Q q 0 0 0 rg BT 292.69 586.10 Td (pay ) Tj ET Q q 0 0 0 rg BT 309.68 586.10 Td (dividends ) Tj ET Q q 0 0 0 rg BT 351.11 586.10 Td (on, ) Tj ET Q q 0 0 0 rg BT 366.15 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 383.14 586.10 Td (repurchase, ) Tj ET Q q 0 0 0 rg BT 431.49 586.10 Td (our ) Tj ET Q q 0 0 0 rg BT 447.37 586.10 Td (common ) Tj ET Q q 0 0 0 rg BT 484.91 586.10 Td (shares ) Tj ET Q q 0 0 0 rg BT 512.44 586.10 Td (and ) Tj ET Q q 0 0 0 rg BT 529.43 586.10 Td (Series ) Tj ET Q q 0 0 0 rg BT 555.85 586.10 Td (A) Tj ET Q q 0 0 0 rg BT 562.52 586.10 Td ( ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 574.10 Td (Preferred ) Tj ET Q q 0 0 0 rg BT 89.20 574.10 Td (Shares ) Tj ET Q q 0 0 0 rg BT 118.36 574.10 Td (to ) Tj ET Q q 0 0 0 rg BT 128.64 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 143.35 574.10 Td (amount ) Tj ET Q q 0 0 0 rg BT 175.85 574.10 Td (of ) Tj ET Q q 0 0 0 rg BT 186.68 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 201.39 574.10 Td (positive ) Tj ET Q q 0 0 0 rg BT 235.56 574.10 Td (balance ) Tj ET Q q 0 0 0 rg BT 268.59 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 278.87 574.10 Td (our ) Tj ET Q q 0 0 0 rg BT 294.70 574.10 Td (restricted ) Tj ET Q q 0 0 0 rg BT 338.84 574.10 Td (payments ) Tj ET Q q 0 0 0 rg BT 379.67 574.10 Td (basket, ) Tj ET Q q 0 0 0 rg BT 414.65 574.10 Td (as ) Tj ET Q q 0 0 0 rg BT 425.48 574.10 Td (defined ) Tj ET Q q 0 0 0 rg BT 457.97 574.10 Td (in ) Tj ET Q q 0 0 0 rg BT 468.25 574.10 Td (the ) Tj ET Q q 0 0 0 rg BT 482.96 574.10 Td (indenture. ) 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 49.5 548.7669921875 m 209.4658203125 548.7669921875 l s q 0 0 0 rg BT 49.50 550.10 Td (Item 3. Defaults Upon Senior Securities) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 209.47 550.10 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 49.5 524.7669921875 m 178.640625 524.7669921875 l s q 0 0 0 rg BT 49.50 526.10 Td (Item 4. Mine Safety Disclosures) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 178.64 526.10 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 49.5 500.7669921875 m 153.357421875 500.7669921875 l s q 0 0 0 rg BT 49.50 502.10 Td (Item 5. Other Information) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 153.36 502.10 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 49.5 476.7669921875 m 116.16015625 476.7669921875 l s q 0 0 0 rg BT 49.50 478.10 Td (Item 6. Exhibits ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 49.50 454.10 Td (The exhibits required to be filed herewith are set forth below) Tj ET Q q 0 0 0 rg BT 292.10 454.10 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 60.15 420.71259765625 m 91.8296875 420.71259765625 l s q 0 0 0 rg BT 60.15 422.28 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 58.3 410.71259765625 m 93.76142578125 410.71259765625 l s q 0 0 0 rg BT 58.30 412.28 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 312.75 410.71259765625 m 362.1884765625 410.71259765625 l s q 0 0 0 rg BT 312.75 412.28 Td (Description) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 67.25 394.17 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 117 392.8333984375 m 560.505859375 392.8333984375 l s q 0 0 1 rg BT 117.00 394.17 Td (Certification ) Tj ET Q q 0 0 1 rg BT 170.33 394.17 Td (by ) Tj ET Q q 0 0 1 rg BT 183.13 394.17 Td (Robert ) Tj ET Q q 0 0 1 rg BT 213.15 394.17 Td (H. ) Tj ET Q q 0 0 1 rg BT 225.67 394.17 Td (Schottenstein, ) Tj ET Q q 0 0 1 rg BT 284.85 394.17 Td (Chief ) Tj ET Q q 0 0 1 rg BT 309.86 394.17 Td (Executive ) Tj ET Q q 0 0 1 rg BT 352.64 394.17 Td (Of) Tj ET Q q 0 0 1 rg BT 363.01 394.17 Td (ficer) Tj ET Q q 0 0 1 rg BT 380.93 394.17 Td (, ) Tj ET Q q 0 0 1 rg BT 386.22 394.17 Td (pursuant ) Tj ET Q q 0 0 1 rg BT 423.46 394.17 Td (to ) Tj ET Q q 0 0 1 rg BT 434.04 394.17 Td (Item ) Tj ET Q q 0 0 1 rg BT 455.16 394.17 Td (601 ) Tj ET Q q 0 0 1 rg BT 472.96 394.17 Td (of ) Tj ET Q q 0 0 1 rg BT 484.08 394.17 Td (Regulation ) Tj ET Q q 0 0 1 rg BT 530.76 394.17 Td (S-K ) Tj ET Q q 0 0 1 rg BT 549.68 394.17 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 117 382.8333984375 m 463.044921875 382.8333984375 l s q 0 0 1 rg BT 117.00 384.17 Td (Adopted ) Tj ET Q q 0 0 1 rg BT 153.94 384.17 Td (Pursuant ) Tj ET Q q 0 0 1 rg BT 191.44 384.17 Td (to ) Tj ET Q q 0 0 1 rg BT 201.72 384.17 Td (Section ) Tj ET Q q 0 0 1 rg BT 234.21 384.17 Td (302 ) Tj ET Q q 0 0 1 rg BT 251.71 384.17 Td (of ) Tj ET Q q 0 0 1 rg BT 262.54 384.17 Td (the ) Tj ET Q q 0 0 1 rg BT 277.26 384.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 343.07 384.17 Td (Act ) Tj ET Q q 0 0 1 rg BT 360.01 384.17 Td (of ) Tj ET Q q 0 0 1 rg BT 370.84 384.17 Td (2002. ) Tj ET Q q 0 0 1 rg BT 395.84 384.17 Td (\(Filed ) Tj ET Q q 0 0 1 rg BT 422.23 384.17 Td (herewith.\)) 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 67.25 366.17 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 117 364.8333984375 m 560.49609375 364.8333984375 l s q 0 0 1 rg BT 117.00 366.17 Td (Certification ) Tj ET Q q 0 0 1 rg BT 170.13 366.17 Td (by ) Tj ET Q q 0 0 1 rg BT 182.71 366.17 Td (Phillip ) Tj ET Q q 0 0 1 rg BT 211.98 366.17 Td (G. ) Tj ET Q q 0 0 1 rg BT 224.29 366.17 Td (Creek, ) Tj ET Q q 0 0 1 rg BT 253.25 366.17 Td (Chief ) Tj ET Q q 0 0 1 rg BT 278.05 366.17 Td (Financial ) Tj ET Q q 0 0 1 rg BT 317.85 366.17 Td (Of) Tj ET Q q 0 0 1 rg BT 328.23 366.17 Td (ficer) Tj ET Q q 0 0 1 rg BT 346.14 366.17 Td (, ) Tj ET Q q 0 0 1 rg BT 351.23 366.17 Td (pursuant ) Tj ET Q q 0 0 1 rg BT 388.25 366.17 Td (to ) Tj ET Q q 0 0 1 rg BT 398.62 366.17 Td (Item ) Tj ET Q q 0 0 1 rg BT 419.53 366.17 Td (601 ) Tj ET Q q 0 0 1 rg BT 437.12 366.17 Td (of ) Tj ET Q q 0 0 1 rg BT 448.04 366.17 Td (Regulation ) Tj ET Q q 0 0 1 rg BT 494.51 366.17 Td (S-K ) Tj ET Q q 0 0 1 rg BT 513.21 366.17 Td (as ) Tj ET Q q 0 0 1 rg BT 523.56 366.17 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 117 354.8333984375 m 426.1064453125 354.8333984375 l s q 0 0 1 rg BT 117.00 356.17 Td (Pursuant ) Tj ET Q q 0 0 1 rg BT 154.50 356.17 Td (to ) Tj ET Q q 0 0 1 rg BT 164.78 356.17 Td (Section ) Tj ET Q q 0 0 1 rg BT 197.27 356.17 Td (302 ) Tj ET Q q 0 0 1 rg BT 214.77 356.17 Td (of ) Tj ET Q q 0 0 1 rg BT 225.60 356.17 Td (the ) Tj ET Q q 0 0 1 rg BT 240.32 356.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 306.14 356.17 Td (Act ) Tj ET Q q 0 0 1 rg BT 323.07 356.17 Td (of ) Tj ET Q q 0 0 1 rg BT 333.90 356.17 Td (2002. ) Tj ET Q q 0 0 1 rg BT 358.90 356.17 Td (\(Filed ) Tj ET Q q 0 0 1 rg BT 385.29 356.17 Td (herewith.\)) 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 67.25 338.17 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 117 336.8333984375 m 560.5009765625 336.8333984375 l s q 0 0 1 rg BT 117.00 338.17 Td (Certification ) Tj ET Q q 0 0 1 rg BT 169.04 338.17 Td (by ) Tj ET Q q 0 0 1 rg BT 180.54 338.17 Td (Robert ) Tj ET Q q 0 0 1 rg BT 209.27 338.17 Td (H. ) Tj ET Q q 0 0 1 rg BT 220.49 338.17 Td (Schottenstein, ) Tj ET Q q 0 0 1 rg BT 278.38 338.17 Td (Chief ) Tj ET Q q 0 0 1 rg BT 302.10 338.17 Td (Executive ) Tj ET Q q 0 0 1 rg BT 343.58 338.17 Td (Of) Tj ET Q q 0 0 1 rg BT 353.95 338.17 Td (ficer) Tj ET Q q 0 0 1 rg BT 371.87 338.17 Td (, ) Tj ET Q q 0 0 1 rg BT 375.87 338.17 Td (pursuant ) Tj ET Q q 0 0 1 rg BT 411.81 338.17 Td (to ) Tj ET Q q 0 0 1 rg BT 421.10 338.17 Td (18 ) Tj ET Q q 0 0 1 rg BT 432.60 338.17 Td (U.S.C. ) Tj ET Q q 0 0 1 rg BT 461.06 338.17 Td (Section ) Tj ET Q q 0 0 1 rg BT 492.56 338.17 Td (1350 ) Tj ET Q q 0 0 1 rg BT 514.06 338.17 Td (as ) Tj ET Q q 0 0 1 rg BT 523.56 338.17 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 117 326.8333984375 m 426.1064453125 326.8333984375 l s q 0 0 1 rg BT 117.00 328.17 Td (Pursuant ) Tj ET Q q 0 0 1 rg BT 154.50 328.17 Td (to ) Tj ET Q q 0 0 1 rg BT 164.78 328.17 Td (Section ) Tj ET Q q 0 0 1 rg BT 197.27 328.17 Td (906 ) Tj ET Q q 0 0 1 rg BT 214.77 328.17 Td (of ) Tj ET Q q 0 0 1 rg BT 225.60 328.17 Td (the ) Tj ET Q q 0 0 1 rg BT 240.32 328.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 306.14 328.17 Td (Act ) Tj ET Q q 0 0 1 rg BT 323.07 328.17 Td (of ) Tj ET Q q 0 0 1 rg BT 333.90 328.17 Td (2002. ) Tj ET Q q 0 0 1 rg BT 358.90 328.17 Td (\(Filed ) Tj ET Q q 0 0 1 rg BT 385.29 328.17 Td (herewith.\)) 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 67.25 310.17 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 117 308.8333984375 m 560.51513671875 308.8333984375 l s q 0 0 1 rg BT 117.00 310.17 Td (Certification ) Tj ET Q q 0 0 1 rg BT 168.84 310.17 Td (by ) Tj ET Q q 0 0 1 rg BT 180.14 310.17 Td (Phillip ) Tj ET Q q 0 0 1 rg BT 208.12 310.17 Td (G. ) Tj ET Q q 0 0 1 rg BT 219.14 310.17 Td (Creek, ) Tj ET Q q 0 0 1 rg BT 246.82 310.17 Td (Chief ) Tj ET Q q 0 0 1 rg BT 270.34 310.17 Td (Financial ) Tj ET Q q 0 0 1 rg BT 308.86 310.17 Td (Of) Tj ET Q q 0 0 1 rg BT 319.23 310.17 Td (ficer) Tj ET Q q 0 0 1 rg BT 337.14 310.17 Td (, ) Tj ET Q q 0 0 1 rg BT 340.95 310.17 Td (pursuant ) Tj ET Q q 0 0 1 rg BT 376.69 310.17 Td (to ) Tj ET Q q 0 0 1 rg BT 385.77 310.17 Td (18 ) Tj ET Q q 0 0 1 rg BT 397.07 310.17 Td (U.S.C. ) Tj ET Q q 0 0 1 rg BT 425.33 310.17 Td (Section ) Tj ET Q q 0 0 1 rg BT 456.63 310.17 Td (1350 ) Tj ET Q q 0 0 1 rg BT 477.93 310.17 Td (as ) Tj ET Q q 0 0 1 rg BT 487.27 310.17 Td (Adopted ) Tj ET Q q 0 0 1 rg BT 523.02 310.17 Td (Pursuant ) 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 117 298.8333984375 m 388.6064453125 298.8333984375 l s q 0 0 1 rg BT 117.00 300.17 Td (to ) Tj ET Q q 0 0 1 rg BT 127.28 300.17 Td (Section ) Tj ET Q q 0 0 1 rg BT 159.77 300.17 Td (906 ) Tj ET Q q 0 0 1 rg BT 177.27 300.17 Td (of ) Tj ET Q q 0 0 1 rg BT 188.10 300.17 Td (the ) Tj ET Q q 0 0 1 rg BT 202.82 300.17 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 268.64 300.17 Td (Act ) Tj ET Q q 0 0 1 rg BT 285.57 300.17 Td (of ) Tj ET Q q 0 0 1 rg BT 296.40 300.17 Td (2002. ) Tj 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Tj ET Q 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 630.75 m 562 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 630.75 m 562 630.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 557.75 m 562 557.75 l s 0 0 0 RG /GS0 gs 1.00 w 0 i [] 0 d 0 J 0 j 3 M 282 557.75 m 562 557.75 l s 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 375.95 670.9833984375 m 442.0486328125 670.9833984375 l s q 0 0 0 rg BT 375.95 672.32 Td (M/I Homes, Inc.) 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q 0 0 1 rg BT 268.04 680.07 Td (the ) Tj ET Q q 0 0 1 rg BT 282.76 680.07 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 348.57 680.07 Td (Act ) Tj ET Q q 0 0 1 rg BT 365.51 680.07 Td (of ) Tj ET Q q 0 0 1 rg BT 376.34 680.07 Td (2002. ) Tj ET Q q 0 0 1 rg BT 401.34 680.07 Td (\(Filed ) Tj ET Q q 0 0 1 rg BT 427.73 680.07 Td (herewith.\)) 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 66.75 662.07 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 122.5 660.7333984375 m 561.01123046875 660.7333984375 l s q 0 0 1 rg BT 122.50 662.07 Td (Certification ) Tj ET Q q 0 0 1 rg BT 175.31 662.07 Td (by ) Tj ET Q q 0 0 1 rg BT 187.58 662.07 Td (Phillip ) Tj ET Q q 0 0 1 rg BT 216.53 662.07 Td (G. ) Tj ET Q q 0 0 1 rg BT 228.52 662.07 Td (Creek, ) Tj ET Q q 0 0 1 rg BT 257.17 662.07 Td (Chief ) Tj ET Q q 0 0 1 rg BT 281.66 662.07 Td (Financial ) Tj ET Q q 0 0 1 rg BT 321.14 662.07 Td (Of) Tj ET Q q 0 0 1 rg BT 331.51 662.07 Td (ficer) Tj ET Q q 0 0 1 rg BT 349.43 662.07 Td (, ) Tj ET Q q 0 0 1 rg BT 354.20 662.07 Td (pursuant ) Tj ET Q q 0 0 1 rg BT 390.91 662.07 Td (to ) Tj ET Q q 0 0 1 rg BT 400.96 662.07 Td (Item ) Tj ET Q q 0 0 1 rg BT 421.56 662.07 Td (601 ) Tj ET Q q 0 0 1 rg BT 438.83 662.07 Td (of ) Tj ET Q q 0 0 1 rg BT 449.43 662.07 Td (Regulation ) Tj ET Q q 0 0 1 rg BT 495.59 662.07 Td (S-K ) Tj ET Q q 0 0 1 rg BT 513.97 662.07 Td (as ) Tj ET Q q 0 0 1 rg BT 524.07 662.07 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 122.5 650.7333984375 m 431.6064453125 650.7333984375 l s q 0 0 1 rg BT 122.50 652.07 Td (Pursuant ) Tj ET Q q 0 0 1 rg BT 160.00 652.07 Td (to ) Tj ET Q q 0 0 1 rg BT 170.28 652.07 Td (Section ) Tj ET Q q 0 0 1 rg BT 202.77 652.07 Td (302 ) Tj ET Q q 0 0 1 rg BT 220.27 652.07 Td (of ) Tj ET Q q 0 0 1 rg BT 231.10 652.07 Td (the ) Tj ET Q q 0 0 1 rg BT 245.82 652.07 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 311.64 652.07 Td (Act ) Tj ET Q q 0 0 1 rg BT 328.57 652.07 Td (of ) Tj ET Q q 0 0 1 rg BT 339.40 652.07 Td (2002. ) Tj ET Q q 0 0 1 rg BT 364.40 652.07 Td (\(Filed ) Tj ET Q q 0 0 1 rg BT 390.79 652.07 Td (herewith.\)) 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 66.75 634.07 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 122.5 632.7333984375 m 561.001953125 632.7333984375 l s q 0 0 1 rg BT 122.50 634.07 Td (Certification ) Tj ET Q q 0 0 1 rg BT 176.73 634.07 Td (by ) Tj ET Q q 0 0 1 rg BT 190.42 634.07 Td (Robert ) Tj ET Q q 0 0 1 rg BT 221.33 634.07 Td (H. ) Tj ET Q q 0 0 1 rg BT 234.74 634.07 Td (Schottenstein, ) Tj ET Q q 0 0 1 rg BT 294.81 634.07 Td (Chief ) Tj ET Q q 0 0 1 rg BT 320.72 634.07 Td (Executive ) Tj ET Q q 0 0 1 rg BT 364.39 634.07 Td (Of) Tj ET Q q 0 0 1 rg BT 374.76 634.07 Td (ficer) Tj ET Q q 0 0 1 rg BT 392.67 634.07 Td (, ) Tj ET Q q 0 0 1 rg BT 398.86 634.07 Td (pursuant ) Tj ET Q q 0 0 1 rg BT 436.99 634.07 Td (to ) Tj ET Q q 0 0 1 rg BT 448.46 634.07 Td (18 ) Tj ET Q q 0 0 1 rg BT 462.15 634.07 Td (U.S.C. ) Tj ET Q q 0 0 1 rg BT 492.80 634.07 Td (Section ) Tj ET Q q 0 0 1 rg BT 526.48 634.07 Td (1350 ) Tj ET Q q 0 0 1 rg BT 550.17 634.07 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 122.5 622.7333984375 m 468.544921875 622.7333984375 l s q 0 0 1 rg BT 122.50 624.07 Td (Adopted ) Tj ET Q q 0 0 1 rg BT 159.44 624.07 Td (Pursuant ) Tj ET Q q 0 0 1 rg BT 196.94 624.07 Td (to ) Tj ET Q q 0 0 1 rg BT 207.22 624.07 Td (Section ) Tj ET Q q 0 0 1 rg BT 239.71 624.07 Td (906 ) Tj ET Q q 0 0 1 rg BT 257.21 624.07 Td (of ) Tj ET Q q 0 0 1 rg BT 268.04 624.07 Td (the ) Tj ET Q q 0 0 1 rg BT 282.76 624.07 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 348.57 624.07 Td (Act ) Tj ET Q q 0 0 1 rg BT 365.51 624.07 Td (of ) Tj ET Q q 0 0 1 rg BT 376.34 624.07 Td (2002. ) Tj ET Q q 0 0 1 rg BT 401.34 624.07 Td (\(Filed ) Tj ET Q q 0 0 1 rg BT 427.73 624.07 Td (herewith.\)) 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 66.75 606.07 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 122.5 604.7333984375 m 561.01025390625 604.7333984375 l s q 0 0 1 rg BT 122.50 606.07 Td (Certification ) Tj ET Q q 0 0 1 rg BT 176.46 606.07 Td (by ) Tj ET Q q 0 0 1 rg BT 189.88 606.07 Td (Phillip ) Tj ET Q q 0 0 1 rg BT 219.97 606.07 Td (G. ) Tj ET Q q 0 0 1 rg BT 233.12 606.07 Td (Creek, ) Tj ET Q q 0 0 1 rg BT 262.91 606.07 Td (Chief ) Tj ET Q q 0 0 1 rg BT 288.55 606.07 Td (Financial ) Tj ET Q q 0 0 1 rg BT 329.18 606.07 Td (Of) Tj ET Q q 0 0 1 rg BT 339.55 606.07 Td (ficer) Tj ET Q q 0 0 1 rg BT 357.47 606.07 Td (, ) Tj ET Q q 0 0 1 rg BT 363.39 606.07 Td (pursuant ) Tj ET Q q 0 0 1 rg BT 401.25 606.07 Td (to ) Tj ET Q q 0 0 1 rg BT 412.45 606.07 Td (18 ) Tj ET Q q 0 0 1 rg BT 425.87 606.07 Td (U.S.C. ) Tj ET Q q 0 0 1 rg BT 456.24 606.07 Td (Section ) Tj ET Q q 0 0 1 rg BT 489.66 606.07 Td (1350 ) Tj ET Q q 0 0 1 rg BT 513.08 606.07 Td (as ) Tj ET Q q 0 0 1 rg BT 524.07 606.07 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 122.5 594.7333984375 m 431.6064453125 594.7333984375 l s q 0 0 1 rg BT 122.50 596.07 Td (Pursuant ) Tj ET Q q 0 0 1 rg BT 160.00 596.07 Td (to ) Tj ET Q q 0 0 1 rg BT 170.28 596.07 Td (Section ) Tj ET Q q 0 0 1 rg BT 202.77 596.07 Td (906 ) Tj ET Q q 0 0 1 rg BT 220.27 596.07 Td (of ) Tj ET Q q 0 0 1 rg BT 231.10 596.07 Td (the ) Tj ET Q q 0 0 1 rg BT 245.82 596.07 Td (Sarbanes-Oxley ) Tj ET Q q 0 0 1 rg BT 311.64 596.07 Td (Act ) Tj ET Q q 0 0 1 rg BT 328.57 596.07 Td (of ) Tj ET Q q 0 0 1 rg BT 339.40 596.07 Td (2002. ) Tj ET Q q 0 0 1 rg BT 364.40 596.07 Td (\(Filed ) Tj ET Q q 0 0 1 rg BT 390.79 596.07 Td (herewith.\)) 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 58.65 578.07 Td (101.INS) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 578.07 Td (XBRL Instance Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.00 560.07 Td (101.SCH) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 560.07 Td (XBRL Taxonomy Extension Schema Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.90 542.07 Td (101.CAL) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 542.07 Td (XBRL Taxonomy Extension Calculation Linkbase Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 56.75 524.07 Td (101.LAB) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 524.07 Td (XBRL Taxonomy Extension Label Linkbase Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.55 506.07 Td (101.PRE) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 506.07 Td (XBRL Taxonomy Extension Presentation Linkbase Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 57.30 488.07 Td (101.DEF) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 122.50 488.07 Td (XBRL Taxonomy Extension Definition Linkbase Document. \(Furnished herewith.\)) Tj ET Q BT /F1 10.00 Tf ET endstream endobj 107 0 obj <> /View <>>>>> endobj 108 0 obj <> /View <>>>>> endobj 109 0 obj <> endobj 110 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;