Note 6 — Loans Held for Investment at Amortized Cost and Loans Held for Investment at Fair Value

The following tables summarize loans held for investment as of June 30, 2026 and December 31, 2025:


	June 30, 2026
	Loans Held for Investment, at Amortized Cost			Loans Held for Investment, at Fair Value			Total Loans Held for Investment
	(In thousands)
Unpaid principal balance	$	1,810,757		$	5,175,134		$	6,985,891
Valuation adjustments on performing FVO loans		—			310,104			310,104
Valuation adjustments on nonperforming FVO loans		—			(24,716	)		(24,716	)
Deferred loan origination costs, net		17,384			—			17,384
		1,828,141			5,460,522			7,288,663
Allowance for credit losses		(5,102	)		—			(5,102	)
Total loans held for investment	$	1,823,039		$	5,460,522		$	7,283,561


	December 31, 2025
	Loans Held for Investment, at Amortized Cost			Loans Held for Investment, at Fair Value			Total Loans Held for Investment
	(In thousands)
Unpaid principal balance	$	2,013,514		$	4,477,824		$	6,491,338
Valuation adjustments on performing FVO loans		—			300,344			300,344
Valuation adjustments on nonperforming FVO loans		—			(48,299	)		(48,299	)
Deferred loan origination costs, net		19,269			—			19,269
		2,032,783			4,729,869			6,762,652
Allowance for credit losses		(4,521	)		—			(4,521	)
Total loans held for investment	$	2,028,262		$	4,729,869		$	6,758,131

The following tables summarize the Unpaid Principal Balance (“UPB”) and amortized cost basis of loans in the Company's COVID-19 forbearance program for the three and six months ended June 30, 2026 and the year ended December 31, 2025:


	Three Months Ended June 30, 2026								Six Months Ended June 30, 2026
	UPB			%	Amortized Cost			%	UPB			%	Amortized Cost			%
	($ in thousands)
Beginning balance	$	120,924			$	122,034			$	126,142			$	127,328
Repayments		(4,222	)			(4,304	)			(9,440	)			(9,598	)
Ending balance	$	116,702			$	117,730			$	116,702			$	117,730

Performing/Accruing	$	90,499		77.5%	$	91,281		77.5%	$	90,499		77.5%	$	91,281		77.5%

Nonperforming/Nonaccrual	$	26,203		22.5%	$	26,449		22.5%	$	26,203		22.5%	$	26,449		22.5%


	Year Ended December 31, 2025
	UPB			%	Amortized Cost			%
	($ in thousands)
Beginning balance	$	142,827			$	144,247
Foreclosures		(1,980	)			(1,996	)
Repayments		(14,705	)			(14,923	)
Ending balance	$	126,142			$	127,328

Performing/Accruing	$	96,577		76.6%	$	97,461		76.5%

Nonperforming/Nonaccrual	$	29,565		23.4%	$	29,867		23.5%

Since April 1, 2020, the inception of the COVID-19 forbearance program, the Company has modified $415.9 million in UPB of loans, which includes capitalized interest of $17.7 million. As of June 30, 2026, $294.3 million in UPB of modified loans has been paid down, which includes $7.0 million of capitalized interest received. The Company has not forgiven any capitalized interest.

Approximately 77.5% and 76.6% of the COVID forbearance loans in UPB were performing, and 22.5% and 23.4% were on nonaccrual status as of June 30, 2026 and December 31, 2025, respectively.

As of June 30, 2026 and December 31, 2025, the gross unpaid principal balances of loans held for investment pledged as collateral for the Company’s warehouse facilities and securitized debt issued were as follows:


	June 30, 2026		December 31, 2025
	(In thousands)
The 2013 repurchase agreement	$	111,610	$	165,484
The 2021/2024 repurchase agreements		133,621		134,901
The 2021 term repurchase agreement		12,167		23,478
The 2023 repurchase agreement		120,791		50,611
The 2024 bank credit agreement		34,947		36,479
Total pledged loans	$	413,136	$	410,953

2017-2 Trust	$	26,411	$	29,111
2018-1 Trust		19,753		21,618
2018-2 Trust		45,902		49,759
2019-1 Trust		49,259		58,324
2019-2 Trust		38,529		42,618
2019-3 Trust		37,881		41,166
2020-1 Trust		78,439		83,154
2021-1 Trust		125,518		135,627
2021-2 Trust		102,347		112,332
2021-3 Trust		110,908		119,070
2021-4 Trust		180,411		190,186
2022-1 Trust		188,317		198,203
2022-2 Trust		170,640		178,346
2022-3 Trust		184,091		206,020
2022-4 Trust		180,716		221,652
2022-5 Trust		112,284		146,126
2023-1 Trust		108,741		141,805
2023-2 Trust		82,361		94,269
2023-3 Trust		101,386		124,129
2023-4 Trust		91,550		118,953
2024-1 Trust		106,529		140,464
2024-2 Trust		154,392		183,376
2024-3 Trust		128,624		145,659
2024-4 Trust		158,410		175,820
2024-5 Trust		183,833		246,456
2024-6 Trust		238,620		268,354
2025-1 Trust		289,926		321,431
2025-RTL1 Trust		99,591		117,733
2025-2 Trust		348,588		369,814
2025-MC1 Trust		74,617		86,083
2025-3 Trust		347,309		377,229
2025-P1 Trust		178,599		190,012
2025-4 Trust		442,123		459,557
2025-P2 Trust		197,181		210,368
2025-5 Trust		426,623		445,822
2026-1 Trust		344,703		—
2026-P1 Trust		187,994		—
2026-2 Trust		408,112		—
Total	$	6,351,218	$	6,050,646

The following tables present the amortized cost basis, or recorded investment, of the Company’s loans held for investment, excluding loans carried at fair value, that were nonperforming and on nonaccrual status as of June 30, 2026 and December 31, 2025.


	June 30, 2026
	Total Nonaccrual		Nonaccrual with No Allowance for Credit Losses		Nonaccrual with Allowance for Credit Losses		Allowance for Loans Individually Evaluated
	(In thousands)
Commercial — Purchase	$	19,750	$	19,094	$	656	$	76
Commercial — Refinance		59,806		56,953		2,853		362
Residential 1-4 Unit — Purchase		18,115		17,612		503		7
Residential 1-4 Unit — Refinance		71,141		65,438		5,703		643
Short Term 1-4 Unit — Purchase		1,180		1,180		—		—
Short Term 1-4 Unit — Refinance		11,373		11,373		—		—
Total	$	181,365	$	171,650	$	9,715	$	1,088


	December 31, 2025
	Total Nonaccrual		Nonaccrual with No Allowance for Credit Losses		Nonaccrual with Allowance for Credit Losses		Allowance for Loans Individually Evaluated
	(In thousands)
Commercial — Purchase	$	30,429	$	29,773	$	656	$	76
Commercial — Refinance		74,398		71,043		3,355		402
Residential 1-4 Unit — Purchase		27,383		27,068		315		6
Residential 1-4 Unit — Refinance		90,666		83,143		7,523		535
Short Term 1-4 Unit — Purchase		1,180		1,180		—		—
Short Term 1-4 Unit — Refinance		13,336		13,336		—		—
Total	$	237,392	$	225,543	$	11,849	$	1,019

The Company made the accounting policy election not to measure an allowance for accrued interest receivables and to write off accrued interest receivables by reversing interest income when loans are placed on nonaccrual status, or 90 days or more past due. Any future payments received for these loans will be recognized on a cash basis.

The cash basis interest income recognized on nonaccrual loans, including loans held for investment at fair value, was $12.2 million and $14.0 million for the three months ended June 30, 2026 and 2025, respectively. The cash basis interest income recognized on nonaccrual loans, including loans held for investment at fair value, was $21.9 million and $22.5 million for the six months ended June 30, 2026 and 2025, respectively. No accrued interest income was recognized on nonaccrual loans for the six months ended June 30, 2026 and 2025. The average recorded investment of individually evaluated loans, computed using month-end balances, was $212.9 million and $289.1 million for the three months ended June 30, 2026 and 2025, respectively, and $228.0 million and $294.9 million for the six months ended June 30, 2026 and 2025, respectively. There were no commitments to lend additional funds to debtors experiencing financial difficulty whose loans have been modified as of June 30, 2026 and 2025.

The following tables present the activity in the allowance for credit losses for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026
	Commercial Purchase			Commercial Refinance			Residential 1-4 Unit Purchase			Residential 1-4 Unit Refinance			Short Term 1-4 Unit Purchase			Short Term 1-4 Unit Refinance			Total
	(In thousands)
Allowance for credit losses:
Beginning balance — April 1, 2026	$	300		$	2,303		$	748		$	1,497		$	12		$	—		$	4,860
Provision for (reversal of) credit losses		(7	)		482			51			398			(6	)		62			980
Charge-offs		—			(411	)		(40	)		(247	)		—			(40	)		(738	)
Ending balance	$	293		$	2,374		$	759		$	1,648		$	6		$	22		$	5,102

Allowance related to:
Loans individually evaluated	$	76		$	362		$	7		$	643		$	—		$	—		$	1,088
Loans collectively evaluated	$	217		$	2,013		$	752		$	1,004		$	6		$	22		$	4,014
Amortized cost related to:
Loans individually evaluated	$	19,750		$	59,806		$	18,115		$	71,141		$	1,180		$	11,373		$	181,365
Loans collectively evaluated	$	425,571		$	490,126		$	307,414		$	387,425		$	31,691		$	4,549		$	1,646,776


	Three Months Ended June 30, 2025
	Commercial Purchase		Commercial Refinance			Residential 1-4 Unit Purchase			Residential 1-4 Unit Refinance			Short Term 1-4 Unit Purchase			Short Term 1-4 Unit Refinance			Total
	(In thousands)
Allowance for credit losses:
Beginning balance — April 1, 2025	$	655	$	2,129		$	840		$	1,297		$	38		$	58		$	5,017
Provision for (reversal of) credit losses		24		29			(9	)		(14	)		(11	)		1,579			1,598
Charge-offs		—		(73	)		(44	)		(25	)		—			(1,591	)		(1,733	)
Ending balance	$	679	$	2,085		$	787		$	1,258		$	27		$	46		$	4,882

Allowance related to:
Loans individually evaluated	$	79	$	1,104		$	6		$	235		$	—		$	46		$	1,470
Loans collectively evaluated	$	600	$	981		$	781		$	1,023		$	27		$	—		$	3,412
Amortized cost related to:
Loans individually evaluated	$	33,716	$	95,099		$	26,164		$	114,570		$	2,100		$	14,682		$	286,331
Loans collectively evaluated	$	498,663	$	564,941		$	360,229		$	488,239		$	28,493		$	4,706		$	1,945,271


	Six Months Ended June 30, 2026
	Commercial Purchase			Commercial Refinance			Residential 1-4 Unit Purchase			Residential 1-4 Unit Refinance			Short Term 1-4 Unit Purchase			Short Term 1-4 Unit Refinance			Total
	(In thousands)
Allowance for credit losses:
Beginning balance — January 1, 2026	$	345		$	1,858		$	771		$	1,540		$	7		$	—		$	4,521
Provision for (reversal of) credit losses		(52	)		1,855			141			558			(1	)		140			2,641
Charge-offs		—			(1,339	)		(153	)		(450	)		—			(118	)		(2,060	)
Ending balance	$	293		$	2,374		$	759		$	1,648		$	6		$	22		$	5,102

Allowance related to:
Loans individually evaluated	$	76		$	362		$	7		$	643		$	—		$	—		$	1,088
Loans collectively evaluated	$	217		$	2,013		$	752		$	1,004		$	6		$	22		$	4,014
Amortized cost related to:
Loans individually evaluated	$	19,750		$	59,806		$	18,115		$	71,141		$	1,180		$	11,373		$	181,365
Loans collectively evaluated	$	425,571		$	490,126		$	307,414		$	387,425		$	31,691		$	4,549		$	1,646,776


	Six Months Ended June 30, 2025
	Commercial Purchase		Commercial Refinance			Residential 1-4 Unit Purchase			Residential 1-4 Unit Refinance			Short Term 1-4 Unit Purchase			Short Term 1-4 Unit Refinance			Total
	(In thousands)
Allowance for credit losses:
Beginning balance — January 1, 2025	$	662	$	1,399		$	746		$	1,281		$	12		$	74		$	4,174
Provision for credit losses		17		877			262			626			22			1,666			3,470
Charge-offs		—		(191	)		(221	)		(649	)		(7	)		(1,694	)		(2,762	)
Ending balance	$	679	$	2,085		$	787		$	1,258		$	27		$	46		$	4,882

Allowance related to:
Loans individually evaluated	$	79	$	1,104		$	6		$	235		$	—		$	46		$	1,470
Loans collectively evaluated	$	600	$	981		$	781		$	1,023		$	27		$	—		$	3,412
Amortized cost related to:
Loans individually evaluated	$	33,716	$	95,099		$	26,164		$	114,570		$	2,100		$	14,682		$	286,331
Loans collectively evaluated	$	498,663	$	564,941		$	360,229		$	488,239		$	28,493		$	4,706		$	1,945,271

A credit quality indicator is a statistic used by the Company to monitor and assess the credit quality of loans held for investment, excluding loans held for investment at fair value. The Company monitors its charge-offs rate in relation to its nonperforming loans as a credit quality indicator.

Other credit quality indicators include aging status and accrual status. Nonperforming loans are loans that are 90 or more days past due, in bankruptcy, in foreclosure, or not accruing interest. Past due status is based on the contractual terms of the loan. The following tables present the aging status of the amortized cost basis in the loans held for investment portfolio, which include $117.7 million and $127.3 million loans in the Company’s COVID-19 forbearance program, excluding loans held for investment at fair value, as of June 30, 2026 and December 31, 2025, respectively:



June 30, 2026	30–59 Days Past Due		60–89 Days Past Due		90+ Days Past Due(1)		Total Past Due		Current		Total Loans
	(In thousands)
Loans individually evaluated
Commercial — Purchase	$	1,151	$	1,763	$	16,836	$	19,750	$	—	$	19,750
Commercial — Refinance		5,422		239		54,033		59,694		112		59,806
Residential 1-4 Unit — Purchase		2,413		—		15,702		18,115		—		18,115
Residential 1-4 Unit — Refinance		3,747		2,095		65,299		71,141		—		71,141
Short Term 1-4 Unit — Purchase		—		—		1,180		1,180		—		1,180
Short Term 1-4 Unit — Refinance		—		—		11,373		11,373		—		11,373
Total loans individually evaluated	$	12,733	$	4,097	$	164,423	$	181,253	$	112	$	181,365
Loans collectively evaluated
Commercial — Purchase	$	21,763	$	5,805	$	—	$	27,568	$	398,003	$	425,571
Commercial — Refinance		25,748		11,964		—		37,712		452,414		490,126
Residential 1-4 Unit — Purchase		14,681		1,547		—		16,228		291,186		307,414
Residential 1-4 Unit — Refinance		23,089		10,888		—		33,977		353,448		387,425
Short Term 1-4 Unit — Purchase		—		—		—		—		31,691		31,691
Short Term 1-4 Unit — Refinance		—		—		—		—		4,549		4,549
Total loans collectively evaluated	$	85,281	$	30,204	$	—	$	115,485	$	1,531,291	$	1,646,776
Ending balance	$	98,014	$	34,301	$	164,423	$	296,738	$	1,531,403	$	1,828,141

(1)

Includes loans in bankruptcy and foreclosure less than 90 days past due.



December 31, 2025	30–59 Days Past Due		60–89 Days Past Due		90+ Days Past Due(1)		Total Past Due		Current		Total Loans
	(In thousands)
Loans individually evaluated
Commercial — Purchase	$	197	$	2,499	$	27,733	$	30,429	$	—	$	30,429
Commercial — Refinance		4,403		3,817		66,178		74,398		—		74,398
Residential 1-4 Unit — Purchase		2,621		688		24,074		27,383		—		27,383
Residential 1-4 Unit — Refinance		4,169		2,376		84,121		90,666		—		90,666
Short Term 1-4 Unit — Purchase		—		—		1,180		1,180		—		1,180
Short Term 1-4 Unit — Refinance		—		—		13,336		13,336		—		13,336
Total loans individually evaluated	$	11,390	$	9,380	$	216,622	$	237,392	$	—	$	237,392
Loans collectively evaluated
Commercial — Purchase	$	17,461	$	10,059	$	—	$	27,520	$	431,786	$	459,306
Commercial — Refinance		29,871		12,111		—		41,982		492,895		534,877
Residential 1-4 Unit — Purchase		8,996		4,474		—		13,470		311,365		324,835
Residential 1-4 Unit — Refinance		26,912		17,494		—		44,406		397,821		442,227
Short Term 1-4 Unit — Purchase		—		—		—		—		29,598		29,598
Short Term 1-4 Unit — Refinance		—		4,548		—		4,548		—		4,548
Total loans collectively evaluated	$	83,240	$	48,686	$	—	$	131,926	$	1,663,465	$	1,795,391
Ending balance	$	94,630	$	58,066	$	216,622	$	369,318	$	1,663,465	$	2,032,783

(1)

Includes loans in bankruptcy and foreclosure less than 90 days past due.

In addition to the aging status, the Company also evaluates credit quality by accrual status. The following tables present the amortized cost in loans held for investment, excluding loans held for investment at fair value, based on accrual status and by loan origination year as of June 30, 2026 and December 31, 2025.


	Term Loans Amortized Cost Basis by Origination Year
June 30, 2026:	2022		2021		2020		2019		Prior		Total
	(In thousands)
Commercial — Purchase
Payment performance
Performing	$	176,511	$	176,249	$	21,636	$	25,068	$	26,107	$	425,571
Nonperforming		2,961		8,471		2,136		3,522		2,660		19,750
Total Commercial — Purchase	$	179,472	$	184,720	$	23,772	$	28,590	$	28,767	$	445,321

Commercial — Refinance
Payment performance
Performing		167,906	$	144,203	$	29,091	$	58,583	$	90,343	$	490,126
Nonperforming		6,379		14,742		4,438		14,243		20,004		59,806
Total Commercial — Refinance	$	174,285	$	158,945	$	33,529	$	72,826	$	110,347	$	549,932

Residential 1-4 Unit — Purchase
Payment performance
Performing	$	135,671	$	135,298	$	4,688	$	13,826	$	17,931	$	307,414
Nonperforming		2,624		10,306		488		655		4,042		18,115
Total Residential 1-4 Unit — Purchase	$	138,295	$	145,604	$	5,176	$	14,481	$	21,973	$	325,529

Residential 1-4 Unit — Refinance
Payment performance
Performing	$	155,452	$	149,462	$	10,816	$	34,469	$	37,226	$	387,425
Nonperforming		12,939		32,120		901		11,934		13,247		71,141
Total Residential 1-4 Unit — Refinance	$	168,391	$	181,582	$	11,717	$	46,403	$	50,473	$	458,566

Short Term 1-4 Unit — Purchase
Payment performance
Performing	$	—	$	—	$	23,237	$	8,454	$	—	$	31,691
Nonperforming		597		—		583		—		—		1,180
Total Short Term 1-4 Unit — Purchase	$	597	$	—	$	23,820	$	8,454	$	—	$	32,871

Short Term 1-4 Unit — Refinance
Payment performance
Performing	$	4,549	$	—	$	—	$	—	$	—	$	4,549
Nonperforming		794		—		1,522		8,271		786		11,373
Total Short Term 1-4 Unit — Refinance	$	5,343	$	—	$	1,522	$	8,271	$	786	$	15,922

Total Portfolio	$	666,383	$	670,851	$	99,536	$	179,025	$	212,346	$	1,828,141

Gross charge-offs — quarter-ended June 30, 2026	$	461	$	51	$	—	$	—	$	226	$	738

Gross charge-offs — year-to-date June 30, 2026	$	1,016	$	414	$	—	$	110	$	520	$	2,060


	Term Loans Amortized Cost Basis by Origination Year
December 31, 2025	2022		2021		2020		2019		Prior		Total
	(In thousands)
Commercial — Purchase
Payment performance
Performing	$	195,654	$	183,471	$	22,409	$	26,427	$	31,345	$	459,306
Nonperforming		9,992		12,081		2,981		3,819		1,556		30,429
Total Commercial — Purchase	$	205,646	$	195,552	$	25,390	$	30,246	$	32,901	$	489,735

Commercial — Refinance
Payment performance
Performing	$	184,326	$	152,510	$	32,023	$	64,788	$	101,230	$	534,877
Nonperforming		18,536		14,907		4,308		14,815		21,832		74,398
Total Commercial — Refinance	$	202,862	$	167,417	$	36,331	$	79,603	$	123,062	$	609,275

Residential 1-4 Unit — Purchase
Payment performance
Performing	$	144,277	$	142,870	$	4,718	$	13,852	$	19,118	$	324,835
Nonperforming		10,318		10,958		1,390		788		3,929		27,383
Total Residential 1-4 Unit — Purchase	$	154,595	$	153,828	$	6,108	$	14,640	$	23,047	$	352,218

Residential 1-4 Unit — Refinance
Payment performance
Performing	$	182,214	$	165,344	$	13,247	$	38,741	$	42,681	$	442,227
Nonperforming		27,281		34,311		3,178		11,342		14,554		90,666
Total Residential 1-4 Unit — Refinance	$	209,495	$	199,655	$	16,425	$	50,083	$	57,235	$	532,893

Short Term 1-4 Unit — Purchase
Payment performance
Performing	$	—	$	—	$	21,904	$	7,694	$	—	$	29,598
Nonperforming		597		—		583		—		—		1,180
Total Short Term 1-4 Unit — Purchase	$	597	$	—	$	22,487	$	7,694	$	—	$	30,778

Short Term 1-4 Unit — Refinance
Payment performance
Performing	$	4,548	$	—	$	—	$	—	$	—	$	4,548
Nonperforming		916		—		1,844		8,230		2,346		13,336
Total Short Term 1-4 Unit — Refinance	$	5,464	$	—	$	1,844	$	8,230	$	2,346	$	17,884

Total Portfolio	$	778,659	$	716,452	$	108,585	$	190,496	$	238,591	$	2,032,783

Gross charge-offs — quarter-ended December 31, 2025	$	1,321	$	422	$	—	$	—	$	276	$	2,019

Gross charge-offs — year-ended December 31, 2025	$	4,120	$	751	$	45	$	75	$	467	$	5,458

The following tables present the aggregate fair value of loans held for investment at fair value that are 90 days or more past due and/or in nonaccrual status, and the difference between the aggregate fair value and the aggregate unpaid principal balance as of June 30, 2026 and December 31, 2025 by loan segments:


	Fair Value						Unpaid Principal Balance						Difference
	Current-89 Days		90+ Days Past Due				Current-89 Days		90+ Days Past Due				90+ Days Past Due
June 30, 2026	Past Due		or Nonaccrual		Total		Past Due		or Nonaccrual		Total		or Nonaccrual
	(In thousands)
Commercial — Purchase	$	1,119,985	$	27,481	$	1,147,466	$	1,031,858	$	28,927	$	1,060,785	$	(1,446	)
Commercial — Refinance		1,752,296		134,233		1,886,529		1,613,796		141,298		1,755,094		(7,065	)
Residential 1-4 Unit — Purchase		516,362		41,496		557,858		497,539		43,680		541,219		(2,184	)
Residential 1-4 Unit — Refinance		1,499,525		224,114		1,723,639		1,434,941		235,902		1,670,843		(11,788	)
Short Term 1-4 Unit — Purchase		38,943		14,037		52,980		38,999		14,775		53,774		(738	)
Short Term 1-4 Unit — Refinance		63,657		28,393		92,050		63,532		29,887		93,419		(1,494	)
Ending balance	$	4,990,768	$	469,754	$	5,460,522	$	4,680,665	$	494,469	$	5,175,134	$	(24,715	)


	Fair Value						Unpaid Principal Balance						Difference
	Current-89 Days		90+ Days Past Due				Current-89 Days		90+ Days Past Due				90+ Days Past Due
December 31, 2025	Past Due		or Nonaccrual		Total		Past Due		or Nonaccrual		Total		or Nonaccrual
	(In thousands)
Commercial — Purchase	$	917,607	$	34,903	$	952,510	$	841,434	$	41,485	$	882,919	$	(6,582	)
Commercial — Refinance		1,449,157		60,074		1,509,231		1,325,078		70,790		1,395,868		(10,716	)
Residential 1-4 Unit — Purchase		509,464		31,108		540,572		486,499		36,781		523,280		(5,673	)
Residential 1-4 Unit — Refinance		1,431,311		121,826		1,553,137		1,356,593		143,147		1,499,740		(21,321	)
Short Term 1-4 Unit — Purchase		64,004		11,206		75,210		63,552		13,009		76,561		(1,803	)
Short Term 1-4 Unit — Refinance		86,446		12,763		99,209		84,488		14,968		99,456		(2,205	)
Ending balance	$	4,457,989	$	271,880	$	4,729,869	$	4,157,644	$	320,180	$	4,477,824	$	(48,300	)