DOCSLIB.ORG

2015 Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2015 Annual Report 2015 ANNUAL REPORT 2015 Walker & Dunlop 2015 Annual Report As one of the largest commercial real estate lenders in the United States, Walker & Dunlop has differentiated itself from the competition through its deep industry knowledge, experienced team of financing professionals, scaled lending platform, and exceptional customer service. Since going public at the end of 2010, we have delivered strong, consistent shareholder returns and outperformed the broader markets. The past five years have brought significant changes to Walker & Dunlop that have made us a larger and more dynamic firm today, but our customer-centric approach and commitment to delivering shareholder value are still at the heart of all we do. 5 Years Publicly Held Company 25 Offices +500 Employees Walker&Dunlop 2015 Annual Report We successfully integrated four companies, which allowed us to meet the needs of the market, expand our client base, and grow our footprint without compromising the culture and expertise that our clients have come to expect from Walker & Dunlop. William M. Walker Chairman & CEO DEAR FELLOW SHAREHOLDERS: I joined Walker & Dunlop in 2003, just as the com- acquire certain assets of Column Guaranteed from mercial real estate industry was at the beginning of Credit Suisse, doubling the size of Walker & Dunlop a multi-year run—heavy investment and strong and making us one of the largest multifamily lenders growth created excellent market conditions for in the country. owners, developers, and service providers. Yet the In 2010, we raised capital through our Initial Public firms with scaled national platforms generally grew Offering, and between 2010 and 2015, we carefully faster, and benefitted more, from the robust market strengthened, scaled and diversified our lending plat- environment. It was during this period that we saw form with a focus on recruiting talented professionals the impact of scale, and determined that building and acquiring great businesses. We successfully a larger national real estate financing company integrated four companies, which allowed us to meet was fundamental to reaping the maximum rewards in the needs of the market, expand our client base, and an expanding market. grow our footprint without compromising the culture We also saw, with the financial crisis of 2008, the and expertise that our clients had come to expect value of counter-cyclical capital sources such as from Walker & Dunlop. Fannie Mae, Freddie Mac, and HUD (the “Agencies”) By 2015 Walker & Dunlop had a national platform as other capital sources fled the market. So with the with the people, expertise, and brand to benefit fully desire to grow and understanding of the value of from strong market fundamentals. Our clients and Agency capital, we made the bold move in 2009 to This Annual Report contains forward-looking statements within the meaning of federal securities law. Please see page 3 of our 2015 Form 10-K filed with the Securities and Exchange Commission for additional information regarding forward-looking statements. 1 18000 18000 500000 500000 15000 15000 400000 400000 12000 12000 300000 300000 9000 9000 200000 200000 6000 6000 100000 100000 3000 3000 0 0 Walker&Dunlop 2015 Annual Report0 0 2011 20122011 20132012 20142013 20152014 2015 2011 20122011 20132012 20142013 20152014 2015 TOTALTOTAL TRANSACTION TRANSACTION VOLUMES VOLUMES TOTALTOTAL REVENUES REVENUES ($ IN MILLIONS)($ IN MILLIONS) ($ IN THOUSANDS)($ IN THOUSANDS) $17,759$17,759 $468,198$468,198 $18,000 $18,000 $500,000 $500,000 $15,000 $15,000 $400,000 $400,000 $12,000 $12,000 $300,000 $300,000 $9,000 $9,000 $200,000 $200,000 $6,000 $6,000 $100,000 $100,000 $3,000 $3,000 0 0 0 0 2011 20122011 20132012 20142013 20152014 2015 2011 20122011 20132012 20142013 20152014 2015 shareholders benefitted tremendously as the scale (WDCPF), the CMBS lending platform we formed we created brought great value to every financing. with an affiliate of Fortress Investment Group, LLC in 2013. With hundreds of billions of dollars of CMBS Our core Fannie Mae, Freddie Mac, and HUD loan loans coming up for refinancing in 2016 and 2017, origination businesses are now some of the largest in our 100% ownership of WDCPF should benefit both the country. Beyond our Agency financing business, our borrowers and our shareholders. Our balance we have grown our capital markets platform to include sheet and CMBS lending operations give us signifi- a wide variety of capital sources to meet the financing cant amounts of capital to meet the borrowing needs needs of owners of office buildings, retail centers, of our clients and leverage the loan origination and hotels across the United States. We originated platform we have built over the past decade. just under $4 billion of loans in this business in 2015, and intend to continue growing it as the In 2015, we acquired Engler Financial Group and volume of commercial loan maturities balloons in formed Walker & Dunlop Investment Sales (WDIS), 2016 and 2017. adding multifamily investment sales to our scaled commercial real estate finance platform and making Our growth and success provided the financial Walker & Dunlop more than just a debt provider to strength to begin originating loans for our balance our clients. The investment sales business creates sheet in 2012. We have grown this business nicely tremendous synergies with our financing business over the past several years, and generated almost and allows us to deepen our existing client relation- $10 million of net interest income in 2015. At the ships and foster new ones. We will make further beginning of 2016, we assumed full ownership of investments in the investment sales business to scale Walker & Dunlop Commercial Property Funding the platform on a national level. 2 3.0 140000 120000 2.5 100000 2.0 80000 1.5 60000 1.0 40000 0.5 20000 0.0 0 Walker&Dunlop 2015 Annual Report 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 DILUTED EARNINGS PER SHARE ADJUSTED EBITDA(1) (GAAP) ($ IN THOUSANDS) $3.00 $140,000 As we scale our brokerage and lending $2.65 $124,279 $120,000 businesses, our servicing portfolio $2.50 $100,000 will continue to grow in size and value, $2.00 providing us with a steady stream $80,000 $1.50 of cash flows that will increase our $60,000 $1.00 financial stability and flexibility for $40,000 years to come. $0.50 $20,000 0 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 (1) Adjusted EBITDA is not calculated in accordance with GAAP. A reconciliation of Adjusted EBITDA to net income is located beginning on page 46 of our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission on February 26, 2016. Behind Walker & Dunlop’s loan origination businesses streams throughout all market cycles. Over the com- sits a $50 billion servicing portfolio filled with almost ing years, we will continue to expand our lending 5,000 mortgages, predominantly on multifamily platform by lending on other commercial real estate properties with high debt service coverage and plenty asset classes beyond multifamily, and providing our of equity ahead of Walker & Dunlop’s debt. Inside borrowers with additional financing solutions beyond the $50 billion portfolio, we have retained credit just first trust mortgages. The commercial real estate risk on $22 billion of loans. The average loan-to- market is constantly changing, and we will use Walker value of these loans when they were originated was & Dunlop’s consistent and growing cash flows to 67%, and the current debt-service-coverage on these invest in people and businesses that meet the needs loans is 1.9 times. As we scale our brokerage and of the market and our customers. We ended 2015 lending businesses, our servicing portfolio will con- with $137 million in cash on our balance sheet and tinue to grow in size and value, providing us with a only $168 million of debt while generating $124 mil- steady stream of cash flows that will increase our lion of adjusted EBITDA1, giving us the flexibility to financial stability and flexibility for years to come. take advantage of growth opportunities that will enhance the overall profitability of our company while Our mission to create the premier commercial real continuing to generate strong shareholder returns. estate finance company in the United States remains. We have grown to be one of the largest commercial Since going public at the end of 2010, Walker & real estate lenders in the country, but we are still pre- Dunlop’s talented professionals have worked tirelessly dominantly a multifamily, first-lien lender. Our core to deliver strong, consistent results, and I would like multifamily lending business will fuel the growth of to thank the entire W&D team for five incredible years. our servicing portfolio and provide consistent revenue Over that five-year span we grew revenues from 1Adjusted EBITDA is not calculated in accordance with GAAP. A reconciliation of Adjusted EBITDA to net income is located beginning on page 45 of our Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission on February 26, 2016. 3 3.0 140000 120000 2.5 100000 2.0 80000 1.5 60000 1.0 40000 0.5 20000 0.0 Walker&Dunlop 2015 Annual Report 0 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 DILUTED EARNINGS PER SHARE ADJUSTED EBITDA(1) (GAAP) ($ IN THOUSANDS) Our significant growth has brought $3.00 $140,000 $2.65 with it plenty of change as well as $124,279 $120,000 $2.50 challenges. Yet our core mission, and $100,000 $2.00 culture, have not changed.
Load more

Recommended publications
  • 1 United States District Court District of Massachusetts
    Case 1:16-cv-10482-ADB Document 70 Filed 08/01/18 Page 1 of 19 UNITED STATES DISTRICT COURT DISTRICT OF MASSACHUSETTS GERARD M. PENNEY and * DONNA PENNEY, * * Plaintiffs, * * v. * Civil Action No. 16-cv-10482-ADB * DEUTSCHE BANK NATIONAL TRUST * COMPANY, et al., * * Defendants. * * MEMORANDUM AND ORDER ON MOTIONS FOR SUMMARY JUDGMENT BURROUGHS, D.J. Plaintiffs Gerard M. Penney and Donna Penney initiated this lawsuit against Deutsche Bank National Trust Company as trustee of the Soundview Home Loan Trust 2005-OPT3 (“Deutsche Bank”) and Ocwen Loan Servicing, LLC (“Ocwen”) to stop a foreclosure on their home. On March 15, 2017, the Court dismissed all of the Plaintiffs’ claims in the Amended Complaint [ECF No. 21], except for the request in Count I for a declaratory judgment that the mortgage at issue is unenforceable against Donna and therefore a foreclosure cannot proceed. [ECF No. 39]. Deutsche Bank then filed counterclaims for fraud (Count I against Gerard), negligent misrepresentation (Count II against Donna), equitable subrogation (Count III against the Plaintiffs), and declaratory judgment (Count IV against the Plaintiffs). [ECF No. 55]. Currently pending before the Court are Ocwen’s motion for summary judgment on Count I of the Amended Complaint [ECF No. 57], and Deutsche Bank’s motion for partial summary judgment on Counts III and IV of the counterclaims [ECF No. 60].1 For the reasons stated below, 1 Deutsche Bank also joins Ocwen’s motion for summary judgment. [ECF Nos. 63, 64]. 1 Case 1:16-cv-10482-ADB Document 70 Filed 08/01/18 Page 2 of 19 Ocwen’s motion is DENIED and Deutsche Bank’s motion is GRANTED in part and DENIED in part.
    [Show full text]
  • Mortgage Banking, Comptroller's Handbook
    Comptroller’s Handbook A-MB Safety and Soundness Capital Asset Sensitivity to Other Adequacy Quality Management Earnings Liquidity Market Risk Activities (C) (A) (M) (E) (L) (S) (O) Mortgage Banking Version 1.0, February 2014 Office of the Comptroller of the Currency Washington, DC 20219 Version 1.0 Contents Introduction ..............................................................................................................................1 Background ................................................................................................................... 1 Primary and Secondary Mortgage Markets ............................................................ 2 Fundamentals of Mortgage Banking ....................................................................... 3 Common Mortgage Banking Structures ................................................................. 4 Mortgage Banking Profitability .............................................................................. 4 Statutory and Regulatory Authority .............................................................................. 9 Preemption and Visitorial Powers .............................................................................. 10 Capital Requirements .................................................................................................. 11 Risks Associated With Mortgage Banking ................................................................. 12 Credit Risk ...........................................................................................................
    [Show full text]
  • Mortgage Servicing Rules Under the Truth in Lending Act (Regulation Z)
    BILLING CODE: 4810-AM-P BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1026 [Docket No. CFPB-2012-0033] RIN 3170-AA14 Mortgage Servicing Rules under the Truth in Lending Act (Regulation Z) AGENCY: Bureau of Consumer Financial Protection. ACTION: Final rule; official interpretations. SUMMARY: The Bureau of Consumer Financial Protection is amending Regulation Z, which implements the Truth in Lending Act and the official interpretation to the regulation, which interprets the requirements of Regulation Z. This final rule implements provisions of the Dodd- Frank Wall Street Reform and Consumer Protection Act regarding mortgage loan servicing. Specifically, this final rule implements Dodd-Frank Act sections addressing initial rate adjustment notices for adjustable-rate mortgages, periodic statements for residential mortgage loans, prompt crediting of mortgage payments, and responses to requests for payoff amounts. This final rule also amends current rules governing the scope, timing, content, and format of disclosures to consumers regarding the interest rate adjustments of their variable-rate transactions. Concurrently with the issuance of this final rule, the Bureau is amending Regulation X, which contains companion rules implementing amendments to the Real Estate Settlement Procedures Act of 1974. DATES: This final rule is effective on January 10, 2014. FOR FURTHER INFORMATION CONTACT: 1 Regulation Z (TILA): Whitney Patross, Attorney; Marta Tanenhaus or Mitchell E. Hochberg, Senior Counsels, Office of Regulations, at (202) 435-7700. Regulation X (RESPA): Whitney Patross, Attorney; Jane Gao, Terry Randall or Michael Scherzer, Counsels; Lisa Cole or Mitchell E. Hochberg, Senior Counsels, Office of Regulations, at (202) 435-7700. SUPPLEMENTARY INFORMATION: I. Summary of the Final Rule The Bureau of Consumer Financial Protection (Bureau) is amending Regulation Z, which implements the Truth in Lending Act (TILA) and the official interpretation to the regulation (the 2013 TILA Servicing Final Rule).
    [Show full text]
  • An Overview of the Housing Finance System in the United States
    An Overview of the Housing Finance System in the United States N. Eric Weiss Specialist in Financial Economics Katie Jones Analyst in Housing Policy January 18, 2017 Congressional Research Service 7-5700 www.crs.gov R42995 An Overview of the Housing Finance System in the United States Summary When making a decision about housing, a household must choose between renting and owning. Multiple factors, such as a household’s financial status and expectations about the future, influence the decision. Few people who decide to purchase a home have the necessary savings or available financial resources to make the purchase on their own. Most need to take out a loan. A loan that uses real estate as collateral is typically referred to as a mortgage. A potential borrower applies for a loan from a lender in what is called the primary market. The lender underwrites, or evaluates, the borrower and decides whether and under what terms to extend a loan. Different types of lenders, including banks, credit unions, and finance companies (institutions that lend money but do not accept deposits), make home loans. The lender requires some additional assurance that, in the event that the borrower does not repay the mortgage as promised, it will be able to sell the home for enough to recoup the amount it is owed. Typically, lenders receive such assurance through a down payment, mortgage insurance, or a combination of the two. Mortgage insurance can be provided privately or through a government guarantee. After a mortgage is made, the borrower sends the required payments to an entity known as a mortgage servicer, which then remits the payments to the mortgage holder (the mortgage holder can be the original lender or, if the mortgage is sold, an investor).
    [Show full text]
  • Mortgage Servicing Adam J
    GEORGETOWN LAW The Scholarly Commons 2011 Mortgage Servicing Adam J. Levitin Georgetown University Law Center, [email protected] Tara Twomey National Consumer Law Center Georgetown Public Law and Legal Theory Research Paper No. 11-09 Georgetown Business, Economics and Regulatory Law Research Paper No. 11-01 This paper can be downloaded free of charge from: http://scholarship.law.georgetown.edu/facpub/498 http://ssrn.com/abstract=1324023 Yale J. on Reg. (forthcoming, 2011) This open-access article is brought to you by the Georgetown Law Library. Posted with permission of the author. Electronic copy available at: http://ssrn.com/abstract=1324023 5_LEVITIN&TWOMEY Mortgage Servicing Adam J. Levitin† & Tara Twomey‡ This Article argues that a principal-agent problem plays a critical role in the current foreclosure crisis. A traditional mortgage lender decides whether to foreclose or restructure a defaulted loan based on its evaluation of the comparative net present value of those options. Most residential mortgage loans, however, are securitized. Securitized mortgage loans are managed by third-party mortgage servicers as agents for mortgage-backed securities (―MBS‖) investors. Servicers‘ compensation structures create a principal-agent conflict between them and MBS investors. Servicers have no stake in the performance of mortgage loans, so they do not share investors‘ interest in maximizing the net present value of the loan. Instead, servicers‘ decision of whether to foreclose or modify a loan is based on their own cost and income structure, which is skewed toward foreclosure. The costs of this principal-agent conflict are thus externalized directly on homeowners and indirectly on communities and the housing market as a whole.
    [Show full text]
  • Bank of America Home Modification Portal
    Bank Of America Home Modification Portal Condolent or indecisive, Westley never underlined any gilberts! Calumnious Tanney always networks his veratrum if Ginger is pasty or trudges elsewhither. Afloat deictic, Larry sire Lalage and romanticize foundations. To diverge with us you must modify an active Bank of the good business checking account. Merely the fact that you all meet does not necessarily mean you are going to have an answer to a very complex problem. Role of the Servicer Before I describe the changes we have made in the foreclosure and modification processes, and includes activities such as repayment plans, the bill is expected to face stiff criticism from the ASF and other industry participants and is not expected to pass in its current form. The modification program administrator with a crossroads between representatives, and that servicers to force fannie mae loan program is an example, and fannie mae. For home of banking needs to your conclusion they have available to this portal makes no forgiveness application? The bank of incentives of your property when borrowers is continuing to correct these fees for? In conclusion, no, modifications are correct our sincere interest and pope the interest deliver the investor. Our systems are currently down. Freddie mac has an online banking platform come off of america loan is respectful process in evaluating the eight servicers that states because no one little time! The Home Affordable Modification Program HAMP provides eligible borrowers the. And exclude we got know where those modifications is that indeed are affordable to the homeowner and based on the OCC OTS metrics, not chase the affiants themselves.
    [Show full text]
  • Servicing Symposium Addressing Issues Facing the Servicing Industry Right Now
    Servicing 2011 Symposium Critical issues impacting the servicing industry WHY ATTEND | AGENDA | PANELISTS | DIRECTIONS | ACCOMMODATIONS | CONTACT | FINANCIAL 411 In The News Dodd-Frank a key focus of symposium in Charlotte Thursday Thursday, October 6, 2011 The band, Side Effect, booked for post-Symposium reception Standard & Poor’s Revises Criteria for Collateral for U.S. CMBS 9:00 a.m. – 5:00 p.m. Defeasances in Response to U.S. Debt Downgrade Alston & Bird welcomes Andrea Cummings Charlotte Convention Center | Charlotte, NC to the Real Estate Finance & Investment Group. Critical issues impacting the servicing industry Servicing WHY ATTEND | AGENDA | PANELISTS | DIRECTIONS | ACCOMMODATIONS | CONTACT | FINANCIAL 411 2011 Symposium About the Symposium Alston & Bird is hosting our second annual Servicing Symposium addressing issues facing the servicing industry right now. Industry leaders will explore current business challenges, discuss solutions and strategize to adapt servicing practices to changing industry standards, regulation and legislation. Breakout sessions address trends, advancing issues, servicing controversies, regulation AB update, REMIC reform, appraisals, CDOs and pooling and servicing agreements. Last year’s inaugural Symposium drew more than 400 attendees representing a broad spectrum of companies from the financial services industry, including Bank of America, CW Capital Asset Management, Midland Loan Services, Moody’s, Pacific Life, TIAA-CREF, US Bank and Wells Fargo. Who Should Attend Analysts Government regulators Portfolio lenders Asset managers Institutional investors Portfolio managers Commercial mortgage Investment bankers Primary servicers underwriters Loan administrators Rating agencies Finance managers Loan document specialists Special servicers Financial consultants Master servicers Transaction managers Registration: The Servicing Symposium is complimentary to clients and guests of the firm.
    [Show full text]
  • SC13-2384 Comments
    Filing # 22365514 E-Filed 01/09/2015 11:36:40 AM IN THE SUPREME COURT OF FLORIDA IN RE: AMENDMENTS TO THE FLORIDA NO. SC13-2384 RULES OF CIVIL PROCEDURE COMMENTS OF LYNN E. SZYMONIAK, ESQ. COMES NOW, Lynn E. Szymoniak, Director, The Housing Justice Foundation by and through the undersigned counsel and submits the following comments on behalf of herself and The Housing Justice Foundation, on the changes to the Florida Rules of Civil Procedure in foreclosure matters, as follows: 1. I am a member in good standing of the Florida Bar, admitted on November 10, 1981, and a Director of The Housing Justice Foundation, Inc., a non-profit organization in West Palm Beach, Florida. 2. I am a mortgage fraud whistleblower, having recovered $95 million for the Federal Housing Administration in a settlement with Bank of America Corporation, J.P. Morgan Chase & Co., Wells Fargo & Company and Citigroup, Inc. in March, 2012. The settlement was reached as part of the $25 billion dollar global resolution between the same defendants, the United States of America, the state attorneys general, and others. 3. I have reviewed mortgage documents in several thousand Florida foreclosure cases, as well as from cases from other states. I also have regularly observed courtroom RECEIVED, 1/9/201511:38:43 AM,Clerk,Supreme Court proceedings in foreclosure cases for the past five years. 4. My work was featured on 60 Minutes in a story that won the Loeb Award in 2012, the most prestigious award in business journalism. The story exposed fraudulent document practices by certain mortgage servicing companies.
    [Show full text]
  • Monitorâ•Žs Report Regarding Compliance by Ditech Financial
    Case 1:12-cv-00361-RMC Document 217 Filed 12/17/15 Page 1 of 53 IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF COLUMBIA UNITED STATES OF AMERICA, et al., ) ) Plaintiffs, ) ) ) v. Civil Action No. 12-00361 (RMC) ) BANK OF AMERICA CORP., et al., ) ) Defendants ) ) MONITOR’S REPORT REGARDING COMPLIANCE BY DITECH FINANCIAL LLC (F/K/A GREEN TREE SERVICING LLC), AS SUCCESSOR BY ASSIGNMENT FROM DEFENDANTS RESIDENTIAL CAPITAL LLC, GMAC MORTGAGE LLC, AND ALLY FINANCIAL INC. FOR THE MEASUREMENT PERIODS ENDED MARCH 31, 2015 AND JUNE 30, 2015 The undersigned, Joseph A. Smith, Jr., in my capacity as the Monitor under the Consent Judgment (Case 1:12-cv-00361-RMC; Document 13) filed in the above-captioned matter on April 4, 2012 (Judgment), respectfully files this Report regarding compliance by Ditech Financial LLC (f/k/a Green Tree Servicing LLC),1 as successor by assignment from Residential Capital, LLC (ResCap) and GMAC Mortgage, LLC (GMAC), with the terms of the Judgment applicable to it and its servicing of a portfolio of mortgage loans that is referred to in this Report as the Green Tree 1 Effective August 31, 2015, Ditech Mortgage merged into Green Tree Servicing LLC and contemporaneously with such merger, Green Tree Servicing LLC changed its name to Ditech Financial LLC. 1 Case 1:12-cv-00361-RMC Document 217 Filed 12/17/15 Page 2 of 53 Portfolio.2 This Report is filed pursuant to Paragraph D.3 of Exhibit E to the Judgment. I. Definitions This Section defines words or terms that are used throughout this Report.
    [Show full text]
  • For Securitized Mortgage Loans the “Pooling and Servicing Agreement”
    Finding Pooling And Servicing Agreements (PSA’s) For Securitized Mortgage Loans The “Pooling and Servicing Agreement” is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans. The Pooling and Servicing Agreement can be a stand-alone document or it can be part of another paper, usually called the “Prospectus.” If the securitization is public, these documents must be filed with the Securities and Exchange Commission (SEC), and will be available to the public at www.sec.gov. Locating a Pooling and Servicing Agreement on the SEC website can be a challenge. The most important information you will need to find the Pooling and Servicing Agreement is the name of the original lender and the title of the pool of loans. We will work through an example below. Assume that the lender is Ameriquest Mortgage Co. We don’t know the name of the pool that the homeowner’s mortgage ended up in, but we do know that the mortgage was made on June 1, 2002. Step One: Go to www.sec.gov and click on “Search for Company Filings” under “Filing & Forms (EDGAR).” Under “General-Purpose Searches,” click on “Companies & other filers.” Then, in the “Enter your search information” box, type in “Ameriquest” next to “Company name” and click on the “Find Companies” button. Step Two: The page you are now looking at shows a long list of the names of securitized pools of loans. We know the mortgage was made on June 1, 2002. Look for the entry titled “AMERIQUEST MORT SEC INC ASS BK PAS THR CERTS SER 2002 2.” The document number is CIK 0001175125.
    [Show full text]