Maestro Cos Total Assets were $4,000,000, Total Liabilities $3,000,000 and Equity $1,000,000. On December 31, 20X1, Maestro Co securitized $1,000,000 of mortgages using a securitization entity (SE). The cash received from the SE was exactly $1,000,000, so it recognized no gain or loss on the transaction. Maestro Cos net income for the year ended December 31, 20X1, is $50,000. Which of the following is Maestro Cos financial leverage if it treats the transaction as collateralized borrowing?