Net income attributable to common stockholders decreased by 52% to $107.4 million in 2025, down from $223.3 million in 2024. Net interest income declined by 34% to $238.2 million in 2025, compared to $363.3 million in 2024. The Structured loan and investment portfolio grew to $12.11 billion in 2025, with originations of $3.52 billion outpacing loan runoff of $2.21 billion. The Agency Business servicing portfolio increased by $2.73 billion to $36.20 billion at December 31, 2025. Agency Business loan originations totaled $5.07 billion, with sales reaching $5.10 billion in 2025. Sales margin (gains and fees as a percentage of loan sales) in the Agency Business decreased to 138 basis points in 2025 from 163 basis points in 2024. The MSR rate (income from MSRs as a percentage of loan commitment volume) decreased to 107 basis points in 2025 from 115 basis points in 2024. 43 loans with a total unpaid principal balance (UPB) of $1.71 billion were modified, primarily to provide temporary rate relief through a pay and accrual feature. The company foreclosed on 21 loans with a total net carrying value of $590.5 million, subsequently selling the underlying collateral on 8 of these properties. Issued $900.0 million in senior unsecured notes and closed two new Collateralized Loan Obligation (CLO) vehicles (BTR CLO 1 and CLO 20) totaling $1.85 billion. Repurchased 329,596 shares of common stock in Q4 2025 and an additional 2,444,860 shares in January and February 2026. The allowance for credit losses for the Structured Business loan and investment portfolio was $146.0 million at December 31, 2025. Delinquent loans (60+ days past due) in the Agency Business servicing portfolio increased to $959.0 million (2.65% of portfolio) in 2025 from $524.5 million (1.57% of portfolio) in 2024.