GAAP net income for the fourth quarter of 2025 was $0.07 per diluted common share, a decrease from $0.32 in the fourth quarter of 2024. Full year 2025 GAAP net income was $0.56 per diluted common share, down from $1.18 in full year 2024. Distributable earnings for the fourth quarter of 2025 were $0.19 per diluted common share, compared to $0.40 in the fourth quarter of 2024. Full year 2025 distributable earnings were $1.07 per diluted common share, a decrease from $1.74 in full year 2024. A quarterly cash dividend of $0.30 per share of common stock was declared for the quarter ended December 31, 2025. Agency loan originations totaled $1.63 billion in Q4 2025 and $5.07 billion for the full year 2025, an increase from $4.47 billion in full year 2024. Structured loan originations reached $1.10 billion in Q4 2025, marking the strongest quarter in over three years, and $3.52 billion for the full year 2025, significantly up from $1.43 billion in full year 2024. The company issued $400.0 million of 8.50% senior unsecured notes due 2028. CLO 16 was unwound, generating approximately $90 million of liquidity. Six loans totaling $139.0 million were foreclosed upon, and three real estate owned properties totaling $77.6 million were sold. The company repurchased $20.0 million of stock at an average price of $7.40 per share, or 64% of book value, between December 2025 and February 2026. The Agency servicing portfolio grew by 8% to approximately $36.20 billion. The Structured portfolio grew by 7% to $12.11 billion. Significant cash gains totaling $56.0 million were recognized from an equity investment. A $801.9 million build-to-rent collateralized securitization vehicle was closed with improved terms. A $1.05 billion collateralized securitization vehicle was closed with initial pricing of 1.82% over SOFR and leverage of 89%. The company issued $900.0 million of senior unsecured notes to repay $557.5 million of unsecured debt and add approximately $340 million of liquidity. Three CLO vehicles were unwound, with assets financed by a new $1.15 billion repurchase facility and existing lines, enhancing leverage, reducing pricing, and generating approximately $170 million of liquidity. A $6.5 million reversal of provision for loan losses associated with CECL was recorded in the fourth quarter of 2025. The total allowance for loan losses decreased to $146.0 million at December 31, 2025, from $246.3 million at September 30, 2025. There were twenty-six non-performing loans with an unpaid principal balance (UPB) of $569.1 million (before related loan loss reserves) at December 31, 2025. Seven loans with a total UPB of $251.1 million were modified for borrowers experiencing financial difficulty, with most borrowers investing additional capital.