Net loss from continuing operations improved to $(215.8) million in 2025, compared to $(412.0) million in 2024. Total assets decreased by $2.4 billion to $7.8 billion as of December 31, 2025, primarily due to a decrease in assets of consolidated variable interest entities (VIEs). Total liabilities decreased by $2.1 billion to $6.1 billion, mainly from reduced securitized debt obligations of consolidated VIEs. Total stockholders' equity decreased by $0.3 billion to $1.6 billion, primarily due to net losses, common stock repurchases, and dividends paid, partially offset by shares issued in connection with the UDF IV Merger. Distributable earnings (non-GAAP) showed a significant loss of $(246.0) million in 2025, a substantial deterioration from a gain of $28.4 million in 2024. The loan portfolio was $5.9 billion (excluding PPP loans) as of December 31, 2025, diversified across 50 states and Europe, with 96% secured by senior liens. LMM loan originations were $626.1 million in 2025, a decrease from $1,198.1 million in 2024. SBL loan originations were $1,168.4 million in 2025, slightly down from $1,202.6 million in 2024. The company has substantial debt maturing in 2026, totaling approximately $550.0 million of senior secured notes and corporate debt. Liquidity sources as of December 31, 2025, included approximately $200.0 million of unrestricted cash and $700.0 million of unencumbered assets. The company expects approximately $287 million in net liquidity from portfolio maturities and pending asset resolutions over the next 12 months. The disposition of the Residential Mortgage Banking segment was completed effective June 30, 2025. The acquisition of United Development Funding IV (UDF IV) on March 13, 2025, resulted in a bargain purchase gain of $109.5 million. The acquisition of Funding Circle USA, Inc. on July 1, 2024, for approximately $41.2 million in cash, resulted in a bargain purchase gain of $32.2 million. The acquisition of Madison One on June 5, 2024, for approximately $32.9 million in cash, resulted in goodwill of $11.0 million. The 5.75% Senior Notes due 2026 were repaid in full in February 2026.