Redwood Trust, Inc. reported a net loss of $77 million for the year ended December 31, 2025, compared to a net income of $47 million in 2024. Net interest income decreased to $83 million in 2025 from $103 million in 2024, primarily due to non-accrual placements in the Legacy bridge loan portfolio and higher debt costs on securitized bridge loans. Mortgage banking activities, net, increased to $167 million in 2025 from $99 million in 2024, reflecting stronger performance in Sequoia and CoreVest segments. Investment fair value changes resulted in a net loss of $97 million in 2025, compared to a $15 million net loss in 2024, mainly due to negative adjustments on legacy unsecuritized bridge and term loans. HEI income, net, recorded a $0.7 million net gain in 2025, a significant decrease from the $42 million net gain in 2024, impacted by fair value losses on HEI sales and lower housing price appreciation. Operating expenses increased to $222 million in 2025 from $184 million in 2024, driven by higher compensation and portfolio management costs related to volume growth and legacy loan resolutions. Sequoia Mortgage Banking achieved record loan lock volumes of $20.7 billion in 2025, a 130% increase from $9.0 billion in 2024, capturing 7.0% of the jumbo market share. The Aspire platform, included within Sequoia, contributed $3.2 billion in lock volume in its first full year of operations. CoreVest Mortgage Banking funded $2.0 billion in loans in 2025, a 13% increase from $1.7 billion in 2024, with a strategic shift towards smaller-balance RTL and DSCR loans. Capital allocated to Mortgage Banking platforms and Redwood Investments increased to 81% of total capital by year-end 2025, up from 62% at the end of 2024. The company completed approximately $1.2 billion of legacy asset dispositions in 2025, reducing Legacy Investments from 33% to 19% of total capital. Repurchased 9.2 million shares of common stock for $53 million and $3 million of senior notes in 2025. 90-day-plus delinquencies in the Sequoia securities portfolio remained low at 0.3% at December 31, 2025, while CAFL Term securities delinquencies increased to 10.1%. Legacy unsecuritized bridge and term loans with 90+ days delinquencies totaled $102 million UPB at December 31, 2025, down from $243 million UPB at March 31, 2025.