Management prioritized the rotation of the portfolio by decisively resolving challenged watch list and REO investments to unlock capital for new originations. The company accelerated asset resolutions, concluding that the certainty of monetization and reinvestment outweighed the potential upside of holding assets longer-term. Origination momentum reached a multi-year high in Q4 2025, driven by a 13% sequential increase in the loan portfolio to $2.7 billion. Performance attribution for the quarter's ...