Financial Data and Key Metrics Changes - For Q4 2025, the company reported a GAAP net loss of $1.56 per share and a distributable loss of $0.71 per share, with distributable earnings prior to realized gains and losses at $0.02 per share [10] - The held for investment loan portfolio decreased to $3.7 billion at December 31, down from $4.3 billion at September 30 and $6.1 billion at year-end 2024 [10] - The total CECL reserve on loans receivable held for investment increased from $308 million, or 6.8% of UPB at September 30, to $443 million, or 10.9% of UPB at year-end [19] Business Line Data and Key Metrics Changes - Office exposure decreased from $859 million to $589 million, and land exposure decreased from $489 million to $187 million [11] - The company resolved 11 watch list loans, representing an aggregate UPB of $1.3 billion, exceeding the $2 billion resolution target for 2025 by achieving $2.5 billion in total resolutions [4][14] Market Data and Key Metrics Changes - The company observed encouraging indicators in the property market, including a reduction in new supply, tightening credit spreads, and improving financing costs for new originations [7] - Increased demand for industrial space and significant investments in areas such as artificial intelligence and domestic manufacturing were noted as positive trends for the real estate market [8] Company Strategy and Development Direction - The company aims to position itself to evaluate new lending opportunities towards the end of 2026 while focusing on asset management and resolving watch list loans [9] - The financing agreement with HPS extends the maturity of corporate debt to 2030, providing flexibility to execute the business plan [6][22] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic but cautious about the macroeconomic backdrop, anticipating a gradual improvement in the real estate market rather than an overnight recovery [6] - The company is focused on cleaning up its portfolio to enhance transparency and facilitate better market evaluation [27] Other Important Information - The company retired the Term Loan B, which had a balance of $718 million, and replaced it with a new $500 million senior secured loan from HPS [5][22] - The company generated significant liquidity, increasing its liquidity position to $153 million, despite significant deleveraging [24] Q&A Session Summary Question: Opportunities to create shareholder value outside of resolving the portfolio - Management emphasized the need to clean up the book for better market evaluation before exploring other value creation opportunities [27] Question: Expectations for net interest income (NII) in Q1 2026 - Management indicated that NII is likely to remain lower in the first and second quarters due to ongoing portfolio transitions and resolutions [29][30] Question: Percentage of reserves that could translate into losses over the next 12 months - Management stated that they believe they are appropriately reserved based on past resolutions and current market conditions, but acknowledged the dynamic nature of the environment [32][33] Question: Liquidity levels in 2026 - Management expressed confidence in their liquidity position, indicating a significant cushion over minimum requirements and plans for further deleveraging [45] Question: Changes in expectations for the pace of sales from the REO portfolio - Management noted a more constructive environment for resolving assets but cautioned that transaction volumes are still lower than anticipated [48]

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