In Q4 2024, revenue totaled -$490,000 and gross profit was -$490,000 with a gross margin of 1.0x. Net income for the quarter was -$10.664 million and diluted EPS was -$0.20, with YoY net income up 72.94% and QoQ down 81.36%. Distributable earnings for Q4 2024, excluding realized losses of $18 million, were $9.7 million or $0.18 per share. Interest income collected on non-accrual loans in Q4 was $3 million, applied to reduce cost basis rather than recognized as income. For the full year, repayments totaled $350 million, with Q4 repayments of $137 million, representing a payout cadence where the majority of repayments occurred in the second half of 2024. End-year leverage declined to $1.2 billion, a 13% decrease sequentially and 27% YoY, with net debt-to-equity (excluding CECL) at 1.6x (vs. 1.8x in Q3 2024 and 1.9x in 2023). CECL reserves stood at $145 million, about 8.5% of outstanding loan balances, with 91% of reserve exposure tied to 4/5 rated loans. The balance sheet shows cash and cash equivalents of $63.8 million and total cash-and-short-term investments of $72.5 million, yielding a liquidity cushion for asset resolution initiatives. Two REO properties remained with carrying value of $139 million and a cash yield on these REOs exceeding 8%. The company also announced a quarterly dividend of $0.15 per share for Q1 2025, reflecting continued balance-sheet discipline and liquidity considerations.