Redwood Trust, Inc. (RWT) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:02.454 Good afternoon and welcome to the Redwood Trust Inc. 00:00:02.454 -- 00:00:05.677 Fourth Quarter 2025 Financial Results Conference Call. 00:00:05.677 -- 00:00:10.222 Today's conference is being recorded. I will now turn the call over to Caitlin Moritz, 00:00:10.222 -- 00:00:14.944 Redwood's Head of Investor Relations. Please go ahead, ma'am. 00:00:15.067 -- 00:00:18.470 Thank you, Operator. Hello, everyone, and thank you for joining us today for Redwood's 00:00:18.470 -- 00:00:23.115 Fourth Quarter 2025 and Full Year 2025 Earnings Conference Call. 00:00:23.115 -- 00:00:27.179 With me on today's call are Chris Abate, Chief Executive Officer, Dash Robinson, President, 00:00:27.179 -- 00:00:29.427 and Brooke Carrillo, Chief Financial Officer. 00:00:29.427 -- 00:00:32.491 Before we begin today, I want to remind you that certain statements made during management's 00:00:32.491 -- 00:00:36.055 presentation today with respect to future financial and business performance may constitute 00:00:36.055 -- 00:00:39.700 forward-looking statements. Forward-looking statements are based on current expectations, 00:00:39.700 -- 00:00:43.405 forecasts, and assumptions, include risks and uncertainties that could cause actual results 00:00:43.405 -- 00:00:47.490 to differ materially. We encourage you to read the company's annual report on Form 10-K, 00:00:47.490 -- 00:00:50.714 which provides a description of some of the factors that could have a material impact 00:00:50.714 -- 00:00:53.918 on the company's performance and cause actual results to differ from those that may be 00:00:53.918 -- 00:00:57.835 expressed in forward-looking statements. On this call, we may also refer to both GAAP 00:00:57.835 -- 00:01:01.258 and non-GAAP financial measures. Th...