The production segment reported pretax income of $127.3 million, up from $122.9 million in Q3 2025 and $78 million in Q4 2024. Total rate locks rose to $46.8 billion, up 8% from the prior quarter and 29% from a year earlier. Correspondent acquisitions fulfilled for PMT totaled $3.7 billion in UPB, also higher than in Q3 2025 and in Q4 2024. Excluding valuation-related items, servicing pretax income fell 70% from the prior quarter. Pretax income increased to $551.4 million, up from $401 million in 2024, while total net revenue climbed to $2 billion, up from $1.6 billion in 2024.