Morale within our ranks is strong, especially as we start to see conditions for a return to normality, with many employees eager to rub elbows again in the office and resume business travel.

Apr 28, 2021 / receipt, needs a key / Chris Abate, CEO | earnings call 2021-04-28 | transcript a52dbf82-6298-4980-bec6-9e0369956b6f | chars 2517-2707 | segment 2

Operating efficiency modestly improved, with cost per loan declining to 17 basis points from 18 basis points, reflecting lower operating expenses, including reduced variable compensation, together with continued operating leverage.

filing / Aug 5, 2026 / receipt

Operating expenses increased modestly as the platform continued investing in growth; however, operating efficiency improved, as cost per loan declined to 27 basis points from 30 basis points, reflecting higher production volumes and operating leverage.

filing / Aug 5, 2026 / receipt

Operating expenses during the first quarter of 2026 included $2 million of nonrecurring organizational restructuring charges as well as $3 million of higher Other expenses related to income allocated to our seasoned servicing investment co-investor, as compared to the three-month period ending June 30, 2026.

filing / Aug 5, 2026 / receipt

The increase primarily reflects higher compensation and related operating costs associated with increased headcount supporting growth of the Mortgage Banking platforms.

filing / Aug 5, 2026 / receipt

(2) Net Cost to Originate is calculated as operating expenses, adjusted for organizational restructuring charges associated with employee severance and related transition expenses, less origination fees and other fees attributable to this segment, divided by this segment’s funding volume.

filing / Aug 5, 2026 / receipt

Operating efficiency modestly improved, with cost per loan declining to 17 basis points from 18 basis points, reflecting lower operating expenses, including reduced variable compensation, together with continued operating leverage.

filing / Aug 5, 2026 / receipt

Operating expenses increased modestly as the platform continued investing in growth; however, operating efficiency improved, as cost per loan declined to 27 basis points from 30 basis points, reflecting higher production volumes and operating leverage.

filing / Aug 5, 2026 / receipt

Operating expenses during the first quarter of 2026 included $2 million of nonrecurring organizational restructuring charges as well as $3 million of higher Other expenses related to income allocated to our seasoned servicing investment co-investor, as compared to the three-month period ending June 30, 2026.

filing / Aug 5, 2026 / receipt

The increase primarily reflects higher compensation and related operating costs associated with increased headcount supporting growth of the Mortgage Banking platforms.

filing / Aug 5, 2026 / receipt

(2) Net Cost to Originate is calculated as operating expenses, adjusted for organizational restructuring charges associated with employee severance and related transition expenses, less origination fees and other fees attributable to this segment, divided by this segment’s funding volume.

filing / Aug 5, 2026 / receipt

This improvement reflects continued operating leverage and expense discipline. Distribution activity increased during the first quarter of 2026, with $694 million of loans distributed through a combination of whole loan sales, securitizations and sales to joint ventures, compared to $582 million in the fourth quarter of 2025, representing a 19% increase.

filing / May 7, 2026 / receipt

Operating efficiency continued to improve, with cost per loan (calculated as operating expenses divided by loan purchase commitments for the Sequoia platform) declining to 18 basis points from 26 basis points, reflecting the benefits of scale and operating leverage.

filing / May 7, 2026 / receipt