Sequoia Mortgage Trust
Mortgage Pass-Through Certificates, Series 2013-2
STATEMENT TO NOTEHOLDERS

 

June 25, 2026

 

TRANSACTION PARTIES

 
Depositor: Sequoia Residential Funding, Inc.
Trustee: Christiana Trust  
Master Servicer: Wells Fargo Bank, N.A.
 
 
 
 
  Karen Schluter Citibank, Agency and Trust
  (212) 816-5827 388 Greenwich Street Trading, 4th Floor
  karen.schluter@citi.com New York, NY 10013

 

TABLE OF CONTENTS

 
1 . Distribution Summary 2
1.1 . Summary 2
1.2 . Factors 3
2 . Distribution Detail 4
2.1 . Interest Detail 4
2.2 . Interest Shortfall Detail 5
2.3 . Principal Detail 6
3 . Reconciliation Detail 7
4 . Collateral Performance - Pool and Collections Summary 8
5 . Stratification Detail 9
6 . Collateral Performance - Delinquency and Loan Status History 10
7 . Standard Prepayment and Default Information 11
8 . Additional Reporting 12
9 . Other Information 13
10 . Notes 14

 

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Sequoia Mortgage Trust  
Mortgage Pass-Through Certificates, Series 2013-2  
  DISTRIBUTION SUMMARY

 

June 25, 2026

 

                      Accretion    
                      &    
                      Non-Cash    
          Accrual   Other       Balance    
  Original Prior Pass-Through   Day Interest (As Interest) Principal Total Realized Loss Increase/   Current
Class Balance Balance Rate   Count Distributed Distributed Distributed Distributed /(Recovery) (Decrease)   Balance
 
A 619,163,000.00 36,303,926.70 1.874000 % 30/360 56,694.63 - 295,557.28 352,251.91 - -   36,008,369.42
B-1 14,654,000.00 793,437.52 3.633278 % 30/360 2,402.32 - 26,487.75 28,890.07 - -   766,949.77
B-2 12,657,000.00 685,310.42 3.633278 % 30/360 2,074.94 - 22,878.09 24,953.03 - -   662,432.33
B-3 6,661,000.00 360,658.34 3.633278 % 30/360 1,091.98 - 12,040.05 13,132.03 - -   348,618.29
B-4 5,662,000.00 306,567.72 3.633278 % 30/360 928.20 - 10,234.32 11,162.52 - -   296,333.40
B-5 7,328,404.00 6,653,745.04 3.633278 % 30/360 20,145.75 - - 20,145.75 - -   6,653,745.04
LT-R - - 0.000000 % - - - - - - -   -
R - - 0.000000 % - - - - - - -   -
Total 666,125,404.00 45,103,645.74       83,337.82 - 367,197.49 450,535.31 - -   44,736,448.25
Notional                          
A-IO1 619,163,000.00 36,303,926.70 0.626000 % 30/360 18,938.55 - - 18,938.55 - (295,557.28 ) 36,008,369.42
A-IO2 619,163,000.00 36,303,926.70 1.133278 % 30/360 34,285.37 - - 34,285.37 - (295,557.28 ) 36,008,369.42
Total 1,238,326,000 72,607,853.40       53,223.92 - - 53,223.92 - (591,114.56 ) 72,016,738.84
 
Grand Total 1,904,451,404 117,711,499.14       136,561.74 - 367,197.49 503,759.23 - (591,114.56 ) 116,753,187.09

 

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Sequoia Mortgage Trust
Mortgage Pass-Through Certificates, Series 2013-2
DISTRIBUTION SUMMARY - FACTORS

 

June 25, 2026

 

                  Accretion  
                  &  
                  Non-Cash  
          Other       Balance  
      Record Interest (As Interest) Principal Total Realized Loss Increase/ Current
Class CUSIP   Date Distributed Distributed Distributed Distributed /(Recovery) (Decrease) Balance
 
A 81745 MAA9 05/29/2026 0.09156657 - 0.47734971 0.56891628 - - 58.15652650
B-1 81745 MAD3 05/29/2026 0.16393613 - 1.80754402 1.97148014 - - 52.33723011
B-2 81745 MAE1 05/29/2026 0.16393616 - 1.80754444 1.97148060 - - 52.33723078
B-3 81745 MAF8 05/29/2026 0.16393635 - 1.80754391 1.97148026 - - 52.33723015
B-4 81745 MAG6 05/29/2026 0.16393501 - 1.80754504 1.97148004 - - 52.33723066
B-5 81745 MAH4 05/29/2026 2.74899555 - - 2.74899555 - - 907.93916929
LT-R 81745 MAK7 05/29/2026 - - - - - - -
R 81745 MAJ0 05/29/2026 - - - - - - -
A-IO1 81745 MAB7 05/29/2026 0.03058734 - - 0.03058734 - - 58.15652650
A-IO2 81745 MAC5 05/29/2026 0.05537374 - - 0.05537374 - - 58.15652650

 

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Sequoia Mortgage Trust
Mortgage Pass-Through Certificates, Series 2013-2
DISTRIBUTION INFORMATION - INTEREST DETAIL

 

June 25, 2026

 

      Rate       Interest     Shortfall     Paid  
            Accrual Net Accreted/ Non   Carry      
Class Current     Next   Dates Accrued Deferred Recovered   Forward Accrued Carry Forward Total
 
A 1.87400 %   1.87400 % 05/01-05/31 56,694.63 - -   - 56,694.63 - 56,694.63
B-1 3.63328 %   3.63094 % 05/01-05/31 2,402.32 - -   - 2,402.32 - 2,402.32
B-2 3.63328 %   3.63094 % 05/01-05/31 2,074.94 - -   - 2,074.94 - 2,074.94
B-3 3.63328 %   3.63094 % 05/01-05/31 1,091.98 - -   - 1,091.98 - 1,091.98
B-4 3.63328 %   3.63094 % 05/01-05/31 928.20 - -   - 928.20 - 928.20
B-5 3.63328 %   3.63094 % 05/01-05/31 20,145.75 - -   - 20,145.75 - 20,145.75
LT-R 0.00000 %   0.00000 % 05/01-05/31 - - -   - - - -
R 0.00000 %   0.00000 % 05/01-05/31 - - -   - - - -
Total             83,337.82 - -   - 83,337.82 - 83,337.82
Notional                            
A-IO1 0.62600 %   0.62600 % 05/01-05/31 18,938.55 - -   - 18,938.55 - 18,938.55
A-IO2 1.13328 %   1.13094 % 05/01-05/31 34,285.37 - -   - 34,285.37 - 34,285.37
Total             53,223.92 - -   - 53,223.92 - 53,223.92
 
Grand Total             136,561.74 - -   - 136,561.74 - 136,561.74

 

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Sequoia Mortgage Trust
Mortgage Pass-Through Certificates, Series 2013-2
DISTRIBUTION INFORMATION - INTEREST SHORTFALL DETAIL

 

June 25, 2026

 

        Carry Forward Interest    
  Non-Recov          
Class Shortall Prior Int. on Prior New Paid Outstanding
 
A - - - - - -
B-1 - - - - - -
B-2 - - - - - -
B-3 - - - - - -
B-4 - - - - - -
B-5 - 2,866.48 - - - 2,866.48
LT-R - - - - - -
R - - - - - -
Total - 2,866.48 - - - 2,866.48
Notional            
A-IO1 - - - - - -
A-IO2 - - - - - -
Total - - - - - -
 
Grand Total - 2,866.48 - - - 2,866.48

 

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Sequoia Mortgage Trust
Mortgage Pass-Through Certificates, Series 2013-2
DISTRIBUTION INFORMATION - PRINCIPAL DETAIL

 

June 25, 2026

 

                Accretion    
                &    
    Prior           Non-Cash    
    Cumulative           Balance   Cumulative
  Prior Realized Scheduled Unscheduled Principal     Increase/ Current Realized
Class Balance Loss Principal Principal Distributed Realized Loss (Recovery) (Decrease) Balance Loss
 
A 36,303,926.70 - 162,941.98 132,615.30 295,557.28 - - - 36,008,369.42 -
B-1 793,437.52 - 14,602.81 11,884.94 26,487.75 - - - 766,949.77 -
B-2 685,310.42 - 12,612.79 10,265.30 22,878.09 - - - 662,432.33 -
B-3 360,658.34 - 6,637.73 5,402.32 12,040.05 - - - 348,618.29 -
B-4 306,567.72 - 5,642.22 4,592.10 10,234.32 - - - 296,333.40 -
B-5 6,653,745.04 - - - - - - - 6,653,745.04 -
LT-R - - - - - - - - - -
R - - - - - - - - - -
 
Total 45,103,645.74 - 202,437.53 164,759.96 367,197.49 - - - 44,736,448.25 -

 

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Sequoia Mortgage Trust  
Mortgage Pass-Through Certificates, Series 2013-2  
  RECONCILIATION DETAIL

 

June 25, 2026

 

  SOURCE OF FUNDS     ALLOCATION OF FUNDS    
 
Interest Funds Available       Scheduled Fees    
Scheduled Interest   146,484.53   Master Servicing Fee 137.20  
Uncompensated PPIS   0.00   Servicing Fee 9,396.60  
Relief Act Shortfall   0.00   Trustee Fee 31.92  
Losses in Excess of Principal Balance   0.00   Securities Administrator Fee 357.07  
Stop Advance Interest   0.00        
        Total Scheduled Fees   9,922.79
Other Interest Reductions   0.00        
        Additional Fees, Expenses, etc.    
Total Interest Funds Available     146,484.53 Trust Fund Expenses 0.00  
Principal Funds Available       Other Expenses 0.00  
Scheduled Principal   202,437.53        
        Total Additional Fees, Expenses, etc.   -
Curtailments   28,338.99        
        Distributions    
Prepayments in Full   136,420.97        
        Interest Distribution 136,561.74  
Liquidation Principal   0.00        
        Principal Distribution 367,197.49  
Repurchased Principal   0.00        
Other Principal   0.00   Total Distributions   503,759.23
Substitution Principal   0.00        
Principal Losses and Forgiveness   0.00        
Subsequent Recoveries / (Losses)   0.00        
Total Principal Funds Available     367,197.49      
 
 
 
 
Total Funds Available     513,682.02      
        Total Funds Allocated   513,682.02

 

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Sequoia Mortgage Trust
Mortgage Pass-Through Certificates, Series 2013-2
COLLATERAL PERFORMANCE - POOL AND COLLECTIONS SUMMARY

 

June 25, 2026

 

Deal Initial   Beginning Ending   Initial   Beginning   Ending  
 
Count 777   91 90 Remaining Term 357   197   196  
Scheduled 666,125,404.69   45,103,645.84 44,736,448.35 Gross Rate 3.94653 % 3.89728 % 3.89494 %
Actual 666,125,404.69   45,379,930.79 45,022,149.56 Net Rate 3.68253 % 3.63328 % 3.63094 %
Interest Bearing 666,125,404.69   45,103,645.84 44,736,448.35              
 
Principal Collections     Realized Losses     Interest Collections      
 
Scheduled Principal   202,437.53   Principal Losses and   Scheduled Interest       146,484.53  
          -            
        Forgiveness              
Curtailments   28,338.99       Less:          
        Losses in Excess of Principal              
Curtailments Adjustments   -     - Master Servicing Fee       137.20  
        Balance              
Prepayments in Full   136,420.97   Subsequent (Recoveries) /   Servicing Fee       9,396.60  
          -            
        Losses              
Liquidation Principal   -       Trustee Fee       31.92  
        Cumulative Realized Losses -            
Repurchased Principal   -       Securities Administrator Fee   357.07  
Other Principal   -       Uncompensated PPIS   -  
Substitution Principal   -       Relief Act Shortfall       -  
Principal Losses and Forgiveness   -       Other Expenses       -  
Subsequent Recoveries / (Losses)   -       Losses in Excess of Principal Balance   -  
            Stop Advance Interest   -  
            Other Interest Reductions   -  

 

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Sequoia Mortgage Trust  
Mortgage Pass-Through Certificates, Series 2013-2  
  STRATIFICATION DETAIL

 

June 25, 2026

 

Loan Rate          
 
  Asset Ending Scheduled % of    
Loan Rate Range Count Balance Agg.Bal. WAC WAM
 
3.00 or Less 0 0.00 0.00 0.0000 0
3.01 to 3.50 10 4,085,814.93 9.13 3.4386 194
3.51 to 4.00 53 28,840,878.41 64.47 3.8288 196
4.01 to 4.50 24 10,759,220.64 24.05 4.1752 193
4.51 to 5.00 3 1,050,534.37 2.35 4.6143 194
5.01 to 5.50 0 0.00 0.00 0.0000 0
5.51 to 6.00 0 0.00 0.00 0.0000 0
6.01 to 6.50 0 0.00 0.00 0.0000 0
6.51 to 7.00 0 0.00 0.00 0.0000 0
7.01 to 7.50 0 0.00 0.00 0.0000 0
7.51 to 8.00 0 0.00 0.00 0.0000 0
8.01 or Greater 0 0.00 0.00 0.0000 0
Total 90 44,736,448.35 100.00 3.8949 195
 
Ending Schedule Balance          
 
Ending Schedule Balance Asset Ending Scheduled % of    
Range Count Balance Agg.Bal. WAC WAM
 
1 to 200,000 16 2,028,224.58 4.53 4.0656 179
200,001 to 400,000 19 6,496,173.58 14.52 3.9083 197
400,001 to 600,000 26 12,947,540.29 28.94 3.8846 196
600,001 to 800,000 19 13,552,153.32 30.29 3.8867 196
800,001 to 1,000,000 7 6,074,563.00 13.58 3.8980 196
1,000,001 to 1,200,000 2 2,339,800.18 5.23 3.7211 194
1,200,001 to 1,400,000 1 1,297,993.40 2.90 4.0500 194
1,400,001 to 1,600,000 0 0.00 0.00 0.0000 0
1,600,001 to 1,800,000 0 0.00 0.00 0.0000 0
1,800,001 to 2,000,000 0 0.00 0.00 0.0000 0
2,000,001 or Greater 0 0.00 0.00 0.0000 0
Total 90 44,736,448.35 100.00 3.8949 195

 

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Sequoia Mortgage Trust
Mortgage Pass-Through Certificates, Series 2013-2
COLLATERAL PERFORMANCE - DELINQUENCY AND LOAN STATUS HISTORY

 

June 25, 2026

 

                      Delinquent                                              
              (Does not include loans in Bankruptcy, Foreclosure, or REO)                                      
 
  30 Day 60 Day     90 Day 120 Day 150 Day 180 + Day Bankruptcy   Foreclosure       REO  
 
Distribution                                                                        
 
Date Count   Balance   Count   Balance   Count Balance   Count   Balance   Count   Balance   Count   Balance   Count   Balance   Count   Balance   Count   Balance  
 
 
  0   0   0   0   0   0   0   0   0   0   0   0   0   0   1   749,300   0   0  
06/25/2026                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.11 % 1.68 % 0.00 % 0.00 %
 
  0   0   0   0   0   0   0   0   0   0   0   0   0   0   1   751,862   0   0  
05/26/2026                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.10 % 1.67 % 0.00 % 0.00 %
 
  0   0   0   0   0   0   0   0   0   0   0   0   0   0   1   754,414   0   0  
04/27/2026                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.08 % 1.65 % 0.00 % 0.00 %
 
  0   0   0   0   0   0   0   0   0   0   0   0   0   0   1   756,957   0   0  
03/25/2026                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.08 % 1.65 % 0.00 % 0.00 %
 
  0   0   0   0   0   0   0   0   0   0   0   0   0   0   1   759,490   0   0  
02/25/2026                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.06 % 1.64 % 0.00 % 0.00 %
 
  0   0   0   0   0   0   0   0   0   0   1   762,013   0   0   0   0   0   0  
01/26/2026                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.06 % 1.64 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
 
  1   451,989   0   0   0   0   0   0   0   0   1   764,526   0   0   0   0   0   0  
12/26/2025                                                                        
  1.06 % 0.97 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.06 % 1.64 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
 
  0   0   0   0   0   0   0   0   0   0   1   767,030   0   0   0   0   0   0  
11/25/2025                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.06 % 1.64 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
 
  0   0   0   0   0   0   0   0   0   0   1   769,525   0   0   0   0   0   0  
10/27/2025                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.05 % 1.63 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
 
  0   0   0   0   0   0   0   0   0   0   1   772,010   0   0   0   0   0   0  
09/25/2025                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.05 % 1.62 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
 
  0   0   0   0   0   0   0   0   0   0   0   0   1   774,485   0   0   0   0  
08/25/2025                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.05 % 1.62 % 0.00 % 0.00 % 0.00 % 0.00 %
 
  0   0   0   0   0   0   0   0   0   0   0   0   1   776,951   0   0   0   0  
07/25/2025                                                                        
  0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 1.04 % 1.60 % 0.00 % 0.00 % 0.00 % 0.00 %

 

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Sequoia Mortgage Trust
Mortgage Pass-Through Certificates, Series 2013-2
STANDARD PREPAYMENT AND DEFAULT INFORMATION

 

June 25, 2026

 

  Wtd. Avg. Current                              
Payment Age Collateral Scheduled Unscheduled Liquidation                        
Date (Months) Balance Principal Principal Principal SMM   CPR   PSA   MDR   CDR   SDA  
 
25-Jun-2026 163.84 44,736,448.35 202,437.53 164,759.96 - 0.367 % 4.315 % 72 % 0.000 % 0.000 % 0 %
26-May-2026 162.86 45,103,645.84 206,271.01 457,952.03 - 1.005 % 11.417 % 190 % 0.000 % 0.000 % 0 %
27-Apr-2026 161.86 45,767,868.88 205,539.34 20,074.73 - 0.044 % 0.525 % 9 % 0.000 % 0.000 % 0 %
25-Mar-2026 160.86 45,993,482.95 211,422.33 23,313.45 - 0.051 % 0.606 % 10 % 0.000 % 0.000 % 0 %
25-Feb-2026 159.86 46,228,218.73 210,767.69 28,571.99 - 0.062 % 0.739 % 12 % 0.000 % 0.000 % 0 %
26-Jan-2026 158.86 46,467,558.41 210,007.17 24,354.94 - 0.052 % 0.627 % 10 % 0.000 % 0.000 % 0 %
26-Dec-2025 157.86 46,701,920.52 209,281.30 14,512.72 - 0.031 % 0.372 % 6 % 0.000 % 0.000 % 0 %
25-Nov-2025 156.86 46,925,714.54 210,980.05 51,218.30 - 0.109 % 1.301 % 22 % 0.000 % 0.000 % 0 %
27-Oct-2025 155.85 47,187,912.89 209,817.63 149,206.74 - 0.315 % 3.718 % 62 % 0.000 % 0.000 % 0 %
25-Sep-2025 154.85 47,546,937.26 208,738.87 124,157.03 - 0.260 % 3.081 % 51 % 0.000 % 0.000 % 0 %
25-Aug-2025 153.87 47,879,833.16 208,380.59 454,394.74 - 0.940 % 10.716 % 179 % 0.000 % 0.000 % 0 %
25-Jul-2025 152.91 48,542,608.49 209,787.06 648,733.69 - 1.319 % 14.727 % 245 % 0.000 % 0.000 % 0 %
25-Jun-2025 151.90 49,401,129.24 208,649.87 138,317.52 - 0.279 % 3.300 % 55 % 0.000 % 0.000 % 0 %
SMM (Single Month Mortality) = (Beginning Balance - Ending Balance - Scheduled Principal) / (Beginning Balance - Scheduled Principal)   MDR (Monthly Default Rate) = Beginning Balance of Liquidated Asset / Total Beginning Balance  
CPR (Constant Prepayment Rate) = 1 - ((1-SMM)^12)           CDR (Conditional Default Rate) = 1 - ((1-MDR)^12)          
PSA (Public Securities Association) = CPR / (min(.2% * Age, 6%))         SDA (Standard Default Assumption) = CDR / (min(.2% * Age, 6%))      

 

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Sequoia Mortgage Trust  
Mortgage Pass-Through Certificates, Series 2013-2  
  ADDITIONAL REPORTING

 

June 25, 2026
 
Amount Remaining Funds
503,759.23

 

Waterfall Detail    
 
Available Distribution Amount    
Senior Certificates, the Interest Distribution Amount and unpaid Interest Shortfalls -109,918.55 393,840.68
Senior Certificates, the Senior Principal Distribution Amount -295,557.28 98,283.40
Class B-1 Certificates, the Interest Distribution Amount and unpaid Interest Shortfalls -2,402.32 95,881.08
Class B-1 Certificates, the Subordinate Principal Distribution Amount -26,487.75 69,393.33
Class B-2 Certificates, the Interest Distribution Amount and unpaid Interest Shortfalls -2,074.94 67,318.39
Class B-2 Certificates, the Subordinate Principal Distribution Amount -22,878.09 44,440.30
Class B-3 Certificates, the Interest Distribution Amount and unpaid Interest Shortfalls -1,091.98 43,348.32
Class B-3 Certificates, the Subordinate Principal Distribution Amount -12,040.05 31,308.27
Class B-4 Certificates, the Interest Distribution Amount and unpaid Interest Shortfalls -928.20 30,380.07
Class B-4 Certificates, the Subordinate Principal Distribution Amount -10,234.32 20,145.75
Class B-5 Certificates, the Interest Distribution Amount and unpaid Interest Shortfalls -20,145.75 0.00
Class B-5 Certificates, the Subordinate Principal Distribution Amount 0.00 0.00
Class LT-R and R Certificates, any remaining amounts 0.00 0.00

 

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Sequoia Mortgage Trust  
Mortgage Pass-Through Certificates, Series 2013-2  
  OTHER INFORMATION

 

June 25, 2026

 

          
Principal Percentages    
          Senior Percentage 80.490005 %
          Subordinate Percentage 19.509995 %
          Senior Prepayment Percentage 80.490005 %
          Subordinate Prepayment Percentage 19.509995 %
Other Information    
          Step-Down Test satisfied? Y  

 

Reports Available at sf.citidirect.com v. 21.09.28 Page 13 of 14 © Copyright 2026 Citigroup

 


 

Sequoia Mortgage Trust  
Mortgage Pass-Through Certificates, Series 2013-2  
  NOTES
No Notes available for this deal at this time.  

 

June 25, 2026

 

Reports Available at sf.citidirect.com v. 21.09.28 Page 14 of 14 © Copyright 2026 Citigroup