I will try to explain the findings of MRI in a language you can understand.
In lumbar spine significant change is at the L4L5 disc that is the disc lying between 4th and 5th lumbar vertebral bodies.
There are changes of degeneration here.
A disc acts like a shock absorber by getting compressed when it is loaded and retaining its height when load is removed. Specialised structure of the disc helps in this. A disc is composed of an outer leather belt like covering called annulus and inner toothpaste like gel known as nucleus pulposus. The gel has has hygroscopic property meaning it can absorb water and leave it when required. When disc is loaded the gel like structure leaves water and when it is unloaded it absorbs water. When disc gets degenerated it loses this hygroscopic property.
Because of this loss the outer covering of disc this that is annulus has to take excessive strain. Overtime this can cause the disc to bulge out and may also lead to tearing or fissuring in the outer covering of annulus. This loss of disc function also causes excessive strain to be placed on ligamentum flavum the elastic structure present on the backside of spinal cord ( disc is present on front side of spinal cord) As a result the ligamentum loses its elasticity, gains bulk and tends to infold into the canal causing stenosis. This also produces excessive stress and strain on the facet joints which form a triple joint complex along with the disc. This causes the degeneration of facet joints making them painful.This has happened in your case as well. But good thing is that the changes are mild in your case.
Another finding which may be responsible for pain in your case is the prominent transverse process of fifth vertebral body which is rubbing on to sacrum. This has produced bone edema in the area greater on right side. Transverse process is a bony extension on the side of vertebral body.
There is a probability of a labrum tear in the Hip as well.
Feel free to ask any follow up questions.