With an unfavorable macro environment, STKS posted a year over year revenue drop of 7.1% to $180.2 million in 3Q:25 versus our forecast of $189.3 million. Along with a lower than expected restaurant level margin, earnings also trailed our projection, even after adjusting for a $59.1 million non-cash tax valuation allowance. We are encouraged by improved sales trends and increased holiday bookings so far in 4Q:25, as well as management's efforts to optimize operations, including planned conversions from Grill Concept units to either STK or Benihana. All in, we now estimate a loss of $0.77 per share in 2025 (was $0.62 per share) will be followed by a loss of $0.43 per share in 2026 (was $0.34 per share) before EPS of $0.28 in 2027. Our moderate risk rating factors in the expected earnings gains and better cash flow in 2026-2027 along with expected balance sheet improvements which assume a decline of total debt to total capital to 74% by the end of 2027, from 85% in 3Q:25.