Our outlook captures OTCM's subscription-derived revenue, stable capital structure, and progress toward expanding its product suite to drive growth. OTCM's launch of OTCID is a significant milestone and another step toward improving market quality, in our view. We expect OTCM to drive sales by enticing companies to subscribe to the highest quality market platform they qualify for within OTCM's platform suite. With 1,035 subscribers at the start of 3Q:25, we estimate a modest revenue contribution in 3Q:25 and growth over time. Recent data show total dollar volume traded on OTCM platforms rose 48% year over year in 3Q:25. Year to date, volume of $518 billion has already surpassed the 2024 total of $479 billion. Though largely unpredictable, the continuation of heightened market volatility and more retail trading activity should benefit OTC Link results. We estimate operating income rose 2% year over year in 3Q:25 given volume trends and price increases benefiting Corporate Services and Market Data results. The balance sheet remains a key strength, with no debt and ample liquidity for capital allocation priorities. OTCM's shareholder returns program includes an annualized dividend of $0.72 per share along with a special dividend typically payable in the fourth quarter each year. Our $63 price target is based on about 23x our 2026 EPS forecast of $2.65. Our moderate risk rating reflects OTCM's role as a provider of critical market infrastructure and its recurring, subscription-based revenue profile.