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. The 3Q:25 launch drove the strongest Corporate Services segment revenue growth in over two years. We increase our estimates to reflect results from the recently launched OTCID market tier, which has seen rapid uptake, according to management. OTCID, which carries a related $7,500 annual fee, had 1,077 subscribers at 3Q:25. OTCM posted strong 3Q:25 results with EPS of $0.70 ahead of our estimates, as trading volume rose 50% and OTCID drove incremental revenue. We introduce our 2027 estimates that show growth in Corporate Services subscribers, including from international companies. We expect OTCM to improve monetization trends in the Market Data Licensing segment, while OTC Link generates roughly 20% of total revenue. In addition, the company will be a leader in new technologies like tokenization, in our view, to improve market quality. The balance sheet remains a key strength, with no debt and ample liquidity for capital allocation priorities. OTCM announced a $1.75 per share special dividend payable in 4Q:25, in addition to the regular $0.18 per share quarterly dividend. We increase our price target to $65 (from $63), based on about 23x our newly introduced 2027 EPS estimate of $2.90. Our prior $63 price target was based on 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.