Our outlook captures OTCM's role as a provider of critical market infrastructure, subscription derived revenue, stable capital structure, and progress toward expanding its product suite to drive growth. Dollar volume traded on OTC markets jumped by 45% in 2025, with international securities showcasing OTCM's global reach, backing our estimate for continued strength in the OTC Link segment. We estimate EPS rose 21% year over year in 4Q:25 to $0.72, driven by new product rollouts like OTCID, incremental price increases, and the continuation of elevated trading volume. OTCM's launch of OTCID is a significant milestone and another step toward improving market quality, in our view. This market tier carries a $7,500 annual fee (and a smaller application fee) and had 1,077 subscribers at 3Q:25. In our view, longer term, OTCM will be a leader in new technologies to improve market quality, like tokenization. The balance sheet remains a key strength, with no debt and ample liquidity for capital allocation priorities, including shareholder returns. Our $65 price target is based on about 23x our 2027 EPS forecast of $2.90. Our moderate risk rating reflects OTCM's role as a provider of critical market infrastructure and its recurring, subscription based revenue profile.