CIA's expanding distribution footprint and product development position the company well for sustainable growth, in our view. Elevated surrenders and endowment maturities are near-term challenges. We expect that pressure on renewal premium revenue from endowment maturities will be somewhat offset by recent strength in first year premium growth. CIA recorded a record level of direct insurance in force of $5.35 billion at 2Q:25, due to expanded product offerings and distribution channels. With higher premium revenue and lower general expenses, 2Q:25 GAAP EPS of $0.13 outpaced our $0.04 estimate for the quarter. We maintain our estimates which imply growth from further product expansion and more producing agents, while endowment maturities will likely peak in 2025. The balance sheet remains debt free and capital positioning is healthy, aided by CIA's reinsurance operations. Both domestic and international capital positions exceed the minimum requirements. We maintain our $5 price target on CIA shares, applying an unchanged 0.8x multiple to our 2026 book value per share estimate of $6.81. Book value per share rose 3% in 2Q:25 to $6.22. Our Moderate risk rating reflects CIA's rapid pace of growth and increasing capital requirements and liquidity needs.