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 pressure on renewal premium revenue from endowment maturities will be somewhat offset by ongoing strength in first year premium growth. CIA recorded its highest ever total direct insurance in force of $5.28 billion at 1Q:25, up 5% sequentially. First year sales have increased for ten consecutive quarters. In 2Q:25 CIA announced that the company has rejoined the Russell 3000® index and the small-cap Russell 2000® index effective on June 30, 2025, as part of the Index's 2025 reconstitution. We forecast elevated benefits paid and marginal 1% revenue growth drove EPS lower in 2Q:25 to $0.04 compared to $0.08 in 2Q:24. 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 1Q:25 to $6.12. Our Moderate risk rating reflects CIA's rapid pace of growth and increasing capital requirements and liquidity needs.