We view SCHL's strong brand, content IP, and differentiated school distribution channels as key strengths. Current realignment initiatives in SCHL's Education Solutions businesses will require patience, in our view. We expect growth to resume in F2027. Though excluded from our estimates, should SCHL monetize its valuable real estate assets, we forecast after-tax proceeds of around $380 million could be allocated toward debt repayment and share buybacks, driving substantial value creation, in our view. We maintain our F2026 estimates, which call for 2% revenue growth, within the company's 2%-4% guidance, due to strength across the Children's Book Publishing segment, while Education Solutions continues to be hurt by funding uncertainty. Despite the expectation for healthy frontlist and backlist title sales, the content side of the business faces a challenging comparison in F2026 versus F2025. Our F2026 adjusted EBITDA estimate of $162 million, up 11% from F2025 mostly due to expense management, falls within SCHL's $160-$170 million guidance. SCHL maintains a healthy balance sheet and a strong free cash flow profile that can support capital allocation priorities, including sizable share buybacks. We maintain our $35 price target, based on 16x our F2027 EPS forecast of $2.10. Our moderate risk rating balances SCHL's strong market position in children's book publishing and current restructuring initiatives.