GEO remains well positioned to aid ICE with its immigration objectives, which we expect to be the company's primary growth driver. ICE is positioned to execute on its initiative to acquire existing turnkey detention facilities, in our view, which could drive substantial value creation for GEO. Elevated replacement costs highlight the value proposition of GEO's owned assets. Under conservative per-bed value assumptions, we forecast GEO's net asset value to exceed $6 billion. GEO's recent contract wins support our 2026 outlook, representing about $520 million in incremental annualized contracted revenue that should normalize throughout the year. Our 2026 adjusted (for stock-based compensation and non-recurring charges) EBITDA estimate is $502 million, up 8% from 2025 and within the company's $490-$510 million guidance. Potential facility reactivations under new contracts (about 6,000 idle beds available), materially higher ISAP volume, and/or meaningful share buybacks represent potential upside catalysts to our estimates. With forecasted leverage stepping down to under 3.0x through 2026, GEO will prioritize share buybacks, in our view. We maintain our $27 price target, based on 18x our 2027 EPS estimate of $1.46. Our moderate risk rating balances GEO's stable revenue profile with occupancy trends and contract risk.