Yesterday, OPRT announced that Raul Vazquez will step down from his roles as CEO and Board member. Mr. Vazquez, who has led OPRT as CEO since 2012, will remain in the CEO role until April 3, 2026, or until a successor is appointed. OPRT's Board expressed that now is an appropriate time for a leadership change and has launched a formal CEO search. The company will continue to execute on its strategic initiatives amid the transition, in our view. To facilitate an orderly transition, Mr. Vazques will continue to serve as a consultant to OPRT until July 3, 2026. OPRT also released preliminary 4Q:25 and 2025 results that showed broad outperformance that met or exceeded guidance metrics. Preliminary adjusted EPS for 2025 is expected to range from $1.32-$1.36 (we forecast $1.36), falling within the company's $1.30-$1.40 guidance range. Given ongoing economic uncertainty, we expect OPRT to maintain a conservative underwriting posture and manage loan growth to economic conditions. OPRT continues to meaningfully improve its balance sheet, with leverage down to 7.1x at 3Q:25 from the 3Q:24 peak of 8.7x. We expect the company to continue to repay its high cost (about 15%) term loan. We maintain our $10 price target, based on an approximate 7x applied multiple to our 2027 adjusted EPS estimate of $1.59. Our moderate risk rating reflects the economic sensitivity of OPRT's borrowing cohort and its credit products.