Our positive fundamental outlook is backed by improving credit performance, as OPRT's back book of loans continues to season, while aggregate loan originations return to growth. The potential effect of degrading economic conditions on OPRT's borrower cohort bears monitoring, in our view, considering recent credit stress in subprime auto lending. Yet OPRT's 30-day delinquency rate has improved for six consecutive quarters year over year (4.4% at 2Q:25). Our 3Q:25 EPS estimate of $0.19 in 3Q:25, up from a $0.09 loss per share in 3Q:24, reflects modest originations growth and continued expense discipline. We maintain our estimates for GAAP EPS of $0.70 in 2025 and adjusted (for fair value of asset backed securities) EPS of $0.92. Excluding additional company directed nonrecurring charges, our 2025 EPS forecast is $1.28, within the company's $1.20-$1.40 guidance. OPRT recently improved the balance sheet by expanding warehouse capacity with two new lending partners and paying down $18 million of its term loan. Also, the recent ABS transaction received a AAA rating on most senior bonds. We maintain our $10 price target, based on an 8x applied multiple to our 2026 adjusted EPS estimate of $1.27. Our moderate risk rating reflects the economic sensitivity of OPRT's borrowing cohort and its credit products.