We hosted a presentation with Oportun Financial CEO Raul Vazquez and Interim CFO and Head of Capital Markets Paul Appleton at the Sidoti September 2025 Small-Cap Conference last week. Management says it remains focused on improving credit outcomes and strengthening business economics while maintaining expense discipline. 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 company says it focuses on high-quality originations by targeting borrowers with higher levels of cash flow. Management outlined the company's initiative to expand the secured personal loan (SPL) product, which we expect to improve overall credit performance. 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 continues to meaningfully improve its balance sheet, with leverage down to 7.3x at 2Q:25 from 7.9x at 2Q:24. Management noted that OPRT shares remain below book value; the discount is 25% to our 4Q:25 book value per share estimate of $8.83, which meaningfully differs from its peers who trade above book value. 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 their credit products.