ATN has announced the sale of a portfolio of its U.S. towers, which it expects to close in the second quarter and net about $215 million. The sale unlocks the value of these assets, giving ATN added financial flexibility to pay down debt and invest in the growth in its fiber-based services. ATN will continue to provide managed services to its carrier customers, but the sale will slightly reduce revenue and EBITDA. However, we project lower interest costs will result in a modest net positive benefit to earnings. With its major company-funded fiber investments complete, free cash flow (FCF) is showing strong improvement. Net leverage was 2.5x at the end of 3Q:25, but we expect that to decline to 1.2x by year-end 2026, after the sale is completed. We maintain our $39 price target, based on 14x our 2027 FCF per share estimate of $2.76. Considering the company's asset base, rising cash flow, and leading market position in international markets, we maintain our Moderate risk rating.