Under new interim CEO James Silk, we believe BENF's near-term priorities include resolving legal issues and simplifying the capital structure to position the business for long-term growth in core liquidity transactions. We anticipate BENF will release 2Q:F26 results in the near term; the company is up to date on SEC filings following the recent 1Q:F26 earnings release. BENF has met two of three outstanding Nasdaq listing requirements, being up to date on SEC filings and meeting the minimum $35 million market value of listed securities requirement. We expect BENF to try to execute a reverse stock split to meet the $1.00 per share bid requirement. Chairman of the Board Thomas Hicks and Mr. Silk recently executed a limited conversion transaction (from preferred to common shares), making progress toward simplifying the balance sheet. We maintain our high risk rating to reflect substantial risk related to ongoing litigation against BENF amid the current management transition and departure of prior CEO Brad Heppner. The rating further balances BENF's growing addressable market with its funding model and ability to conduct liquidity transactions.