OPRT's Board of Directors has appointed Doug Bland to the role of CEO. We view the hiring favorably and think OPRT is well positioned for its next growth stage considering Mr. Bland's valuable experience in non-prime lending. We see an extended runway for long-term earnings growth, backed by OPRT's improving balance sheet, cost management, and disciplined growth in originations. Our 2026 estimates imply gradually improving credit performance and continued debt repayment driving 16% year over year growth in adjusted EPS to $1.58 (guidance is $1.50-$1.65) and 6% growth in adjusted (for certain fair value changes and non-recurring charges) EBITDA to $158 million ($150-$165 million). Elevated charge-offs, albeit expected to be temporary, and lower seasonal revenue will weigh on 1Q:26 earnings, in our view. OPRT continues to improve its balance sheet, with leverage down to 7.2x at 4Q:25 from 7.9x in the prior year period and trending toward the company's 6.0x target. We expect the company to continue to repay its high-cost term loan. We maintain our $10 price target, based on an approximate 7x multiple applied to our 2027 adjusted EPS estimate of $1.54. Our moderate risk rating reflects the economic sensitivity of OPRT's borrowing cohort and its credit products.