1Q:26 results were mostly in line with our expectations, with adjusted EPS of $0.07, as higher net charge offs (NCO) weighed on year over year comparisons. Still, the company delivered its sixth consecutive quarter of GAAP profitability and OPRT-direct EPS registered $0.21. OPRT reaffirmed 2026 guidance of adjusted EBITDA of $150-$165 million, up 6% at the midpoint. The company's adjusted EPS guidance of $1.50-$1.65 incorporates various exclusions and represents strong 16% growth at the midpoint; we estimate company-adjusted EPS of $1.54. Our 2026 EPS estimate (exludes fair value changes) is $1.13. New CEO Doug Bland, only a few weeks into the role, emphasized improving through-cycle credit performance to rebuild durable, profitable growth. Our 2026 estimates imply gradually improving credit performance and continued debt repayment driving 13% year over year growth in OPRT-adjusted EPS to $1.54 (guidance is $1.50-$1.65) and 7% growth in adjusted EBITDA to $159 million ($150-$165 million). We expect OPRT to maintain a conservative approach to underwriting, as credit should improve throughout 2026. After a 12.7% net charge off (NCO) rate in 1Q:26, we expect the rate to step down to the low-11% range to reach the 2026 NCO rate guidance of 11.9% (+/- 50 basis points). Balance sheet improvement remains a key growth driver. OPRT reduced interest expense by 16% year over year to $48 million in 1Q:26 on debt repayment. The company ended 1Q:26 with leverage of 6.8x (7.6x at 1Q:25). 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.