RYAM recently announced the resignation of CEO Scott Sutton, with the Board establishing an interim Office of the CEO comprised of existing senior leadership to ensure operational continuity while the company conducts a comprehensive strategic alternatives review. We believe the current management team, particularly CFO Marcus Moeltner, has the capability to execute the company's previously outlined strategic priorities. We model 1Q:26 sales of $315 million, down from $356 million in the prior year period, reflecting lower volumes driven by the company's pricing actions in Cellulose Specialties (CS). We expect a loss per share of $0.62 in 1Q:26 compared to a loss of $0.49 in 1Q:25, reflecting lower volumes and the expected effect of pricing initiatives implemented at the start of the year. We continue to view 2026 as a year of execution, with management focused on delivering positive free cash flow, reasserting leadership in Cellulose Specialties (CS) through pricing actions, and driving year-over-year improvement across each business. From a balance sheet perspective, RYAM ended 2025 with $157 million of liquidity, including $75 million of cash and availability under its credit facilities, and net secured leverage of 3.9x, which we believe provides sufficient flexibility to navigate a weak first quarter while executing its operational initiatives. We maintain our $15 price target on RYAM shares, based on an 11x enterprise value to our 2027 free cash flow estimate of $160 million, as we await further clarity on the strategic review process and the trajectory of operational improvement through 2026. CS leadership, a scaling Biomaterials platform and the expectation for a healthier balance sheet support our moderate risk rating.