Financial Data and Key Metrics Changes - The company reported record results for the second consecutive quarter, with cash balance expected to exceed $500 million by year-end, placing the company in a net cash position heading into 2026 [2][4] - Full year EBITDA is now expected to exceed $1 billion, and free cash flow is projected to top $550 million, both higher than prior estimates [2][4] - Metal sales increased by 15% to $555 million during the quarter, driven by a higher number of ounces sold and a 15% increase in silver prices [17] Business Line Data and Key Metrics Changes - Las Chispas operation generated $66 million in free cash flow, with silver production increasing to 1.6 million ounces and gold production to 17,000 ounces [9][10] - Palmarejo delivered $47 million in free cash flow, with strong recoveries and mill throughput reaching the highest levels in six quarters [10][14] - Rochester's gold and silver production increased by 3% and 13% respectively compared to the second quarter, resulting in free cash flow of $30 million [11] - Kensington achieved free cash flow of $31 million, its highest quarterly cash flow in over six years [13][14] - Wharf's gold production increased by 16% to 28,000 ounces, leading to free cash flow of $54 million [14] Market Data and Key Metrics Changes - The company noted a strong performance in the North American market, benefiting from record-setting metals prices [14][17] - The average cash cost per ounce for gold and silver was reported at $1,215 and $14.95 respectively, continuing a positive trend compared to Q3 2024 [9] Company Strategy and Development Direction - The company is focused on maintaining a balanced portfolio of North American assets and is evaluating capital allocation priorities, including share repurchase programs [6][22] - The integration of Las Chispas is complete, and the company is looking to leverage its strong cash flow position for future growth opportunities [10][36] - The company is not currently focused on development stage investments but is actively monitoring opportunities that fit its criteria [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a strong finish to the year and a record-breaking year in 2026, driven by operational improvements and favorable market conditions [4][22] - The company anticipates a material step up in production from 2025 to 2026, with expectations for increased throughput and efficiency at operations [33] Other Important Information - The company recorded a one-time $162 million non-cash tax benefit due to U.S. net operating losses, reflecting strong performance over the past three years [19] - The company has repaid over $228 million in debt during 2025, achieving a net debt ratio of 0.1 times [18] Q&A Session Summary Question: What is needed to get the Rochester operation up to full capacity? - Management discussed recent modifications to improve efficiency and productivity, indicating that unplanned downtime was a temporary setback [26][28] Question: How does the company view growth opportunities in the market? - Management stated that they are focused on internal priorities but are always evaluating opportunities that align with their strategic goals [36] Question: What should be expected regarding the tax rate for next year? - The effective tax rate is expected to change to around 24% due to the utilization of net operating losses, which is a significant shift from previous years [44] Question: Was there a drop in grade at Palmarejo and Las Chispas? - Management clarified that the drop in grade was related to the sequencing of ore processed and the decision to run more tonnes through the mill [48] Question: What are the expectations for unit costs and inflation pressures? - Management indicated that they are experiencing a favorable cost environment with flat input costs, despite some royalty pressures [53][55]

Financial Data and Key Metrics Changes - The company reported GAAP net income of $17.6 million, or $0.13 per fully converted common share, with distributable earnings of $26.7 million, or $0.22 per fully converted share [11] - Distributable earnings included $1.7 million of realized losses related to a REO sale, which adjusted the distributable earnings to $0.23 per fully converted share when excluding this loss [11] - Book value at quarter end was $14.29 per fully converted share, with a decrease attributed to dividend undercoverage and the NewPoint acquisition [11] Business Line Data and Key Metrics Changes - NewPoint contributed $9.3 million to distributable earnings in its first full quarter, with a record volume of $2.2 billion in originations [6][13] - The core portfolio size declined slightly, ending the quarter at $4.4 billion across 147 loans, with multifamily assets making up 75% of the portfolio [18] - The company originated approximately $304 million in new loan commitments during the quarter, funding $196 million primarily in multifamily [6] Market Data and Key Metrics Changes - The CRE market is seeing a reset, with borrowers and lenders adjusting asset valuations, particularly outside of the office sector [18] - The average cost of debt on the core portfolio was SOFR +231 basis points, with net leverage at 2.55 times and recourse leverage at 0.84 times [14] - The company expects to return its core portfolio to a target size of at least $5 billion over the next few quarters [7] Company Strategy and Development Direction - The company is focused on integrating NewPoint, redeploying liquidity, and leveraging expanded capabilities to grow earnings and book value [10] - The integration of NewPoint is expected to generate $0.04 to $0.06 per fully converted share annually to earnings once the migration of loan servicing is complete [16] - The company is exploring additional investment opportunities outside of whole loans, including CMBS B-pieces and CRE CLO bond investments [19] Management's Comments on Operating Environment and Future Outlook - Management views the third quarter as transitional but believes it sets the stage for stronger results ahead [9] - The company is optimistic about the contribution from NewPoint growing over time, with expectations for it to be accretive to GAAP earnings and book value per share in the first half of 2026 [17] - Management noted that while the market is competitive, they continue to find attractive opportunities for risk-adjusted returns [19] Other Important Information - The company has resumed share repurchases, buying back 540,000 shares for approximately $6 million, with $25.6 million remaining on the buyback allocation [9] - The company sold two properties from its REO portfolio during the quarter and has more slated to close in Q4 [8] Q&A Session Summary Question: What led to the higher origination volumes and expectations for Q4? - Management indicated that they cultivated the balance sheet and converted loans from floating rates into CMBS products, leading to a strong Q4 outlook [29] Question: What should be expected regarding the compensation and benefits expense line item? - Management stated that expenses will trend with volume and will be variable, making it difficult to extrapolate from Q3 alone [32] Question: Are repayments expected to remain elevated in Q4? - Management expects repayments to be in line with previous quarters, noting variability as year-end approaches [38] Question: What is the target size for the core portfolio? - The company is targeting a stabilized portfolio size of between $5 billion and $5.5 billion [40] Question: Is the record quarter for NewPoint a sustainable run rate? - Management cautioned that while it was a great quarter, it may not be repeatable every quarter and advised looking at overall annual guidance [43]

Core Viewpoint - BILL Holdings, Inc. has shown significant interest from institutional investors and analysts, with recent earnings exceeding expectations and a share repurchase plan indicating management's confidence in the stock's value [1][4][5]. Institutional Investment Activity - Asset Management One Co. Ltd. increased its holdings in BILL by 22.1%, owning 2,690 shares valued at $124,000 after purchasing 487 additional shares [1]. - FNY Investment Advisers LLC raised its stake by 133.7%, now holding 1,402 shares worth $64,000 after acquiring 802 shares [1]. - Virginia Retirement Systems ET Al invested approximately $884,000 in BILL during the second quarter [1]. - WCM Investment Management LLC boosted its stake by 4.8%, owning 464,155 shares valued at $21,152,000 after acquiring 21,369 shares [1]. - Allianz Asset Management GmbH established a new position worth about $1,332,000 [1]. - Institutional investors collectively own 97.99% of the company's stock [1]. Analyst Ratings Changes - Keefe, Bruyette & Woods raised their price target for BILL from $46.00 to $56.00, maintaining a "market perform" rating [2]. - Oppenheimer increased their price target from $55.00 to $60.00, assigning an "outperform" rating [2]. - Needham & Company LLC reaffirmed a "buy" rating with a price target of $75.00 [2]. - Truist Financial lowered their price target from $63.00 to $61.00 while maintaining a "buy" rating [2]. - Canaccord Genuity Group also reaffirmed a "buy" rating with a $75.00 price target [2]. - The consensus rating for the stock is "Hold" with a price target of $60.10 [2]. Financial Performance - BILL reported an EPS of $0.53 for the last quarter, surpassing analysts' expectations of $0.41 by $0.12 [4]. - The company achieved revenue of $383.35 million, exceeding estimates of $376.43 million, marking an 11.5% year-over-year increase [4]. - BILL's FY 2026 guidance is set at 2.000-2.200 EPS, with Q1 2026 guidance at 0.490-0.520 EPS [4]. Share Repurchase Plan - The Board of Directors approved a share repurchase plan allowing the company to buy back $300 million in shares, representing up to 7.2% of its shares [5]. Company Profile - BILL Holdings, Inc. specializes in financial automation software for small and midsize businesses, offering cloud-based payments and spend management products [6].

Financial Data and Key Metrics Changes - For Q3 2025, consolidated revenue was $694 million, representing a 58% increase year-over-year, while year-to-date revenue reached $2.2 billion, a 64% increase [11] - Adjusted EBITDA for Q3 was $120 million, with a year-to-date total of $476 million, reflecting a margin of 17.3% for the quarter and 21.5% year-to-date, an increase of approximately 325 basis points compared to the previous year [11][12] - Adjusted diluted earnings per share for Q3 was $1.01, bringing the year-to-date adjusted EPS to $4.27 [12] Business Line Data and Key Metrics Changes - Financial services segment revenue for Q3 was $579 million, up 80% year-over-year, with adjusted EBITDA increasing 86% to $126 million, a margin of 21.7% [13][14] - Core accounting and tax service lines delivered low single-digit growth, while project-based advisory businesses showed improved growth compared to the first half of the year [13][10] - Benefits and insurance segment revenue was $103 million, with year-to-date growth of 2.7% and adjusted EBITDA growth of 6.7% [15] Market Data and Key Metrics Changes - The company experienced strong mid-single-digit rate increases in Q3, exceeding overall inflation and reflecting the value of its service capabilities [14] - The market conditions improved in Q3, leading to increased conversion of late-stage pipeline opportunities [10] Company Strategy and Development Direction - The company is focused on leveraging the Marcum acquisition to accelerate growth and enhance competitive positioning, with significant investments in technology, AI, and offshoring resources [4][5] - A national brand campaign has been launched to promote the new CBIZ and highlight expanded capabilities, showing early signs of improved brand awareness [8] - The company aims to achieve a target leverage range of 2 to 2.5 times over time, with a focus on funding organic growth and maintaining capital [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the 2025 revenue outlook, citing steady performance in recurring businesses and improved market conditions [10] - The company anticipates accelerated growth beginning in 2026, driven by a commitment to operational excellence and client experience [24] - Management noted that the integration of Marcum is progressing well, with expected synergies of $50 million or more, and plans to realize $35 million in synergies this year [20][22] Other Important Information - The company ended Q3 with net debt of approximately $1.6 billion and had about $300 million of available liquidity [15] - Share repurchases totaled approximately $128 million year-to-date, with a current outstanding share count of approximately 54.1 million shares [16] Q&A Session Summary Question: What is the outlook for pricing in 2026? - Management indicated that mid-single-digit pricing growth is expected to continue, reflecting strong client relationships and market conditions [26] Question: Have any significant clients been lost due to the Marcum acquisition? - Management acknowledged some expected client dilution but reported strong client retention rates overall [28] Question: What are the expected integration costs for 2026? - Integration costs for 2026 are expected to be similar in nature to 2025, with some shifts in the mix of costs [30] Question: How has the OVBPA impacted the tax practice? - Management confirmed that the OVBPA has led to increased discussions and revenue in the tax practice [34] Question: What is the outlook for the fourth quarter? - Management expects continued growth in core recurring businesses and improved performance in non-recurring project-based businesses [38][41]

Core Points - Murphy USA Inc. announced the appointment of Mindy K. West as President and Chief Executive Officer, effective January 1, 2026, succeeding Andrew Clyde, who will retire on December 31, 2025 [1][3][4] - The Board reaffirmed its 50/50 long-term capital allocation strategy, which includes a new share repurchase program and an increase in the quarterly cash dividend [2][5][7] Leadership Transition - Mindy K. West has been with Murphy USA since 1996 and has held various leadership roles, including Chief Operating Officer since February 2024 [3][4] - Andrew Clyde, the outgoing CEO, will remain with the company as a non-executive advisor until February 2027 to ensure a smooth transition [4][6] Capital Allocation Strategy - The Board approved a new share repurchase program of up to $2 billion, set to begin after the current $1.5 billion program is completed, of which $337 million remains [5][7] - A quarterly cash dividend of $0.63 per share was declared, reflecting a 19% increase from the previous quarter, with an annualized dividend of $2.52 [5][7] Growth and Reinvestment - The company plans to open 50 or more new-to-industry (NTI) locations annually, supported by a robust pipeline and recent acquisitions [8] - Management intends to increase reinvestment in existing locations starting in 2026, funded by tax benefits from recent legislation [8][9] Financial Position - Murphy USA aims to maintain a conservative balance sheet, targeting a long-term debt-to-earnings ratio of under 2.5x [9]

Core Insights - Avantor Inc. reported third-quarter 2025 adjusted earnings of 22 cents, below the consensus estimate of 23 cents [1] - The company’s sales were $1.62 billion, slightly missing the consensus of $1.65 billion, with a year-over-year decline of 5.3% [1] - Organic sales declined by 4.7%, impacted by a positive foreign currency translation of 2.2% and a negative M&A impact of 2.8% [1] Segment Performance - Laboratory Solutions sales were $1.09 billion, reflecting a 6.4% decrease, with an organic decline of 4.9% [2] - Bioscience Production sales totaled $527.3 million, down 2.9% reported and 4.3% organically, with operational headwinds affecting throughput [3] Strategic Initiatives - The company announced a $500 million share repurchase authorization, indicating confidence in cash generation and a commitment to long-term shareholder value [4] - CEO Emmanuel Ligner emphasized the need for decisive changes to improve execution, accountability, and financial performance [4] Guidance and Analyst Commentary - Avantor revised its fiscal 2025 adjusted earnings per share guidance from 94-98 cents to 88-92 cents, compared to the consensus of 95 cents [5] - The company expects organic revenue to decline between 3.5% and 2.5%, with an adjusted EBITDA margin in the mid-16% range [5] - Analysts suggest that while there is potential for outperformance, the company's current growth and margin profile justify a discount compared to peers [6]

Financial Data and Key Metrics Changes - Loans held for investment increased by $83 million, or 0.6% linked quarter, and $448 million, or 3.4% year-over-year [4] - Deposit base grew by $550 million, or 3.4% linked quarter, with non-interest-bearing deposits increasing by 5.9% linked quarter [4] - Net income for the third quarter was $56.8 million, representing fully diluted EPS of $0.94, up 2.2% from the prior quarter and 11.9% from the prior year [4][5] - Return on average assets was 1.21% and return on average tangible equity was 12.84% [5] - Net interest income expanded by 2.4% to $165.2 million, with a net interest margin of 3.83%, an increase of two basis points from the prior quarter [5] Business Line Data and Key Metrics Changes - Credit quality remained solid with net charge-offs of $4.4 million, representing 13 basis points of average loans [6] - Non-interest income totaled $39.9 million, up 0.1% linked quarter and 6.3% year-over-year [5] - Non-interest expense increased by $5.8 million, or 4.7% linked quarter, including approximately $2.3 million in non-routine items [5] Market Data and Key Metrics Changes - The company reported a solid trend in criticized loans, with a decrease of about $49 million in the quarter, totaling a decline of $123 million for the first three quarters of the year [34] Company Strategy and Development Direction - The company is focused on organic growth initiatives and has added customer relationship managers in key markets [3][4] - The guidance for loans held for investment is expected to increase in mid-single digits for the full year 2025, with low single-digit growth in deposits [8] - The company plans to maintain a disciplined approach to capital deployment, focusing on organic loan growth and potential market expansion [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about maintaining net interest margin in the range of 3.80% to 3.83% despite potential short-term headwinds [31][44] - The company anticipates a proactive approach to share repurchase as capital levels continue to build [17][60] - Management highlighted the competitive landscape in the market, noting that M&A activity presents opportunities for growth [21][26] Other Important Information - The company repurchased $11 million of common stock during the quarter, with a total of $37 million repurchased in the first nine months of the year [6][7] - A quarterly cash dividend of $0.24 per share was declared, payable on December 15 [7] Q&A Session Summary Question: Can you provide details on hiring and future plans? - The company hired approximately 29 new associates in Q3, with a focus on key markets like Houston and Atlanta [12] Question: Will there be an increase in expenses due to hiring? - Yes, the company expects a slight increase in expenses related to new hires, with additional non-routine costs factored in [14][15] Question: How does the company view M&A opportunities? - Management sees M&A as a potential opportunity but emphasizes a focus on organic growth strategies [21][26] Question: What are the trends in classified and criticized loans? - There has been a positive trend with a decrease in criticized loans, contributing to lower provisioning [34] Question: How does the company plan to manage deposit costs? - The company aims to maintain deposit costs while managing competitive pressures and anticipates a drop in deposit costs following Fed rate cuts [43][44]

Financial Performance - Sales for Q3 2025 were $1.917 billion, an increase of $20 million year-over-year, driven by currency benefits despite lower demand [11][12] - Adjusted EBITDA improved to $162 million, up $51 million from the previous year, with a margin expansion of 260 basis points to 8.5% due to cost-saving actions [11][12] - Net income attributable to Dana was $13 million, a positive swing of $34 million compared to a loss of $21 million in Q3 of last year [12] Business Line Performance - Volume and mix negatively impacted sales by $66 million, primarily due to lower demand in commercial vehicle markets, partially offset by higher sales in light vehicles [13] - Cost savings contributed $73 million to profit, with a total of $183 million achieved to date, and an increased target of $235 million for the full year [14][19] Market Performance - Commercial vehicle demand in North America continues to deteriorate, with no signs of recovery expected until mid-2026 [29][30] - Light vehicle demand remains stable, with production disruptions having minimal impact on sales [9][10] Company Strategy and Industry Competition - The company is on track to close the off-highway divestiture in Q4 2025, with most regulatory approvals received [6][10] - The company plans to return $600 million to shareholders this year, having repurchased nearly 30 million shares, or over 20% of shares outstanding [7][22] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving a full-year sales target of approximately $7.4 billion and an adjusted EBITDA of about $590 million [17][18] - The company anticipates a margin improvement in continuing operations, with a target of 10% to 10.5% margins for 2026 [22][23] Other Important Information - Adjusted free cash flow for Q3 was $101 million, a $109 million improvement year-over-year, driven by higher profitability and lower working capital requirements [15][16] - The company expects to recover $10 million in costs related to EV program cancellations in Q4 [64][68] Q&A Session Summary Question: Impact of tariff policy changes on U.S. OEMs - Management noted that U.S. OEMs are likely benefiting more from recent tariff policy changes compared to European counterparts due to their higher production in the U.S. [26][27] Question: Deterioration in commercial vehicle market - Management indicated no signs of recovery in the commercial vehicle market, expecting a soft market through mid-2026 [29][30] Question: Drivers of fourth-quarter performance - Management highlighted continued cost-saving initiatives and improved product mix as key drivers for expected performance in Q4 [32][33] Question: Performance of pricing improvements - Pricing improvements are driven by new platforms and effective negotiations with customers, contributing significantly to profit [40][42] Question: Backlog and EV cancellations - Management confirmed that the backlog has been impacted by EV program cancellations, but there are still increases in ICE programs expected [100][102]

Financial Data and Key Metrics Changes - The company reported GAAP net income of $1.2 billion and earnings per share (EPS) of $6.98 for Q3 2025, driven by strong gains on sale and insurance recoveries [5][17] - Adjusted net income was $865 million, with a record adjusted EPS of $4.97, leading to an increase in full-year EPS guidance to $13.70 [5][21] - The company generated significant excess capital, resulting in a leverage ratio of 2.1 to 1 and a strong liquidity position with total sources of liquidity at approximately $22 billion [20][22] Business Line Data and Key Metrics Changes - The aircraft leasing segment saw utilization rates exceeding 99%, with a healthy extension rate of approximately 85% for used aircraft transactions [5][6] - The company sold 32 owned assets for total sales revenue of $1.5 billion, resulting in a gain on sale of $332 million and an unlevered gain on sale margin of 28% [17][18] - The engine business continues to deepen relationships with OEMs and airlines, highlighted by a seven-year agreement with GE Aerospace for lease pool management services [9][10] Market Data and Key Metrics Changes - The demand for widebody aircraft remains high, with a 100% extension rate for widebody transactions, indicating robust market conditions [6][8] - The company is taking back 27 aircraft from Spirit Airlines, which will incur downtime and engine shop visit costs, impacting fourth-quarter guidance [8][19] - The overall market environment for aircraft leasing and sales continues to be strong, with expectations for over $3 billion in sales for the full year [18][22] Company Strategy and Development Direction - The company emphasizes disciplined capital deployment, focusing on accretive opportunities and maintaining a strong balance sheet [12][68] - AerCap is actively participating in M&A discussions and is open to consolidation in the industry, viewing it as a positive for shareholders [33][34] - The company has negotiated over 200 aircraft acquisitions since 2021, indicating a proactive approach to fleet management and market positioning [54][68] Management's Comments on Operating Environment and Future Outlook - Management remains confident about the business outlook, citing strong demand for both new and used aircraft driven by the need to retire older models [25][26] - The company expects continued strong performance in the aircraft leasing market, with a favorable supply-demand imbalance projected to last through the end of the decade [36][39] - Management acknowledged potential challenges from geopolitical factors but believes long-term fleet planning by airlines will mitigate short-term impacts [76] Other Important Information - The company has committed approximately $10 billion to engines through its two engine divisions since closing the GECAS transaction [10] - The company returned $981 million to shareholders through share repurchases in Q3, marking a quarterly record for open market purchases [14][20] Q&A Session Summary Question: Thoughts on U.S. industry consolidation - Management sees limited room for further consolidation in the U.S. market but acknowledges strong demand for new technology aircraft as older models are retired [25][26] Question: Margin progression and yield improvement - Management indicated that net spread increased to 8%, the highest since 2019, with expectations for continued positive impacts from new deliveries [27][28] Question: Comments on Air Lease proxy and strategic bidding - Management supports industry consolidation and emphasizes discipline in M&A discussions to avoid diluting shareholder value [32][34] Question: Outlook for A220 market - Management noted challenges with the A220's engine durability but remains optimistic about its future if improvements are made [61][62] Question: Capital allocation and sale-leaseback opportunities - Management highlighted the importance of pursuing accretive transactions and maintaining a focus on shareholder returns [68][69]

Financial Data and Key Metrics Changes - The company reported core earnings per share of $0.29 for the quarter, adjusting for significant items, while the core loss per share was $0.84 [14] - The expected life of loan cash flows increased by approximately $195 million due to lower prepayment speeds and updated assumptions [10][11] - The company announced a new share repurchase authorization of $100 million, providing additional capacity to purchase future value at a discount [4] Business Line Data and Key Metrics Changes - Total loan originations in the Consumer Lending segment grew to $788 million, a 58% increase from the previous year, driven by over 100% growth in Refi originations [17] - The Refi loans accounted for $528 million, marking the highest quarterly volume this year, while in-school lending reached a record $260 million [5][17] - The net interest margin for the Consumer Lending segment was 239 basis points, an increase from 232 basis points in the previous quarter [18] Market Data and Key Metrics Changes - The company experienced a decline in total delinquencies from 19% to 18.1%, while the net charge-off rate increased by 1 basis point to 15 basis points [16] - The provision expense for the quarter was $168 million, with $151 million related to previously originated loans, reflecting elevated delinquency rates [14][15] Company Strategy and Development Direction - The company is focused on aggressively reducing expenses and has exceeded its initial goal of $400 million in run-rate expense reductions ahead of schedule [8][22] - The company plans to provide an update on the growth strategy for its Earnest business on November 19th, indicating ongoing strategic initiatives [13] - The company is well-positioned to capitalize on opportunities in the Refi market, particularly as federal loan policies become less attractive to borrowers [79] Management's Comments on Operating Environment and Future Outlook - Management noted that the expected future cash flows increased due to changes in public policy and customer repayment behavior, with a focus on legacy loan portfolios [10][29] - The outlook for the fourth quarter is a range of $0.30-$0.35 per share, which would place the company within the full-year guidance of $1-$1.20 per share [15] - Management expressed confidence in the ability to finance rapid asset growth through ABS issuances, indicating a strong capital position [48][49] Other Important Information - The company completed its fourth term ABS financing of the year, backed by Refi loan collateral, demonstrating strong investor demand [12] - The total reserve build in the quarter was driven by various factors, including changes in borrower behavior and macroeconomic outlook [21] Q&A Session Summary Question: Regarding the provision and delinquencies noted - Management explained that the provision expense reflects incremental defaults and lower prepayment rates, which are expected to continue [26][29] Question: Where is the credit weakness coming from? - Management indicated that the majority of the weakness is focused on legacy portfolios, with some changes in other products but not as significant [38] Question: Breakdown of the $151 million provision - Management stated that the majority of the provision is related to trends in the private legacy portfolio, with macroeconomic conditions contributing only a small part [75] Question: Outlook on competition and market opportunities - Management highlighted that the company is well-positioned to take advantage of opportunities in the market, particularly in graduate loan originations [84] Question: Potential Grad PLUS opportunity - Management estimated the Grad PLUS market to be around $14 billion, with expectations for significant expansion opportunities [91]