Total revenues for the year ended December 31, 2025, increased by 8% year-over-year to $1.5 billion. Core commissions and fees experienced organic growth of $98.5 million, driven by new and renewal business and strong performance from MSI. Partnership activity contributed $23.6 million to commissions and fees. Operating expenses rose by 8% year-over-year to $1.4 billion, primarily due to higher other operating expenses, increased technology outlay, and higher incurred losses from the newly established Captive business. The company reported a net loss of $54.2 million, or $0.50 loss per fully diluted share, compared to a net loss of $41.1 million, or $0.39 loss per fully diluted share, in 2024. Adjusted EBITDA increased by $29.0 million to $341.5 million, with an adjusted EBITDA margin of 22.7%, a 20 basis point expansion. Adjusted net income grew by $22.0 million to $198.9 million, and adjusted diluted EPS increased by 11% to $1.67. Organic revenue growth for 2025 was 7% ($100.0 million), a decrease from 17% ($196.9 million) in 2024. Post-year-end, the company completed significant acquisitions, including CAC Group for $438.0 million cash and 23.2 million Class A shares, and Creisoft, Inc. (Obie) for $90.0 million cash and 396,573 Class A shares, along with deferred and contingent considerations. A $250 million share repurchase program was authorized by the Board of Directors on February 26, 2026. Jim Roche's employment agreement was amended, transitioning him from an executive officer role to Executive Chairman of the Underwriting, Capacity and Technology Solutions operating group and President of Sponsored Reciprocals, effective January 1, 2027. Paul Sparks was appointed as a Strategic Advisor to PubCo's Chief Executive Officer, effective January 1, 2026, with a base salary of $210,000 and a one-time sign-on equity award of $250,000 in restricted Class A shares.