Q4 2025 net loss allocable to common shareholders was $17.0 million ($1.39 per share); full-year 2025 net loss was $18.4 million ($1.51 per share). Q4 combined ratio was 333.5% (loss ratio 286.9%, expense ratio 46.6%); full-year combined ratio was 168.8% (loss ratio 119.0%, expense ratio 49.8%). Adverse prior-year development added 178.7 percentage points to the Q4 combined ratio and 42.3 points for the full year. Gross written premiums (GWP) fell 41.9% in Q4 to $7.9 million and 17.0% for 2025 to $59.8 million, driven by the commercial lines run-off. Personal lines GWP grew 12.7% in 2025 to $51.1 million and represented 100% of Q4 gross written premium; Q4 personal lines combined ratio was 150.9% (FY 125.4%). Commercial lines recorded zero premium production in Q4 (GWP of -$8 thousand), reflecting the ongoing exit; Q4 accident year combined ratio was 133.7% for commercial lines. Net earned premiums declined 55.2% in Q4 to $5.7 million and 46.8% for 2025 to $32.4 million; net written premiums declined 61.2% in Q4 and 56.7% for the year. Net investment income was $1.1 million in Q4 and $5.0 million for 2025; realized investment losses were $0.7 million in Q4 and $0.7 million for 2025; change in fair value of equity securities was a gain of $0.5 million in Q4 and $0.2 million for 2025. Book value per common share declined to $0.73 at December 31, 2025 from $1.76 a year earlier; shareholders’ equity fell to $9.0 million from $21.5 million. Balance sheet items at year-end 2025: cash and cash equivalents $27.4 million; total investments $114.3 million; unpaid losses and LAE $146.3 million; mandatorily redeemable preferred stock of $14.4 million recognized.