Book value per share increased 25% to $2,188 in 2025, including dividends, primarily driven by the net gain on sale of the Bamboo Group. Comprehensive income attributable to common shareholders was $1,109 million in 2025, a significant increase from $230 million in 2024. The net gain on sale of the Bamboo Group contributed approximately $816 million, or $320 per share. The Ark/WM Outrigger segment reported a combined ratio of 81% in 2025, an improvement from 82% in 2024, with pre-tax income of $310 million. Ark's gross written premiums increased 16% to $2,557 million in 2025, driven by new underwriting teams and business classes. HG Global reported pre-tax income of $45 million in 2025, reversing a pre-tax loss of $(66) million in 2024. Kudu reported total revenues of $183 million and adjusted EBITDA of $65 million in 2025, up from $119 million and $55 million, respectively, in 2024. Distinguished, acquired in September 2025, reported managed premiums of $188 million and ScaleCo adjusted EBITDA of $9 million for the period from acquisition through December 31, 2025. The company repurchased and retired 100,581 common shares for $203 million in 2025, at an average price of $2,013.67 per share. Undeployed capital stands at approximately $1.0 billion, including a $128 million distribution from WM Outrigger Re received in January 2026. A net deferred tax expense of $73 million was recognized in 2025 due to the reversal of the deferred tax asset related to the Bermuda economic transition adjustment.