We note that personal loans are a competitive product, with many digitally native players, and NAVI does not have meaningful originate to sell experience. As for the upcoming Grad PLUS opportunity, management noted that they believe their products are well suited for the grad market and are not planning to launch a specifically designed product. We model $4.0bn of originations in 2026, including $3.2bn of refi and ~$0.8bn of in-school originations, and $5.3bn of originations in 2027, including $3.7bn of refi and $1.7bn of in-school originations. Buyback, Capital Return: NAVI bought back $23mm of shares in in prior q and $35mm in last year same q. NAVI’s main priorities are addressing unsecured debt, reinvesting in the business, and returning excess capital through buybacks and dividends.