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- **Record Growth**: 124% YoY revenue, $23.6M adjusted net income, and 60.2% EBITDA margin highlight industry leadership.
- **Capital Returns**: $0.20 annual dividend and $10M buyback signal confidence in recurring fee model and cash flow generation.
- **Strategic Milestones**: $50M securitization validates institutional demand for uncorrelated assets, with plans for larger, more frequent transactions.
- **Valuation Disconnect**: Trades at mid-single-digit multiples vs. peers' 20x, despite 124% YoY growth and 22% ROE.

**【CEO Summary Section】**
- **Record Revenue Growth**: Total revenue increased 124% YoY to $63 million, driven by Life Solutions and asset management segments. Adjusted net income rose 60% to $23.6 million, and adjusted EBITDA surged 127% to $37.9 million.
- **Strategic Capital Returns**: Introduced a $0.20 annual dividend and $10 million share repurchase program, reflecting confidence in recurring revenue and cash flow generation.
- **Market Leadership**: Outperformed public peers with 124% YoY revenue growth vs. 20-30% for competitors. Trading at mid-single-digit multiples vs. peers' 20x, highlighting valuation disconnect.
- **Longevity Assets**: Completed $50 million securitization of life insurance assets, validating institutional demand for uncorrelated returns and lowering cost of capital.

**【CFO Financial Commentary】**
- **Profitability Metrics**: Annualized adjusted ROE of 22% and ROIC of 21%, with $86.4 million in cash and $424.7 million in policy assets.
- **Guidance Update**: Raised full-year adjusted net income guidance to $80-84 million (72-81% YoY growth), up from $74-80 million.
- **Cost Efficiency**: Operating expenses increased 70% YoY to $32.9 million, but driven by strategic investments in growth (e.g., marketing, M&A).

**【Q&A Highlights】**
- **Securitization Economics**: $50 million transaction included servicing fees and 36% realized gains. Anticipate larger, more frequent deals ($75+ million) in 2026.
- **Capital Deployment**: Q3 capital deployed $102 million, targeting $120 million+ run rate. 72% of revenue now recurring, supporting dividend sustainability.
- **Wealth Advisory Growth**: 3 million+ lives tracked in SaaS platform, with 80%+ employee ownership fostering alignment with shareholders.
- **Dividend Policy**: Annual dividend (vs. quarterly) allows reinvestment in high-ROE opportunities while returning capital to investors.

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