At this time, I would like to turn the call over to Ben Tapper, Vice President, Investor Relations. Ben, please go ahead. Thank you, and welcome to Compass Diversified's first quarter 2026 conference call. Representing the company today are Elias Sabo, CODI's Chief Executive Officer, and Stephen Keller, CODI's Chief Financial Officer. Before we begin, I'd like to remind everyone that during the course of this call, CODI will make certain forward-looking statements, including discussions of forecasts and targets, future business plans, future performance of CODI and its subsidiaries, and other forward-looking statements regarding CODI and its financial results. Words such as believes, expects, anticipates, plans, projects, should, and future or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to many risks and uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ on a material basis from those projected in these forward-looking statements. Some of these factors are enumerated in the risk factor discussion in the company's Form 10-K as filed with the SEC on February 27, 2026, as well as in other SEC filings and press releases. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. During the call, we will refer to certain non-GAAP financial measures. The Q1 2026 press release, including the financial tables and non-GAAP financial measure reconciliations for adjusted EBITDA, subsidiary-adjusted EBITDA, pro forma net sales, and financial results excluding Lugano, are available at the Investor Relations section on the company's website at www.compassdiversified.com. Please note that references to EBITDA in the following discussions refer to adjusted EBITDA as reconciled to net income or loss from continuing operations in CODI's press release and SEC filings. The company does not provide a reconciliation of its full-year expected 2026 subsidiary adjusted EBITDA because certain significant reconciling information is not available without unreasonable efforts. Throughout this call, we will refer to Compass Diversified as CODI or the company. At this time, I would like to turn the call over to Elias Sabo. Elias. Thank you, Ben, and good afternoon to everyone. We started 2026 committed to a clear plan, and we are delivering against it. Specifically, we sold Sterno's food service business at an attractive valuation despite a muted M&A environment. We completed a sale leaseback at Altor and applied the proceeds directly to debt reduction. We delivered solid subsidiary-adjusted EBITDA growth, highlighted by double-digit growth in our consumer businesses despite uncertainty in the global economy. Collectively, our subsidiaries generated strong operating cash flow in the quarter, a hallmark of the CODI model. Incorporating our current view of the operating environment and reflecting the sale of Sterno's food service business, we are updating our full-year guidance. Before Stephen walks through the financials and our updated guidance, I would like to provide additional color on both our strategic focus and operational performance. Let me start with the sale of Sterno's food service business. Throughout this process, we've been asked whether the broader environment, including geopolitical uncertainty in the Middle East, tighter private credit markets, and other macro factors, would limit our ability to monetize our businesses at attractive values. From the outset, our answer was straightforward. First, there was almost always a market for high-quality businesses. Second, we have an experienced team with a track record of maximizing value across market cycles. We believe the outcome here speaks for itself. We view this as an initial step towards the goals we've established, not the final step. Our leverage ratio remains above our target range, and our shares continue to trade at what we believe is a discount to intrinsic value. Our work is not done. We will continue to pursue deleveraging and value creation, both organically and inorganically, with the same urgency and discipline we have demonstrated so far. Once leverage is within our target range, we will accelerate work to address the gap to intrinsic value, including through the efficient return of capital to shareholders. Alongside our deleveraging efforts, we have initiated a review of our management services agreement. We are actively evaluating our MSA for opportunities to further align incentives and drive incremental shareholder value. The process is underway, and we expect to provide further updates in the coming months. Turning to operational performance. Against a backdrop of continued macro uncertainty, our subsidiaries collectively outperformed in the first quarter. Let me walk through a few highlights. Our consumer businesses led the way with double-digit adjusted EBITDA growth, driven by strength across these businesses. The Honey Pot continued its exceptional momentum in the first quarter, with revenue growth of nearly 25% and EBITDA growth of over 40% compared to the prior period. We continue to see the brand gain share across the feminine care category, reflecting the strength of the product portfolio, expanded distribution, and growing consumer adoption as the brand continues to extend beyond its origin into the broader period care category. The Honey Pot is now firmly established as a leading better-for-you brand in the feminine care, and we believe it has significant runway for continued growth. BOA delivered another strong quarter, with revenue growth of 6.5% and EBITDA growth of 11% compared to the prior year period. We believe the performance of the BOA Fit System is unmatched, and that technical edge continues to drive category-leading adoption across snow sports, cycling, workwear, and more. The company's focus on differentiated solutions and operational efficiency supports their category-leading margins. With continued innovation and expansion into new performance applications, we see meaningful opportunity for growth ahead. 5.11 Tactical delivered solid margin performance and strong cash flow in the quarter, despite some modest top-line pressure. The business continues to generate durable cash flow from its core professional customer base, and we are encouraged by the steps the team is taking to expand 5.11's appeal to the broader adventure-oriented consumer. This includes a recent grand opening of its next-generation retail format in Seattle, which significantly outperformed the chain average on opening weekend. Early customer response has been strong, and we are seeing encouraging traction. While this is an early signal, it reinforces our belief that 5.11 has meaningful runway to broaden the brand's reach over time. Finally, within our consumer businesses, a new leadership team is getting up to speed at PrimaLoft. It's only month three, but we are pleased with management's progress, laying the groundwork to accelerate future growth while remaining a highly profitable, low working capital business. Much more to come in future quarters. Turning to our industrial businesses, Arnold delivered a standout quarter with adjusted EBITDA nearly doubling year-over-year, despite ongoing geopolitical dynamics around rare earth supply, including continued export restrictions out of China. While these dynamics create near-term headwinds, they also reinforce the long-term tailwinds for the business. Demand for geopolitically secure rare earth magnet supply continues to build as customers increasingly prioritize reliable, non-China sources. Arnold's Thailand facility is ramping up, adding capacity and supply chain redundancy. We believe this uniquely positions Arnold to serve aerospace, defense, and industrial customers who prioritize supply chain security and performance reliability. Altor remains a work in progress. The business faced a challenging first quarter, reflecting competitive pressure in the cold chain market and continued consumer headwinds in the appliance market. The team is focused on execution, optimizing the combined platform following the Lifoam acquisition and driving commercial progress. We remain confident in Altor's long-term positioning, even as near-term results continue to reflect current market conditions. Finally, let me turn to Rimports, which is the business we retained following the sale of the Sterno food service business. Rimports is a home fragrance platform, supplying scented wax warmers, and essential oils under a range of in-house and private label brands to many of the nation's largest retailers. We want to be clear about what to expect. The balance of 2026 will be a transition period. Rimports will absorb some stranded costs from the separation of the food service business during the year, and we are working through an updated commercial relationship with a large customer. Both of these factors will weigh on near-term results, but are expected to improve in 2027. We have confidence in the leadership team and believe the long-term opportunity remains attractive as the team focuses on the go-forward business. Before I hand the call over to Stephen, I want to underscore that the actions this quarter are part of a disciplined, sequenced plan. Our path is clear. De-leverage. Drive continued operational performance. Further align management incentives. Over time, close the gap between our share price and intrinsic value. That is the priority we are executing against. With that, I'll turn the call over to Stephen to walk through the financial results. Thanks, Elias. As a reminder, our prior year GAAP results include Lugano, which has since been deconsolidated following its bankruptcy filing last November. With that context, I will discuss our GAAP results first, followed by our non-GAAP results that exclude Lugano to better facilitate year-over-year comparisons. For the first quarter, GAAP net revenues were $427 million, down 5.9% year-over-year due to the inclusion of Lugano in the prior period. GAAP net loss from continuing operations was $30.8 million, an improvement of approximately $19 million year-over-year, primarily reflecting the absence of Lugano's losses in the current period. I will now provide our first quarter non-GAAP results, which excludes Lugano from the prior year. Net sales were in line with prior year as strong double-digit growth at The Honey Pot and Arnold were offset by ongoing challenges at Altor, due largely to unfavorable macro trends. Across our businesses, our consumer net sales increased 2.3%, while industrial net sales declined 3.3% compared to the prior year period. Subsidiary adjusted EBITDA was $83.9 million, an increase of 6.3%, with consumer up 11.6% and industrial down 4.5% compared to the prior year period. While Arnold nearly doubled year-over-year, industrial growth was offset by the top-line headwinds at Altor. Corporate management fees, excluding those paid by the subsidiaries, were $14.4 million for the quarter, as reflected on the income statement. Actual cash payments for Q1 fees will be significantly less at around $7.5 million. As previously discussed, corporate cash management fees paid to the manager are expected to be between $25 million and $30 million for the full-year as our manager pays back the overpaid management fees related to Lugano restatement. Public company costs were $13 million in the quarter, which includes more than $7 million of one-time costs associated with Lugano, including the cost of ongoing litigation and investigation and corporate governance changes. While these one-time costs were significantly higher than initially anticipated, they do not include any offsets that may be realized through insurance or other proceeds as we move through 2026. It is important to note that in April, we received our first insurance reimbursement, and we expect to recover additional expenses over the balance of 2026. More importantly, we remain focused on managing and reducing our public company costs consistent with our efforts to de-lever and drive long-term value creation. Cash generation was a highlight of the quarter. We generated $23.9 million in operating cash flow, a meaningful improvement versus the prior year. Our capital expenditures of $5.1 million were less than half of the prior year period, reflecting disciplined capital allocation and a capital-efficient profile of our subsidiary businesses. Together, Q1's operational cash generation demonstrates the strength of our businesses and keeps us on track toward delivering significant free cash flow in 2026. We ended the quarter with $65 million in cash and cash equivalents and nearly full availability on our $100 million revolver. Our leverage ratio for debt covenant purposes at quarter end was approximately 5.3 x, a strong improvement in the quarter. As we announced earlier this week, the sale of Sterno's food service business has now closed, and we have repaid more than $280 million of senior secured term loan debt. This reduces our total leverage to approximately 5 x and brings our senior secured net leverage to below one time. Importantly, this allows us to avoid the milestone fees under our senior credit facility that would otherwise have applied beyond June 30th. Reducing leverage has been and remains our top financial priority. Our actions thus far this year put us in a meaningfully stronger position. There is more work to do, and we remain disciplined and focused on the priorities we have laid out to our shareholders. Turning briefly to Lugano, the Chapter 11 process is advancing as expected, as are our efforts to minimize our liability and maximize our ultimate recovery. We expect to have greater clarity on timing by the end of the second quarter, and we'll update investors as appropriate. Before turning to our outlook, I'd like to briefly note that while the evolving tariff environment has created significant market uncertainty, we are currently experiencing a tailwind across multiple businesses. Separately, we also expect to receive one-time tariff-related refunds during 2026, though the specific timing and magnitude are difficult to forecast at this time. We will provide more clarity as the year progresses. I'll now provide an update on our 2026 outlook. For the full-year, we expect subsidiary adjusted EBITDA of between $320 million-$365 million. This range, adjusted for the impact of the sale of Sterno's food service business, is at or above the expectation we set at the start of the year and reflects the continued strength of our diversified collection of businesses. For our consumer businesses, this equates to adjusted EBITDA between $225 million-$260 million. For our industrial businesses, we expect adjusted EBITDA of between $95 million and $105 million, which includes some stranded costs associated with the sale of our Sterno business. We expect these costs will decline in 2027. For modeling purposes, we continue to assume CapEx of between $30 million-$40 million for 2026, and we expect corporate cash management fees of between $25 million-$30 million. As has been our practice, our outlook does not include the impact of any potential acquisitions or divestitures, except as noted regarding the sale of the Sterno food service business. It also does not include any significant impact, positive or negative, to the evolving trade environment. With that, I'll hand it back to Elias for closing remarks. Thanks, Stephen. Let me be clear about where we stand. The first quarter of 2026 was a quarter of execution. Solid subsidiary performance, a meaningful divestiture at an attractive valuation and measurable progress on the priorities we laid out. A single quarter does not make a turnaround, and we've, by no means, reached the finish line. We will continue to pursue our stated objective to create long-term shareholder value and close the gap to intrinsic value. That means, in the near term, pursuing strategic divestitures at attractive valuations and returning capital to shareholders where appropriate. Trust is earned through consistent execution, and that is what shareholders should expect from us every quarter going forward. The sale of Sterno's food service business is an important signal of what is possible. We transacted at an attractive value on an accelerated timeline in an otherwise softer M&A environment. That outcome reflects both the quality of the business and the capability of our team to run disciplined processes and maximize value for shareholders. Beyond a proof point, it is an important first step. We believe in the CODI model. We take a permanent capital approach to acquire great businesses, partner with strong management teams, and actively manage growing category leaders over the long term. That model has generated value for shareholders for nearly two decades. We are confident in the model and committed to demonstrating its value through execution. Thank you as always for your support. Stephen and I will now take your questions. Operator, please open the lines. Thank you. Your first question is from Larry Solow of CJS Securities. Your line is now open. Great. Thanks. Good afternoon, guys. Can you just clarify the guidance? Your net, you're down $25 million, and obviously you're up $5 million in branded, that's separate from the sale, the divestiture of Sterno. Obviously Sterno, sounds like there's some moving parts, right? For Sterno, maybe more than we would have thought the impact on the sale. You said some kind of stranded or lagging costs there. Maybe there's still another adjustment. Are you reducing, maybe Altor Solutions a little lower too or anything else in there? No. Thanks, Larry. No, the main thing is actually just adjusting for the industrial is just adjusting for the sale of Sterno, specifically related to the lost EBITDA, the stranded cost, and then as well as what Elias mentioned in the prepared remarks, which is we do have a couple of negotiations with some large customers in that particular business that we think will be a little bit- Right. Of a headwind for the year. Gotcha. Yeah. That's it. Basically the remain cost of Sterno, which is Rimports, will be somewhat lower this year. Correct. Than last year. Yes. And you think that- I wanna be clear. Yeah. Go ahead. I want to be clear, we're selling Sterno, we're not deconsolidating it out of the business. You will have the first quarter of Sterno will be included in our full-year EBITDA. Then the next three quarters will just be Rimports. Right. Is there like, is there a short term, like your corporate costs are too much because you kind of carved out Sterno, but you still have Rimports or did you bulk up that infrastructure maybe where it actually impacts you? Yeah, go ahead. As we mentioned, I think in our original press release, we are retaining the management team in Rimports. The Sterno management team is staying with Rimports. That is something that we need to work through. We actually really think this is the right team to help accelerate Rimports growth, but it is a little. We do have to make some adjustments to overall cost levels as we go forward. Gotcha. The stranded costs, I imagine those you kind of have pretty good visibility will be not repeat next year. The customer negotiations with the one, I think I know one large customer, that we don't know the outcome yet. The stranded costs, obviously you should have pretty good confidence those won't repeat, right? I guess. Is that fair? Yeah. I mean, we have to address the stranded costs. It is Stranded costs are costs that existed last year that will continue to exist in the business. We need to work them down over time as appropriate for what is now a smaller business. Right. Okay. That's what I thought. It's a little bit you need to downsize sort of the corporate structure there. That makes sense. Just curious, so the couple quickies, in general, Elias, maybe just on the, you know, on the branded piece, it sounds like, you know, a lot of moving parts, but in general, just your consumer, you know, the confidence you have, anything really change over the last six months? Obviously, that encompasses the start of the Iran conflict or whatever you wanna call it, higher inflationary pressures back or a lot higher. Any, have you seen any impact in any of your businesses because of this or are you contemplating that in your guidance? Any thoughts there? Yeah, Larry, we, I would say, have seen our consumer businesses perform extremely well. First quarter was above what our expectations were. I would say coming into the second quarter, as a lot of these companies work on backlog, I would say they're, you know, set up to perform better in the second quarter than expectations as well. That's, you know, clearly in the face of the Iran war starting. I think where it gets a little bit harder to dissect is whether customers are accelerating some orders because of the war and worries about longer-term inflation and, you know, kind of oil going through, you know, kind of global oil supply. That's a little bit more to be determined. I would say right now, what we can analyze the business on the consumer side looks very strong and better than anticipation. Currently, and I know this sounds odd to say, unaffected by the, you know, global macro events that we see, you know, kind of around us on a daily basis. Okay. BOA really had a nice quarter. Anything, you know, outstanding there? I know you sold the footwear business, I know, so maybe you reported 11% EBITDA growth, but I imagine it was even better ex that. Any extra color there? You know, BOA is a great business. We, you know, say over and over how awesome this company is. Its competitive positioning, strategic outlook. It has one of the best management teams, if not the best management team that I've ever worked with. I think those are all the ingredients to propel the company, you know, forward in a consistent basis. As you know, Larry, it's got a great IP position. You know, it's just, it's so well-positioned, and I think we went through a lot of, you know, kind of turbulence. Obviously, it had huge growth during the supply chain shock, you know. Then we had, you know, some softness that came from that. Then more recently, we had a customer, you know, in Asia on our kids line that from price competitive reasons we walked away from. So there's been a little bit of noise. I think right now the business is in a much better spot based in where the industry is and kind of its inventory positioning and where we are in terms of the customer mix and durability and then all the growth, you know, that it has ahead of it. I would say where there's been some extraneous sort of, you know, kind of choppy things that have happened here, this business now we think is sort of in a smoother set of waters and should produce the kind of double-digit kinda growth rates that we saw in the first quarter on a continuing basis. Great. Last question, Elias. You did a nice, you know, announcement. You completed a nice divestiture, and then you said you know, look and probably do more. You know, you're pretty confident you'll complete at least one more this calendar year? I mean, that is our plan. The M&A markets I referred to are, you know, a bit choppy. They're weaker than, you know, where they've been in the past. You know, they ebb and flow, as you know. You know, we own really great quality assets, Larry, as I mentioned in my, you know, opening remarks, there's always the market to transact for a great company or great companies. You know, we do feel confident we'll be able to transact. Now, against that, there's still a war in Iran going on and $100 oil prices and lots of uncertainty. Private credit markets- Sure. Have really tightened. I think we see that kind of in the public stock prices of a lot of these private credit providers. That is clearly a headwind for, you know, being able to transact. It's where our focus is. You know, we understand we need to get our leverage down, and that is, you know, kind of the number one, two, and three goals right now, to get back into a position where we can be allocating capital again, and, you know, as we said in our opening remark, you know, looking to close the intrinsic value discount once we get there. You know, we remain confident we'll be able to execute against that. Although, I wanna caution the M&A markets continue to remain choppy. Great. I appreciate it. Thanks. Thank you, Larry. Thank you. Our next question will come from Timothy D'Agostino from B. Riley Securities. Your line is now open. Yeah, hi. Thanks for taking the questions. Regarding leverage, could you remind us again what your long-term goal is? You know, where do you want leverage to be? As well, you know, given the sale of Sterno Food Services, how does that impact kind of your timeline and your path in order getting to that leverage target? Lastly on that, you know, given where the stock is today and let's say looking into the future, getting to your leverage target, you know, when would share buybacks become part of the equation for you all? You know, at these levels, is it attractive? Understanding you still have more deleveraging to do. Thank you. Yeah. Thanks for the question. Long term, we've always said we'd like to be around 3x- 3.5 x leverage. That would be like our long-term goal if things were, you know, in a more, you know, in a more normal situation. I would say our current focus is now to get under 4 times levered as a key milestone for us. Once we got under 4 x, we would start to think, y ou know, given where the stock is trading and discount to intrinsic value, we would start thinking it would make sense to look to return capital to shareholders, potentially through a share buyback. I think, again, long term, 3.5x. I think the next milestone for us is to get below 4x, which just allows us to be a little bit more, you know, think a little bit more about return capital. Okay, great. Thank you for that. Then with, I guess, you know, with the additional sale of a full subsidiary, you know, do you think you can get to that 4x by year-end, or do you think it's gonna take a little bit more work? Just understanding, you know, the impact of the next sale might have in your opinion. The way I would think about it, if you think about it organically, I think the rest of the year, you kind of get, you have another step down, probably to around four and a half somewhere, a little bit higher than that, but somewhere around there. Then you start talking about the kind of inorganic activities, which would include recovery from Lugano, which would be straight deleveraging. Then you would, and then you would have a sale of a subsidiary. That obviously just depends on which subsidiary. There's obviously a little bit of a circular reference there where you get rid of EBITDA, but you know, then you get how much, you know, you get the multiple on it. We think with the sale of another company and the organic work and the work from Lugano recoveries, I think we would essentially be below 4x. It is dependent on the specific subsidiary and the multiple that we get for it. Okay, great. That's super helpful color. If I could just sneak a final quick one in there. I may have missed it earlier, I apologize. On SG&A, lower this quarter and, you know, on my model, a lower percentage of revenue. I guess, is there anything to flag there on why SG&A was lower in the quarter? Again, might have missed it, apologies if I did. You mean collectively across the business, or are you talking about corporate costs are higher, right? As we talked about in the prepared remarks. In terms of the overall business, if you're looking at collectively the SG&A on the GAAP accounts line, I think it's nothing specific to call out. It's, you know, nothing, just normal, you know, prudent management within the teams. As I think we talked about at the last call, 5.11 has made some significant strides in using AI to reduce overhead costs in all of our businesses. As, you know, prudent managers do, they look to reduce SG&A costs, especially in a time when there's a little bit more macro uncertainty. Okay, great. Thank you for taking the questions today. Thank you, Tim. Thank you. Our next question will come from Matt Koranda from ROTH Capital. Your line is now open. Hey, guys. I guess one fundamental one on segment and then maybe a couple of housekeeping things. On Honey Pot, maybe can you just unpack a little bit more about what's driving the really substantial growth there? I guess notice north of 30% even on margins in that segment. How sustainable do you view that that level as, and how should we be thinking about sort of a normalized level going forward? Yeah, Matt, what's driving the growth is market share gains in the category. If you recall, when we acquired the company, it was principally in the hygiene side, the washes and wipes side of the business. That is a very small percentage of the overall addressable market. Only about 5% of the potential population of candidates use washes and wipes as instead of regular soap. The big opportunity with this company was, you know, one, to increase that percentage, which we've been doing and, secondly, to extend the brand into other adjacent categories. We've had really good success extending into the period care market. That is the, you know, a market that is kinda 20 times bigger than the original market that we started out with, and our brand has shown the elasticity to be able to move into that. Remember, we stand for better for you, which is something that resonates, especially with the younger consumer, and our goal is to win that younger consumer as they're coming into the category. The strategy is working extremely well. I would say growth in period care can continue to drive, you know, really dramatic growth because we are relatively small in an enormous market right now with a differentiated proposition to the customer. In terms of margin, you know, the company is in a category where it can generate higher margins. I mean, these are better for you products. The positioning, you know, and brand association is all around better for you. As a result, consumers are willing to pay up for that. Now, I will say, you know, the company also has some benefits, and we've had Stephen mention from tariff rulings here. You know, there were huge tariff costs that were incurred as part of Liberation Day last year. Now with the IEPA ruling, some of those costs have significantly come down. That is aiding margin without question. I think if your view is those tariffs creep back in some other way. There'll be some give back of margin, naturally. I think if your view is tariffs are gonna be sort of where they are right now at this temporary level, then you should view those margins as being stable. There's nothing from a pricing standpoint that we look at that says we aren't able to maintain these margins. I think if you see the growth rate of, you know, mid-20s top line growth, you know, it's indicative of a very healthy brand. That price is not the, you know, reason that people are not buying. We believe we can hold that. Okay. Appreciate that, Elias. I guess maybe this is a broader question for all the segments. On tariff recoveries, I just wanna make sure. There were none within the first quarter that benefited margins. Just clarify that for us. Also, as you get recoveries throughout the year, how will those flow through the financial statements, just so we're clear on sort of how it shows up? There was no one-time like recovery of last year's tariffs in our Q1. As Elias mentioned, we did have some benefits of having lower tariffs than we had maybe at Q4 of last year, if that makes sense. To the extent that when we do get one-time historical refunds on tariffs, that would just be a positive in the P&L, and we will be sure to call that out for everyone for modeling purposes. Any margin that you see right now is not related to one-time tariff benefits. It's more related to the current tariff environment that we're in today. Okay. Got it. Maybe just one more, if I could. You mentioned kind of a revisiting or a review of the MSA. Are you willing to share any preliminary thoughts on that front in terms of what some of the changes could be or the changes you're contemplating, maybe based around either, I guess, the asset-based management fee or allocation interest and how those are calculated? We are not in a position yet to start to discuss that. What we wanted to convey to the market is that there are discussions that are ongoing now between the manager and the compensation committee to the Board of Directors. We anticipate MSA changes to come in the, you know, next couple few months. We just were really conveying that. It would be premature, Matt, at this point to start talking about the flavor of what those changes will look like. Okay. Fair enough. Yeah, I'll leave it there. Thank you. Thank you. Thank you. We do have time for a few additional questions. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. At this time, we have our next question is from Haley Scheff of Raymond James. Your line is now open. Good afternoon. Thanks for the question, and congrats on the sale. Now that you've completed this and kind of gotten your senior leverage down below 1x, is there any urgency with other sale processes, especially with a muted M&A market? Yeah. I would say, Haley, there's urgency because leverage at 5 x is too high. There's urgency because our shares trading at these prices, in our opinion, don't reflect intrinsic value. The urgency really becomes getting our leverage down and getting back into a position where we have capital allocation availability. You know, there was a direct question earlier, and we said, you know, it would include potential share buybacks as part of that capital allocation. I think, you know, that creates urgency now. It is a fair question, and we have to juxtapose, you know, kind of that urgency against the conditions that exist in the M&A markets, and they are somewhat muted. You know, we transacted in an equally difficult M&A market on Sterno, and I think there's the ability to do that, you know, with another asset here over the course of the year. We're, you know, taking it with a sense of urgency. I do wanna be clear, though, to the extent the markets would significantly undervalue an asset in an M&A market, by doing the Sterno deal, it's taken the pressure off to do something that would be a necessity. We will transact to the extent it can create additional shareholder value. If the market conditions were so weak that it didn't create additional shareholder value, we have bought time to be able to, you know, kind of have other strategic alternatives we could consider. That would be not our central case. Our central case is the markets, you know, although they're not extremely strong, they're also not extremely weak. They kinda are a bit muted. We believe the appropriate thing is continued deleveraging through divestitures. Got it. Thanks for the detail. Then if I can squeeze another quick one in here. On the tariffs, I know you mentioned that there's not much clarity right now on the timing or the magnitude of tariff refunds. What does the process look like for that, and any clarity on whether there would be an inflection point at which you would have a better idea of the magnitude or the timing? I mean, it was just a couple of weeks ago or whatever, where the government set up the website to actually start, you know, start the process. Each of our companies is going through the process. We really just do not have clarity. We will be sure as soon as it happens, we will provide clarity. Again, we will call it when the future earnings reports when we have it, we will call it out as a one-time benefit. At this point, we do not. It's just really hard to predict, and we expect, you know, I think we'd expect that it'll be a little bit choppy. We'll get some back. We'll probably have to fight some. Each company will be a little bit different. Makes sense. Thank you so much. Thank you. Thank you. Thank you. At this time, I'm showing no further questions. I would like to turn it back to Elias Sabo for closing remarks. Thank you everyone for your time today. We look forward to seeing you and talking to you on our next conference call. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.