We expect R2000 quarterly YoY earnings growth re-acceleration to continue as previously downwardly revised 3Q25 expectations are soundly beaten. R2000 LTM earnings are expected to have accelerated in 3Q25 after turning positive in 2Q25 following ten consecutive quarters of negative growth. 3Q25E estimates are depressed relative to what we expect once results are reported similar to the 2Q25 ramp up during last earnings season. While out-year expectations remain overly optimistic, we expect the nascent small-cap earnings upcycle to carry through ’26.