Yesterday, Citron released a full report on its website, valuing $CACC at $714. But who likes reading reports like that these days? Citrini publishes speculative reports, while Citron publishes facts. Consider this: Short positions in $CACC represent approximately 19% of the outstanding shares. But if you exclude investors who have held them for a decade without ever selling, and the impact of events like the New York Attorney General's Office (NYAG), the Consumer Financial Protection Bureau (CFPB), and the COVID-19 pandemic, the actual short positions in the tradable shares exceed 30%. Security spreads are at their lowest in history. Price-to-earnings ratios are at their lowest in years. Same business. One of these markets is definitely in trouble. But it's certainly not the bond market! February 13, 2026—The cases involving the New York Attorney General's Office and the CFPB are resolved simultaneously. The three-year-long discount that suppressed price-to-earnings ratios is gone. But the market hasn't noticed yet. Since 2011, 61% of the outstanding shares have been delisted. In 2025 alone, 12.6% were delisted. At this rate of buybacks, the returns are almost staggering. The new CEO focuses on technology and possesses 30 years of loan-grade data. Deployment speed has increased by 70%. Dealer approval time is less than 2 seconds. The market's current pricing of lending institutions should be priced towards the platform. Loans maturing in 2021 dragged down profitability. These loans are disappearing from the books in real time. Profit recovery is not a prediction, but rather published data. The P/E ratio is 13. Historical data shows that P/E ratios are typically between 18 and 20. This difference is the core of the entire investment logic.