The Bancorp, Inc. (TBBK): Business Model Canvas [Dec-2025 Updated]

You're digging into The Bancorp, Inc. (TBBK) because you know the real money in modern finance isn't always on the front lines; it's in the regulated plumbing that lets fintechs scale. As a seasoned analyst, I can tell you their business model is pure Banking-as-a-Service (BaaS): they are the licensed sponsor powering everything from prepaid cards to specialized lending, evidenced by the $44.04 billion in Gross Dollar Volume they managed in Q3 2025 alone. Understanding this architecture-where their $8.6 billion in assets supports massive digital transaction flows-is defintely the secret sauce to valuing their role in the ecosystem. Dive into the canvas below to see exactly how they structure revenue from fees and interest income while managing the compliance risk inherent in being the industry's trusted, invisible partner.

The Bancorp, Inc. (TBBK) - Canvas Business Model: Key Partnerships

The Bancorp, Inc. powers a significant portion of the modern financial ecosystem through its Banking-as-a-Service (BaaS) model, making its partnerships central to its value creation.

Non-bank financial companies (Fintechs)

The Fintech Solutions segment is the primary driver of growth, evidenced by massive volume and fee increases across its partner base, which ranges from startups to Fortune 500 companies. The Bancorp is recognized as the #1 issuer of prepaid cards in the U.S.

The scale of transaction processing through these partners is substantial:

Consumer fintech lending also shows rapid expansion, indicating deeper integration with lending-focused partners:

• Consumer fintech loans balance at September 30, 2025: $785.0 million.
• Year-over-year growth for consumer fintech loans: 180%.
• Consumer fintech loans balance at June 30, 2025: $680.5 million.

A key partnership development involves a major digital wallet provider, Block (Cash App), with a new five-year expansion announced for debit and prepaid card issuance, expected to begin in Q1 2026.

Major payment processors and card networks

The reported GDV and payment fees directly reflect the operational success and scale achieved through relationships with major payment processors and card networks. The Bancorp Bank, N.A. is the regulated entity enabling these transactions for its fintech partners.

For the second quarter of 2025, the GDV reached $43.65 billion, an 18% increase YoY, with total prepaid, debit card, ACH, and other payment fees at $31.7 million, up 14% YoY.

• The Bancorp's technology and operational infrastructure is stated to be capable of handling up to five times its current volume.
• Average deposits from the fintech business reached $8.3 billion as of Q1 2025.

Wealth management and institutional firms

The Institutional Banking business line serves institutional clients, though specific 2025 asset figures for wealth management custody or securities-backed lines of credit are not explicitly detailed in the latest reports, beyond the general recognition as a leading provider of securities-backed lines of credit.

The institutional ecosystem is reflected in ownership structure:

Commercial real estate and SBA loan originators

The Bancorp acts as a nationwide provider of bridge financing for real estate capital improvement plans and is an SBA National Preferred Lender. The Real Estate Bridge Lending (REBL) portfolio focuses on rehabilitation loans for apartment buildings.

Lending portfolio statistics as of mid-2025:

• Real Estate Bridge Loans (REBL) portfolio balance at June 30, 2025: $2.14 billion.
• REBL portfolio weighted average origination loan-to-value ratio (as-is): 70%.
• Small Business Loans (SBLs) balance at June 30, 2025: $1.05 billion, up 11% year over year.
• Commercial loans, at fair value (including non-SBA CRE and SBA loans): $185.5 million at June 30, 2025.

Strategic technology vendors for platform stability

The Bancorp emphasizes providing partner-focused solutions paired with cutting-edge technology. Management is focusing on leveraging technology, particularly AI and machine learning, to drive productivity and efficiency, with initial gains seen in legal and compliance areas.

The company's platform restructuring and new AI tools are expected to contribute to future earnings per share accretion, supporting the goal of a minimum $7.00 earnings per share run-rate by the fourth quarter of 2026.

The Bancorp, Inc. (TBBK) - Canvas Business Model: Key Activities

You're looking at the core engines driving The Bancorp, Inc. (TBBK) as of late 2025. These are the day-to-day functions that generate revenue and manage the underlying risks of their specialized model.

Operating the Banking-as-a-Service (BaaS) platform

This activity centers on providing the core banking infrastructure for fintech partners. The scale of this operation is evident in the deposit base growth and transaction volumes.

• Average FinTech Solutions deposits for the third quarter of 2025 reached $7.3 billion, a 10% increase from $6.6 billion in the third quarter of 2024.
• Fintech Solutions contributed 26% of total bank revenue in the second quarter year-to-date 2025.
• Gross Dollar Volume (GDV) growth for fintech partners was 18% year-over-year in the second quarter of 2025.
• The company is anticipating initial revenue impact from its embedded finance platform launch in 2026.

Issuing prepaid, debit, and credit cards

This is a major volume driver, directly tied to the BaaS platform's success. The total spend processed through these cards shows the reach of their payment services.

The GDV for the quarter ended September 30, 2025, represented a 16% increase compared to the same period in 2024. Consumer credit fintech fees for the third quarter of 2025 were $4.5 million.

Specialized commercial and niche lending

The Bancorp, Inc. (TBBK) maintains a diversified loan portfolio, focusing on specialized areas rather than broad commercial lending. The total net loan balance was $6.67 billion at September 30, 2025.

Here is the breakdown of the loan portfolio size as of June 30, 2025, which totaled $6.5 billion:

Other specialized lending activities include:

• Consumer fintech loans stood at $785.0 million at September 30, 2025, a 15% sequential increase.
• Direct lease financing balances were $698.1 million at June 30, 2025.
• Small business loans were $1.05 billion at June 30, 2025.

Regulatory compliance and risk management

Managing compliance is a constant, critical activity, especially given recent disclosures. The company acknowledged that its internal control over financial reporting was not effective in its amended annual report filed on April 7, 2025.

Risk provisioning highlights include:

• The provision for credit losses on non-consumer fintech loans for the third quarter of 2025 was $5.8 million.
• Of that non-consumer provision, $4.8 million was related to the leasing portfolio.
• The provision for credit losses for consumer fintech loans was revised to $30.7 million in the amended annual report.

The company is actively working to reduce criticized assets, particularly in real estate-backed loans. Capital ratios for The Bancorp Bank, N.A. at September 30, 2025, included Tier 1 capital to risk-weighted assets at 14.66%, well above the 8% minimum.

Developing new Fintech Solutions capabilities

This involves the ongoing build-out of technology and service offerings to attract and retain fintech partners. The company is focused on expanding credit sponsorship and platform development.

Key figures related to this development effort include:

• Credit sponsorship balances reached $785 million as of September 30, 2025.
• This represents a 180% year-over-year increase in fintech credit sponsorship balances.
• The company has a long-term target for total revenue to exceed $1 billion, heavily reliant on these fintech initiatives.

Management expects the Cash App program to start driving revenue in the first quarter of 2026. Non-interest expense for the third quarter of 2025 was $56.4 million, which included a 10% increase in salaries and benefits associated with these development efforts.

The Bancorp, Inc. (TBBK) - Canvas Business Model: Key Resources

You're looking at the core assets that power The Bancorp, Inc.'s operations as of late 2025. These aren't just line items on a balance sheet; they are the functional engines of the business model.

The Bancorp Bank, N.A. charter and regulatory standing is fundamental. This charter, held by the wholly owned subsidiary, The Bancorp Bank, N.A., allows The Bancorp, Inc. to operate as a financial holding company supporting its partner-focused solutions. The subsidiary remains well capitalized under banking regulations as of September 30, 2025. Here's a look at the capital ratios compared to the well-capitalized minimums:

The Bancorp Bank, N.A. also holds significant market positions, earning recognition as the #1 issuer of prepaid cards in the U.S. according to the April 2025 Nilson Report. The parent company, The Bancorp, Inc., is recognized as the top-ranked publicly traded bank with assets between $5B-$50B by Bank Director Magazine.

Proprietary technology and embedded finance platform development is a major resource driving future growth. The company is actively building out this platform, targeting a launch next year. The momentum in their Fintech Solutions is clear in the Q3 2025 figures:

• Gross Dollar Volume (GDV) reached $44.04 billion for the quarter ended September 30, 2025, marking a 16% year-over-year increase.
• Total prepaid, debit card, ACH, and other payment fees totaled $30.6 million for the quarter, up 10% year-over-year.
• Credit sponsorship balances ended at $785.0 million at September 30, 2025, a 180% increase compared to September 30, 2024.
• Consumer credit fintech fees amounted to $4.5 million for the quarter ended September 30, 2025.

This platform infrastructure supports scalable banking solutions for clients. It's definitely a key differentiator.

The firm's balance sheet strength provides the necessary foundation. Total assets of approximately $8.6 billion, specifically reported as $8,599,424,000 as of September 2025, back the operational scale. Also, the company has a significant commitment to shareholder returns, evidenced by the capital allocated to the $500 million share repurchase program authorized through the end of 2026. This program includes $300 million earmarked for late 2025 and $200 million for 2026, funded by cash and debt refinancing.

Specialized expertise in niche lending markets provides diversified risk and revenue streams beyond core banking. This expertise manifests in several key areas:

• Nationwide provider of bridge financing for real estate capital improvement plans.
• Designated as an SBA National Preferred Lender.
• One of the few bank-owned commercial vehicle leasing groups in the country.
• Leading provider of securities-backed lines of credit.

Management is actively derisking certain portfolios; for instance, Criticized Real Estate Bridge Lending (REBL) assets fell to $185.3 million as of September 30, 2025, with $102 million under contract expected to close in Q4. The company also utilized capital to enhance shareholder value, repurchasing 2,034,053 shares of common stock in Q3 2025 at an average cost of $73.74 per share.

The Bancorp, Inc. (TBBK) - Canvas Business Model: Value Propositions

Regulated bank sponsor for non-bank financial products, offering the necessary infrastructure for partners to operate within banking regulations.

Seamless, white-label integration for fintechs, enabling partners to offer banking products under their own brand using The Bancorp Bank, N.A. as the regulated back-end.

Top U.S. issuer of prepaid cards, evidenced by the Gross Dollar Volume (GDV) processed through these solutions.

High-yield specialty lending products delivered through focused business lines.

Scalable platform supporting $44.04 billion GDV (Q3 2025) for the quarter ended September 30, 2025, which represented a 16% increase compared to the quarter ended September 30, 2024.

The scale of the platform is further reflected in key financial metrics for the third quarter of 2025:

• Net Income: $54.9 million
• Earnings Per Share (EPS): $1.18
• Total Revenue: $174.6 million
• Return on Equity (ROE): 27%
• Total Prepaid, Debit Card, ACH, and other payment fees: $30.6 million for Q3 2025

The specialty lending segment contributes significantly to the overall value proposition, with portfolio sizes as of Q3 2025:

The Real Estate Bridge Lending portfolio balance at June 30, 2025, was $2.14 billion.

The Bancorp, Inc. is recognized as the #1 issuer of prepaid cards in the U.S..

The Bancorp, Inc. (TBBK) - Canvas Business Model: Customer Relationships

You're building a bank that powers other financial technology companies, so your customer relationships aren't with retail consumers; they are deep, embedded B2B engagements. The Bancorp, Inc. operates as a technology-enabled financial platform for non-bank firms, ranging from entrepreneurial startups to those on the Fortune 500. This requires a relationship structure built on trust and seamless integration.

Dedicated, high-touch B2B relationship management

The core of The Bancorp, Inc.'s customer relationship strategy is its focus on being a reliable bank sponsor for its partners. This high-touch approach is what allows them to maintain their position as the #1 issuer of prepaid cards in the U.S.. The success of this management style is quantified by the growth seen across their partner-driven metrics.

Consider the volume flowing through these relationships in the third quarter of 2025 alone:

The growth in Consumer Fintech Loans, which reached $785.0 million at September 30, 2025, shows a massive 180% increase compared to the prior year, indicating deep integration and trust with lending partners.

Deep, long-term strategic partnership model

The Bancorp, Inc. views its clients as strategic partners, aiming to transform their banking needs into long-term, scalable products. This is not transactional business; it's about embedding their charter as a platform for others. This strategic depth is reflected in the company's strong financial performance, which underpins the perceived stability partners rely on. For the first half of 2025, the company reported a Return on Equity (ROE) of 29%. Furthermore, their efficiency ratio improved to 41% in the first half of 2025, down from 48% in 2022, showing operating leverage from this focused model.

The commitment to this model is evident in the consistent growth across quarters in 2025:

• Q1 2025 GDV: $44.65 billion, up 18%.
• Q2 2025 GDV: $43.65 billion, up 18%.
• Q3 2025 GDV: $44.04 billion, up 16%.

This sustained volume growth suggests existing partners are scaling their operations using The Bancorp, Inc.'s infrastructure. If onboarding takes 14+ days, churn risk rises, which is why speed in integration is key.

Automated self-service via API integration

While specific API call volumes for The Bancorp, Inc. aren't public, their business model is predicated on providing the technology infrastructure that enables fintechs to offer seamless digital experiences. In the broader financial services sector, over 80% of financial institutions are investing in API-driven strategies to enhance customer experiences. The Bancorp, Inc.'s success in growing Gross Dollar Volume (GDV) by 18% year-over-year in Q1 2025 suggests robust, automated data exchange is in place with their partners. API-first banking models are noted to cut time-to-market for new products by 39% in 2025, a benefit The Bancorp, Inc. must deliver to its clients.

Client-centric solutions for customized offerings

The Bancorp, Inc. explicitly states a 'Client-First Mindset' as a core value. This translates into providing the people, processes, and technology to meet unique banking needs, which is the essence of their private-label banking service. The Consumer Fintech Loans segment exploded, growing 871% to $680.5 million in Q2 2025. This massive growth in a specific lending product offered through partners demonstrates the ability to rapidly deploy and scale customized, client-centric financial solutions.

Partner-focused, non-competitive approach

The Bancorp, Inc. positions itself as a technology provider first, using its banking charter as a platform for others. They are dedicated to developing solutions that complement their partners' offerings, not compete with them. This focus is why they are recognized as a leading provider of Banking-as-a-Service (BaaS) solutions. The company maintains total assets around $8.6 billion as of Q3 2025, providing the necessary scale and stability for partners without directly entering their consumer-facing markets. This non-competitive stance is defintely a key relationship differentiator.

The Bancorp, Inc. (TBBK) - Canvas Business Model: Channels

You're looking at how The Bancorp, Inc. (TBBK) gets its services-the banking-as-a-service platform and specialized lending-out to its clients. It's not about tellers in a branch; it's about digital plumbing and specialized sales forces.

Direct API integration with partner platforms

This is the core of the Fintech Solutions channel, where The Bancorp, Inc. embeds its regulated banking services directly into client-facing platforms. This channel is measured by the sheer volume of transactions it facilitates.

• #1 issuer of prepaid cards in the U.S.
• Gross Dollar Volume (GDV) for Q3 2025 reached $44.04 billion, marking a 16% increase year-over-year.
• Total prepaid, debit card, ACH, and other payment fees for Q3 2025 were $30.6 million, a 10% increase from Q3 2024.
• Average Fintech Solutions deposits for Q3 2025 were $7.3 billion, up 10% from the prior year's Q3.
• Consumer fintech loans, which represent credit sponsorship balances, ended Q3 2025 at $785.0 million, a 180% increase compared to September 30, 2024.
• The company expects consumer fintech loan balances to grow to over $1 billion by year-end 2025.
• The partnership with Block, Inc. for Cash App card issuance has an initial term of 5 years, with expected revenue starting in Q1 2026.

Institutional Banking sales team

The Institutional Banking channel focuses on delivering complex credit solutions, primarily through lines of credit, to institutional clients. This requires a dedicated sales effort to structure these specialized products.

Here's the quick math on the loan portfolio that this team manages as of September 30, 2025:

The total Institutional Banking principal balance was $1,895 million as of September 30, 2025.

Commercial Lending and Real Estate Bridge Lending units

These units drive revenue through specialized, asset-backed lending. The Real Estate Bridge Lending (REBL) portfolio is concentrated in multifamily rehabilitation loans, and the Commercial Lending unit includes SBA and vehicle leasing.

The Real Estate Bridge Lending portfolio stood at $2,203 million as of September 30, 2025, representing 32% of the total loan portfolio. This was a slight decrease from $2.14 billion at June 30, 2025.

The Small Business Lending portion, which includes SBA loans, totaled $1,059 million, or 16% of the portfolio, as of September 30, 2025. Commercial Fleet Leasing added another $693 million, or 10%.

The Bancorp, Inc. is recognized as an SBA National Preferred Lender.

Corporate website and investor relations portal

This channel serves external stakeholders, including investors and analysts, providing transparency and access to corporate information. It's the digital front door for financial disclosures.

• The stock price as of 12/05/2025 4:00 PM was $65.99.
• The Q3 2025 earnings conference call was held on Friday, October 31, 2025.
• The replay for the Q3 2025 call was made available telephonically until Friday, November 7, 2025.
• The company is recognized as being included in the S&P Small Cap 600.

Partner-branded card and payment programs

This is essentially the Fintech Solutions group acting as the regulated bank for non-bank companies, allowing them to issue cards and process payments under their own brand. The scale here is massive, measured in billions of dollars in transaction volume.

The key metrics flowing through this channel for Q3 2025 include:

• Total Gross Dollar Volume (GDV) processed: $44.04 billion.
• Year-over-year GDV growth: 16%.
• Total payment-related fees: $30.6 million.
• Consumer credit fintech fees for the quarter: $4.5 million.

Finance: draft 13-week cash view by Friday.

The Bancorp, Inc. (TBBK) - Canvas Business Model: Customer Segments

You're looking at a bank that doesn't chase consumer deposits; The Bancorp, Inc. instead focuses on powering other financial entities. This means their customer segments are primarily sophisticated, non-bank financial companies and large corporations needing integrated banking infrastructure.

Fintech companies and entrepreneurial startups form the core of the Fintech Solutions Group. These partners rely on The Bancorp Bank, N.A. for private label banking, which lets them offer branded banking and payment products. The success here is clear in the numbers: Consumer Fintech Loans hit $785.0 million at the end of the third quarter of 2025, which is a massive 180% increase compared to the same quarter in 2024. Also, the Gross Dollar Volume (GDV) processed through these partners reached $44.04 billion in Q3 2025, marking a 16% year-over-year increase. Honestly, this segment is the engine, driving recognition as the #1 issuer of prepaid cards in the U.S.

The scope of these partnerships isn't limited to small players. The Bancorp, Inc. provides these partner-focused solutions to companies ranging from those entrepreneurial startups all the way up to Fortune 500 firms needing embedded finance capabilities. This trust, built over more than 20 years, allows them to deploy capital into specialized, higher-yield lending markets.

To give you a clearer picture of where The Bancorp, Inc. deploys its capital across these client types, look at the loan portfolio breakdown as of September 30, 2025, or the closest reporting date. This shows you the asset mix supporting these customer relationships:

For wealth management and brokerage firms, you see their activity within the Institutional Banking segment. This area focuses on providing Securities-backed lines of credit (SBLOC) and Insurance-backed lines of credit (IBLOC), designed to complement their partners' offerings. The total principal balance for Institutional Banking stood at $1,895 million as of September 30, 2025. This is a strategic play to embed their services deeply within partner platforms.

The commercial real estate investors are served through the Real Estate Bridge Lending business, which focuses on a very specific niche. As of June 30, 2025, the Real Estate Bridge Loans (REBL) portfolio was $2.14 billion. What this estimate hides is that these loans consist entirely of rehabilitation loans for apartment buildings. The weighted average origination loan-to-value ratio on this portfolio was 70% based on third-party appraisals at that date.

Finally, for Small Business Administration (SBA) loan borrowers, The Bancorp, Inc. is recognized as an SBA National Preferred Lender. This lending activity falls under Small Business Lending. The total Small Business Loans (SBLs) balance was $1.05 billion at June 30, 2025, which was an 11% increase year-over-year. You can break down the components of that lending:

• U.S. government guaranteed portion of SBA loans (as of 9/30/2025): $407 million.
• Commercial mortgage SBA loans (as of 9/30/2025): $378 million.
• Non-guaranteed portion of U.S. government guaranteed 7(a) loans (as of 9/30/2025): $121 million.

If onboarding takes 14+ days, churn risk rises, so speed in these specialized lending areas is key to keeping these high-value clients happy.

The Bancorp, Inc. (TBBK) - Canvas Business Model: Cost Structure

When you look at The Bancorp, Inc.'s (TBBK) cost structure heading into late 2025, you see the heavy investment required to support its Banking-as-a-Service (BaaS) model, plus the lingering costs associated with credit quality management. Honestly, the biggest line item is usually the cost of money itself, which is a direct function of their deposit base.

The interest expense on average deposits for Q3 2025 is stated as $7.63 billion, based on the average deposit balance for that quarter. To give you some context on funding costs, the average interest rate on $7.84 billion of average deposits and interest-bearing liabilities during the third quarter of 2025 was 2.15%.

Salaries and benefits are a significant, growing component, reflecting the need for specialized staff in fintech, risk management, and cybersecurity. For the quarter ended September 30, 2025, Salaries and employee benefits expense was $37,350 thousand. This was a 10% increase compared to the third quarter of 2024.

Technology infrastructure and platform maintenance costs are embedded in several non-interest expense line items. The most direct figure we can pull for platform support is the Software expense, which for Q3 2025 totaled $5,040 thousand. This spend covers leasing, institutional banking, cybersecurity, and enterprise risk, which is exactly where you'd expect a BaaS provider to spend heavily to keep things running smoothly. You should also note that Data processing expense for Q1 2025 was $1,205 thousand, showing the ongoing operational tech spend.

Credit provisions are definitely a near-term headwind you need to watch. Management specifically cited an increased credit provision for leasing due to losses in the trucking and transportation industry. The provision for credit losses on non-consumer fintech loans for Q3 2025 was $5.8 million, of which $4.8 million was related to the leasing portfolio. Furthermore, the trucking and transportation industry specifically drove net charges of $2.8 million in that quarter. This is the kind of specific portfolio risk that can spike expenses quickly.

General and administrative regulatory compliance expenses are reflected in several areas, showing the cost of operating under federal and state oversight. For Q3 2025, Legal expense was $1,483 thousand, and FDIC insurance expense was $905 thousand. The company is actively working on this, as they noted implementing new tools in compliance projected to generate $1.5 million in annual expense savings from a $300,000 investment. That's the quick math on a smart, targeted efficiency play.

Here's a look at some of the key non-interest expense components for Q3 2025 (in thousands of dollars):

You can see the cost structure is heavily weighted toward personnel and the technology backbone required to service fintech partners. The credit provision volatility, especially from commercial lending segments like trucking, is the variable cost that management is actively trying to mitigate through portfolio resolution and efficiency drives.

• Personnel costs are rising, with Salaries and benefits up 10% year-over-year in Q3 2025.
• Technology spend, proxied by Software expense, was $5.04 million in Q3 2025.
• Credit provisions are being actively managed due to specific sector issues, like trucking.
• Regulatory costs are being addressed with targeted investments for future savings.

Finance: draft the Q4 2025 expense forecast by next Tuesday, focusing on the run-rate impact of the new compliance tools.

The Bancorp, Inc. (TBBK) - Canvas Business Model: Revenue Streams

The Bancorp, Inc. (TBBK) generates revenue through core banking activities and its specialized Fintech Solutions segment, which is a primary driver of growth.

Net Interest Income (NII) for the third quarter of 2025 was reported at $94.2 million. This figure compares to $93.7 million for the quarter ended September 30, 2024.

Fee-based revenue from payment processing remains a significant component. Prepaid, debit card, ACH, and payment fees totaled $30.6 million for the third quarter of 2025. This represented a 10% increase compared to the third quarter of 2024.

The interest income from loans is heavily influenced by the growth in the embedded finance sector. The balance of Consumer Fintech Loans reached $785.0 million as of September 30, 2025. This balance showed a 15% increase compared to the linked quarter.

Non-interest income derived specifically from fintech loan fees was $4.5 million for the quarter ended September 30, 2025. This is also referred to as consumer credit fintech fees.

The Bancorp, Inc. (TBBK) has adjusted its outlook for the year, setting the full-year 2025 diluted EPS guidance at $5.10. This followed the Q3 2025 results.

You can see a breakdown of key Q3 2025 financial metrics below:

The overall revenue picture for the third quarter of 2025 was strong in certain areas, even with the guidance adjustment. The total revenue for the quarter was $174.61 million. The revenue growth, when including both fee and related interest income revenue, was 23%. The company reported net income of $54.9 million for the quarter.

The revenue streams are supported by several operational highlights:

• Fintech GDV grew 16% year-over-year.
• Total non-interest income rose 27% year-over-year to $40.6 million.
• The Q3 2025 diluted EPS was $1.18.
• The company is targeting at least a $7 EPS run-rate by Q4 2026.

The Bancorp, Inc. (TBBK) is actively managing its capital structure, which impacts per-share metrics. The company completed a planned buyback of $300 million in the remainder of 2025.