AIAI

Pro forma year‑end 2025 balance data indicate cash of roughly $32.9 million and limited short‑term debt at holdco prior to any new credit facility.

CCCI generated $18.1 million operating cash flow in 2025 with $4.2 million of capex (implying FCF of ~$13.9 million); Constellation posted ~$0.4 million operating cash flow and negative FCF ($1.9 million).

However, a perpetual 3% of consolidated revenue services fee and planned amortization ($130.6 million per year) reduce earnings quality and potential FCF conversion at the group level. We treat leverage as manageable today but see probable future capital needs if growth outstrips internal cash.