I think it was Ross Jackson that indicated a June 1st cut in 2026 counts 19M in 2026 and the rest (35?) in 2027. Another fiscally responsible year and we’ll be in the black.
That is true, except that we'd have to carry his entire $69m cap number until June to lower it to that $19 million in 2026. Then the dead money in 2027 would be around $40m.