$ROOT

Root has $300 million of off-balance sheet assets on $800 million market cap

Root has approximately $300 million in off-balance sheet deferred tax assets from accumulated NOLs that management signaled may be released onto the balance sheet as a material non-cash income benefit. Combined with a strong 65% loss ratio demonstrating profitable underwriting, the release of these tax assets represents significant value not reflected in the current $800 million market cap and will provide tax-free cash returns to shareholders.