In a state where most higher education institutions are working to address financial and enrollment challenges, the University of Wisconsin-Milwaukee (UWM) faces some of the greatest difficulties of all. UWM's steep enrollment drop has exacerbated the effects of an eight-year tuition freeze and lagging state funding, forcing cuts to faculty, eroding reserves and research spending, and threatening efforts to raise retention and graduation rates. COVID-19 has added to those difficulties, racking up costs and lost revenues that not even three generous rounds of federal aid have been able to cover. In December, the Wisconsin Policy Forum published "Falling Behind?", a comprehensive review of the state's public colleges and universities with a particular focus on UW-Madison. This report builds on that work by examining the successes and difficulties for the state's other major public research university, including how its fiscal health compares to peer public urban research institutions. [For the full report, see ED615822. For the executive summary of "Falling Behind? The State of Wisconsin's Public Universities and Colleges," see ED612823.]