INCENTIVES: Royal Crown, Riata

Pepinstep—known around Theorem Ranch as Flash—is a powerful, keen-minded stallion with deep cow horse roots and proven ability in and out of the arena. Bred by the respected Flag Ranch and started by elite cow horse trainer Matt Koch, Pepinstep carries both the physical tools and mental edge to pass on to the next generation of great horses.

Koch picked him up as a yearling from the NRCHA Snaffle Bit Futurity Sale and developed him from the ground up—branding, riding outside and putting him to work with the kind of everyday cowboying that builds real-world, reliable horses. Flash stood out early for his calm mind, athletic build and natural cow sense—traits that pointed him straight toward the roping pen.

Enter World Champion Colby Lovell, who took the horse straight to the rope horse futurities to become his next great rope horse stallion. Flash made his mark at the 2023 Riata, where Colby Lovell rode him to an emotional and commanding win in the #14.5 Championships, solidifying his place as one of the most exciting young rope horse stallions in the game.

Now standing at Theorem Ranch, Flash brings more than just genetics to the table—he brings a proven record, a willing heart and the kind of versatility that builds champions. With his size, structure, mind and grit, he’s built to sire horses that can go to work, stay level-headed and win.