I would now like to hand the conference over to John McBain, Centuria Capital Group Joint CEO. Please go ahead. Thank you. Good morning, everyone, and thanks for joining us. First, I've got a pretty bad head cold, so I'll try and speak up, but I might start spluttering. I'm John McBain, Joint Chief Executive Officer of Centuria Capital, and with me today is my fellow Joint Chief Executive, Jason Huljich, the Chief Financial Officer, Simon Holt, also Tim Mitchell and Peter Ho from Investor Relations and Strategy. Before we begin, I'd like to acknowledge another ASX announcement released this morning in relation to our Chief Executive transition. Today, we announce the appointment of Jason Huljich as Group Chief Executive Officer, effective 27th of November this year at the close of our AGM. The move to a single CEO structure is consistent with the board's long-term strategy to ensure a seamless leadership transition. As of that date, I have decided to step down from my executive role and transition to non-executive duties, remaining as a non-executive director across a number of group boards, including Centuria Capital Limited, Centuria Life Limited, Centuria Bass Credit, and Asset Plus Limited in New Zealand. First, I want to warmly congratulate Jason on his appointment. Jason is an extremely talented executive who has spent more than 30 years helping build the Centuria platform and brings a deep knowledge of every part of our business, strong relationships across the market, and a clear vision for where we take Centuria next. It's been a great privilege founding and building Centuria alongside Jason from a small team with a handful of investors to the business it is today. I'm proud of what we've created together and very confident of the ability of Jason and the leadership team to take it forward. Centuria is like a second family to me, but I feel that the time is right for me to make this decision, and I'm genuinely looking forward to staying involved, supporting Jason and the team in a non-executive capacity, as well as spending more time on my private interests, and especially my family. With that, today we'll cover the group's FY 2026 results, progress across our real estate and credit businesses, the execution pathway for ResetData, our financial position, and the outlook for FY 2027. I'll begin with the group result and strategic context. Jason will then cover operating performance across real estate credit and AI infrastructure. Simon will take you through the financial result and balance sheet before handing back to Jason to close on strategy and outlook. Starting on slide four. Before turning to the result, I want to spend a minute on who Centuria is today, particularly for investors who have joined the register more recently following the June capital raise. We manage more than AUD 22 billion of assets across real estate equity, real estate credit, and AI infrastructure. Our recurring management fees provide a stable and scalable fee base. As an external manager, it is this scalability which provides growth potential. Centuria is a mature founder-led business with a strong 25-year track record servicing a range of asset classes and AI infrastructure opportunities. We work with more than 15,000 unlisted investors, over 1,200 financial advisors, 10 institutional capital partners, and 25 banking relationships. What differentiates Centuria is the combination of capital, origination, asset management, and operating capability within one platform. Our real estate and credit businesses generate recurring earnings today and provide the relationships, capability, and cash flow base to pursue new opportunities. Increasingly, that opportunity includes AI infrastructure through ResetData. Our key message is simple. We have an established earnings base and a substantially stronger balance sheet, which will support significant opportunities across the business. Excuse me. FY 2026 was a strong year as outlined on slide five. Operating profit after tax increased to AUD 113.8 million. Operating earnings were rebased up to AUD 0.136 per security as we upgraded during the year, 11.5% above FY 2025. Distributions were maintained at AUD 0.104 per security, with assets under management increased to a record AUD 22.2 billion. We recorded more than AUD 1.2 billion of real estate acquisitions, 20% above the billion-dollar target we set ourselves at the beginning of FY 2026. At the same time, we materially strengthened the balance sheet with operating gearing, reducing from 12.3% to 5.1%, supported by asset recycling and the AUD 300 million equity raise completed in June. For FY 2027, we are guiding to operating profit after tax of approximately AUD 130 million, representing a 14% year-on-year growth. Operating earnings of AUD 0.13 per security and distributions of AUD 0.104. The June equity raise increased securities on issue by approximately 20.6%, which will moderate the near-term per security outcome as capital is deployed. At an EBIT level, earnings are expected to track broadly in line with that increase in the share count, with the difference to operating profit growth primarily reflecting higher interest costs, a slightly higher effective tax rate. FY 2027 is a year of deployment and growth, with benefits expected to build further through FY 2028 and FY 2029 and beginning to appear in the last quarter of FY 2027. Slide six shows the environment remains selective rather than capital constrained. Interest rates remain relatively high, confidence is mixed, and investors are working harder to distinguish between managers, sectors, and individual opportunity. Real estate returns remain attractive. Superannuation and private wealth pools continue to grow. Global institutions remain well-capitalized, and approximately AUD 30 billion of bank hybrids are expected to mature over coming years. We believe the proposed budget changes will encourage a greater focus on commercial real estate investment with its higher returns relative to traditional residential investment. This shift away from higher tax capital gains to an income focus will be most evidenced in Centuria's traditional high-net-worth investor base. In markets like these, capital tends to favor managers that can originate opportunities, underwrite risk, and match assets with the appropriate capital source. We believe that plays directly to Centuria's strengths. AI infrastructure presents a different market dynamic, as we detail here in slide seven. Demand is scaling quickly, but demand itself is not the central constraint. The constraints are physical delivery, bringing together power, data center capacity, GPUs, funding, and customers within the required timeframe. In our view, the opportunity lies with those that can actually deliver. That is where we believe Centuria and ResetData are well-positioned. ResetData is one of three NVIDIA cloud partners in Australia. This is an important position that reflects the capability the team has built and the progress already being made. FY 2027 is going to be an exciting year for ResetData. Slide eight is really about one thing: execution. We raised capital in June because we could see opportunities to grow the business. Since then, we have been doing what we said we would do. Across the real estate platform, we are sourcing larger acquisitions, building funds for private and institutional investors, and targeting higher earnings in core property funds management and property investment. Across ResetData, GPUs have been ordered, capacity has been secured, funding arrangements are in place, customer MOUs have been signed, and multiple customer discussions continue to progress. The Macquarie Bank GPU bridge financing facility adds funding flexibility, while our near-term capacity is now approximately 10 MW. ResetData will remain in an investment phase through FY 2027. This is the year we convert commitments into operating assets, progress customer onboarding, and prepare the platform for future earnings. While FY 2027 operating profit tax is expected to increase by 14%, operating EBIT is expected to increase by around 20%, reflecting the underlying momentum within the business. The focus now is simply on delivery. Thank you. I will now hand over to Jason to take you through progress across the divisions. Thanks, John, and good morning, everyone. FY 2026 was a strong year across our property platform, as we have highlighted on slide 10. Property funds management AUM increased to AUD 18.6 billion. Total real estate transaction activity was approximately AUD 1.9 billion, including acquisitions and divestments, while gross unlisted capital inflows were AUD 425 million. The underlying portfolio remains diversified across 102 funds, close to 400 properties, with an average occupancy of 95% and a weighted average lease expiry of 5.5 Years. This scale matters because it supports recurring fee income, operating leverage, and a broad origination network across different sectors and capital sources. Turning to slide 11, FY 2026 demonstrated our ability to secure larger, high-quality opportunities. We established Australia's largest single asset unlisted industrial fund through the acquisition of the Port Adelaide Distribution Centre, secured Australia's largest hydroponic glasshouse for our agricultural platform, and launched 680 George Street, our largest single asset unlisted fund to date, which settled after year-end. We also acquired the Arrow platform management rights, adding AUD 444 million of unlisted AUM and increasing our agriculture platform to AUD 1.3 billion of assets under management. Across the listed portfolios, active management was equally important. CIP completed near-record leasing, divested assets, an average 17% premium to book value, and identified more than 250 MW of potential data center capacity. COF completed substantial leasing, sold 9 Help Street above book value, and refinanced AUD 1 billion of debt at improved margins and longer tenure. The common thread is best-in-class origination and active management. Turning to slide 12. The recent purchase of 680 George Street is a good example of our model and practice. We acquired a 50% interest in the World Square Commercial Precinct, a landmark Sydney CBD asset, at a 7.5% capitalization rate and approximately 60% below replacement cost. Before settlement, leasing and valuation progress had already improved the fund metrics significantly. Occupancy increased from 88% to 93%. The weighted average lease expiry improved to four years, and an independent valuation delivered a valuation uplift from AUD 454 million to AUD 493 million. Encouragingly, a number of leading global institutional investors chose to invest alongside our wholesale and retail investor base, further validating the strength of the opportunity. Moving to real estate credit on slide 13. Centuria Bass' credit assets under management increased to AUD 2.6 billion during the period, supported by around AUD 200 million of gross unlisted capital inflows. The diversified loan book comprises 38% construction, 37% bridge, 23% residual stock, and 2% subdivision and civil facilities. Since inception, the platform has originated 217 loans and exited 136. Principal impairments remain below 1%. The portfolio is 94% first mortgage exposure, 93% residential exposure, and with an average loan-to-value ratio of 67%. The opportunity remains significant, but growth will continue to be driven by underwriting discipline rather than market share target. Slide 14 shows the operating model behind those credit fund outcomes. The two credit funds have generated annualized returns since inception of 9.03% and 9.48%, respectively, while maintaining diversified loan books and predominantly first mortgage security. Importantly, those returns have been achieved through different interest rate and property market cycles, reflecting the benefit of disciplined underwriting and active portfolio management. Every loan requires investment committee approval, with larger exposures escalated to the Centuria Bass Credit board. We take a highly active management approach, closely monitoring and managing sales, cash flow, construction milestones, liquidity, and recovery pathways to ensure risks are identified early and outcomes are optimized. That active management is a key reason the funds have delivered their historical returns. Slide 15 provides a closer look at our two CBC credit funds. Both funds are designed to provide investors with diversified exposure to real estate credit. Importantly, no single position dominates either portfolio, with most of the capital invested outside the 10 largest exposures. Slide 16 provides additional detail on Centuria Bass Credit's Bathla exposure. This has become particularly relevant given the recent media attention and the recent announcement that the Bathla Group have entered a voluntary administration. Centuria Bass Credit has AUD 278 million secured across six residential projects in New South Wales and Victoria. Two of the facilities relate to construction projects that are close to completion. The remaining facilities comprise residual stock and land loan exposures. Importantly, security is held across all six projects and benefits from a cross-collateralized structure. In our view, that provides access to a broader range of repayment and recovery pathways than would typically be available on a standalone project basis, including project settlements, project completion, refinancing, and asset realization. Our focus remains on progressing these pathways and maximizing outcomes across the portfolio. Turning to slide 18. This illustrates that ResetData has been building high-density AI infrastructure capabilities since 2021. In 2024, the team partnered with Centuria, bringing together ResetData's AI infrastructure capability with Centuria's property development and capital expertise. In early 2026, AI Factory 1 became operational in a Centuria-owned property using NVIDIA H200 infrastructure. The ResetData team now has more than 30 specialists across engineering, deployment, operations, and customer enablement, together with NVIDIA-aligned architecture and repeatable deployment models. The capability and partnerships are now in place. Slide 19 shows what has been achieved in the eight weeks since the group's equity raise in June. At AI Factory 1, the final 512 H200 GPUs have been ordered to complete the build-out of the facility. Dell Financial Services funding is committed, and customer discussions are progressing. At AI Factory 3, 64 B300 GPUs have been ordered, vendor funding is committed, and the customer MOU have been signed. At AI Factory 6, we secured 7 MW at the CDC facility, ordered the initial 1,152 B300 GPUs, and established Macquarie bridge GPU financing, and continued to progress customer discussions. In parallel, we are progressing Centuria capacity, including a 10 MW fast-track pathway, potential further 20 MW, and 72 MW of secured generation units. The focus is on matching capacity deployment with customer demand and funding. The deployment pathway is structured in three layers, as outlined on slide 20. The near-term base is approximately 10 MW across AI Factory 1, 3, and 6, targeted through the second half of FY 2027 and matched to initial customer demand and deployment funding. Beyond that, we have the ability to scale above 30 MW for additional third party and Centuria capacity. The longer-term opportunity is more than 220 MW through data center and generation assets. Each stage remains guided by power planning, customers, funding, and returns. This approach allows us to scale capacity in line with demand and available capital. Turning to slide 21. This slide shows Centuria's data center real estate footprint. Centuria owns operating data centers and sites with near-term development potential across Victoria, Queensland, and Western Australia. Across that footprint, we have identified more than 250 MW of potential capacity. This is optionality, not a commitment to develop every site. Each opportunity remains subject to power, planning, customer demand, and funding and return hurdles. A number of these opportunities are already being progressed as we continue to work alongside capital and strategic partners. I'll now hand over to Simon to take you through the financial result. Thanks, Jason, and good morning, everyone. Turning to slide 23. The result reflects growth across the core platform, with operating profit after tax increasing 11.5% to AUD 113.8 million. Operating EBITDA increased to AUD 182.5 million, and operating EBIT increased to AUD 175.2 million. Property funds management was the strongest contributor to the growth, increasing to AUD 74.8 million, supported by record assets under management, transaction activity, and a higher contribution from performance fees. Property investment earnings increased to AUD 92.2 million, and the property and development finance earnings were AUD 24.3 million. Loan origination activity remained strong during the year, while earnings reflected lower residual and penalty fees compared with FY 2025. ResetData remained in scale-up mode. The sovereign AI segment recorded an operating result of AUD -10.9 million, while the net loss attributable to Centuria was AUD 5.9 million. This reflects investment in people, infrastructure, and capacity ahead of expected earnings contribution. Net group finance costs were reduced to AUD 24.5 million, reflecting lower cost funding sources and a stronger balance sheet. Statutory profit was AUD 54 million, compared to AUD 82.6 million in FY 2025, primarily reflecting movements in the share prices of the group's listed REITs and other non-operating items. The reconciliation to operating profit is provided in the appendices of this presentation. Looking more specifically at property funds management on slide 24, revenue increased to AUD 186.7 million, and operating EBIT increased to AUD 72.6 million. The EBITDA margin increased from 35% to 40%, highlighting the operating leverage available as the platform scales. Management fees remain the largest and most recurring revenue stream at AUD 145.1 million, while performance fees increased to AUD 20 million from AUD 7 million. The group also has approximately AUD 69 million of latent underlying performance fees at current valuations. While unrecognized and subject to market movements, this highlights embedded optionality within the platform. Performance fees can enhance earnings from time to time, but recurring management fees remain the foundation of this business. Turning to the group's balance sheet on slide 25. Operating gearing declined from 12.3% to 5.1% during the year. We realized AUD 197 million of it from asset recycling initiatives and completed the AUD 300 million equity raise in June, significantly enhancing our ability to seed opportunities, support fund establishment, and execute on the growth opportunities identified across the platform. Net asset value is AUD 1.76 per security, compared to AUD 1.79 a year ago, and the weighted average debt duration increased to 3.1 years, and there are no group debt maturities until June 2028. The balance sheet is now positioned to do what we need it to do, warehouse and seed opportunities, support disciplined investment, and preserve flexibility as capital is deployed. Moving to our debt capital management on slide 26. Across the broader real estate platform, Centuria manages AUD 8.6 billion of lending facilities through 25 lenders. Average margins improved to approximately 1.44% in FY 2026, and weighted average debt duration increased to 2.3 years, with the average hedge profile increased to 56%. This lender diversity and active refinancing capability supports the funds we manage and reduces reliance on any single source of capital. That now concludes the financial section. I'll now hand you back to Jason to relay our strategy and outlook. Thank you, Simon. The message for FY 2027 is execution. We enter the year with a significantly stronger balance sheet, record assets under management, and identified growth opportunities across both our real estate platform and AI infrastructure business. Our priority now is disciplined deployment of capital and delivery against the opportunities already in front of us. Across real estate, we are focused on growing earnings through large acquisitions, new fund opportunities, and active asset management. Across ResetData, FY 2027 remains a year of deployment, customer progression, and capacity build-out as we execute on the foundations established over the recent years. Importantly, the underlying momentum of the business remains strong. Operating EBIT is expected to increase by around 20% in FY 2027, while operating profit after tax is expected to increase by approximately 14% to AUD 130 million. We are also guiding to operating earnings of AUD 0.13 per security and distributions of AUD 0.104 per security. We believe the actions we are taking today position the business well beyond FY 2027. As capital is deployed, acquisitions are integrated, and growth initiatives mature, we expect the benefits of today's investment to increasingly emerge through FY 2028 and FY 2029. FY 2027 is about execution. FY 2028 and FY 2029 are about realizing the benefits of the capital we are deploying and the investments we are making today. Centuria has a strong foundation, an experienced team, and significant opportunities ahead. I remain very confident in the future of the business. Before we conclude, I'd like to acknowledge John. We've worked together for 30 years, and I've spent my entire professional career working alongside him as we've built Centuria together. From a small team with a handful of investors, Centuria has grown into a diversified funds management platform with more than AUD 22 billion of assets under management and an Australasian presence throughout multiple business lines. On behalf of everyone at Centuria, I want to thank John for his partnership, leadership, friendship, and unwavering commitment to the business and its people. What we've built together is something I'm incredibly proud of. I'm honored by the board's confidence and excited for what lies ahead. Centuria is in a strong position, and I'm looking forward to leading the team as we continue to build on the platform John and I have grown together. I'm also very pleased that John and I will continue working together as he moves into his new role on our boards. His experience, judgment, and support will remain a valuable asset to Centuria. Importantly, this transition is built on continuity. The strategy remains the same, the opportunities remain the same, the leadership team that has helped build the business remains firmly in place. Thank you. That concludes the formal presentation. We will now hand back to the operator and take questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Participants, please note, we request you to restrict to two questions per participant. Your first question comes from Simon Chan from Morgan Stanley. Please go ahead. Hey, good day, guys. I was hoping you could walk me through how you get to your AUD 130 million NPAT guidance for FY 2027. I am just a little bit confused, guys. You did AUD 114 million in FY 2026. I get that. That was a good result. You raised AUD 300 million a month or so ago, right? If we just assumed you reinvested AUD 300 million at 5%, which is very conservative, because for sure 680 George Street is yielding way higher than that. AUD 300 million at 5% would give you AUD 15 million. AUD 15 million plus AUD 114 million equals AUD 130 million anyway. I guess my question is, what is happening to the base business? Because I could get to AUD 130 million just by paying down debt or putting money into 680 George Street. What is happening to the property business? What is happening to fundraising? What is happening to ResetData? What contribution in 2027? I think that is a lot of questions in that, Simon. More than two, I would hazard a guess. I think FY 2027, obviously as we work through it, there is some key impacts happening at NPAT versus EBIT, particularly around tax and the allocation of tax as a result of the equity raise. There is also the interest cost in particular coming through that is playing, I would say, a position of higher interest rates in our forecasting as opposed to maybe where the market or street might be. They are probably the two main line items that is caught below EBIT. In terms of the core, there is a lot of different things that are playing out here. Obviously, we still at a ResetData level are expecting to make a smaller loss, but it is still a loss. In Centuria Bass, given recent events, we have pared back that a little bit in the first half and expect that to come back to a bit more normal in the second half of this financial year. In relation to the core business, I think as we said at the capital raise, we need to bid down 680 George Street in particular, and then look to go again. But again, that will push earnings back into the second half in particular. Jason, you may have a few more things that you would like to add. Yeah, look, I agree with all of that. Look, the core business is still very strong. As we said, 680 George Street is the largest transaction we have done in history. Investors' response has been very positive both on the institutional side and the high net worth side. We've still got some work to do to mop up the remaining equity we have, but we've got a number of institutional groups in due diligence at the moment, and we expect that to be taken up over the shorter term. Great. Thanks. Simon, you mentioned that allocation of tax and interest costs as being two main line items. Can you put some numbers around that? What's your effective tax rate moving from and to, and what's your weighted average cost of debt? Is it going to be higher than the 7.8% for FY 2026? Just tax and interest expense, please. Yeah, just on the tax, we see the effective tax rate probably moving up by about 2%. I'm sure through the course of the afternoon, as we go through in detail, we can talk through the specifics on what is happening in relation to how that links back to the equity raise and the impact to that effective tax rate. On the interest slide, the main thing that is really the change of what we're using there in the forecast is we've got a forecast of 4.7% as the BBSY. That plays out. In terms of our margins, they're consistent. We don't have any new refinancing going on in the numbers. The BBSY that we're using is a forecast of 4.7%. Which would get you to a weighted cost of debt of not too much higher than what you were factoring in in FY 2026, though, right? Yeah, that is correct. I just think people may have been assuming that the interest cost would have been a fair bit lower than what we are seeing or what we are forecasting. Yeah. Indeed, looking at consensus numbers, that seems to be the case. All right, guys, thanks for that. I will leave you up to it. Cheers. Thank you. The next question comes from Andrew Dodds from Jefferies. Please go ahead. Hey, good morning, guys. Just to follow on. Just curious to hear what FY 2027 guidance assumes around private credit flows and also just timing of the sell-down of the AUD 130 million the balance sheet has had to take up in the World Square acquisition. Thanks. Just on the World Square acquisition, that AUD 130 million is already coming down. We are probably sitting at uncommitted close to AUD 100 million. As I said, we have got multiple parties in DD, institutional groups, as well as a decent level of further EOIs from our high net worth and family offices. We think that will be wrapped up over the coming months on that side. What was the first question? What was your first question, sorry? Just on your assumptions around private credit flows. Yeah. Obviously, private credit flows are slow for us in the first half of this calendar year, oh, sorry, this fiscal year. We have pared back on some of those spreads as well. We are seeing the opportunity post, working through what has been in the press lately. We will be working through to build that out over the course of the second half. As always, in our forecast, historically January and February have always been slow in that space as well. Okay. Are you able just to talk about some of the drivers behind the 28% decline in Centuria Bass EBITDA in the second half versus first half? It is a pretty big decline. Oh, this is for FY 2026? Yeah. Yeah. Look, to be honest, at the half year, and even going back a year ago, we foreshadowed that the opportunity and the margins were tightening quite considerably on the spreads. That has actually played out as we envisaged as part of that process. As we have gone and sought to work with borrowers who probably provided less risk, and what was a very competitive marketplace at the time. Okay. Then just finally, are you able just to comment on if any of the AUD 278 million of exposure you have got out to Bathla right now, has any of that been independently revalued? I can talk to that. Basically, all the facilities, bar one, have been revalued in the last 12 months. The one that has not was undergoing a refinance, so that is the reason it was delayed. But the majority of them have been refinanced in the last 12 months. The construction project at Mirage Road, which is the one project really that has got a little bit of completion left, that was revalued in May of this year. All right, great. Thank you guys. Just to finish on that, also the sales that we are seeing coming through across the portfolio are at those valuation levels. Thank you. Your next question comes from Tom Bodor from Jarden. Please go ahead. Thanks very much, guys. And congrats, John, on a long career. I would just be interested in the Bass business a bit more. Have you contributed any more than the AUD 4.5 million of your own capital to that business? And do you foresee that you might need to contribute more to complete that project? We've always had a revolver facility with the Centuria Bass business to manage liquidity. That ebbs and flows. We use that, as I said, manage liquidity into the business. At this stage, we're not saying we're going to put any more money into the Bathla deals, but obviously we reserve our rights there. We are comfortable with the security pool we have across the portfolio, and the embedded equity across those six projects. As we said, the majority of those projects are land bridges and residual stock. The one construction facility is weeks away from completion and titling, and we're still seeing pre-sales come through there. Look, obviously it's a moving feast at the moment, but as we've said, it's not material to the CNI platform with the amount of security we have in the security pool. What's the LVR on that Rouse Hill construction loan? We are not outlining our individual LVRs across the facilities for a number of reasons, including if we are going to sell them, we don't want the market knowing what the LVRs are at, because that's the offer you'll get for the property. Okay. Just on ResetData, are you expecting the loss to narrow in FY 2027, or do you think it could be bigger than it was in 2026? We are forecasting it to narrow. Yeah, thanks. Thank you. Participants, please note, we request you to restrict to two questions per participant. Your next question comes from Andy MacFarlane from Bell Potter. Please go ahead. Hi, guys. Thanks for your time. Congratulations to John, and all the best for the future. Just on 680 George, can you just comment maybe on how much you plan on keeping at the end? I know in your comments you are down to kind of AUD 100 million, but where do you plan to get to and to keep kind of longer term? Look, I think, we probably don't want to hold too much in there. I think with the institutional groups that are undertaking due diligence, the further high net worth and family offices doing the work, I think it will be minimal by the end of it. Thanks, guys. Just one other question. Just interested in terms of Bass Capital, can you just make any comments on inflows or outflows over the last few months since the balance date? Look, as you would know in the press, we did suspend redemptions on the two funds. There's obviously been no outflows out of those. We're still seeing demand from some offshore groups and others to invest, and also refinance out some of the facilities within the funds as well. And that's not at discounts. Thanks, guys. Thank you. Your next question comes from Richard Jones from JPMorgan. Please go ahead. Maybe a question for Simon. Just on the Bathla administration obviously happened post-balance date. Would that change the credit provisioning you'd have in your accounts? The very simple answer to that is no. Okay. Performance fees for 2027, are you able to give us a guide as to what they might be? Similar to 2026. Similar to 2026. Okay. Thank you, and let me pass on my congrats to you as well, John, on a long career at Centuria. Thanks, mate. Thank you. Your next question comes from Cody Shield from UBS. Please go ahead. Morning, guys. Thanks for the time, and congrats, John, for your time at Centuria. Just another one on Bass. Look, a little bit surprised again at second half versus first half. You had to step up in ownership, but just for 2027, how much of what you are assuming is Bathla? How much of it is spreads coming back? How much of it is increased costs? Can you kind of just walk us through in a little bit more detail? I think I will say what I said in an earlier question answer was, look, we have pared back some of the spreads and margins as to what we have been seeing in the marketplace itself and obviously the pause at this particular point in time in relation to the first half of new opportunities, and with the view that the second half, we should see an improvement in those numbers. Right. What about higher operating costs for the platform? I do not think we are seeing higher operating costs for the platform in relation to Bass. Okay, sure. Then maybe just on ResetData, got first revenues coming through second half 2027. If you just step back, when do you guys see that business line making a positive contribution to your ONPAT? Well, second half of 2027 is when we are forecasting it to come through. Sorry, that is revenues, but that will be a little bit longer for a positive contribution. Would that be right? We will see improvement in EBIT coming through in the second half of 2027, and obviously we see it earnestly kicking off into 2028. But 2027, we will see some positive EBIT being created. Got it. Thanks, guys. Thank you. Your next question comes from Leanne from CLSA. Please go ahead. Good morning. I am just keen to understand your fund flows post-June for your other real estate funds, whether Bass has had an impact. Look, we have not seen an impact. The main focus has been on the George Street raise. That raise is ongoing, and we continue to see demand from both offshore and from our traditional investor base. We have not seen anything come through from the Bass on that side. My second question, it sounds like obviously with 680, the ability to raise funds fell a bit short of what you were expecting, and I noted in your presentation you are looking to source larger acquisitions. I guess how do you think about that? It fell short, but you are looking to source bigger acquisitions. Yeah, look, I think as the year showed, we did do some of our largest acquisitions across the different sectors, be it ag or industrial or office. I think what probably didn't help this raise was obviously there's some volatility around A-REITs, but obviously the budget with capital gains. I think that did slow down some of our traditional investors in terms of entities for investment. We believe that once that settles down and gets legislated and investors know exactly the implications, we'll actually see interest increase further. I think we are well-positioned in terms of real estate, to get a good allocation from investors' pockets, seeing that a lot of our returns are yield-based rather than capital gains. I think once it does settle down, I think you'll see those flows increase. Thank you. Thank you. The next question comes from Ben Brayshaw from Barrenjoey. Please go ahead. Oh, hi, John, Jason. Firstly, congrats, John, on your career at Centuria, and thanks for all your engagement over the years. I just had a couple of questions. First one of which is on ResetData. I was wondering if you could just talk about what type of capital contribution you expect to deploy into the business over the next 12, 24 months, just obviously noting you have vendor finance in place and the facility with Macquarie. So should we assume that you think that you can continue to operate with those facilities in place, or are you expecting to invest CNI equity? Look, with that business, I think we've talked about it for a while, since we invested in it. At some stage, it will require external equity, then that will be a matter for the CNI board if we participate. As you can see, it is starting to ramp up, which is great. As we order more GPUs and secure more capacity as well as the pipeline we have got over the medium term through the portfolio. Look, it is a capital-intensive business. We have been balancing the capital needs with our balance sheet. I think the funding with Macquarie was a real positive, the bridging facility. We also have a number of the more traditional GPU financiers talking to us as well. But as it grows, if we really do want to scale it as its own entity, it will need further capital. There will be equity raises into the future for the business. Yep. Simon, you referenced earlier, turning marginally positive in terms of EBIT as you exit FY 2027. Could you give some feedback as to what revenue expectations you are assuming, as you move into that higher marginally positive EBIT run rate? It is a little bit hard to give a revenue position because obviously a lot of these things are in the process of starting up. Getting the customers is a really important step in that process and when these chips come in. There is a little bit of a timing difference coming through in 2027. At this point in time, as we can, we will provide more guidance through the year on where we could see things landing on ResetData. All right. Thanks, guys. Thank you. Your next question comes from Callum Bramah from Macquarie. Please go ahead. Good morning, guys. Thanks a lot for taking the question and again, congratulations, John, and appreciate the amount of engagement you've had with us. Just wanted to follow up on a couple of questions around Centuria Bass. When do you think you will resume redemption from there? Can you give me an idea around your broader assessment of the stress in the book? What portion of loans you've currently got on a watch list? Have you had any other borrowers request loan extension, covenant waivers, restructures or standstill agreements or any other indications of stress? Yeah, look, obviously, private credit is you had to be an active manager in the space. We've got teams, 50 people in the Centuria Bass team, but all of our real estate experience and other resource to help with this management is particularly our development teams. So, it's not set and forget, in this sector as you'd understand. On the Bass, on your question around liquidity and redemptions, we've got a number of pathways to get there. Obviously, with the facilities that are residual stock, they continue to sell down at rates that are as per valuation, which is good to see. I think we are fortunate to have focused our strategy on first home buyer market, and the lower cost accommodation, which we do continue to see demand even though, as you've seen across the board, it has come off a bit since the budget. We are seeing those come through. There is potential refinances out of the fund, not at discounts, but refinances out of the fund to provide liquidity, as well. Also, for example, one of the properties is under heads of agreement as well to sell. We have different pathways and as they come off, we will have a better view on exactly when we can bring that liquidity back into the fund and bring redemptions back on track, as with the correspondence to investors we have said, somewhere in that two- to six- month period. Can you also just talk then to the kind of committed capital you have got in ResetData versus, I guess, what your requirements are to commit more capital around customer contracts, as well in that business? I know you have kind of talked to MOUs or LOIs, but at what point do you expect to have a legally binding contract? Yeah, look, the team is working around the clock at the moment. There are numerous customer discussions. There is significant demand for compute capacity at the moment, and definitely in the immediate term, being in the next 6-12 months, and I think we are well-positioned to what we are gearing up for that. Look, we would be hopeful that we will have some news, definitely in the shorter term. How does that work for the potential mismatch with agreements to pay for capacity in the CDC facility? Sorry, what do you mean by that question? I assume you will eventually have to pay for the capacity that you have secured. Yeah. Isn't it? In the CDC facility. I am just wondering. Yeah. How you manage that expense versus revenue. Yeah, we've built it into our forecast. Any rent payable on the CDC facility is taken into account as per our assumptions with revenue coming off the customers. Obviously, we'll line them up as best we can. When do you start paying rent at CDC? December and February. Yeah. It's for part of it, right at the end of the year and then early next year. Thank you so much. Thank you. Your next question comes from Murray Connellan from Moelis Australia. Please go ahead. Hi, good morning, everyone. John, congratulations from me as well on an impactful career. Just one question from me, please. Would you be able to give us an idea of the average remaining duration on the loans, across the Bass platform, please? About 9 to 10 months. Thank you. Thank you. Your next question comes from Yingqi Tan from Morningstar. Please go ahead. Hi, good morning guys, and congratulations, John, on your retirement. I guess just one question for me on ResetData. I vaguely remember a few months ago in your equity raise, you talked about the CapEx on ResetData is in the ballpark of AUD 55 million per megawatt. I was just wondering what you're seeing on the cost front there given what has emerged in the past few months. Thanks. Look, I think what we are seeing across the board is pricing for GPUs increasing, in terms of purchasing them. But we're also seeing the rates that you can get on the compute increasing as well. So you're asking escalations on both sides of the equation. Right. So with that AUD 55 million number, still, I guess, accurate? Or do you expect further escalation there? Yeah, look, as I said, the GPU prices have gone up, so that has increased with obviously the issues around memory and so forth. But the pricing we can get for that compute has also increased. Great. Thanks. That's all for me. Thank you. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. There are no further questions at this time. I will now hand back to Mr. Jason Huljich for closing remarks. Look, thank you everyone for joining the call. Obviously, any further questions, please come see Tim, Peter, or ourselves. Thank you. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.