Good morning, and thank you for joining today's call. Before we commence, Home Consortium would like to acknowledge the traditional custodians of country throughout Australia and celebrate the diverse culture and connections to land, sea, and community. We pay our respects to their elders past, present, and emerging, and extend that respect to all Aboriginal and Torres Strait Islander people today. My name is David Di Pilla, and joining me on the call are Will McMicking, Group CFO, Sid Sharma, Group COO, Misha Mohl, Group Head of Strategy and Investor Relations. I am proud of the significant progress we have made in the half year ended 31 December 2021, which demonstrated our ability to originate and execute large-scale strategic transactions. We are now well on the path towards our ambition to become Australia's leading diversified alternative asset manager with scalable growth platforms across real estate and in the future, private equity, infrastructure, and credit. Turning now to slide four to discuss the key highlights for the half. Our pre-tax FFO of AUD 31.9 million was up 71% on the corresponding period. Our pre-tax FFO per security of AUD 0.11 is up 51% on the prior corresponding period. Our balance sheet today is strong, and at 31 December, had a net cash position. Today, we have approximately AUD 800 million of potential funding capacity, which Will will discuss in greater detail. Importantly, the sell down of our remaining balance sheet assets over the next month to HDN and third party buyers will complete our transition to a capital light fund manager. Our external assets under management have increased to AUD 5.2 billion. This represents significant growth at 232% since 30 June 2021 and 431% growth compared to 31 December 2020 balance date. We executed AUD 3.5 billion of gross transactions in the half year, including the AUD 2.3 billion acquisition of Aventus and the successful listing of HealthCo, our healthcare and wellness REIT. Our two ASX listed REITs are now well-positioned for continued growth with strong balance sheets, large development pipelines, and solid underlying growth fundamentals driven by powerful mega trends. HDN is now Australia's leading daily needs REIT with a AUD 4.4 billion portfolio of strategic real estate infrastructure in the best metropolitan growth corridors of Australia. HealthCo is on track to almost double its PDS NOI over the medium term by investing in an accretive half a billion-dollar development pipeline. On ESG, which is a key priority for the group, in December, we published our inaugural sustainability report, which outlines our key ESG objectives. It sets out six sustainability commitments towards creating healthy communities and driving long-term value creation across all the investments managed by the HMC group. Finally, I am excited today to share that in the next few weeks, we will announce a rebranding and launch of our new website to reflect our future vision of the business. Going forward, HMC will be known as HMC Capital, and HDN will assume the legacy HomeCo branding. More details will be released in the coming weeks. Turning to page six, a transformational six-month period. We believe both the major transactions we executed during the period will create significant long-term shareholder value. Starting firstly with HealthCo, which listed in September last year, following a successful IPO roadshow, and which was ultimately upsized from AUD 500 million to AUD 650 million IPO. We see a huge growth opportunity ahead. HealthCo is uniquely positioned as the only ASX-listed REIT, providing a diversified exposure to healthcare real estate in Australia. HealthCo listed with a net cash position and AUD 555 million initial portfolio, which will grow to over AUD 1 billion once its half a billion-dollar development pipeline comes online. Like HDN, we believe HealthCo has the potential to meaningfully scale and take advantage of its large addressable market opportunity, which we estimate is over AUD 200 billion. The acquisition of Aventus will transform HDN into Australia's leading daily needs REIT. HDN listed in November 2020 and is now a AUD 4.4 billion REIT, which we believe is highly likely to go into the ASX 200 at the next rebalance date. The acquisition of Aventus brings together two highly complementary portfolios to create strategic last mile logistics networks. The value of this network and its importance to our retail partners will increase over time as the level of online fulfillment and penetration grows, a trend we are seeing accelerating around the world. HDN now has a AUD 500 million development pipeline, including a number of large scale opportunities, which we will look to accelerate with the benefit of the larger HDN investment-grade balance sheet. As part of HMC's ongoing commitment and alignment with its managed funds, we yesterday announced a reduction of HDN's base management fee from 55 basis points to 50 basis points once HDN's gross asset value exceeds AUD 5 billion. Turning to page seven to further discuss our funds management platform. Today, HMC manages two ASX listed REITs with AUD 5.2 billion of assets and over AUD 1 billion of identified development opportunities. As a high conviction and long-term investor, we target sectors which are genuinely scalable and positioned to benefit from structural mega trends. The core objective of our REITs is to provide defensive income, which is highly predictable and growing in real terms. We protect the downside for our investors by maintaining a conservative balance sheet and building high quality, diversified model portfolios. Both REITs have collected over 99% of their unadjusted cash rent over the first half of financial year 2022, and pleasingly, this trend has continued in the current financial year. HMC retains meaningful co-investments across both HDN and HealthCo, demonstrating our strong alignment and conviction in these vehicles. The chart on the right-hand side of this slide on page seven illustrates the key movements driving the significant growth in assets under management over the last six months. On page eight, we provide a summary of the reduction in the HDN base management fee, which I discussed earlier. Moving to slide nine. As I outlined at the start of our presentation, our ambition is to be Australia's leading diversified alternative asset manager. This is a bold vision from a company that only listed in October 2019. Our core competency and what sets us apart is our ability to originate and execute complex, large-scale transactions. Capital providers are increasingly looking for managers who can add value and generate returns in the absence of falling interest rates and macro tailwinds. We have a proven track record of adding value through decisive leadership and active portfolio management. Over time, we will look to expand into other alternative sectors, including private equity, structured credit, and infrastructure, where our team already has significant expertise and experience. We've exceeded our AUD 5 billion fund target 12 months ahead of schedule, which was year-end 2022, and we are on track to maintain that momentum and have the necessary capital, the team, and the opportunity universe to reach our AUD 10 billion target well ahead of our 2024 year-end target. We will remain disciplined, and we will only pursue acquisition opportunities that are strategic and scalable. Moving now to slide 10 to touch on our strategic priorities. One, we are focused on scaling our existing platform by originating high-quality investment opportunities and developing our own assets to generate better returns. Two, we will continue to recruit elite talent to expand our investment capability and our ability to secure unique large-scale opportunities. Three, increasing our sources of capital will give us greater optionality and flexibility to deploy funds. We are making good progress on a number of strategic partnership opportunities. Given the scale of these opportunities, we expect to substantially grow our assets under management via large-scale opportunities backed by capital partners. Finally, we expect the evolving macroeconomic environment will create opportunities for astute investors. We are well-positioned with a strong capital position, and we will look to release additional capital in the near term from our remaining directly held property assets. The establishment of HMC Capital Partners, unlisted fund number one, later this year, will establish a new source of capital for the group to deploy into unique investment opportunities. Turning to slide 11. We're really pleased and excited to announce some key strategic hires to the group that we've made that will further expand our elite management team and capability. These hires will support our next wave of exciting growth initiatives and increase the bandwidth of our existing team. I'll briefly touch on each of our key hires. Nick Harris joined us as Head of Funds Management in April and brings significant real estate ex-funds management experience and investor relationships from his time at GPT and Lendlease. Victoria Hardie also joins us as a Managing Director of HMC Capital Partners. Victoria joins from UBS, where she spent 14 years in both Sydney and New York in M&A and sector coverage roles, including real estate and infrastructure. Gavin Mullet will be a Managing Director for HMC Capital Partners. Gavin has significant experience in investment banking and funds management, with his most recent position being head of infrastructure investment at Challenger Group. Christian Soberg joined us in November last year as CFO of our HealthCo REIT. Christian has healthcare sector experience in both investment banking and corporate roles and is already doing a great job helping us originate investment opportunities. Finally, Rowan Griffin joined us in October to lead our focus on sustainability and ESG. Rowan was previously at Lendlease and has experience in sustainability, ESG, and real estate funds management. We expect to make additional hires to further strengthen our ability to execute large-scale transactions and meaningfully grow our assets under management in the future. Turning now to slide 12 to discuss our long-term funding and distribution strategy. As I mentioned earlier, diversifying our sources of capital is a key priority and will give us the greatest flexibility to invest at scale and generate appropriate fees for our efforts. Today, HMC has high quality and scalable retail and high net worth investor base spanning over 25,000 individual investors. We've also made good progress increasing the level of institutional shareholders across our ASX-listed entities, including HMC. Going forward, we see a significant opportunity to expand our capital sources, particularly as we look to establish unlisted funds and strategic partnerships. Our focus is to establish a high-quality retail and institutional distribution capability to support our ambition to become Australia's leading alternative asset manager. We believe there is a genuine gap in the Australian market for a specialist alternative asset manager that can provide investors with exposure to portfolios of carefully constructed real assets and businesses with structural megatrends. The domestic super and non-super investment market alone represents a AUD 6 trillion addressable market opportunity and is expected to grow significantly over the medium term. Turning to page 13 to provide an update on HMC Capital Partners. We announced our intention to establish this strategy at our AGM in December last year. The strategy was premised on our expectation that 2022 would present a challenging investment environment caused by rising interest rates and inflation, and as a result, greater market volatility. The investment strategy for HMC Capital Partners is built around three core areas, high conviction, strategic stakes in ASX listed entities, private equity, and structured credit. The investment strategy is designed to provide maximum flexibility to invest across the capital structure and into our highest conviction ideas in the real asset space. The proposed fund will be unlisted and be available to both sophisticated and institutional investors with a target raising of AUD 1 billion at a AUD 500 million first close target. We expect to launch the fund shortly and are targeting the first close by the end of the financial year. Initial soundings have been positive, and we are already more than halfway towards our first close target before we launch. HMC expects to make a meaningful sponsor investment to demonstrate alignment. The investment team will be led by Gavin Mullet and Victoria Hardie and supported by the team, which led the leveraged buyout and successful turnaround of the former Masters portfolio from Woolworths in 2017, and transformed HMC into an ASX-listed alternative asset manager. Importantly, the fund will provide HMC with another growth platform and source of capital to take advantage of increased market volatility and target unique, high conviction investment opportunities. Turning to pages 14 and 15 to discuss our progress and provide an update around our ESG strategy. I'm really proud of the progress we've made on the ESG front. HomeCo is contributing to reducing the effects of climate change by having a 2028 net zero target. We've commenced actively reducing carbon emissions and implementing a roadmap to achieve our target of net zero by 2028. This will be done through data management and our smart energy meters rollout strategy within HDN, and rating our assets for energy and water performance through our NABERS program. Our sustainability commitments have been socialized within our workforce, and education is being provided through sustainability work streams. We are progressing the establishment of a community foundation to facilitate our social impact work with partnerships to amplify results to the community. HomeCo is continuing to demonstrate its commitment to transparency and accountability to stakeholders and is preparing to submit its first GRESB submission for HDN later this year. In demonstrating alignment of interest between management and stakeholders, sustainability KPIs have been set for our leadership teams. I'll now hand over to Will McMicking. Thanks, David. Turning now to slide 17 with the earnings summary. FFO for the first half of FY 2022 was AUD 31.9 million or AUD 0.11 per share on a pre-tax basis. This represents a 51% increase versus the first half of FY 2021. Key movements during the period included an AUD 16 million increase in funds management revenue, which was driven by a full six months of HDN plus the IPO of, in September, of HCW. This was offset by a reduction in investment income following the HDN in-specie transaction that completed in the first half of FY 2021. An AUD 13 million trading profit was also recognized in the first half following the establishment of HCW, where HMC's healthcare properties were sold into the IPO at independent valuations. An interim dividend of AUD 0.06 has also been announced and will be 100% franked. Moving now to the balance sheet on slide 19. The transition to a capital-light balance sheet has continued during the period. With the composition of our tangible assets shifting from direct property to our co-investments in HDN, HCW, and the Camden healthcare development. These are now equity accounted and total AUD 462 million as at December. Investment properties comprise five remaining assets valued at AUD 137 million at December, and these recorded net valuation gains of 4% over the first half. Turning now to slide 20 on capital management. Our funding capacity is well-positioned to support future funds management activities with a net cash position of AUD 144 million as at December 2021. This is in addition to other on-balance sheet funding sources, including the five remaining investment properties, which HMC is planning to realize via sales in the near term. HMC is also currently in discussions with its lenders to increase its existing bank debt facility from AUD 275 million to AUD 500 million, which will provide total funding capacity in excess of AUD 750 million after allowing for the completion of the Aventus transaction in March. I'll now hand it back to you, David. Thanks, William. Now turning to our guidance and outlook. Following a strong first half and continued momentum in the second half of financial year 2022, we are pleased to provide the following guidance update. Our pre-tax FFO of at least AUD 0.29 per share will represent an 11.5% upgrade on our current guidance of AUD 0.26 per share and a 121% growth on financial year 2021. Our financial year 2022 DPS guidance of AUD 0.12 is affirmed and represents a pre-tax payout ratio of 41%. This is consistent with our strategy to reduce the payout ratio over time to provide additional funding capacity for growth initiatives. HMC will maintain a flexible approach with regard to future distributions, and we continually assess our capital needs and potential growth opportunities. That's it from me. I'll hand it over to the operator now for some Q&A. Thank you for joining. Thank you very much. We will now begin the question and answer session. 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're on a speakerphone, please pick up the handset to ask your question. The first question comes from Sholto Maconochie from Jefferies. Please go ahead. Oh, hi, everyone. Great results. Just talking about the recent senior hires that obviously they're quite experienced. What would the cost line sort of look like for the full year, given you've just made those hires, and what do you think it's gonna be growing at going forward on the corporate line? Sholto, I think that's been factored into our guidance and our outlook statements. We're more than confident that with the growth trajectory of the business, that the EBITDA margin of our business will be enhanced moving forward, not reduced. We're very confident that there won't be a material change in our cost structure. Obviously, it'll be more than offset by the growth in our funds under management. The hire is to ramp up, you know, the funds management because you obviously see strong growth in the revenue line. Yeah, we do. We wouldn't be making the hire if we didn't see that. Just on the tax going forward, do we just assume 30% of the corporate line, basically, of the active earnings? Sholto, we've called out in the balance sheet that there's AUD 12 million of income tax losses as of December. That's now applicable across the entire group post the de-stapling. Yeah, you expect that to cover taxable income for the next 12 months. Okay. No cash there. Yeah. No cash tax. Okay, cool. Just on the new HMC Capital Partners Fund I, can you talk about the fees? I think you said you're about halfway there to AUD 1 billion or in terms of, you know, indicative demand, so AUD 500 million. Is that like a when you draw does that get drawn down or is it sort of an uncalled equity number that you don't get fees on till you deploy? Can you sort of talk about the fee structure as well? Is it like a two and 20? I expect it's probably more promote driven, so more lumpy than a yearly style. Can you sort of talk through the structure and how it works? I think what we've said this morning is we're targeting our first close in this financial year. The first close we're targeting is AUD 500 million. We're halfway towards the first close. Okay. The structure will be, again, HomeCo endeavors to be extremely aligned with its investor base. The structure's probably not gonna be a two and 20 structure, probably something slightly lower than that in terms of the base fee with the performance element attached. What we're seeing there is that's gonna give us another major growth engine for the group, that's gonna give us optionality across the fact that we're going to be able to take advantage of market volatility and uncertainty if we move into a rising inflationary and interest rate environment. That's gonna be a fund that we're really gonna look to deploy pretty actively. We're gonna look to call the capital, the AUD 500 million up front, because we've got immediate addressable investment opportunities, we believe. You'll get that call out up front. Okay. 500. That could buy listed, unlisted. It's pretty broad mandate across real assets. Yeah. It's going to have an overarching theme always linked to real assets. We will sort of make sure that we stay true to our roots. Not going off-piste and doing anything different. No. Okay. No. All right. Just on the HCW, obviously quite a strong development. Do you find it difficult to deploy capital outside development, given the demand for established assets, you know, especially in the medical and hospital space? Is it slower to get that done by acquisition, and you've just got a more developed core? Is that a sort of thing you're finding at the moment? Look, I think there's a few things that we nail our colors to the mast around in this organization. We remain disciplined, we remain focused, and we remain very, very much aligned with our investor base in all the decisions we make. Therefore, we pass on what we probably look at 10 investment opportunities for HDN and HealthCo a month. We might pull the trigger on one out of every 10, maybe one out of every 20. We turn over a lot of rocks. We're gonna continue and remain disciplined. What I would say to you is some of the core assets in the healthcare space have been incredibly tightly bid. We're going to look to really deploy capital into institutional-grade opportunities, which we believe our development pipeline represents. If opportunities come along, if they meet our hurdle rates, then we'll deploy. We're not gonna get sucked into chasing assets at the bottom of the asset cycle. Our view is, and I've talked about this as well, we always think that the institutional market and the actual real asset market in terms of the way forward bond yields are moving and interest rate outlook and so on, generally there's about a six-month lag. What we're starting to see now is a rising inflationary and interest rate environment. We think that will start to translate into a bit of an easing in terms of cap rates and opportunities will loosen up. You know, we're just gonna pick our moment and we're gonna remain really disciplined. You know, HealthCo's got an incredibly exciting opportunity of AUD half a billion dollars of reinvestments. That Camden site alone will be a mega site in years to come, and people will be walking around saying, "Oh, gee, where did this come from? How did they build this institutional opportunity?" We're getting a great return on it. That should always be the first place to park our capital rather than chasing M&A at the bottom of the cycle. Just finally, on the dividend, does it seem that you'll keep the payout around 40. I know there's flexibility, or do you sort of keep it flat for a bit given the growth? You've got a lot of liquidity, but you probably wanna deploy them to higher returning. Should we assume a sort of flat dividend going forward or? I feel like I get asked this question at every result, and I'll give the same answer. Success to us looks like holding six every half and the payout ratio going to 10%. We've got so many reinvestment opportunities within this group, and the best use of our marginal capital is to put it back into our business and into our assets and growing our funds under management. I think our shareholders will support us in doing that, provided we can continue to unlock accretive value reinvestment opportunities. All right. Thanks very much, David and the team. Thank you. The next question comes from Andrew MacFarlane from Jarden Australia. Please go ahead. Oh, hi guys. Just a sort of follow-on question from Sholto there. Just in terms of the first closing, are you sort of doing a blind sort of pool raising at the moment, or do you sort of have line of sight on the assets you're targeting for the first close? Then as a follow-on, just wondering what the sort of timing might be around, you know, second close, to get you to AUD 1 billion. Look, I think what I'd say to you is, Andy, that we're in the very fortunate position of having a very strong balance sheet at HomeCo today. We have no debt. As Will mentioned, we're working on upsizing our credit lines. We're about to release the last remaining assets off the balance sheet, so that will result in AUD 150-AUD 160 million of cash being released from asset sales. Our financial position is strong. As a result of that, what we can do is potentially use that to obviously seed capital partners with existing assets at the right time. Importantly, we're not going to be slowed down by deploying the capital waiting for the raise to complete. We may deploy some of that balance sheet in advance of establishing the fund. There could already be assets going in from day one. Got it. That makes sense. Just the other one, just in terms of your more recent hires as well, I know you talked about sticking to, you know, what you're true to and what you've done so far. But in terms of direct real estate, would you look at, you know, assets outside of the two groups you're in currently, i.e., outside of daily needs and healthcare? Look, we'll look at real assets as an asset class. Remaining true to our conviction around wanting to maintain high-quality portfolios that we believe in that are gonna deliver sustainable long-term growth to our investor base. We'll look at it or other asset classes, but again, we're not gonna go chasing suboptimal opportunities. We're only really gonna start to focus on high quality, high conviction ideas and strategies. I think the one thing I'm really proud of. I look back and reflect a little bit on days like today and look at where we've come from. I just look at the quality of the asset base we've got and the 99% rent collection, and I think back to the portfolio that we bought four years ago and the portfolio that we IPOed two years ago. You know, all I can say is that I'm incredibly proud of the team and the achievement in just continuing to improve the stable of assets that we manage. I think that's what we'll look at doing in the future. Got it. Thanks, David. Thank you. The next question comes from Ben Brayshaw from Barrenjoey. Please go ahead. Yeah. Thanks for the presentation, David, and good morning. I was wondering if you could talk about what opportunity you see in the self-managed super fund space and personal investments that sit outside the super fund system, just given the growth in, you know, asset prices over the course of the last couple of years, and whether you have any, I suppose, specific thoughts on how you get access to that pool of capital. Yeah, it's a fantastic idea, and we probably need to spend a day talking about it. We've been doing a lot of strategic work and a lot of strategic thinking around it, and what we would say is that the Australian Super Fund industry is probably both a huge opportunity, but something that's evolving quickly under our feet. The super funds themselves are becoming larger and more sophisticated and looking for more direct investment opportunities. The feedback we're getting is pretty clear. What they're really looking for is managers that can add value, that can bring something to the table that they can't originate themselves. Going to them and saying, "Here's a core office," or, "Here's a core shopping center," or, "Here's a core industrial facility, would you like to co-invest in that?" Sure. They can't get access to it. They might go in, but they're not gonna pay much in the way of fees. What we've emphasized today, and I think I might have mentioned it three, four, five times in the presentation, is our X factor, our point of difference is complex, large-scale transactions. The feedback we're getting from those super funds is, "Bring us those sorts of opportunities and the capital will be there for you." The second thing is, the self-managed super fund sector is another area that we haven't really touched, and that's just as big as the industry super fund money that's out there. One of the other things that we are working on and looking to build capability around is going on to some of the platforms to take advantage of that, to just then diversify outside some of the listed markets that we... We think we've done a good job in accessing REITs in the listed space and REIT capital in listed, but now we're looking to go into the unlisted sectors, and we think, you know, there's a potential AUD 6 trillion prize, I should say, in terms of capital, but I think we've got to demonstrate something different. We can't just be a lookalike to the other REIT managers out there. We've got to bring something unique to the table. Yeah, no. Thank you, David. Appreciate your insights on that. Just, you know, flagging the potential for strategic stakes in listed entities. I mean, are you progressed on discussions around possibilities on that front? Do you see that as, you know, likely to be, you know, friendly, you know, amicable, or is it something that, you know, may require a little bit more of a, I suppose, a proactive approach? No. Look, what it's gonna be is deep conviction, research-based. It's gonna be value-focused. It's not gonna be agitating and activism and so on. It's gonna be more value-based, deep research, high conviction based. Okay. Thanks, David. Thank you. The next question comes from Richard Jones from JP Morgan. Please go ahead. Oh, good morning, David. Just in relation to the Capital Partners Fund one, you're calling out AUD 250 million call it of commitments. Is that all external, or is that including the HomeCo commitment? That'll include our level of commitment from HomeCo. But what it does do is it means that when we launch, we've obviously already got some decent tailwinds. What we've been doing is speaking to some of our original foundation shareholders around giving them an opportunity to have a look at it early, and the response has been very strong. Okay. Should we be seeking 15%-20% commitment from HomeCo annually? Is that kind of what we're- I think longer term, yes. But just depending on as the opportunities present, what I did say earlier was we won't be afraid to deploy some capital in advance of raising the fund. The fund will already be seeded with some investment opportunities. Okay. External capital, is that more likely to be wholesale, retail, or a combination? Look, I think it'll be a combination. I think in terms of the fund itself, we expect to get a pretty strong response from high net worth investors and sophisticated retail. We think it's absolutely unique. It's not an opportunity set that they often get to access, and the people we're bringing on board are, you know, very high pedigree to deploy. So we feel as though that's gonna be unique. There'll be some level of institutional representation in that raising for Capital Partners, then what we see is the institutions potentially will co-invest alongside that as well. So we'll have the ability to play quite large when we look at opportunities. Okay. Just in terms of the guidance, does that include establishment fees on the Capital Partners Fund I in the second half? Yeah, Richard, there's no meaningful impact from Capital Partners in the guidance. Okay. Can you, Will, just work through some of the assumptions on what drives the much stronger second half that you're guiding to? Yeah. I mean, probably the key sort of point there is, you know, we've brought forward some of the divestments of the remaining direct properties. The key message there is, there's no cash tax, so it's, you know, genuine cash gain and, you know, it's just accelerating our capacity for funds management. Richard, I think without giving the game away just yet, because obviously they're not completed, but the market for real assets at the moment is, I'd describe it as pretty hot. We've talked about what we talked about yesterday, selling some assets off the balance sheet to HDN at a 5% discount. We've also got two other assets that are not gonna go to HDN, they're gonna go to third parties. We're expecting to realize some pretty significant gains on those assets and those sales. That combined with the fees that come out of the Aventus transaction give us a very high level of visibility on our FFO and earnings for the full year. That's why we've been in a position this morning to upgrade our numbers. Okay. Excellent. What exchange are they or are they, you know? No, they're not exchanged yet, but they're well down the path. They're imminent. Imminent. Yep. The HDN assets were flagged yesterday. We identified which assets are going across. You can then deduce from that that there's only, I think, two other assets left on the balance sheet. I think we'll be in a position to probably update the market, and we'll be able to be probably weeks away from being able to complete on those. Excellent. Thanks, David. Thanks, Will. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. The next question comes from Grant McCasker from UBS. Please go ahead. Good morning, David, and thanks for your comments this morning. A great result. Just, yeah, sorry to harp on the HMC Capital Partners one fund again, but has the HMC balance sheet actually executed on an opportunity since balance date? No. Okay. Great. Thanks. 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. The next question comes from Ben Brayshaw from Barrenjoey. Please go ahead. Oh, thanks for the follow-up question. Could I just clarify, David, the acquisition of the, I suppose, the securities from Baby Bunting, has that, I mean, does that take place post-balance date in terms of, you know, drawing down the consideration? Yeah. Ben, it's Will. That completed in February, so it was post-balance date. On the treasury slide, we've outlined it, the cost of that, which was I think I know the question you're asking, Ben. The way to think about it is no debt drawn at 31 December balance sheet date in the accounts. Obviously, we drew down money to settle the option and the acquisition of the stake from BBRC. The asset sales then more than offset that and bring us back to a net cash position. Great. Thanks. Appreciate it. Thank you. There are no further questions at this time. I will now hand back to Mr. David Di Pilla for closing remarks. Just wanna thank everyone for joining this morning. I know it's the end of reporting season, and I know there's a lot of fatigue out there, so thanks for your interest and the questions from the analysts. I just wanna thank our team for an incredible six-month period and the incredible hard work and the achievement, and we're very excited for the future. Thank you for joining.