I would now like to hand the conference over to Mr. Raymond Van Hulst, Chief Executive Officer and Managing Director. Please go ahead. Good morning, everyone, and welcome to Omni Bridgeway's FY 2025 Results Presentation for the 12 months ended 30 June 2025. My name is Raymond Van Hulst, Managing Director and Chief Executive Officer. Joining me today are David Breeney, our Chief Financial Officer, Jeremy Sambrook, our General Counsel and Company Secretary, and Nathan Kandapper, our Head of Corporate Development and Investor Relations. FY 2025 has been an intensive and transformational year for Omni Bridgeway, but also an exciting and very positive one. I am pleased to report that we have successfully achieved and advanced our strategic objectives as presented at the Investor Day and at recent results presentations, while also delivering exceptional financial results for FY 2025. Over the next 20 minutes- 30 minutes or so, I will first cover the highlights from the year and the performance of our portfolio. David will then take you through the key elements of our financial results before I come back on the strategic priorities for FY 2026 and beyond. Let's move on to the highlights for the year. Over the last 12 months, we have managed to deliver on all key strategic objectives. We completed a landmark secondary market transaction, which generated $320 million in cash proceeds to OBL- only. This allowed us to fully repay our debt and de-leverage our balance sheet. We achieved and exceeded our OpEx reduction target for the year, while also meeting our fee income growth target, 20%. We provided independent validation of our fair value framework and overall business model through the secondary market transaction with Ares Management. Regular completions were also in line with our fair values, providing further validation. Overall, we raised more than $500 million in new third-party capital. Going into FY 2026, things look good as we have positive deal wins. As indicated in our recent quarterly portfolio update, we observed very strong portfolio developments in the second half of FY 2025 and shortly thereafter, which provides a good base for FY 2026 completions. We are on track to further increase cost coverage through both lower operational expenditures and increased fee income. Similarly, on the new business front, there is good momentum with a notable increase in the pipeline year-on-year and at appropriate risk-adjusted pricing. In terms of capital raising for our flagship Fund 4 / 5 Series II, there is strong engagement from fund investors, and we are on track to complete this project in line with our planning. Turning to the highlights on our portfolio. At the end of FY 2025, new investment commitments totaled $517 million, adding nearly $526 million in new fair value to the portfolio. The total portfolio fair value increased by nearly $800 million for the year, reaching a total of $3.6 billion, of which the OBL-only portion is approximately $700 million. We have added Assets under management, or AUM, as a new metric in line with Asset and Fund Management standards. As at the end of FY 2025, our AUM stood at $5.2 billion. We had a record year in terms of total proceeds, with over $555 million received for the year from our milestone Fund 9 transactions. In terms of realizations, we had 60 full and partial completions across the portfolio, delivering consistent and strong completion returns with a 2.5 x Multiple On Invested Capital, or MOIC. Our fair value conversion rate remained around 100%, measuring how closely the fair value translates into cash proceeds, noting that this should always be looked at at a portfolio level and not on individual matters only. Now moving on to our business performance on slide seven. David will speak extensively on our statutory accounts, which have largely transitioned to fair value accounting. This change ensures that they are now more reflective of the value creation and intrinsic value of our book. From an OBL-only perspective, total income was $371.4 million, including realized and unrealized gains. We've worked hard to ensure that our operational expenditures met our target of maximum $85 million for FY 2025, which we achieved by arriving at $84.1 million. This represents a decrease of 6.2% from FY 2024, despite the impact of inflation. As mentioned in the half-year results, further cost-saving initiatives have already been executed, putting us on track to achieve the further reduced OpEx target for FY 2026. Overall, we arrived at a statutory Net Profit After Tax, or NPAT, of $416.8 million, which translates to earnings per share, or EPS, of $1.23 per share. I mentioned earlier that the move to fair value accounting has allowed our balance sheet to better indicate the value of our portfolio. This is reflected in our total book value per share on an IFRS basis, which stands at $2.99 per share. With all investments at fair value, this would be $3.51 per share. Both metrics are indicative of the current discount to book value of our shares. Let us now take a deeper look at how our portfolio progressed for the year on slide nine. Similar to prior periods, I won't spend too long on this slide, as we have provided many of the highlights earlier, and this has been part of our quarterly reporting. However, we felt that it should continue providing the breakdown. Completion activity is strong level, with 60 full and partial completions for the year, delivering $235.5 million in proceeds, of which $33 million is OBL- only. As mentioned earlier, investment return metrics have been strong, with an overall MOIC of 2.5 x, up from our life-to-date track record of 2.3 x. We anticipate completion activity and momentum to increase, based on investments which are subject to anticipated or current settlement discussions, or for which an award or judgment is expected. I refer to our quarterly portfolio update for more details on that, but as indicated there, we had a strong series of positive judgments and awards, with a total judgment amount exceeding $2.4 billion. We also outlined in the quarterly that we are completing settlements on 21 investments, with anticipated gross Omni Bridgeway proceeds of $216 million, with very strong metrics. Looking at our portfolio on a fair value basis, our portfolio continues to be remarkably well balanced between the regions and the different investment types. This level of diversification within the legal finance asset class is unique to Omni Bridgeway and reflects the geographic scope and expertise of our platform. Such diversification mitigates the risks associated with adverse regulatory, legal, and economic events in any particular region or area of law. I'm equally pleased with our limited exposure to single large investments, with the largest 10 investments representing less than 15% of our commitments and just below 25% of the total fair value of the portfolio. This focus on diversification does not preclude us from investing in larger matters. Rather, we do so on a crowdfunded basis with non-fund external capital, which we refer to as sidecar capital or sidecar investments. Sidecar capital helps us mitigate concentration risk, while we typically still receive management fees, transaction fees, and/or carried interest, enhancing our return on capital and equity. I will provide some further information on sidecar capital later. The past portfolio growth. Firstly, looking at the right-hand side of page 11, the total portfolio fair value has increased by 29% since FY 2024, with $3.6 billion. This is net of new commitments, completions, and material litigation events and represents the embedded value of the group's gross investment portfolio. Of the $3.6 billion, approximately $700 million is attributable to OBL- only, representing our co-invest and carried interest. I will provide more details on these on pages 12 and 13. The left-hand side shows the total commitments and deployments on active investments year-on-year, with an overall CAGR over the last five years of 32%, which reflects both market growth and growth of market share. In breaking down the 29% gain in portfolio fair value for the 12-month period, the impact of new commitments and completions is relatively straightforward to follow. As per prior years, the value added from deployments and the discount unwind reflect the reduction in future deployment obligations and the value increase from the passage of time as investments move closer to an expected completion. Material Litigation Events, or MLEs, amounted to $240 million and reflect the net effect of all positive and negative fair value developments, which involved 199 of our investments in this period. These can be interim judgments, but more often include timing changes following updated court schedules or externally driven adjustments to budgets or claim values. New in this period, and to better align with industry practice, is that we have added sidecar investments, which reflect third-party capital outside the fund capital in investments managed by OBL. As indicated, OBL is generally entitled to separately agreed management fees, transaction fees, and/or carried interest on such sidecar investments. In total, this adds $310 million to the total portfolio fair value across 25 sidecar investments, of which approximately $72 million was added during FY 2025. Sidecar investments are a great example of our transition to a capital-led fund management model. Such investments reduce the OBL balance sheet investment requirement, while management and carried interest income on the sidecar investments will return on equity. Slide 13 provides the OBL-only perspective on our portfolio. The Fund 9 transaction was naturally the largest contributor to the fair value movement for the period. We essentially traded approximately $400 million in fair value for $320 million in cash proceeds, reflective of a fair value conversion rate slightly above 80%. Portfolio developments, judgments, and awards on a number of large investments, which were originally expected for the second half of FY 2025, contributed to the negative MLEs. As reported in the quarterly, a remarkable series of successful judgments and awards came in shortly after the financial year ends, which will lead to positive MLEs and reversals for the current or following periods. I will now hand over to David to take us through the financial results in more detail. Good morning, and thank you, Raymond. I'm delighted to be delivering my first full-year Omni Bridgeway financial result in what has been a landmark year for Omni Bridgeway. The Fund 9 transaction was a pivotal event this year and has provided an important first step for us to simplify our financial statements by deconsolidating Funds 2, 3, and 4, and reclassifying Funds 5, Series I and II, thus ensuring our balance sheet better reflects the intrinsic and economic value by measuring our assets at fair value under IFRS. The transaction itself and our fair value conversion ratio of over 100% further vindicate our fair value assessment and OBL's net asset position. This is truly a remarkable achievement in a single financial year and has provided a fair amount of work for the finance team at OBL. There is still scope for further improvement and simplification with Fund 6 and 8, which are outside of the Fund 9 transaction, and therefore those funds remain reported under a cost basis and represent the remaining non-controlling interest. Deconsolidation took place at the end of February, causing the P&L to represent somewhat of a hybrid, with eight months under the old regime and four months under the new. I look forward to a long queue of people wanting to talk about technical accounting standards. Let's move on to the statutory financial performance view. Total statutory income reached $651.2 million, a 253% increase year-on-year, driven by the Fund 9 transaction totaling $294.7 million and fair value gains of $293.6 million, that driven by Fund 9 assets, carried interest, and the revalued co-investments in Funds 4, 5, and Series II. Net profit after tax rose to $416.8 million, up from $30.5 million in FY 2024, whilst EBIT came in at $495.5 million, reflecting strong underlying performance. These results underscore the strength of our portfolio and the value creation from our strategic repositioning. The OBL-only fair value P&L is management's preferred view of our P&L since we established OBL's fair value methodology in December 2023. This view shows the movement in fair value of the OBL-only investments at fair value for the full year, inclusive of Fund 6 and 8. This is the direction of our statutory P&L, which is heading post Fund 9 transaction. When excluding the Fund 9 transaction, OBL has generated $428 million in net profit before tax in FY 2025, with $120.1 million in new book growth. The Fund 9 transaction increases the EBIT for FY 2025 to $287.3 million. Our cash OpEx at $84.1 million has come well in under our projected $85 million for FY 2025. As disclosed at the half, we will see further improvement as these cost initiatives are annualized. Providing comparatives is a challenge for us as a business, given fair value has only been in place for 18 months. We have attempted to address this by providing three halves, which can be found in the appendix on page 43. I look forward to the 31st of December 2025 result, where we will have full period comparatives to present. The OBL-only cash P&L reflects the cash view of P&L items for FY 2025 and is a cash bridge to the quarterly reports we release. When excluding non-recurring cash items, OBL achieved net inflows of $268.2 million for the year, an improvement of $331.5 million on FY 2024. OBL-only co-invest deployments reduced by 36% to $43.8 million, predominantly due to the Fund 9 transaction, as OBL reduced its co-invest, thereby decreasing the requirement to deploy at the same level. Cash OpEx in the year has reduced 6.2% during an inflationary period, which reflects our disciplined cost management. Additionally, following the debt facility repayment, OBL will no longer suffer interest repayments, of which represent $19 million in FY 2025. Our improved cost coverage further emphasizes our sharp focus on cost discipline. OBL-only cash OpEx was reduced to $84 million, beating our FY 2025 target. We are now targeting $80 million for FY 2026. Fee income grew to $30.3 million in FY 2025, with a target of $35 million in FY 2026. Growing part of the fee income book is transaction fees, which average 3% on new commitments across Funds 4 and 5. As a result, we remain on track to achieve a 70% cost ratio by FY 2028, a key milestone in our long-term efficiency strategy. Moving to page 20, this chart provides a bridge of cash movements and our liquidity balance at the end of the full year. On an OBL-only basis, we have $146.2 million in cash and receivables at 30th June, up $20 million since 31st of December. The Fund 9 transaction has allowed for full debt repayment, removed all interest payments, and will reduce deployments by an expected further 30% in FY 2026 on Funds 2, 3, and Funds 4/ 5 Series I. OBL-only cash flow and liquidity profile is a probabilistic analysis reflecting a range of possible outcomes, the assumptions of which are driven by the 300 underlying matters and therefore are live and dynamic. On previous slides, we stated we are targeting management fees of $35 million and platform expenses of $80 million. Using our Monte Carlo simulation to drive a P50 scenario, the expected cash flows to OBL- only from completions is potentially around $90 million, with deployments in this scenario around $30 million. The candlestick ends similarly represent a potential range of different scenarios based on a P80, P20, or 60% confidence interval. We have included a category for potential secondary sales, as they present a potential source of revenue that we have constantly proved over time for an origination platform like ours. You will note that there is no central box on that node, indicating that this is not an expected event, but rather something that could occur if the stars align and the opportunity arises. With that, we expect the portfolio to be on track to deliver positive free cash flows for the year ahead. I would like to hand back to Raymond. Thank you, David. Following the full debt repayment through the Fund 9 transaction, one of the most frequently asked questions has been whether and when the company can now, can and will now make returns to investors. In line with prior considerations on this provided over the last 18 months, on slide 23, we now outline a clear set of guidelines that will steer our liquidity, capital allocation, and distribution decisions going forward. Noting the nature of the asset class, OBL will aim to maintain a net liquidity position between 12 and 24 months of forecasted net OpEx plus OBL-only deployments. Should this exceed 24 months, the company will look to return the excess to shareholders, in principle via a share buyback. Should net liquidity be between 12 and 24 months, management review of portfolio maturity, dynamics, and opportunities will drive even when distributions are made. A net liquidity below 12 months warrants no distributions. We are at the moment solidly between 12 and 24 months, but want to see how the recent positive portfolio developments progress into cash completions before considering distributions. The team has accomplished a lot in the 15 months since our Investor Day in March 2024. We have de-leveraged and de-risked the balance sheet and moved to a net cash position, having repaid outstanding debt in full. This has put the balance sheet in a strong position during a period of global economic transition and industry consolidation. We increased cost coverage by significantly reducing cash OpEx, while increasing fee income by over 20%. Cost savings are already implemented, and the trajectory of fee income put us on track for the stated 70% cost coverage target by the end of FY 2028. Few asset managers have been able to externally validate their business and fair value framework by a third party via an extensive transaction due diligence. This is something OBL was able to do with Ares i n the Fund 9 transaction, which demonstrated the underlying value of OBL 's portfolio and affirmed OBL as the leading institutional-grade fund management platform for legal assets. Similarly, the Fund 9 transaction has allowed OBL to accelerate the transition to a capital-led fund management model by reducing our overall co-invest and aligning our reporting with the broader asset management industry. Over the last 12 months, we have raised around $500 million in third-party capital. As mentioned earlier, the capital raise for Fund 4 and 5 Series II is on track for completion by the end of this year. Slide 25 is largely self-explanatory, and I will not spend much time on it now. The legal finance industry is entering what we call the fourth development cycle, with the core theme being consolidation to a limited set of global and regional leaders. Market dynamics are favorable, with continued market growth, while supply is stable or reducing, allowing for appropriate risk-adjusted returns. Omni Bridgeway is very well positioned to benefit from these positive market dynamics. Our strategic focus is to further grow Omni Bridgeway as the leading global and institutional-grade fund management platform for legal assets and legal finance. We plan to achieve this through balancing four strategic areas. We aim for controlled and sustainable growth of the book, targeting double-digit annualized growth of AUM over the next three years. We plan to deliver this by further leveraging our origination and underwriting capabilities, our track record, and existing infrastructure to expand and diversify the product offering or capital types for legal assets. This expansion will incorporate a range of options from equity investments or full asset acquisition to portfolio debt structures and everything in between. Additionally, we will focus on limited and cost-efficient geographic expansion where market dynamics are favorable. On the capital side, we are committed to the capital-led fund management model, which allows for maximum return on equity. We therefore strive to further expand and diversify third-party capital sources, matching the risk-adjusted return profile of the expanded opportunity set and increasing capital flexibility in funding our investment opportunities. Platform stability and operational efficiency, with disciplined cost management and growth of fee income, will remain central while we execute on this strategy. One of the key objectives stated at the Investor Day was to enhance our reporting and align it more closely with asset and fund management benchmarks. With the changes to our statutory reporting this period, we have largely completed this journey. In the upcoming period, we will release a comprehensive data pack to the market, which will assist existing and new shareholders and analysts in analyzing and modeling the company based on the revised disclosures. Now to our strategic priorities for FY 2026. Completing the Fund 4 / 5 Series II capital raise is at the top of the list. As indicated, we aim and expect to complete this during the first part of the financial year. As mentioned on the prior slide, we will be looking to further expand our sources of capital, our shareholder base, and our product offering. We may also consider a smaller strategic secondary market transaction as part of the normal course of business, only if it is economically and strategically attractive. We will also look to deconsolidate the two remaining Funds, 6 and 8, as well as roll out the carried interest program. In terms of a summary of the tangible targets that we have set ourselves for FY 2026 and beyond, they are listed in the right-hand column. OpEx of maximum $80 million for FY 2026 and fee income of $35 million for the year. Achieving 70% cost coverage by the end of FY 2028 and double-digit growth in AUM over the next three years. To conclude this presentation, we are pleased to provide a positive management update. As part of our ongoing efforts to streamline our operating structure, Tom Glasgow, our current Managing Director for APAC, will take on the role of Chief Operating Officer. In this new role, Tom will work closely with our portfolio managers globally to coordinate our global origination, underwriting, and management operations, ensuring we achieve our growth targets and continue to improve our operational leverage. As mentioned in the earlier investment portfolio report, Greg Crowe joined us earlier this year as Head of Capital Formation, after having worked with us as consultants since last year. It's fair to say that Greg has had an excellent start so far. Both of these roles are integral parts of our strategy to further grow OBL as the leading global and institutional-grade assets and fund management platform for legal assets. Thank you for your attention. I would now like to open the call for any questions you may have. 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 speaker phone, please pick up the handset to ask your question. The first question comes from David Fraser at MST Financial. Please go ahead. Morning, guys. Can you hear me okay? Yep, we can hear you. Hi, Raymond. How are you? Welcome back to the country. I'm David. First question. In the last IP, you made the comment that you basically closed or had completed $2.4 billion of investment completions, and then there was a few hundred million of other cases that were at advanced stages. Could you give us an indication of how much the group will receive of that $2.4 billion? More importantly, how much of that OBL- only will get? David, that's a good question. As always, until payments, there is the remaining uncertainty with very large judgments and awards that may be appeals and maybe apportionment proceedings required. On a high level, putting those two categories together, the awards and the funding settlements, proceeds would be somewhere between $750 million and $1 billion. We would say about $150 million to max $200 million to OBL- only, but likely more closely to that $150 million. It reflects, I would say, about $600 million in fair value, or these cases altogether stood at about $600 million in fair value as per last year's report, so FY 2024. My second question was, at the beginning of last year, you talked about the potential for $800 million of fair value completions in 2025. Given that the net of proceeds in the group was $236 million, obviously, the fair value associated with that's probably less than that. Could you comment on, I presume, a lot of that fair value that we're forecasting is in that $2.4 billion that's coming through now? Yeah, no, indeed. As I think I just tried to indicate, the fair value of that group of settlements and awards reflects about $600 million or slightly more in fair value as at last year's report. That sits in that $800 million. I think it's fair to say that we were off by three to six months, and the cash still has to come in. That is reflective of the uncertainty of our assets. We never know exactly when a judgment or an award comes in. Indeed, those settlements and those awards would fill the gap between the $800 million and what has been completed, and then some extra. Does that answer your question? Yeah, yeah. I'm just going to ask you questions if that's okay, Raymond. Of that $700 million- $800 million that will go to the group, can you give us an indication of how much of it came from Funds 2 and 3, Series I, Funds 4, and 5 and come out of 6? Clearly, nothing coming out of Fund 8 at this stage. I don't have the complete split at hand, and we've moved away from detailed fund waterfall reporting. I can indicate that we would significantly exceed the Fund 2, 3 preferred. We'd get into the profit range there, and we would, for a very significant part, repay the preferred part of the Fund 9 fund, a preferred return in the Fund 9 fund, if all of these matters complete and the cash comes in as per current expectations. We wouldn't get past the Fund 9 hurdle yet. That's not free. I'll jump back in the queue. You talked about cash coverage from management fees, transaction fees to cover 70% of forecast management costs in full year 2030. How confident are you that you'll get there? For FY 2026, we're very confident. There's more, I would say there's slightly, I don't want to make any promises, but there's slightly more upside potential there than downside potential. I think that's that part I'm reasonably comfortable with. That puts us on track for the 70% in FY 2028. I'm still solidly committed to that number, and I think we're going to achieve it. It will take further growth and very disciplined management over the next few years to get to the 70%. I think we're slightly ahead of schedule in achieving that. The queue and it's smiling. Other people ask questions. Thanks. Thanks, David. The next question comes from Peter Meichelboeck from Select Equities. Hi, guys. Thanks for taking my questions. Just on the capital allocation approach that you spell out on slide 23, a couple of things. Can I just confirm, so the net liquidity that you currently talk about, it's cash plus the net receivables? I assume that's, can you actually, are you able to sort of give us the numbers on where that is at the moment? No, I don't have the actual numbers at hand, but it would indeed be cash plus net receivables. Right. Just on the cash, is this the $105 million number that you speak of in the presentation, or is it just the? Yeah. Yeah, okay. It includes the. It would be the $105 million, yes. Okay. Great. The other part of that I was wondering also is in terms of the net receivables number, where does the Westg em adverse cost provision, is that included in the net receivable part of that? No, it doesn't sit in the net receivables. It's part of our investment modeling. It's a negative cash out in our modeled cash out as indicated on slide 20. Right. Okay. The other part I was just wondering about with this capital allocation, you know there's a few references there about aiming and in principle sort of approach, etc. I'm just wondering about, I mean, you've provided some exceptional circumstances, which is sort of fair enough. I'm just wondering in terms of how, I guess, locked in this objective is in terms of the capital allocation, given the wording around in principle, etc. Sure. I think we're reasonably unique in providing these guidelines in this way. I don't want to lock in the board by making very firm statements here. I would say what I put in here is not new. This is pretty consistent with what I've indicated earlier is what we believe is prudent and feasible. I'm very committed to this. I don't currently anticipate any deviations from this. As we all know, the world is relatively volatile. Yes. Things can happen that would cause us to deviate from it. If we didn't feel comfortable with it, we wouldn't have put it out like this. Okay. Fair enough. Just on Fund 4 / 5 Series II raising, how much has been raised during FY 2025 for Fund 4 / 5 Series II in particular? I think the original Series II, if my memory serves me correctly, was an extra $500 million for each fund, I think. I'm just wondering how much extra was raised for Fund 4 / 5 Series II in FY 2025 and what the split of that is between OBL and third-party capital. We haven't disclosed that yet. I don't want to do that now. We're in very active discussions with a large group of different fund investors. Several we have closed. We are, in that sense, oversubsidized. The total demand from the investors we're talking to is beyond the capacity we have in those funds. While we are completing that, I don't want to lock us in on what has been closed and hasn't been closed yet. It looks like we're comfortable that we're going to get there by the deadline. Okay. Look, just one more if I can, I'll jump back in the queue. Just on the cost savings, you've done a pretty decent job in the last couple of years bringing that cost base down. It looks like it's on a continued sort of trajectory, is the impression that I get on that. I'm just wondering, given that this process has been going on now for probably a couple of years, I guess, and maybe it's got another couple to go, I'm not sure. I'm just wondering, did you consider going more aggressive on this and taking a one-off restructuring charge and getting to the lower cost base quickly? Because it seems that that's where you're heading anyway. Just wondering if you'd consider to accelerate that and take a one-off restructuring charge below the line, etc. No, there is absolutely no intention to do that. I think we've been quite successful already in bringing our cost down. Our platform is valuable, there's lots of experience and expertise in it, and it's generating value as reflected in the accounts. Doing anything like a restructuring, as you suggest, would be value destructive. There is absolutely zero intention to go that way. We do see room for increased operational efficiency, which will bring costs down. That refers to things like relatively expensive office leases and some other operational cost savings. There's no intention to cut into the network. Okay. Great. I'll come back into the queue. Thanks, guys. 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 David Fraser, MST Financial. I guess, Raymond, you mentioned that you were going to put out a package for analysts and investors at some stage. Could you give us a bit more detail on timing and what's going to be in that? Importantly, from my point of view, will there be a bit more clarity on how the European Waterfall will work in Fund 9? Thanks, David. That's clear. I somewhat anticipated this one. If the pack is aimed to come out, let's say, between four and eight weeks from now, that's kind of our working assumption. It will contain updated vintage analysis. What we anticipate to do is to more or less, if you go to slide 21, I believe, what we've now done on the full portfolio for one year, kind of give a confidence interval and a probability range of cash proceeds out of the portfolio for one year. We may do that for the whole portfolio and roll it out over the total portfolio level over the various years. At the same time, provide more historic data on cash deployments and timing on cash proceeds coming out of investments so that we provide data that helps model the value coming out of the existing book, while also able to model the value coming out of the future book. That's the kind of direction we're going. We're very likely not going to the individual underlying funds. I guess the last one for me, we've talked about 12 to 24 months of liquidity before you started quantifying any sort of capital returns. Hopefully, those are not, you've got no franking. I'm assuming that, obviously, liquidity includes your capital calls from the funds, which over the next week while is going to be quite small given the sell-down Fund 9. Once Fund 4 / 5 Series II are up and running, the capital pools will start to spin up again nice and big because you'll be committing 20% of the acquired capital. I would hope that you head into that period at the sort of 24 months liquidity area. I'm just trying to get a feel for how you're going to work this going forward in the next two years. No, that's a fair point, David. We wouldn't increase the 24 months, but we are carefully looking at what the deployment profile is over the next 24 months. We indeed would include the pre-spo and thus requirements of the Series II to accurately forecast that before we then apply the 24 months metric to that. You're right, with the ramping up of the Series II, the deployment over the next years will likely start to increase again. Okay. No more questions at this stage. If it's okay, once I've had a good look through the accounts, I'll clear the offline. Thanks very much. Thank you, David. The next question comes from Peter Meichelboeck at Select Equities. Yeah, thanks. Look, just a quick sort of clarification. I just want to check. The $35 million fee income by 2026 and the 70% cost coverage from fee income by the end of 2028, is that only referring to management fees? There's no performance fee numbers in that. Is that right? Yes, that's right. Yeah. Yeah, okay. Great, thanks. Okay. Thank you, Peter. Before closing the call, let me have a look. We received one email from a stakeholder who couldn't attend but asked us to verify if certain questions would be addressed in the presentation or either by other people asking the questions. What does the group's modeling say about the net cash expectations for the next 12 months? I think that's been addressed in quite some detail in slide 21. There was the $2.4 billion in completions and how much of that is OBL shareholders. I think we addressed that through the question of David Fraser. The question of where do the waterfall balances stand for Funds 1, 2, 3, and 9 was also addressed in the answer to David, who had a somewhat similar question. We don't provide the individual fund levels, but as indicated in the answer to David, if the completions come through on the awards and the settlements, as indicated in the quarterly, we would be very solidly beyond the preferred hurdle in Funds 2 and 3, and we would have repaid a very significant amount of the preferred return in Fund 9. I would leave it at that. I think that has addressed everything. Thank you all for your attention. I hope we've answered all of your questions. If you have any follow-up questions, please don't hesitate to reach out. I look forward to being in contact with all of you shortly. Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.