Hello, everyone, welcome to the NBPE Investor Update. I am Peter von Lehe, Head of Investment Solutions and Strategy for Neuberger Berman Private Markets, and I will be presenting today with my partner, Paul Daggett. At the end of the presentation, there will be a Q&A session. You could ask questions at any time during the presentation by typing them in the portal. Most of you know us well, but for the newcomers on the call, I will give you an overview of our investment strategy, Neuberger Berman, and our high-level performance. After which, I will hand over to Paul to give you a more detailed update on our portfolio. The mission of NBPE is to invest in private companies to generate long-term growth. We seek to execute this mission by making direct investments into companies alongside top-tier private equity firms in their core areas of expertise. We invest globally, but are focused on the United States, the largest and deepest private equity market in the world, and ESG analysis is fully integrated into our investment process. We believe this allows us to build a high quality, diversified portfolio of direct investments in private companies. We have generated strong long-term performance with a gross IRR of 20.6%, 16.6%, and 20.8% on our direct equity investments over the last three, five, and 10 years as of December 2022. NBPE is managed by Neuberger Berman. Neuberger has been a private markets investor for more than 30 years, and currently manages over $110 billion in private markets assets. Our differentiated position in the private markets ecosystem provides us with strong and deep relationships with hundreds of private equity managers, which is the principal source of deal flow for NBPE's direct equity investments. Now let's turn to recent performance. Against challenging markets and macroeconomic headwinds, we believe NBPE's performance has been resilient. This has been the case both from a net asset value perspective and with respect to the operating performance of most of our underlying portfolio companies. Our private investments, which represent almost 90% of the portfolio, appreciated in value by 4.4% on a constant currency basis, with strong operating performance more than outweighing the drop in valuation multiples, which declined by over two turns. However, this resilient performance was outweighed by a decline in value of our publicly listed holdings and foreign exchange headwinds, which resulted in an aggregate NAV decline of 7.5% on a total return basis in 2022. Since the beginning of 2023, our public investments have started to recover, which have increased in total value by over 10% in the first three months of the year. After a record year of realizations in 2021, NBPE had $143 million of announced realizations in 2022, with underlying companies sold or partially sold to a range of buyers, including both strategics and other private equity managers. In aggregate, these realizations were at a 2.7x multiple of cost, which is in line with our five-year average of a 2.4x multiple of invested capital. From an uplift perspective, a number of these companies were already valued at or near their expected sales value at December 2021, so our uplift figure was 6%, more muted than our five-year average of 37%. From an investment standpoint, one of the advantages of NBPE's model is that we invest on a deal-by-deal basis. Given the challenging macroeconomic environment, our 106% investment level at December 2022, we have been highly selective in terms of new investments. We completed two new investments in 2022, a $26 million investment into a leading U.K. wealth manager with an in-house technology platform, and a $15 million reinvestment into an existing portfolio company that has had strong operating performance. Both of these investments are performing well, and one has already been written up based on its strong operating performance. While NAV in 2022 has clearly been impacted by the significant volatility in public markets and the macroeconomic environment, over the long term, NBPE's NAV growth continues to be strong, generating a cumulative total return of 63% and 89% over three and five years respectively, materially outperforming the MSCI World Index. NBPE's portfolio is focused on two core investment themes. Long-term secular growth trends, which are companies that are expected to benefit from higher growth rates due to long-term trends or behavioral changes, and businesses with low expected cyclicality, which are companies that tend to be in more defensive sectors or end markets. We are sector agnostic, as companies addressing these themes are in a range of industries, including technology, consumer and e-commerce, industrials and industrial technology, and financial and business services. Paul will provide a deeper look into a number of these sectors later in the presentation. Our portfolio is valued at $1.4 billion, with 92% of that invested in direct equity investments. It is well diversified by underlying portfolio company and lead manager. We are invested in 93 direct equity investments alongside 56 different private equity managers, with our top 20 positions making up approximately 51% of our NAV. We believe this results in an appropriately diversified portfolio while still allowing winners to drive meaningful upside to the overall performance of the portfolio. We believe NBPE's portfolio is well diversified by geography and industry. 73% of our portfolio by fair value is in North America, recognized as the largest and deepest private equity market in the world, while 23% of our portfolio is in Europe, and our largest position, Action, is based in Europe. NBPE is well diversified by industry as well. Our most significant exposures are our consumer and e-commerce, tech media and telecom, industrials and industrial technology, and financial and business services. We are also diversified inside each of these industries to a range of sub-industries. For example, almost half of our TMT exposure is to software companies, and almost half of our exposure to industrial is to industrial technology companies. I'll now hand over to Paul to tell you more about the operating performance of our portfolio. Thank you, Peter. I'm going to go into some detail regarding our portfolio companies' underlying operating performance, but I'll start with a brief overview of the performance of the top 10 private companies. As you can see in the two columns comparing NAV at the beginning and end of 2022, the majority of the largest private company positions by NAV increased in value during the year. As Peter mentioned, one of our strongest performers was Action, which was written up by over $20 million over the year, despite FX headwinds of the Euro-U.S. dollar combination. In local currency, the write-up was even more material, and we have a case study on Action on the next slide. In addition to Action, we also saw meaningful write-ups of Advisor Group, USI, and Solenis, alongside smaller write-ups amongst some of the other top 10 positions. Against this, we did see the value of Constellation Auto and Kroll decline as a result of performance factors in a challenging market environment and reductions in their valuation multiples. You've often heard us speak about accretive M&A as a driver of value creation. This can be larger transformative acquisitions or through the acquisition of smaller scale businesses which can be purchased for lower multiples and then integrated into the larger platform company. M&A can help to create scale, add additional products and services, expand geographies, create synergies, and often it can average down the overall entry valuations of the combined companies. As you can see from the column on the right of the page, eight out of the top 10 of our largest portfolio companies have been active in M&A at some point during the holding period, and many of them were active in 2022. Most of you will know of Action as 3i, which is the lead investor in the company, regularly publishes detailed information on the business. Action is now NBPE's largest portfolio position, representing approximately 5% of portfolio fair value. Action is a leading European non-food discount retailer. It sells products for everyday household use, seasonal products, and consumables, among other things. Action has been a material driver of long-term growth for 3i. NBPE invested $26 million into the company in January 2020, when it co-invested alongside a select group of other co-investors. We felt there was a compelling opportunity to invest in the company's growth. There was considerable white space potential, for example, in terms of new countries such as Italy and Spain, as well as opportunities for continued supply chain and sourcing enhancements. In 2022, sales grew by 30% to EUR 8.9 billion, while operating EBITDA grew by 46%, with margins increasing to 13.6% from 12.1%. This growth was a result of 280 new stores added, as well as strong same store sales growth in existing stores. Action has ambitious growth targets over the next four years, and as the company continues to scale, this business model is increasingly hard to replicate. Turning to the performance of the portfolio as a whole. A lot has been written about private equity valuations over the past year, but as you can see, the average EV to EBITDA multiple of NBPE's portfolio was adjusted downwards during the year, which reflects volatility in public markets and comparable public companies and the more difficult operating environment. On a weighted average basis, private companies in NBPE's portfolio were valued at 15.2 x EBITDA, which is down from 17.4 x at December of 2021. Peter mentioned the 4.4% aggregate private company valuation increase during the year. It's important to note that this performance was delivered despite the contraction in valuation multiples, which speaks to the overall operating performance of the portfolio during the year. On the bottom of the slide, you see that the net debt increased marginally to 5.5 x EBITDA. This average number includes companies where EBITDA was affected by the operating environment and the increase in net debt used to finance M&A in some companies. This was balanced with companies where positive operating performance and de-leveraging from free cash flow reduced leverage multiples during the year. On a weighted average basis, NBPE's portfolio companies grew revenue by 14.4% during the year, with all sectors contributing to that growth, which includes both organic growth and M&A, with business services, industrials, and healthcare companies growing the top line fastest and the consumer and TMT sectors also producing strong weighted average growth. Financial services companies grew the top line at a somewhat slower rate, but EBITDA grew faster than revenue in this sector. I'll spend more time on the sector-by-sector analysis in the next section. In terms of EBITDA, the weighted average growth was almost 12%, driven in particular by the industrials, consumer, financial services, and healthcare sectors. As noted on the slide, the fact that weighted average revenue growth was slightly higher than weighted average EBITDA growth may be reflective of the operating environment in 2022, with some companies seeing margin pressures as a result of supply chain issues and inflation. In most of these companies, we saw corrective actions quickly taken by their private equity owners, which in many cases mitigated this effect during the year and into 2023. Finally, I wanted to quickly note that both the revenue and EBITDA analysis has been adjusted by the removal of three companies which we believe were outliers. If we'd included these three companies in the analysis, the growth rates would have been higher for both weighted average revenue and EBITDA. NBPE's focus is in investing in buyouts of profitable growing companies. Of course, this strategy usually involves the use of debt, and at 5.5x leverage on average, we believe this is reasonable given the sector and subsector focuses of the businesses in the portfolio. Obviously, rising interest rates have increased the cost of capital of NBPE's portfolio companies. The key metric that we look at here is the interest rate cover, and we generally remain comfortable with the absolute level of debt and interest coverage in NBPE's portfolio. Importantly, as you can see on this slide, the majority of NBPE's investments have covenant-lite or no debt. On the right of the slide, we show that NBPE's portfolio companies debt maturities are heavily weighted towards 2025, 2026, and beyond. The next few slides break out the operating performance of the portfolio by sector in much more detail. The analysis contained on these pages excludes public companies, so represents our private companies only. Together, these private companies represent almost 81% of the direct equity portfolio's fair value. Beginning with NBPE's largest sector, Technology, Media, and Telecom is comprised of 22 companies representing $289 million of fair value, or 22% of the direct equity portfolio. Of this, the top five TMT companies represented 42% of the private company TMT exposure. Reflecting the higher multiples of technology companies in public and private markets, the weighted average EV to LTM EBITDA multiple of the TMT portfolio was 18.6x. Nearly half of the value in TMT is invested in software companies, which generally have strong recurring cash flow, sticky customer bases, and in many cases, provide mission-critical software essential to enabling customers' businesses to function. These are all characteristics which tend to justify higher multiples. The weighted average net debt- to- LTM EBITDA multiple was 6.7x. The companies in the TMT sector generated healthy average revenue growth in 2022, with the majority of companies growing revenue over the last twelve months. In terms of EBITDA growth in the TMT portfolio, a number of companies showed strong EBITDA growth, while other companies were investing for growth or reshaping their businesses, or dealing with challenges presented by the 2022 operating environment. This meant there was more diversity in terms of EBITDA growth levels within this part of the portfolio than some others. As you can see, the large majority of the companies were EBITDA positive in 2022. Turning to NBPE's second largest sector exposure, consumer eCommerce. These 14 companies representing 16% of direct equity portfolio value, were valued at a weighted average of 15.7x EV to EBITDA, and the net debt multiple was 3.7x on a weighted average basis. The top five companies accounted for over 70% of the $212 million of value in the sector. Weighted average LTM revenue and EBITDA growth for this sector were both heavily influenced by the largest position in the sector, which resulted in strong overall growth figures. Looking further into the sector, a large number of the portfolio companies grew revenue over the last 12 months. However, there were also companies which reported a decline in revenue and/or EBITDA, which were the result of a more difficult consumer retail environment, as well as destocking and supply chain issues in certain companies. We think many of these companies have addressed relevant issues and remain well-positioned to grow value over time. The financial services sector represents 14% of the portfolio's fair value and currently has six companies, making it one of the more concentrated sectors in the portfolio. The weighted average LTM EBITDA multiple was 13.3x, and net debt- to- EBITDA was 5.3x on a weighted average basis. These companies operate across subsectors including insurance, wealth management, and advisory services. Three of the six companies produced notable LTM revenue growth, two of which grew at over 20%. This was offset by one company which experienced a slight revenue contraction during the year, and one company with slower growth. Only one company generated negative EBITDA growth during the year, largely due to a change in the mix of its businesses during the year. Overall, NBPE's companies in the financial services sector performed well, and this sector is now the third largest in the portfolio of private companies following a year of strong aggregate valuation growth. The seven companies in business services were held at a weighted average LTM EBITDA multiple of 13x EV to EBITDA, while net debt- to- EBITDA was 5.7x. The top five private companies represented the large majority of this value. On a weighted average basis, LTM revenue growth for the sector was driven by three companies, which each grew revenue by over 15%. Growth rates included M&A, and a number of these businesses completed meaningful acquisitions during the year. LTM EBITDA growth was strong in several companies, but this was offset by a decline in EBITDA in other companies, and one in particular where the operating environment was particularly challenging in 2022. There are 13 private companies in the industrial sector which represent 11% of direct equity fair value. These 13 companies were valued at a weighted average LTM EBITDA multiple of 14x, and the weighted average net debt- to-E BITDA multiple was 6.1x. The top five companies represented 81% of the private companies presented on this page. Industrials is a sector that performed particularly well within the portfolio in 2022. The vast majority of companies grew LTM revenue, but the weighted average growth was driven by four companies in particular, representing nearly half of the value, which grew revenue by 20% or more. EBITDA growth was even stronger than revenue growth, which was heavily influenced by two companies, one of which benefited from economies of scale as it grew organically and through M&A, and one which showed strong growth compared to 2021, the year in which it was still recovering from the impact of COVID. The final sector is healthcare, which is the smallest of the six sectors in NBPE's portfolio at approximately 4% of value invested in five companies, which excludes the Cotiviti PIK Preferred, which is classified as an income investment. These five companies were valued at an LTM EBITDA multiple of 16.1x, and net debt was 3x each on a weighted average basis. LTM revenue and LTM EBITDA growth were very strong during 2022, largely driven by the top three companies by value. Each of these three companies significantly grew LTM revenue, and two of the three generated strong positive LTM EBITDA growth. Finally, I wanted to give a brief overview of the performance of our more recent investments. These were all investments made in 2021 and 2022, but note that they exclude a public company and a smaller growth investment made in 2021. On the whole, this cohort is performing very well, an aggregate weighted average revenue and EBITDA growth in 2022 of 17% and 20% respectively. This weighted average growth has been both organic and through M&A. A couple of the companies face some operational issues and or pressures from a challenging environment, in aggregate, we believe this performance demonstrates the ability of the NB platform to source and execute high-quality investments in a highly competitive environment. On that note, I'll hand back to Peter. Thank you. Thanks, Paul. NBPE had $143 million of announced realizations in 2022. We had seven full or partial exits, which generated a 2.7x gross multiple and a 6% uplift from December 2021 values, driven by a number of companies being valued at or near their expected realization value at the end of last year. NBPE's portfolio is also well diversified by vintage year and has a weighted average age of 4.2 years. 70% of our portfolio has been held for three years or more. Given current market conditions, we expect realization activity in the near term to be subdued. However, given the maturity of our portfolio and operating performance to date, we believe that NBPE's portfolio is well-positioned to generate liquidity when markets stabilize or conditions for exits improve. NBPE continues to have a strong capital position with $300 million of capacity on our credit line and $7 million of cash. Since the year-end, we have received a further $37 million of proceeds from previously announced sales and liquidity events, and also expect to receive an additional $16 million of proceeds from additional announced realizations. We have minimal unfunded commitments. This gives NBPE significant flexibility to take advantage of new opportunities that may arise in the current market environment. With 106% investment level, we are under no pressure to put additional capital to work. Accordingly, we do not expect the pace of new investments to increase materially in the short term. NBPE has a long track record of total shareholder returns, outperforming the FTSE All-Share over three, five, and 10 years. We paid $0.94 per share in dividends in 2022, maintaining our dividend despite the decrease in NAV. Since the end of the year, we paid our first 2023 dividend of $0.47 per share. In conclusion, we believe NBPE continues to offer an attractive investment opportunity due to our differentiated strategy of co-investing directly into companies alongside leading private equity managers on a fee-efficient basis, our long-term track record of outperformance, and our well-positioned portfolio and balance sheet, which we believe will allow us to successfully weather current market conditions and take advantage of opportunities as they arrive. Great. Thank you, everybody, for attending today. It's hopefully been a useful update, and now we have time for any questions that people have. You'll see at the top of the screen there's an Ask Question button, so please feel free to submit questions as we go through other questions. At this point, I will start with a question on buybacks, which is really just can you give a bit more background on the board's position re buybacks? I'll ask Peter to answer that question, please. Well, obviously an important question. The board believes the current discount materially undervalues NBPE's portfolio, balance sheet strength, and prospects, and believes that the share price represents an attractive entry point for investors. The company's had an agreement in place with Jefferies since last year, which allows Jefferies, in their sole discretion, to repurchase NBPE shares based on certain criteria. As we announced this morning, NBPE is renewing that agreement, including updating the relevant repurchase criteria. NBPE will of course announce any repurchases made under that agreement in accordance with the listing rules. Great. Thank you. We've got a question on valuation multiples, and the portfolio showed a decline in the valuation multiple, as I mentioned in my section, over the year from 17.4-15.2. At June, it was actually sort of somewhere in the middle of that. The question is, how much of that change in portfolio valuation multiple is due to individual company changes versus the composition of the portfolio? I can take that question. The answer is, first of all, the portfolio is very similar to what it was a year ago. In fact, if you look at the top 10 that we showed earlier in the presentation, nine of the 10 companies are the same as they were at June, for example. The one new entrant is True Potential. Overall, we're comparing pretty much exactly like for like in terms of the companies in the set. Obviously the valuations do update. Again, you'll see that if people refer back to slide nine, it shows the 2022 now versus 2021. Although the companies in the top 10, for example, nine of the 10 are the same, some of the weightings are different. Action is now the largest company, for example. Overall, I think the bigger change comes from adjustments in the valuations. As I mentioned, private equity valuations, one of the inputs for those is comparable public companies. In a market environment where public markets are down over the year, it's not surprising to see some adjustments downwards. Of course, there's also some company-specific factors involved as well. Overall, I think it's really the larger factor would be the adjustments in the individual valuations and the way things would make a difference, but I think not as large as the actual changes underlying. Onto a couple more questions. What is the outlook for liquidity in 2023? I can start and obviously Peter can add to that. In fact, in Peter's section, he did mention that the outlook in the short term is difficult to predict. Obviously when you think about exits, there's really three major types of exits. There's IPOs, there's trade sales, and there's sales to private equity. I would say, looking at our portfolio, we have a portfolio that grew revenue and EBITDA nicely during the year. 93 companies with an average holding period of 4.2 years at this stage. You know, I think we have a portfolio that we're very happy with, and I think there's a lot of attractive companies in there that logically in a normal market would be at the point where those owners might be considering exits. Of course, in this market, it's harder to predict. The most likely type of exit I think we would see this year is more likely private equity than anything else. Again, I'm not looking at anything specifically, and that's just a general high-level answer. The other thing I think is important around exits is not only full exits and that provide liquidity to the portfolio. For example, we receive dividends and income, we occasionally have partial realizations. We also, of course, do have public stocks in the portfolio. All of those provide additional liquidity as well as our income portfolio, which is really declining at a pretty steady rate at this point. In the monthly that we issued, you'll see that we've received $27 million from realization so far this year. That does include one realization that was announced this last year, but received this year, but also includes some of those other types of liquidity within it. We still expect to see ongoing liquidity from the portfolio, but in terms of whole company sales, a little bit harder to predict at this point. We would be invested with alongside a GP in a company. When that company would then be sold, when the GP was selling on, you know, to either a trade buyer or to another private equity firm. What we've seen an increase in over the last couple of years, and we think this is a trend that will likely continue, though obviously no assurances to that, is transactions that have greater degrees of optionality to them, where we have the opportunity to make the decision of whether to remain invested in the company or to sell in whole or in part. We're having greater ability to ride some of our winners, right? To continue to have exposure to companies that we have strong confidence in, and taking advantage of NBPE being an evergreen vehicle there and not being constrained by the duration of a typical private equity fund. And really ride those winners. That's something that we'll be watching to see if that trend continues, but something that we've taken advantage of in the last year and a half or so. Great. Another question on, in some ways related to, exits, which is around new investments. How much was invested in 2022 and Q1 of 2023? Are you expecting investment levels to slow due to weak debt markets? On that, we made two new investments last year. Thus far this year, we haven't made a new platform investment, but a total of $7 million, I think, of new investments this year. You know, as we think of the portfolio and where we are, we are 106% invested, which I think is a level we're very happy with, allows us to be efficient with the balance sheet. Of course, we've also got a lot of liquidity, we could make new investments. We've really chosen, again, as Peter touched on in his section, we've really chosen to be prudent in an uncertain market. For that reason, the investment pace has really been a little bit more balanced between realizations and new investments. I'll say that, you know, in terms of the second part of the question, whether the activity is expected to slow, well, there's two parts to that answer. One is around the overall market and one is the deal flow of the platform. I would say our co-investment deal flow remained very strong in 2022 and has remained strong into 2023. I think we're seeing opportunities, we're seeing what's going on in private equity markets. Certainly there are attractive opportunities that we are still seeing across our platform. Equally, I think it's important to note that, we really like the portfolio we own. I think the performance numbers that you see, have generally held up very well, so we feel good about both the past performance of the portfolio, but also the fact that we're invested alongside very high-quality sponsors, in, you know, companies that we think can continue to grow over time. You know, exits and new investments, are not necessarily something that we're always focused on as much as making sure, the portfolio is positioned as we want it to be. At the moment, we're actually very happy with that. You know, really, I think that's the answer. We have made new investments over the last year at a slower pace than we have historically. We intend to remain prudent. Equally, when the time is right, we can make new investments. Unless, Peter, you have anything to add to that? Which I can take quickly. It had to do with performance fees, or carry at NBPE and are those included in the NAV on an ongoing basis? The answer to that is yes. The net asset value we publish is net of any approved carry. Obviously we have the high-water mark, you know, for NBPE, which is currently so there is not an approval at present. That is always included in the net asset value. Yep. One question which is around M&A and just how much has that actually affected the multiples? You know, I think it's not an answer that I have specific data in front of me. I will say that typically, particularly with smaller acquisitions than those would be integrated into the company, and, you know, once they are integrated and their earnings included within the overall company's earnings, then that platform will continue to be valued in the appropriate way. Now, it may be adjusted for other reasons, but it wouldn't typically be adjusted for relatively small acquisitions that might have been made that don't change the overall character of the company. You would expect a very similar valuation approach. For more strategic and larger acquisitions, that could be different, if it really changes, in some ways the mix of the business of a company. More typically, you know, those acquisitions will be logical add-ons in a similar business area. If that's the case, then again, I think, my answer to the previous part would probably be the most relevant. Difficult to quantify exactly, but, yeah, certainly some of the biggest companies have been very active in M&A. Of course, that is beneficial in terms of adding revenue and EBITDA, and hopefully, you know, there's synergies in those as well, and that will help the overall company, but I don't think it usually fundamentally changes the valuation approach. Then there's a question, which is on revenue growth and EBITDA growth, being slower than they were a year ago. Can we go into detail about that? I think it's a very long answer given that we have 93 companies in the portfolio. Certainly, as I mentioned, I think it's essentially the same portfolio that we're showing the results for. You know, it was, of course, an operating environment that was more difficult, more challenging. I think that in general, the slowdown is really a function of that more than anything else. I do think that, in a lot of cases, as we look at what happened during the year, private equity firms reacted quickly and took appropriate steps to adjust companies to that operating environment. You know, I think that's an important feature. As I look at the portfolio, some of the companies that maybe slowed down a little bit more, particularly around the EBITDA line, we saw appropriate actions being taken. In many cases, we saw an improvement in margins as the year went on. I think that's important to note. I think also importantly, as we mentioned, there were three companies excluded, and if you included all three of them, the numbers would have been higher in those growth numbers of revenue and EBITDA. We made that decision because we felt each of the three companies was an outlier and would have affected the overall number in a way that wouldn't have been useful to people looking at that data. We did exclude them, but it would have been a higher number had we included all three of those companies. The other thing I'll just add to that is, reminding everyone, revenue increased by 14.4%, EBITDA increased by 11.9%, excluding those outliers that were much higher, right? Actually very, very pleased with that revenue and EBITDA growth, coming through from the portfolio companies. Yeah. A question on really leverage at the fund level and how does the reduced outlook for realizations affect our thinking on that. Again, I think we've tried to be conservative around how we think about leverage at the fund level. We're 106% invested. Of course, we have very low unfunded commitments within the fund. You know, we have a 650% adjusted commitment coverage. You know, we've been conservative. That's been very deliberate over really the whole of last year and even the end of the year before, where we built up some cash. Obviously, we repaid our 2022 zero largely out of cash on the balance sheet with some use of the credit facility. As of the end of March, the credit facility was undrawn. We had a small amount of cash, just over $300 million of available liquidity. I think that's, you know, really, to us, one of the most important things about running a listed vehicle is to make sure the balance sheet is well managed. You know, us sitting here today with just over $300 million of available liquidity, but a portfolio that is a little bit more than fully invested is something we're very happy about. We feel good about the balance sheet, we'll continue to manage it in this way until there's a reason, you know, to think of the world differently, either in terms of the portfolio, or in terms of the sort of macro outlook for realizations. At this point, I would say, we are continuing to take the same approach when we think about balance sheet management that we have been really over the last 18 months. The point that Paul made about us not having material amounts of unfunded commitments and really being able to go invest on a transaction-by-transaction basis is a very critical point because that means that we can adjust our investment pace, both, you know, from a capital flow perspective, but also we can be much more tactical in terms of the specific investments that we want to be adding to the portfolio if they are the right things, given the current portfolio mix of NBPE and the opportunity set at any given point in time. We think that that's a material de-risking event for NBPE, you know, not having those unfunded commitments, but also gives us much greater tactical flexibility as well for building out the portfolio and taking advantage of market opportunities as they arise. As we were answering this question, we got a follow-up on it, which is that we're talking about caution in our overall approach, and is this mirrored in the portfolio companies, in particular, those with a roll-up strategy. I would say that absolutely, private equity owners are obviously very aware of the environment as well. Really, as a more difficult environment comes along, the first thing you normally see is a focus on making sure businesses are run efficiently and balance sheets appropriately managed. We did show the leverage in the portfolio and the fact that most of the debt maturities are really 2025 and beyond within that portfolio. We think that the leverage levels, as I mentioned, are quite appropriate for a portfolio with the sector mix and the types of companies as we talk about slightly more defensive business models or companies which have long-term secular growth drivers. Again, having the type of leverage levels that we have sector by sector, we feel very good about. I think coming to the answer to the question, once companies have been put in a good position, and again, looking at our portfolio, we feel that is the case in the vast majority of situations, then M&A can be something that a private equity fund uses in a more difficult market as a way to grow market share, to add new products and add new geographies. Buying smaller companies, you know, a very attractive thing to do in a more turbulent market. I think you know, for that reason, we've seen M&A continue. Equally, I think we've also seen private equity firms obviously making sure they're being careful with balance sheet management and the level of leverage on companies as they've been doing that. Of course, if you are funding M&A with debt, and you are making accretive acquisitions overall, then the math of this should work, that balance sheet is being well managed by adding on more earnings to the company and quite possibly at a lower multiple than the original platform. That's all a long way of saying that, certainly from what I've seen, the answer would be yes, that we are seeing portfolio companies being managed appropriately given the environment. I think unless unless I missed anything, I think that is all of the questions that we received, and a lot of good questions there. Thank you, everybody, for staying on during the Q&A. Seeing no more questions coming in, that concludes the call for today. We really appreciate everybody spending the time. Of course, you know where to find us, if you do have any additional questions, as you look through the materials, and we're always happy to answer those or to arrange a follow-up call as people would wish. Again, thank you very much for your time today. That concludes the call. Thank you, everyone.