Full Year 2026 Navigator Global Investments Ltd Earnings Call

August 24, 2026

Operator 2: Thank you for standing by, and welcome to the Navigator Global Investments Limited FY2026 annual results. All participants are in listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. Stephen Darke, CEO. Please go ahead.

Operator: Thank you for standing by, and Welcome to the Navigator Global Investments Limited FY 2026 annual results. All participants are in listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Stephen Darke, CEO. Please go ahead.

Speaker #1: If you wish to ask a question, you will need to press the star key, followed by the number 1 on your telephone keypad. I would now like to hand the conference over to Mr. Stephen Duck, CEO.

Speaker #1: Please go ahead.

Speaker #2: Thank you, Ron, and welcome to everyone joining the call this morning to discuss Navigator's full-year results for the 2026 financial year. I'm Stephen Duck, Navigator's CEO.

Stephen Darke: Thank you, Ryan, and welcome to everyone joining the call this morning to discuss Navigator's full-year results for the 2026 financial year. I'm Stephen Darke, Navigator's CEO. I'm joined today, as usual, by my colleagues Rob Thackery, Navigator CIO and Head of NGI Strategic Investments, dialing in from New York, and Amber Stoney, NGI Group's CFO. Turning to slide 4, the company snapshot. Navigator is the only ASX-listed company focused exclusively on partnering with leading alternative investment managers. As at 30 June, Navigator provided growth capital and strategic engagement to a diverse portfolio of 12 partner firms. This was prior to the settlement of the acquisition of the NGI Stable Growth Portfolio that closed on 2 July. At the partner firm level, Navigator's affiliates managed over USD 104 billion, up 24% over the past 12 months.

Stephen Darke: Thank you, Ryan, and welcome to everyone joining the call this morning to discuss Navigator's full-year results for the 2026 financial year. I'm Stephen Darke, Navigator's CEO. I'm joined today, as usual, by my colleagues Rob Thackeray, Navigator CIO and Head of NGI Strategic Investments, dialing in from New York, and Amber Stoney, NGI Group's CFO. Turning to slide four, the company snapshot. Navigator is the only ASX-listed company focused exclusively on partnering with leading alternative investment managers. As at 30 June, Navigator provided growth capital and strategic engagement to a diverse portfolio of 12 partner firms. This was prior to the settlement of the acquisition of the NGI Stable Growth Portfolio that closed on 2 July. At the partner firm level, Navigator's affiliates managed over $104 billion, up 24% over the past 12 months.

Speaker #2: I'm joined today, as usual, by my colleagues Ross Zachary, Navigator CIO and Head of NGI Strategic Investments, dialing in from New York; and Amber Stoney, NGI Group CFO.

Speaker #2: Turning to slide 4, the company snapshot: Navigator is the only ASX-listed company focused exclusively on partnering with leading alternative investment managers. As at 30 June, Navigator provided growth capital and strategic engagement to a diverse portfolio of 12 partner firms.

Speaker #2: This was prior to the settlement of the acquisition of the NGI Stable Growth portfolio that closed on July 2. At the partner firm level, Navigator's affiliates managed over $104 billion, up 24% over the past 12 months.

Speaker #2: This AUM is managed across 42 investment strategies, invested by 242 products, with 19 new products launched during the period across our portfolio. These strategies typically have low correlation to global equity and fixed income markets, and to one another.

Stephen Darke: This AUM is managed across 42 investment strategies, invested via 242 products, with 19 new products launched during the period across our portfolio. These strategies typically have low correlation to global equity and fixed income markets and to one another. Turning to slide 5, financial year 2026 was another year of building scale across the Navigator platform. We continued to grow ownership adjusted AUM, maintain diversified earning streams, and further strengthened our balance sheet. The FY2026 results do not include any impact from the acquisition of the portfolio of 17 net revenue shares in asset managers from Stable. I'll now take you through the key operating drivers of the result, beginning with the assets under management. Turning to a summary of the financial results on slide 6. Navigator saw strong AUM growth, but earnings lower than FY2025, in line with expectations.

Stephen Darke: This AUM is managed across 42 investment strategies, invested via 242 products, with 19 new products launched during the period across our portfolio. These strategies typically have low correlation to global equity and fixed income markets and to one another. Turning to slide five, financial year 2026 was another year of building scale across the Navigator platform. We continued to grow ownership adjusted AUM, maintain diversified earning streams, and further strengthened our balance sheet. The FY 2026 results do not include any impact from the acquisition of the portfolio of 17 net revenue shares in asset managers from Stable. I'll now take you through the key operating drivers of the result, beginning with the assets under management. Turning to a summary of the financial results on slide six. Navigator saw strong AUM growth, but earnings lower than FY 2025, in line with expectations.

Speaker #2: Turning to slide 5, financial year 2026 was another year of building scale across the Navigator platform. We continued to grow ownership-adjusted AUM, maintained diversified earnings streams, and further strengthened our balance sheet.

Speaker #2: The FY26 results do not include any impact from the acquisition of the portfolio of 17 net revenue shares in asset manager firm stables. I'll now take you through the key operating drivers of the result, beginning with the assets under management.

Speaker #2: Turning to a summary of the financial results on slide 6, Navigator saw strong AUM growth, but earnings were lower than FY25, in line with expectations.

Speaker #2: Ownership-adjusted AUM increased 21% during the period to $33.6 billion, driven by both net inflows and strong risk-adjusted investment performance across both business segments.

Stephen Darke: Ownership adjusted AUM increased 21% during the period to $33.6 billion, driven by both net inflows and strong risk-adjusted investment performance across both business segments. Higher management fees with steady fee rates and higher performance fees from Lighthouse, offset by lower distributions from NGI Strategic, generated $206.5 million revenues, up 1%. The group's adjusted EBITDA was $101.9 million, a 10% decrease from last year's record result. This is at the midpoint of our May guidance, consistent with the market messaging over the last 15 months, and following two exceptional years of NGI Strategic distributions. On slide 7, you can see Navigator's ownership adjusted AUM growth over the last 12 months and since 2022. The consistent AUM growth over the past five years continues, but with accelerated momentum.

Stephen Darke: Ownership adjusted AUM increased 21% during the period to $33.6 billion, driven by both net inflows and strong risk-adjusted investment performance across both business segments. Higher management fees with steady fee rates and higher performance fees from Lighthouse, offset by lower distributions from NGI Strategic, generated $206.5 million revenues, up 1%. The group's adjusted EBITDA was $101.9 million, a 10% decrease from last year's record result. This is at the midpoint of our May guidance, consistent with the market messaging over the last 15 months, and following two exceptional years of NGI Strategic distributions. On slide seven, you can see Navigator's ownership adjusted AUM growth over the last 12 months and since 2022. The consistent AUM growth over the past five years continues, but with accelerated momentum.

Speaker #2: Higher management fees, with steady fee rates and higher performance fees from Lighthouse, offset by lower distributions from NGI Strategic, generated $206.5 million in revenue, up 1%.

Speaker #2: The group's adjusted EBITDA was $101.9 million, a 10% decrease from last year's record result. This is at the midpoint of our May guidance, consistent with market messaging over the last 15 months and following two exceptional years of NGI strategic distributions.

Speaker #2: On slide 7, you can see Navigator's ownership-adjusted AUM growth over the last 12 months and since 2022. The consistent AUM growth over the past five years continues, but with accelerated momentum.

Speaker #2: Over the past 12 months, we saw a 21% increase, with an additional $5.9 billion US dollars added across the portfolio during the period. Post-reporting period, an additional $2 billion of AUM was acquired when the Stable transaction closed.

Stephen Darke: Over the past 12 months, we saw a 21% increase with an additional $5.9 billion added across the portfolio during the period. Post-reporting period, an additional $2 billion of AUM was acquired when the Stable transaction closed. It was pleasing to see the AUM growth across both business segments being driven by net inflows and investment returns, with aggregate net inflows of $3.4 billion, plus continued strong investment performance contributing $2.8 billion. Given calendar year 2026 investment performance, recent and prospective new product launches across NGI's portfolio, more positive sentiment from capital allocators, and a generally improving fundraising environment across the liquid alternatives industry, we expect to see continued net inflows across our partner firms in FY27. Importantly, NGI continues to see minimal fee pressure in base management fee rates, nor performance fee rates across our partner firms.

Stephen Darke: Over the past 12 months, we saw a 21% increase with an additional $5.9 billion added across the portfolio during the period. Post-reporting period, an additional $2 billion of AUM was acquired when the Stable transaction closed. It was pleasing to see the AUM growth across both business segments being driven by net inflows and investment returns, with aggregate net inflows of $3.4 billion, plus continued strong investment performance contributing $2.8 billion. Given calendar year 2026 investment performance, recent and prospective new product launches across NGI's portfolio, more positive sentiment from capital allocators, and a generally improving fundraising environment across the liquid alternatives industry, we expect to see continued net inflows across our partner firms in FY 2027. Importantly, NGI continues to see minimal fee pressure in base management fee rates, nor performance fee rates across our partner firms.

Speaker #2: It was pleasing to see the AUM growth across both business segments being driven by net inflows and investment returns, with aggregate net inflows at $3.4 billion, plus continued strong investment performance contributing $2.8 billion.

Speaker #2: Given calendar year 2026 investment performance, recent and prospective new product launches across NGI's portfolio, more positive sentiment from capital allocators, and a generally improving fundraising environment across the liquid alternatives industry, we expect to see continued net inflows across our partner firms in FY27.

Speaker #2: Importantly, NGI continues to see minimal fee pressure in both base management fee rates and performance fee rates across our partner firms. On slide 8, alternative asset managers who aim to generate positive absolute returns for their investors across all market cycles have a strong alignment of interest with the economic performance of their strategies and the returns they generate.

Stephen Darke: On slide 8, alternative asset managers who aim to generate positive absolute returns for their investors across all market cycles have a strong alignment of interest in the economic performance of their strategies and the returns they generate. For Navigator's portfolio of managers, this is typically reflected in higher and more sustainable fee yields. In calendar year 2025, both underlying management fees and performance fees were higher than CY24 and consistent with historical ranges, although the performance fee yield was lower than prior year. Further, the ultimate distributions received by Navigator from these revenues were lower this year, given our partner firms operate at different margins and due to a one-off item.

Speaker #2: For Navigator's portfolio of managers, this is typically reflected in higher and more sustainable fee yields. In calendar year '25, both underlying management fees and performance fees were higher in CY24 and consistent with historical ranges, although the performance fee yield was lower than the prior year.

Speaker #2: Further, the ultimate distributions received by Navigator from these revenues were lower this year, given our partner firms operate at different margins and due to a one-off item.

Speaker #2: Moving forward, and based on sustained investment performance, steady fee rates, and given the long-term track record of our partner firms, we think it's reasonable to expect performance fee revenues within this range, but on elevated AUM, providing a resilient source of recurring income for Navigator.

Stephen Darke: Moving forward and based on sustained investment performance, steady fee rates, and given the long-term track record of our partner firms, we think it's reasonable to expect performance fee revenues within this range, but on elevated AUM, providing a resilient source of recurring income for Navigator. We expect the future underlying revenue composition for Navigator to be positively impacted by the inclusion of the NGI Stable Growth portfolio. Turning to slide 9, you can see the earnings power of the diversified Navigator portfolio over the longer term. Navigator's FY26 earnings of $101.9 million is at the midpoint of the guidance range we provided in May, and reflecting contrasting outcomes across our two divisions during the year. Lighthouse generated a record $45.2 million EBITDA, up 16% on prior corresponding period, driven by higher management and performance fees across the platform with consistent operating margins.

Speaker #2: We expect the future underlying revenue composition for Navigator to be positively impacted by the inclusion of the NGI Stable Growth portfolio. Turning to slide 9, you can see the earnings power of the diversified Navigator portfolio over the longer term.

Speaker #2: Navigator's FY26 earnings of $101.9 million are at the midpoint of the guidance range we provided in May, reflecting contrasting outcomes across our two divisions during the year.

Speaker #2: Lighthouse generated a record $45.2 million EBITDA, up 16% on the prior corresponding period, driven by higher management and performance fees across the platform, with consistent operating margins.

Speaker #2: Earnings from NGI Strategic were 24% lower, following two exceptionally strong years. Despite most partner firms generating strong risk-adjusted results in calendar year '25, performance was mixed, with subdued results from our credit and commodities managers. This meant that, across the NGI Strategic segment, the portfolio had comparatively lower investment performance relative to the prior year.

Stephen Darke: Whilst earnings from NGI Strategic was 24% lower following two exceptionally strong years. Despite most partner firms generating strong risk-adjusted results in calendar year 2025, it was mixed, with subdued results from our credit and commodities managers, meaning that across the NGI Strategic segment, the portfolio had a comparatively lower investment performance relative to the prior year. Along with the impact of one-off items, this led to reduced contributions received from certain managers, which resulted in lower profit distributions compared with a strong FY25 and a strong FY24, as you can see on the longer term graph on the left. Pleasingly, Navigator's private markets partner firm profit distributions were up 44% year on year to USD 20.8 million. The EBITDA excludes the gain of USD 2.8 million received from the Barton Hill sale during the year.

Speaker #2: Along with the impact of one-off items, this led to reduced contributions received from certain managers, which resulted in lower profit distributions compared with a strong FY25 and a strong FY24, as you can see on the longer-term graph on the left.

Speaker #2: Pleasingly, Navigator's private markets partner firm profit distributions were up 44% year on year to $20.8 million. The EBITDA excludes the gain of $2.8 million received from Novartis Hillsdale during the year.

Speaker #2: Further, the results do not include any impact from the acquisition of the portfolio of 17 net revenue shares in asset managers from the Stable transaction.

Stephen Darke: Further, the results do not include any impact from the acquisition of the portfolio of 17 net revenue shares in asset managers from the Stable transaction. This portfolio is expected to bring meaningful scale, diversification, and growth this year. This result is in line with our expectations as communicated for May. Over the past five years, Navigator has grown from owning only Lighthouse Partners to now a portfolio of 29 asset managers. During that period, earnings CAGR has been 22%, and manager concentration risk continues to be mitigated with deliberate, carefully diligenced, and selected partner firm investments. We are very pleased with the recent and long-term investor performance, management, AUM growth, and earnings generation by our partner firms, which continue to be some of the leading alternative asset managers globally in their respective areas of specialty. Now I will hand over to Ross to present the NGI business update.

Speaker #2: This portfolio is expected to bring meaningful scale, diversification, and growth this year. This result is in line with our expectations, as communicated in May.

Speaker #2: Over the past five years, Navigator has grown from owning only Lighthouse Partners to now a portfolio of 29 asset managers. During that period, earnings CAGR has been 22%, and manager concentration risk continues to be mitigated with deliberate, carefully diligenced and selected partner firm investments.

Speaker #2: We are very pleased with the recent and long-term investment performance, management, AUM growth, and earnings generation by our partner firms, which continue to be some of the leading alternative asset managers globally in their respective areas of specialty.

Speaker #2: Now, I'll hand over to Ross to present the NGI business update.

Speaker #1: Thank you, Stephen, and thank you very much to everyone on the line for joining us today. Let's turn to Slide 11, where I'm proud to highlight the truly differentiated breadth and diversification of the NGI business.

Ross Zachary: Thank you, Stephen, and thank you very much to everyone on the line for joining us today. Let's turn to slide 11, where I am proud to highlight the truly differentiated breadth and diversification of the NGI business. At our core, Navigator partners with scaled, established, but growing alternative asset management firms who are leaders across a diverse range of specialized alternative investment strategies. Today, we have 12 partner firms, as well as 17 in the NGI Stable Growth Portfolio that deploy over USD 120 billion in time-tested strategies across global markets, designed and refined over long and proven track records to generate strong risk-adjusted returns. It has never been clearer that scale, proven investment edge, and deep resources are table stakes that determine success in our industry. Lighthouse and our partner firms all benefit from these attributes.

Speaker #1: At our core, Navigator partners with scaled, established, but growing alternative asset management firms who are leaders across a diverse range of specialized alternative investment strategies.

Speaker #1: Today, we have 12 partner firms, as well as 17 in the NGI Stable Growth Portfolio, that deploy over $120 billion in time-tested strategies across global markets, designed and refined over long and proven track records to generate strong risk-adjusted returns.

Speaker #1: It has never been clearer that scale, proven investment edge, and deep resources are table stakes that determine success in our industry. Lighthouse and our partner firms all benefit from these attributes.

Speaker #1: In addition, NGI and our partner firms have a clear competitive advantage through our partnership with Blue Owl GP Strategic Capital, who provides access to NGI to their value creation group, the global industry leader in providing strategic support and advice across such verticals as capital strategies, operational and technology best practices, as well as human capital advisory.

Ross Zachary: In addition, NGI and our partner firms have a clear competitive advantage through our partnership with Blue Owl GP Strategic Capital, who provides access to NGI to their value creation group, the global industry leader in providing strategic support and advice across such verticals as capital strategies, operational and technology best practices, as well as human capital advisory. Let's continue on to slide 12, which illustrates this diversification by partner firm and investment strategy. The charts on slide 12 are remarkable. NGI provides our shareholders with access to earnings and enterprise value growth across a broad and diversified range of alternative investment businesses. These institutional quality leading partner firms span quantitative strategies, global macro, commodities, structured credit, private healthcare and artificial intelligence growth, specialized real estate, and differentiated private credit, creating both a high quality and long-term growth profile and a very resilient nature of earnings and cash flow.

Speaker #1: Let's continue on to slide 12, which illustrates this diversification by partner firm and investment strategy. The charts on slide 12 are remarkable. NGI provides our shareholders with access to earnings and enterprise value growth across a broad and diversified range of alternative investment businesses.

Speaker #1: These institutional-quality leading partner firms span quantitative strategies, global macro, commodities, structured credit, private healthcare and artificial intelligence growth, specialized real estate, and differentiated private credit, creating both a high-quality and long-term growth profile and a very resilient nature of earnings and cash flow.

Speaker #1: Not only is our company highly diversified by asset class, but it also spans the globe across broad and unique client segments, and generates revenue through a wide variety of fee terms and structures.

Ross Zachary: Not only is our company highly diversified by asset class, but it also spans the globe across broad and unique client segments and generates revenue through a wide variety of fee terms and structures. The AUM across this platform is long-term oriented, and our earnings aren't riding on any one market cycle. In fact, we should benefit in times of market volatility or following broad market downturns. Please flip to slide 13, and we'll provide a few select highlights of activity throughout this period. You'll see on slide 13 that our partner firms continue to be at the forefront of their respective strategies and continuously prove out why they are leaders in the alternative asset management industry globally.

Speaker #1: The AUM across this platform is long-term oriented, and our earnings aren't riding on any one market cycle. In fact, we should benefit in times of market volatility or following broad market downturns.

Speaker #1: Please flip to slide 13, and we’ll provide a few select highlights of activity throughout this period. You’ll see on slide 13 that our partner firms continue to be at the forefront of their respective strategies and continuously prove out why they are leaders in the alternative asset management industry globally.

Speaker #1: During the period, we have seen our partners at 1315 Capital successfully realize assets and produce strong results for their clients, while also deploying capital into innovative, growing healthcare companies in a challenging but exciting market.

Ross Zachary: During the period, we have seen our partners at 1315 Capital successfully realize assets producing strong results for their clients while also deploying capital into innovative, growing healthcare companies in a challenging but exciting market. In addition, Marble Capital continues to illustrate their leadership position in their asset class. They have been continuously expanding their capabilities by adding high-quality talent and strategic client relationships to expand their reach and grow their platform over time. Just four months ago, we were excited to announce our partnership with Georgian, a leader in the AI investment space, which continues to grow in terms of its investment opportunity set and substantial client demand. We'll cover that transaction in more detail shortly. CFM, one of the partner firms acquired in the NGI Strategic Portfolio in 2021, has demonstrated their clear leadership position with extraordinary growth in the hedge fund industry.

Speaker #1: In addition, Marble Capital continues to illustrate their leadership position in their asset class. They have been continuously expanding their capabilities by adding high-quality talent and strategic client relationships to expand their reach and grow their platform over time.

Speaker #1: And just four months ago, we were excited to announce our partnership with Georgian, a leader in the AI investment space, which continues to grow in terms of its investment opportunity set and substantial client demand.

Speaker #1: We'll cover that transaction in more detail shortly. CFM, one of the partner firms acquired in the NGI strategic portfolio in 2021, has demonstrated their clear leadership position with extraordinary growth in the hedge fund industry.

Speaker #1: With $30 billion of firm-level AUM today, their investment results have remained exceptionally strong, which you can see here continue to result in winning several industry awards this past year.

Ross Zachary: With 30 billion of firm-level AUM today, their investment results have remained exceptionally strong, which you can see here continue to result in winning several industry awards this past year. We see this recognition as a strong indication of further growth. If we turn to slide 14, we can review the components of the strong AUM growth NGI delivered shareholders this year. On slide 14, you'll see that even after accounting for the sale of Barton Hill, both NGI Strategic and Lighthouse segments generated strong organic growth within the period. We're pleased to report 21% overall AUM growth in adjusted AUM. Over 12% organic growth has occurred in a year, which has been one of the most challenging capital raising environments in the history of the alternative asset management sector.

Speaker #1: We see this recognition as a strong indication of further growth. If we turn to slide 14, we can review the components of the strong AUM growth NGI delivered to shareholders this year.

Speaker #1: On slide 14, you'll see that even after accounting for the sale of Barton Hill, both NGI Strategic and Lighthouse segments generated strong organic growth within the period.

Speaker #1: We're pleased to report 21% overall AUM growth in adjusted AUM. Over 12% organic growth has occurred in a year, which has been one of the most challenging capital-raising environments in the history of the alternative asset management sector.

Speaker #1: This is a true testament to the quality and the differentiated nature of our partner firms, as well as Lighthouse's products, capabilities, and operating infrastructure. Lighthouse continues to demonstrate their long-term, proven track record of innovation by creating and offering new hedge fund products, which leverage the breadth and sophistication of their platform, meeting both existing and new institutional client demand.

Ross Zachary: This is a true testament to the quality and the differentiated nature of our partner firms and Lighthouse's products, capabilities, and operating infrastructure. Lighthouse continues to demonstrate their long-term proven track record of innovation by creating and offering new hedge fund products, which leverage the breadth and sophistication of their platform, meeting both existing and new institutional client demand. It is important to remember that the underlying returns of Lighthouse, our partner firms, and the public markets show little correlation to one another. Therefore, not only are we excited about the continued organic growth profile of the business, but we also continue to see the potential for the strong contribution of investment returns to our revenue and earnings growth at Navigator. Please turn to slide 15, and we can turn our attention to the acquisition activity during the year, which further enhances this growth in the years to come.

Speaker #1: It is important to remember that the underlying returns of Lighthouse, our partner firms, and the public markets show little correlation to one another. Therefore, not only are we excited about the continued organic growth profile of the business, but we also continue to see the potential for strong contributions from investment returns to our revenue and earnings growth at Navigator.

Speaker #1: Please turn to slide 15, and we can turn our attention to the acquisition activity during the year, which further enhances this growth in the years to come.

Speaker #1: Slide 15 provides an overview of our partnership with Georgian. On March 30th, we announced the purchase of a 4.5% ownership interest and preferred economic interest in a $6 billion AUM, leading artificial intelligence-focused private equity investor.

Ross Zachary: Slide 15 provides an overview of our partnership with Georgian. On 30 March, we announced the purchase of a 4.5% ownership interest and preferred economic interest in a USD 6 billion AUM leading artificial intelligence-focused private equity investor for USD 100 million of consideration to be paid over 3 years. Georgian was established in 2008, and since inception, has always been focused on the application of artificial intelligence in specific business-to-business software sub-sectors such as cybersecurity and application infrastructure. Through their own in-house AI lab and long-term track record of supporting some of the world's most successful founders, they have a true edge in a very competitive but important sector. This partnership represented an exciting opportunity to add additional exposure to a growth-oriented private markets business with a growing investment opportunity set and strong investor demand.

Speaker #1: For more than—or, excuse me—for $100 million of consideration to be paid over three years. Georgian was established in 2008 and, since inception, has always been focused on the application of artificial intelligence in specific business-to-business software subsectors, such as cybersecurity and application infrastructure.

Speaker #1: Through their own in-house AI lab and long-term track record of supporting some of the world's most successful founders, they have a true edge in a very competitive but important sector.

Speaker #1: This partnership represented an exciting opportunity to add additional exposure to a growth-oriented private markets business with a growing investment opportunity set and strong investor demand.

Speaker #1: Through the transaction structure, we have created a strong alignment of interests to provide $100 million of capital, all of which will be used to fund Georgian's future growth initiatives.

Ross Zachary: Through the transaction structure, we have structured a strong alignment of interests to provide USD 100 million of capital, all of which will be used to fund Georgian's future growth initiatives. If we go to the next slide 16, we can cover the addition of the NGI Stable Growth Portfolio. On slide 16, we have summarized the recent transaction with Stable that is financially and strategically compelling, further enhancing NGI's unique value proposition to our shareholders. On 2 July, we closed the USD 190 million acquisition of a diversified portfolio of net revenue share interests in alternative asset management firms that specialize in both liquid and illiquid private market strategies. Through this transaction, we have added 2 billion of ownership-adjusted AUM to start fiscal 2027 that is highly cash flow generative and further diversifying. In addition, our long-term strategic partnership with Stable strengthens NGI's business.

Speaker #1: If we go to the next slide, slide 16, we can cover the addition of the NGI Stable Growth Portfolio. On slide 16, we have summarized the recent transaction with Sable.

Speaker #1: That is financially and strategically compelling, further enhancing NGI's unique value proposition to our shareholders. On July 2, we closed the $190 million acquisition of a diversified portfolio of net revenue share interests in alternative asset management firms that specialize in both liquid and illiquid private market strategies.

Speaker #1: Through this transaction, we have added $2 billion of ownership-adjusted AUM to start fiscal '27 that is highly cash-flow generative and further diversifies our business. In addition, our long-term strategic partnership with Sable strengthens NGI's business.

Speaker #1: This strategic acquisition was funded by a mix of cash and scrip, funded through an entitlement offer, also increasing our share liquidity and increasing our market cap.

Ross Zachary: This strategic acquisition was funded by a mix of cash and script funded through an entitlement offer, also increasing our share liquidity and increasing our market cap. The NGI Stable Growth Portfolio's cash flow profile immediately improves our broader diversification and our quality of earnings. One of the things we are most excited about today is that following this meaningful acquisition activity in the second half of fiscal 2026, NGI remains well-positioned to capitalize on additional opportunities in our pipeline. Please turn to slide 17 and we can provide a quick refresher on our approach to adding new partner firms. Today, we are completely focused on using the scale and resources of the current business to execute on future growth opportunities.

Speaker #1: The NGI stable growth portfolio's cash-flow profile immediately improves our broader diversification and our quality of earnings. But one of the things we're most excited about today is that, following this meaningful acquisition activity in the second half of fiscal '26, NGI remains well-positioned to capitalize on additional opportunities in our pipeline.

Speaker #1: Please turn to slide 17, and we can provide a quick refresher on our approach to adding new partner firms. Today, we are completely focused on using the scale and resources of the current business to execute on future growth opportunities.

Speaker #1: We continue to look for compelling opportunities where we can provide growth capital and other partnership solutions to help scaled but growing firms capitalize on a clear and well-considered strategic growth plan.

Ross Zachary: We continue to look for compelling opportunities where we can provide growth capital and other partnership solutions to help scaled but growing firms capitalize on a clear and well-considered strategic growth plan. In the alternative asset management sector, we believe minority ownership interests remain the most proven mechanism to align interests and partner in a successful and lasting manner for all stakeholders. The criteria you see here on slide 17 is informed by our deep experience in partnering with, investing in, and operating alternative investment management firms for over 20 years. When evaluating new opportunities, our primary goal is to continue to increase the durability and growth profile of NGI's earnings, which in turn strengthens our competitive position to make further acquisitions over time. Thank you. Fiscal 2027 could not be more exciting to be here at NGI.

Speaker #1: In the alternative asset management sector, we believe minority ownership interests remain the most proven mechanism to align interests and partner in a successful and lasting manner for all stakeholders.

Speaker #1: The criteria you see here on slide 17 are informed by our deep experience in partnering with, investing in, and operating alternative investment management firms for over 20 years.

Speaker #1: When evaluating new opportunities, our primary goal is to continue to increase the durability and growth profile of NGI's earnings, which in turn strengthens our competitive position to make further acquisitions over time.

Speaker #1: Thank you. Fiscal 2020—excuse me, thank you. Fiscal 2027—could not be more exciting to be here at NGI. Amber, over to you for the financial results.

Ross Zachary: Amber, over to you for the financial results.

Speaker #2: Thank you, Ross. So starting with slide 19, I'll begin with the headline numbers. These are distributions for the year, with $206.5 million, up 1% on the prior comparable period.

Amber Stoney: Thank you, Ross. Starting with slide 19, I will begin with the headline numbers. Fees and distributions for the year were $206.5 million, up 1% on the prior comparable period. Lighthouse management fees grew 11%, and performance fees were $45.5 million for the year, up $9.8 million. Distribution from our strategic partner firms was $63.7 million against $80.1 million last year, a moderation after two exceptionally strong years. Adjusted EBITDA was $101.9 million, down 10%, and with revenue steady, this reflects a $10.4 million rise in employee expenses, about half from the larger bonus pool tracking Lighthouse performance fees, and a $5.2 million increase in other operating costs. Net assets at balance date are $930.3 million, up 17%. Turning to slide 20, this slide reconciles the statutory and the adjusted views of earnings. Statutory revenue grew 8% to $470.5 million.

Speaker #2: Lighthouse management fees grew 11%, and performance fees were $45.5 million for the year, up $9.8 million. Distributions from our strategic partner firms were $63.7 million, compared to $80.1 million last year—a moderation after two exceptionally strong years.

Speaker #2: Adjusted EBITDA was $101.9 million, down 10%. With revenue steady, this reflects a $10.4 million rise in employee expenses, about half from the larger bonus pool tracking Lighthouse performance fees.

Speaker #2: And a $5.2 million increase in other operating costs. Net assets on the balance sheet are $930.3 million, up 17%. Turning to slide 20. So, this slide reconciles the statutory and the adjusted views of earnings.

Speaker #2: Statutory revenue grew 8% to $470.5 million. However, statutory EBITDA fell to $55.1 million, and statutory NPAT was $21.2 million, down 82%. The principal driver was non-cash fair value movements.

Amber Stoney: However, statutory EBIT fell to $55.1 million, and statutory NPAT was $21.2 million, down 82%. The principal driver was non-cash fair value movements, a negative $40.1 million this year compared with a positive $31.5 million last year through the P&L, which is a $71.6 million swing year-on-year. Our NGI Strategic partner firm investments are carried at fair value and remeasured at each reporting date. We utilize an external valuer with significant expertise in this field to assist in updating valuations and taking into account partner firm specific and market assumptions. Fair value movements through the profit and loss can therefore be significant in either direction as assumptions and outlooks change. FY2025 resulted in a $31.5 million net gain, while FY2026 booked a $40.1 million net loss, with the majority of this net loss recognized in the H3.

Amber Stoney: However, statutory EBIT fell to $55.1 million, and statutory NPAT was $21.2 million, down 82%. The principal driver was non-cash fair value movements, a negative $40.1 million this year compared with a positive $31.5 million last year through the P&L, which is a $71.6 million swing year-on-year. Our NGI Strategic partner firm investments are carried at fair value and remeasured at each reporting date. We utilize an external valuer with significant expertise in this field to assist in updating valuations and taking into account partner firm specific and market assumptions. Fair value movements through the profit and loss can therefore be significant in either direction as assumptions and outlooks change. FY 2025 resulted in a $31.5 million net gain, while FY 2026 booked a $40.1 million net loss, with the majority of this net loss recognized in the H3.

Speaker #2: A negative $40.1 million this year, compared with a positive $31.5 million last year through the P&L, which is a $71.6 million swing year on year.

Speaker #2: Our NGI strategic partner firm investments are carried at fair value and remeasured at each reporting date. We utilize an external valuer with significant expertise in this field to assist in updating valuations and taking into account partner firm-specific and market assumptions.

Speaker #2: Fair value movements through the profit and loss can therefore be significant in either direction as assumptions and outlooks change. FY25 resulted in a $31.5 million net gain, while FY26 booked a $40.1 million net loss, with the majority of this net loss recognized in the first half.

Speaker #2: These movements do not represent cash received or paid in the period, but they do flow through statutory earnings. Excluding that volatility and other adjustment items, adjusted EBITDA was $101.9 million, the midpoint of our guidance range, and adjusted NCAP was $75 million.

Amber Stoney: These movements do not represent cash received or paid in the period, but they do flow through statutory earnings. Excluding that volatility and other adjustment items, adjusted EBIT was $101.9 million, the midpoint of our guidance range, and adjusted NPAT was $75 million. On the next slide, we break earnings down by segment, and this shows why diversification matters. NGI Strategic contributed $58.7 million at a 92% margin, down from $76.2 million as distributions moderated on prior years, partly offset by a 44% year-on-year increase from our private market partner firms. Lighthouse grew to $46.7 million from $41 million, holding a 33% margin driven by both management performance fee growth. Employee expenses rose with the performance-linked bonus and headcount. Corporate costs were broadly flat at $3.5 million.

Speaker #2: On the next slide, we break earnings down by segment. And this shows why diversification matters. NGI Strategic contributed $58.7 million at a 92% margin, down from $76.2 million as distributions moderated on prior years.

Speaker #2: Partly offset by a 44% year-on-year increase from our private market partner firms. Lighthouse grew to $46.7 million from $41 million, holding a 33% margin, driven by both management and performance fee growth.

Speaker #2: Employee expenses rose with the performance-linked bonus, and headcount. Corporate costs were broadly flat at $3.5 million. Group margin moved from 56% to 49%, reflecting a lower contribution weighting from the NGI strategic segment this year and the investment needed to support continued growth initiatives.

Amber Stoney: Group margin moved from 56% to 49%, reflecting a lower contribution weighting from the NGI Strategic segment this year and the investment needed to support continued growth initiatives. The charts on slide 22 show the shape of our revenue over 5 years. Lighthouse management fees have compounded steadily from USD 73.5 million in FY22 to USD 96.5 million in FY26, and the performance fees have stepped up sharply. USD 45.5 million this year against USD 35.7 million last year and under USD 12 million in FY24. NGI Strategic distributions of USD 63.7 million in FY26 are down from an elevated USD 8.1 million in the prior year. This is a moderation from a high base, not a deterioration of underlying performance. Distributions move year to year with investment performance, strategy mix, fee realization, and timing. The increase in private market contribution is also important to highlight.

Speaker #2: The charts on slide 22 show the shape of our revenue over five years. Lighthouse management fees have compounded steadily from $73.5 million in FY22 to $96.5 million in FY26, and the performance fees have stepped up sharply.

Speaker #2: $45.5 million this year, compared to $35.7 million last year and under $12 million in FY24. NGI strategic distributions at $63.7 million in FY26 are down from an elevated $80.1 million in the prior year.

Speaker #2: This is a moderation from a high base, not a deterioration of underlying performance. Distributions move near the year with investment performance, strategy mix, fee realization, and timing.

Speaker #2: The increasing private markets contribution is also important to highlight. These partner firms represented 33% of total distributions received this year. These private market partner firms are a growing share of NGI strategic distributions, broadening the sources of cash flow beyond the more established liquid portfolio alternatives.

Amber Stoney: These partner firms representing 33% of total distributions received this year. These private market partner firms are a growing share of NGI Strategic distributions, broadening the sources of cash flow beyond the more established liquid portfolio alternatives. The mix that should continue to evolve as the newer investments scale in supporting greater diversification across strategies and return cycles. Moving to the next slide. Our balance sheet continues to grow, with NGI Strategic investments now totaling USD 755 million. Valuation movements on investments measured through profit and loss affect statutory earnings, and while movements on investments designated at fair value through other comprehensive income are recognized in reserves and equity rather than impacting NPAT. The table brings those two categories together and shows how each of the movements contributed to the change in net assets and how they largely offset each other in FY26.

Speaker #2: The mix should continue to evolve as the newer investments scale, supporting greater diversification across strategies and return cycles. Moving to the next slide.

Speaker #2: Our balance sheet continues to grow, with NGI strategic investments now totaling $755 million. Valuation movements on investments measured through profit and loss affect statutory earnings, while movements on investments designated at fair value through other comprehensive income are recognized in reserves within equity, rather than impacting end capital.

Speaker #2: The table brings those two categories together and shows how each of the movements contributed to the change in net assets, and how they largely offset each other in FY26.

Speaker #2: We also strengthened our debt funding capacity during the year. In May, we increased our senior secured facility by $90 million, from $100 million to $190 million, and extended its maturity to May 2031.

Amber Stoney: We also strengthened our debt funding capacity during the year. In May, we increased our senior secured facility by USD 90 million, from USD 100 million to USD 190 million capacity, and extended its maturity to May 2031. This gives us greater flexibility to fund commitments and future growth opportunities. Following the settlement of the NGI Stable Growth portfolio, our balance sheet remains conservatively positioned. On a pro forma basis, including the settlement cash outflow on 2 July 2026, net debt to adjusted EBITDA is approximately 0.8 times, compared with a target ratio of approximately 1.5 times. The Stable acquisition was deliberately funded through a combination of equity raise from shareholders and scrip issued to the vendor rather than maximizing the use of the expanded debt facility.

Speaker #2: This gives us greater flexibility to fund commitments and future growth opportunities. Following the settlement of the NGI Stable Growth Portfolio, our balance sheet remains conservatively positioned on a pro forma basis. Including the settlement cash outflow and as of July 2, 2026, net debt to adjusted EBITDA is approximately 0.8 times, compared with the target ratio of approximately 1.5 times.

Speaker #2: The Stable acquisition was deliberately funded through a combination of equity raised from shareholders, and scrip issued to the vendor, rather than maximizing the use of the expanded debt facility.

Speaker #2: While debt capacity was available, using equity alongside scrip preserved meaningful facility headroom. We maintained leverage discipline and retained flexibility to fund further partner firm investments from a robust opportunity pipeline.

Amber Stoney: While debt capacity was available, using equity alongside scrip preserved meaningful facility headroom, maintained leverage discipline, and retained flexibility to fund further partner firm investments from a robust opportunity pipeline. The scrip component also created long-term alignment with Stable, with a substantial majority of those shares subject to either 12 or 24 month escrow. The funding mix was therefore a capital allocation decision, balancing shareholder dilution against balance sheet resilience, strategic alignment, and the ability to continue executing growth opportunities. On dividends, as announced on 15 November 2025, the board determined that the best current use of capital is growth, and dividends have been suspended following the final paydate in September 2025. Finally, slide 24 sets out the economics I see for business.

Speaker #2: The script component also created long-term alignment with Stable, with a substantial majority of those shares subject to either 12- or 24-month escrow. The funding mix was therefore a capital allocation decision, balancing shareholder dilution against balance sheet resilience, strategic alignment, and the ability to continue executing growth opportunities.

Speaker #2: On dividends, as announced on the 15th of November 2025, the Board determined that the best current use of capital is growth, and the dividend has been suspended following the final payment in September 2025.

Speaker #2: Finally, slide 24 sets out the economics underneath the business. NGI Strategic, on a pro forma basis including the recently acquired NGI Stable Growth portfolio, has $15.3 billion in AUM at 30 June 2026 and an average management fee rate of 1.23% per annum.

Amber Stoney: NGI Strategic, on a pro forma basis, including the recently acquired NGI Stable Growth portfolio, has USD 15.3 billion in AUM as at 30 June 2026, at an average management fee rate of 1.23% per annum. 82% of AUM is able to earn performance fees at a 17% average rate. The conversion of this revenue into distributions for NGI is estimated at a 35% to 45% indicative margin, then applying a distribution payout rate of between 90% to 100% of those underlying earnings. Lighthouse AUM at balance date is USD 20.3 billion at 54 basis points per annum, with 88% of AUM able to earn performance fees at a 13% performance fee rate. 23% of AUM for Lighthouse is at or above high watermark. Sorry, 88%. Swapped those around, and a 30% to 35% indicative margin. Together, these are the levers that convert AUM into growing profits.

Speaker #2: Eighty-two percent of AUM is able to earn performance fees at a 17% average rate. The conversion of this revenue into distributions for NGI is estimated at a 35% to 45% indicative margin, and then applying a distribution payout rate of between 90% to 100% of those underlying earnings.

Speaker #2: Lighthouse AUM at balance date is $20.3 million at 54 basis points per annum, with 88% of AUM able to earn performance fees at a 13% performance fee rate.

Amber Stoney: Lighthouse AUM at balance date is USD 20.3 billion at 54 basis points per annum, with 88% of AUM able to earn performance fees at a 13% performance fee rate. 23% of AUM for Lighthouse is at or above high watermark. Sorry, 88%. Swapped those around, and a 30% to 35% indicative margin. Together, these are the levers that convert AUM into growing profits. With that, I will hand back to Stephen.

Speaker #2: 23% of AUM for Lighthouse is at or above high watermark. Sorry. 88%. Sort those around. And a 30 to 35% indicative margin. Together, these are the levers that convert AUM into growing profit.

Speaker #2: And with that, I'll hand back to Stephen.

Amber Stoney: With that, I will hand back to Stephen.

Speaker #1: Thank you, Amber. In terms of the outlook for Navigator for financial year 2027, on slide 26, NGI expects our portfolio of partner firms to continue to perform across market cycles as it has done historically.

Stephen Darke: Thank you, Amber. In terms of the outlook for Navigator for financial year 2027 on slide 26, NGI expects our portfolio of partner firms to continue to perform across market cycles as it has done historically, at both management company and investment strategy level. Unlike other listed asset managers that may benefit from a sustained risk-on period for equity and bond markets, NGI's public markets-focused partner firms show resilience in more difficult time periods or those exhibiting greater volatility, which can provide strong diversification. We anticipate the recent momentum on net inflows to continue given investor appetite globally for alternatives and the appeal and track record of our investment strategies. In terms of execution of our growth strategy, we are focused on continued and measured acquisitive growth in FY2027 and adding established, growing, and differentiated partner firms that meet our investment criteria and further diversify our earnings.

Speaker #1: At both the management company and investment strategy level, unlike other listed asset managers that may benefit from a sustained risk-on period for equity and bond markets, NGI's public markets-focused partner firms show resilience in more difficult time periods or those exhibiting greater volatility, which can provide strong diversification.

Speaker #1: We anticipate the recent momentum on net inflows to continue, given investor appetite globally for alternatives and the appeal and track record of our investment strategies.

Speaker #1: In terms of execution of our growth strategy, we are focused on continued and measured acquisitive growth in FY27, adding established, growing, and differentiated partner firms that meet our investment criteria and further diversify our earnings.

Speaker #1: We are seeing a robust pipeline of new opportunities. In terms of funding those opportunities, FY26 marked the second consecutive year of generating over $100 million USD in net operating cash flow across our business segments, which we are proud of.

Stephen Darke: We are seeing a robust pipeline of new opportunities. In terms of funding those opportunities, FY2026 marked the second consecutive year of generating over USD 100 million in net operating cash flow across our business segments, which we are proud of. During the year, we extended and expanded our senior secured facility, as Amber mentioned, with a 2031 maturity. This provides significant flexibility to fund future partner firm investments from this year. That facility is undrawn. In accordance with NGI's capital management framework and post the suspension of the dividend, we will proactively and continually assess capital management opportunities when there is excess capital. Turning to slide 27, the Stable Growth portfolio is expected to meaningfully increase FY2027 earnings.

Stephen Darke: We are seeing a robust pipeline of new opportunities. In terms of funding those opportunities, FY 2026 marked the second consecutive year of generating over USD 100 million in net operating cash flow across our business segments, which we are proud of. During the year, we extended and expanded our senior secured facility, as Amber mentioned, with a 2031 maturity. This provides significant flexibility to fund future partner firm investments from this year. That facility is undrawn. In accordance with NGI's capital management framework and post the suspension of the dividend, we will proactively and continually assess capital management opportunities when there is excess capital. Turning to slide 27, the Stable Growth portfolio is expected to meaningfully increase FY2027 earnings.

Speaker #1: During the year, we extended and expanded our senior secured facility, as Amber mentioned, with a $2,031 maturity. This provides significant flexibility to fund future partner firm investments from this year.

Speaker #1: That facility is undrawn. In accordance with NGI's capital management framework, and following the suspension of the dividend, we will proactively and continually assess capital management opportunities when there is excess capital.

Speaker #1: Turning to slide 27, the Stable Growth portfolio is expected to meaningfully increase FY27 earnings. As Ross noted, the portfolio of 17 asset managers now has $17 billion aggregated firm-level AUM, up 19% this calendar year to June.

Stephen Darke: As Ross noted, the portfolio of 17 asset managers now has 17 billion aggregated firm level AUM, up 19% this calendar year to June, and 2 billion ownership adjusted AUM growing in accordance with our expectations from both investment performance and net inflows. The average AUM per manager is now 1 billion, up from 834 million at the end of calendar year 2025, and is exhibiting growth at a higher rate, as we would expect from scaling high quality alternative managers. Pleasingly, the portfolio is generating strong risk-adjusted performance ahead of our expectations, with an average 11% net return year to date to June. 90% of that AUM is subject to performance fees with an average 17% performance fee rate, consistent with the broader NGI Strategic portfolio and higher than the Lighthouse segment of 13%.

Speaker #1: And $2 billion ownership-adjusted AUM is growing in accordance with our expectations from both investment performance and net inflows. The average AUM per manager is now $1 billion, up from $834 million at the end of calendar year '25, and is exhibiting growth at a higher rate.

Speaker #1: As we would expect from scaling high-quality alternative managers, pleasingly, the portfolio is generating strong risk-adjusted performance ahead of our expectations, with an average 11% net return year to date to June.

Speaker #1: Ninety percent of that AUM is subject to performance fees, with an average 17% performance fee rate—consistent with the broader NGI Strategic portfolio and higher than the Lighthouse segment, which is at 13%.

Speaker #1: Strategically, the inclusion of this portfolio broadens our addressable market and improves the key financial metrics, as Amber just outlined. It also enhances the organic growth outlook, as described on our deal announcement, and importantly, it's a valuable addition to diversify Navigator across investment strategy, investor base, and adds even higher predictability and stability to cash flows.

Stephen Darke: Strategically, the inclusion of this portfolio broadens our addressable market and improves the key financial metrics, as Amber just outlined. It also enhances the organic growth outlook, as described on our deal announcement, and importantly, it is a valuable addition to diversify Navigator across investment strategy, investor base, and adds even higher predictability and stability to cash flows. The bottom line is that the Stable Growth portfolio is performing in line with expectations for FY2027 in terms of AUM, revenue, and earnings contributions. Before I conclude and open to questions, on slide 28, I outline why Navigator is a unique and compelling investment proposition for shareholders as the only pure play alternative firm on the ASX that is diversified.

Speaker #1: The bottom line is that the Stable Growth portfolio is performing in line with expectations for FY27 in terms of AUM, revenue, and earnings contributions.

Speaker #1: Before I conclude and open to questions, on slide 28 I outlined why Navigator is a unique and compelling investment proposition for shareholders, as the only pure-play alternative firm on the ASX that's diversified.

Speaker #1: The four key elements on this slide have, and should continue to, lead to Navigator generating strong earnings across all market cycles, and we are focused on future growth opportunities that will enhance that result.

Stephen Darke: The four key elements on this slide have, and should continue to, lead to Navigator generating strong earnings across all market cycles, and we are focused on future growth opportunities that will enhance that result. Number one, NGI has some key advantages, being permanent capital structure as an ASX-listed company, our proprietary sourcing channel for new opportunities, our innovative partnership structures as evidenced by the Georgian transaction, and our model of supported independence with aligned incentives, which we believe is gathering support and confidence by the market globally as the right way to partner as an alternative asset managers. Number two, we have a scalable and fast-growing platform from not just consistent investor performance, but net inflow momentum and accretive acquisitions. Navigator now has USD 7.9 billion higher ownership adjusted AUM to start FY2027, including the Stable deal, a 29% increase over the past 12 months.

Speaker #1: Number one, NGI has some key advantages: being a permanent capital structure as an ASX-listed company, our proprietary sourcing channel for new opportunities, our innovative partnership structures as evidenced by the Georgian transaction, and our model of supported independence with aligned incentives—which we believe is gathering support and confidence from the market globally as the right way to partner as alternative asset managers.

Speaker #1: Number two, we have a scalable and fast-growing platform, driven not just by consistent investor performance, but also by net inflow momentum and accretive acquisitions. Navigator now has $7.9 billion U.S. higher ownership-adjusted AUM to start FY27, including the Stable deal.

Speaker #1: A 29% increase over the past 12 months. Navigator is focused on diversification as number three of earnings generated from a portfolio of high-quality alternative asset managers and reducing the dependence on any single partner firm.

Stephen Darke: Navigator is focused on diversification, as number three, of earnings generated from a portfolio of high quality alternative asset managers and reducing the dependence on any single partner firm. Post the Stable transaction, we have 29 asset managers across our portfolio across public and private markets, across multiple asset classes, investment styles, geographies, and investors. Each of Navigator, our portfolio's partner firms, our strategic partner Blue Owl, and our recent strategic partner, Stable Asset Management, have deep global expertise across diverse sectors of the alternative industry and established track records of generating high risk-adjusted returns for their investors. Both of our partners are potential avenues for future new partner firm relationships.

Speaker #1: Following the stable transaction, we have 29 asset managers across our portfolio. This includes coverage of public and private markets, multiple asset classes, investment styles, geographies, and investors.

Speaker #1: Each of Navigator, our portfolio’s partner firms, our strategic partner Blue Owl, and our recent strategic partner Stable Asset Management have deep global expertise across diverse sectors of the alternatives industry and established track records of generating high risk-adjusted returns for their investors.

Speaker #1: Both of our partners are potential avenues for future new partner firm relationships. And number four, going into FY27, we have a resilient earnings base with recurring management fee revenues and consistent performance fee revenues over a long period, supported by a diversified product offering with those 19 new products launched during the period.

Stephen Darke: Number four, going into FY27, we have a resilient earnings base with recurring management fee revenues and consistent performance fee revenues over a long period, supported by a diversified product offering with those 19 new products launched during the period. Since FY22, our earnings have grown at a 22% CAGR, and according to a UBS report last year, Navigator's performance fee revenues across NGI Strategic exhibited only 14% variability, the lowest of peers. Given the absolute return nature of our strategy and the performance fee mechanic as outlined at our investor day, this is no surprise. I believe that 2027 will be a watershed year for Navigator, with the flywheel we outlined at our investor day coming online.

Stephen Darke: Number four, going into FY 2027, we have a resilient earnings base with recurring management fee revenues and consistent performance fee revenues over a long period, supported by a diversified product offering with those 19 new products launched during the period. Since FY22, our earnings have grown at a 22% CAGR, and according to a UBS report last year, Navigator's performance fee revenues across NGI Strategic exhibited only 14% variability, the lowest of peers. Given the absolute return nature of our strategy and the performance fee mechanic as outlined at our investor day, this is no surprise. I believe that 2027 will be a watershed year for Navigator, with the flywheel we outlined at our investor day coming online.

Speaker #1: Since FY22, our earnings have grown at a 22% CAGR, and according to a UBS report last year, Navigator's performance fee revenues across NGI Strategic exhibited only 14% variability—the lowest among peers.

Speaker #1: Given the absolute return nature of our strategy and the performance fee mechanics as outlined at our Investor Day, this is no surprise. I believe that 2027 will be a watershed year for Navigator, with the flywheel we outlined at our Investor Day coming online.

Speaker #1: This should be driven by: one, the expected earnings contributions from our latest acquisitions; two, the AUM growth over the past year, yielding higher base and performance fee revenues; three, the continued growth of our partner firms; and four, the execution of additional partnerships.

Stephen Darke: This should be driven by, one, the expected earnings contributions from our latest acquisitions, two, the AUM growth over the past year yielding higher base and performance fee revenues, three, the continued growth of our partner firms, and four, the execution of additional partnerships. Finally, at our investor day in November 2025, we set out the aspiration of growing NGI's high fee-paying ownership adjusted AUM to more than USD 45 billion by 2030. With our most recent transactions with Georgian and the NGI Stable Growth Portfolio, as well as positive investment performance and fun flow momentum across our partner firms, we continue to make very strong progress towards that goal. Thank you for your time, everyone. I would now like to open the call to questions. Ryan?

Speaker #1: Finally, at our Investor Day in November '25, we set out the aspiration of growing NGI's higher fee-paying, ownership-adjusted AUM to more than $45 billion by 2030.

Speaker #1: With our most recent transactions with Georgian and the NGI Stable Growth Portfolio, as well as positive investment performance and fund flow momentum across our partner firms, we continue to make very strong progress towards that goal.

Speaker #1: Thank you for your time, everyone. I'd now like to open the call to questions. Ryan?

Speaker #2: 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.

Operator 2: Thank you. If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press *2. If you are on a speakerphone, please pick up the handset to ask a question. Your first question comes from Phil Chippendale from Ord Minnett. Please go ahead.

Operator: Thank you. If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press *2. If you are on a speakerphone, please pick up the handset to ask a question. Your first question comes from Phil Chippendale from Ord Minnett. Please go ahead.

Speaker #2: If you are on a speakerphone, please pick up the handset to ask a question. Your first question comes from Philip—I'm sorry, Phil Chippendale—from Odd Minute.

Speaker #2: Please go ahead.

Speaker #3: Right. Good morning, team. Thanks for your time. Firstly, Stephen, just on flows—you mentioned confidence and the outlook for flows. Could you just highlight a few of the key partner firms where you would expect this positivity in terms of flows to continue?

Phil Chippendale: Good morning, team. Thanks for your time. Firstly, Stephen, just on flows, you mentioned confidence and the outlook for flows. Could you just give us a highlight of a few of the key partner firms where you would expect this positivity, in terms of flows, to continue? Could you specifically make a comment around Lighthouse? That has obviously had a pretty good calendar 2026 so far on flows. Just interested in the outlook for that one as well.

Speaker #3: And could you specifically make a comment around Lighthouse, as obviously you had a pretty good calendar '26 so far on flows. So just interested in the outlook for that one as well.

Speaker #1: Yeah, thanks, Phil, and appreciate you joining the call. What I might do is just address Lighthouse upfront, and then pass on to Ross to talk across the broader portfolio and across NGI Strategic.

Stephen Darke: Yeah. Thanks, Phil, and appreciate you joining the call. What I might do is I might just address Lighthouse up front and then pass on to Ross to talk across the broader portfolio, across NGI Strategic. On the Lighthouse side, yes, you are right. It was very pleasing to see strong net inflows. It is worth pointing out that USD 1.5 billion of net inflows across the Lighthouse platform during the period was into the managed account services, so at a lower fee yield. So no investor should assume that those net inflows went directly into the higher fee yielding hedge fund in a segment of it. However, it was pleasing to see the flows across hedge funds as well, and also the customized solutions and the managed account services.

Speaker #1: On the Lighthouse side, yes, you're right. It was very pleasing to see strong net inflows. Worth pointing out that $1.5 billion of net inflows across the Lighthouse platform during the period was into the Managed Account Services.

Speaker #1: So, at a lower fee yield. So, no investor should assume that those net inflows went directly into the higher fee-yielding hedge fund in a segment of it.

Speaker #1: However, it was pleasing to see the flows across hedge funds as well, and also the customized solutions and the managed account services. When I speak to Sean, which is on a regular basis, and ask where the pipeline and investor interest is in the product offering, I would rank them probably as follows.

Stephen Darke: When I speak to Sean, which is on a regular basis, and ask where the pipeline and investor interest is in the product offering, I would rank them probably as follows. The relatively new Fortress Beacon product is seeing significant interest, continues to perform well, and we would expect additional flows that are committed in the pipeline at least over the coming two quarters, and look forward to talking more about that. We have obviously seen flows during the year into that, which was pleasing. They were, I would say, delayed versus original expectations of early last year. These are complicated products. Jeff and his team are performing well, and we are seeing that pipeline, I would say, accelerate into the end of the calendar year. Of course, there is always a risk that those flows do not eventuate, but I understand that there is some, at least I see, commitments around that.

Speaker #1: The relatively new Fortress Beacon product is seeing significant interest, continues to perform well, and we would expect additional flows that are committed in the pipeline at least over the coming two quarters. We look forward to talking more about that.

Speaker #1: We've obviously seen flows during the year into that, which was pleasing. They were, I would say, delayed versus original expectations of early last year.

Speaker #1: These are complicated products, but the Japanese team is performing well, and we're seeing that pipeline. I would say accelerate into the end of the calendar year.

Speaker #1: Of course, there's always a risk that those flows don't eventuate, but I understand that there are some, at least I see, commitments around that.

Speaker #1: We will see. Other products, interestingly, include a relatively small product called Penglo Peak, which is a Japanese multi-manager product and was spoken about.

Stephen Darke: We will see. Other products, interestingly, is a relatively smaller product called Nico Peak, which is a Japanese multi-manager product. We have spoken about this, so I will not delay the call too long. We can talk about it perhaps in the Ord Minnett session, Phil. Just with the active management and alpha generation opportunities in Japan, that I understand is also benefiting law-only active managers. Sean is seeing quite significant performance and interest from investors in that geographic region. Nico Peak, I understand, is one of only a small number of multi-manager hedge funds that has that sort of focus. Even though it is relatively small, I believe between 300 and 400 AUM at the moment, you would expect actually that to have meaningful growth over the course of the next few quarters.

Speaker #1: I won't delay the call too long. We can talk about it perhaps in the Odd Minute session, Phil, but just with the active management and alpha generation opportunities in Japan, that I understand has also been benefiting long-only active managers.

Speaker #1: Sean is seeing quite significant performance and interest from investors in that geographic region. And Penglo Peak, I understand, is one of only a small number of multi-manager hedge funds that has that sort of focus.

Speaker #1: And even though it's relatively small—I believe between $300 and $400 million in AUM at the moment—you would expect that to have meaningful growth over the course of the next few quarters.

Speaker #1: I believe there's a still is some existing and interest in the Northrop platform with another client a large account in the pipeline. So it's a Northrop continues to perform well as you can see and on a performance slide.

Stephen Darke: I believe there is still some existing interest in the North Rock platform with another client, a large account in the pipeline. So North Rock continues to perform well, as you can see in our performance slide. I think macro has started the year very strong, but it has been a bit more difficult in the last couple of months, and we can address it more broadly with the industry. The macro strategy is not necessarily seeing the sort of traction that the equity products are seeing at this time in the year. So hopefully, Phil, from a Lighthouse perspective, that gives you some color. I would say that actually there is a number of customer accounts, RFPs, that are underway according to Sean, and he feels good about actually Lighthouse winning those accounts. So we will see where the growth is in that customized going through the next six to 12 months.

Speaker #1: I think macro has been—it started the year very strong—but I think we're a bit more challenged in the last couple of months, and we can address it more broadly with the industry.

Speaker #1: But the macro strategy isn't necessarily seeing the sort of traction that the equity products are seeing at this time of the year. So hopefully, Phil, from a Lighthouse perspective, that gives you some color. I would say that actually, there's a number of customer accounts RFPs that are underway according to Sean, and he feels good about Lighthouse actually winning those accounts.

Speaker #1: So, we'll see where the growth is in that customized area over the next 6 to 12 months. And then, on managed account solutions, it's less important from an earnings perspective, but I think they're doing a great job in that business providing a solution.

Stephen Darke: And then on managed account solutions, it is less important from an earnings perspective, but I think they are doing a great job in that business, providing a solution, seeing a lot of flows into that. Even though it might be a little volatile, I would continue to expect to see flows. If you add all that up, a great year last year, and we have a degree of confidence that that will continue subject to market conditions. Ross, do you want to talk perhaps about the rest of the portfolio?

Speaker #1: You're seeing a lot of flows into that, and even though it might be a little volatile, I would continue to expect to see flows.

Speaker #1: So, if you add all that up, a great year last year, and we have a degree of confidence that that will continue, subject to market conditions.

Speaker #1: Ross, do you want to talk, perhaps, about the rest of the portfolio?

Speaker #3: Yeah, no, happy to. And Phil, thanks so much for the question. What we saw this last year in the NGI strategic segment was that it was really a mix between the private market firms and the liquid alternatives.

Ross Zachary: Yeah, happy to. Phil, thanks so much for the question. What we saw this last year in the NGI Strategic segment, was that it was really a mix between the private market firms and the liquid alternatives. Probably with the private market firms driving a majority. As we have talked about this year, we have had Invictus, Marble, and 1315 out at different stages, but outraising their next vintage fund, as well as associated separately managed accounts and co-invested vehicles. Invictus has wrapped up a very successful fundraise, which really contributed to this last year, and Marble and 1315 continue on at different stages, but we should see both of them contribute to this next year. I think the more exciting point, though, is, as some of the drivers behind what Stephen said as well, it really is clear that hedge funds are an increasingly valuable tool for institutional investors.

Speaker #3: Probably with the private market firms driving a majority, and as we've talked about, this year we've had Invictus, Marble, and 1315 out at different stages, but all raising their next vintage fund, as well as associated separately managed accounts and co-investment vehicles.

Speaker #3: Invictus has wrapped up a very successful fundraise, which really contributed to this last year. And Marble and 1315 continue on—at different stages—but we should see both of them contribute to this next year.

Speaker #3: I think the more exciting point, though, is some of the drivers behind what Stephen said as well. It really is clear that hedge funds are an increasingly valuable tool for institutional investors.

Speaker #3: We talked about it over the last year, but they've become almost like a black sheep, to now a priority for the largest investment boards and investors around the world to get access to.

Ross Zachary: We talked about it over the last year, but they have become almost like a black sheep to now a priority for the largest investment boards and investors around the world to get access to. It is the type of firms on our platform that are gaining flows. Some of the data we follow showed that 86% of all flows in 2025 went to firms with $5 billion or more of AUM. So Navigator is where the market is going in many respects. Obviously, we see the NGI Stable Growth portfolio and those firms are also growing because they are specialized, exciting, and they get a lot of access through Stable's network. But predominantly firms like Capstone, CFM, MKP, that partners almost exclusively with large institutional investors, and others are outraising money. So it is hard to say given how lumpy those timelines are.

Speaker #3: And it's the type of firms that are on our portfolio—excuse me, on our platform—that are gaining flows. Some of the data we follow showed that 86% of all flows in 2025 went to firms with $5 billion or more of AUM.

Speaker #3: So, Navigator is where the market is going, in many respects. Now, obviously, we see the NGI Stable Growth portfolio, and those firms are also growing because they're specialized, exciting, and they get a lot of access through Stable's network.

Ross Zachary: Obviously, we see the NGI Stable Growth portfolio and those firms are also growing because they are specialized, exciting, and they get a lot of access through Stable's network. But predominantly firms like Capstone, CFM, MKP, that partners almost exclusively with large institutional investors, and others are outraising money. So it is hard to say given how lumpy those timelines are. But given the strong performance and just given the role in those portfolios being prioritized, we are very excited about the outlook there.

Speaker #3: But predominantly, firms like Capstone, CFM, MKP— that partner almost exclusively with large institutional investors— and others are out raising money. So it's hard to say given how lumpy those timelines are, but given the strong performance and just given the role in those portfolios being a priority, we're very excited about the outlook there.

Ross Zachary: But given the strong performance and just given the role in those portfolios being prioritized, we are very excited about the outlook there.

Speaker #2: Okay, thanks.

Phil Chippendale: Okay, thanks.

Stephen Darke: Just to follow.

Speaker #1: And just to follow up. I'm sorry, Phil, I'm just going to point everyone to slide 34. Just to outline Ross's point very well, I can't recall in recent history seeing that sort of uptick of investor appetite for hedge funds and you've got sort of Barclays strategic coming out saying that in the second half plans for allocation investors are up by sort of 6% from this time in the prior year in terms of interest in hedge funds.

Stephen Darke: Just to follow.

Phil Chippendale: One question from me.

Stephen Darke: I am sorry, Phil. I was just going to point everybody to slide 34. Just to outline Ross's point very well. I cannot recall in recent history seeing that sort of uptick of investor appetite for hedge funds. You have Barclays Strategic coming out saying that in the H2 plans for allocation, investors are up by 6% from this time in the prior year in terms of interest in hedge funds. That seems to be coming at a bit of a sacrifice of some of the private market strategies. In my view, just quickly, is that I think people have been underpricing liquidity risk here, and now that they can see that hedge funds can provide the right risk-adjusted returns with liquidity, there is a greater interest in that product. I think we are seeing that reflected across the platform.

Speaker #1: That seems to be coming at a bit of a sacrifice of some of the private market strategies. In my view, just quickly, I think people have been underpricing liquidity risk here, and now that they can see that hedge funds can provide the right risk-adjusted returns with liquidity, there's a greater interest in that product.

Stephen Darke: In my view, just quickly, is that I think people have been underpricing liquidity risk here, and now that they can see that hedge funds can provide the right risk-adjusted returns with liquidity, there is a greater interest in that product. I think we are seeing that reflected across the platform. I do not think anyone sees the current world global volatility going away, so we feel confident about that. Sorry to cut you off, Phil, but I think slide 34 helps illustrate Ross's point.

Speaker #1: And I think we're seeing that reflected across the platform. I don't think anyone sees the current global volatility going away, and so we feel confident about that.

Stephen Darke: I do not think anyone sees the current world global volatility going away, so we feel confident about that. Sorry to cut you off, Phil, but I think slide 34 helps illustrate Ross's point.

Speaker #1: And so, sorry—sorry to cut you off, Phil—but I think slide 34 helps illustrate Ross's point.

Speaker #2: No, I understand. That's really useful. Just to try and sort of triangulate expectations for FY27, if we look at 26, the one area that perhaps was a more modest contributor was the NGI strategic portfolio that sort of the five key sort of original partner firms.

Phil Chippendale: No, I understand. That is really useful. Just to try and triangulate expectations for FY27. If we look at 2026, the one area that perhaps was a more modest contributor was the NGI Strategic portfolio, that is the five key original partner firms. What is the outlook, do you think, in terms of FY27 for that business? Clearly, Stable is going to be making a contribution coming on board. Lighthouse, we can look at that base management fee level and have some expectation of performance fees. Private market aside, it is that NGI Strategic portfolio of five and just sort of our expectation into 2027. How should we be thinking about that?

Phil Chippendale: No, I understand. That is really useful. Just to try and triangulate expectations for FY 2027. If we look at 2026, the one area that perhaps was a more modest contributor was the NGI Strategic portfolio, that is the five key original partner firms. What is the outlook, do you think, in terms of FY 2027 for that business? Clearly, Stable is going to be making a contribution coming on board. Lighthouse, we can look at that base management fee level and have some expectation of performance fees. Private market aside, it is that NGI Strategic portfolio of five and just sort of our expectation into 2027. How should we be thinking about that?

Speaker #2: What's the outlook, do you think, in terms of FY27 for that business? Clearly, Stable is going to be making a contribution coming on board. Lighthouse—we can look at that base management fee level and have some expectation of performance fees.

Speaker #2: But private markets aside, it's that NGI Strategic Portfolio Five. And just sort of our expectation into '27, how should we be thinking about that?

Speaker #1: Yeah, Ross, do you want to take that first? I'll follow up with any further comments.

Stephen Darke: Yeah, Ross, do you want to take that first, and I will follow up with any further comments.

Speaker #3: Yeah, no, absolutely. Great question, Phil. So, what I would say there—and please do jump in if this is not quite giving you the insight that you're looking for.

Ross Zachary: Yeah, no, absolutely. A great question, Phil. What I would say there, and please do jump in if this is not quite giving you the insight that you are looking for. The way we think about it is, as Stephen highlighted in his remarks, two of the firms in that portfolio certainly had more subdued years on the performance side in 2025, which led to lower overall distributions. We monitor the performance closely, but there are so many products and so many business lines in these platforms, it really depends on which products perform, what margins each business runs at to really determine the ultimate distributions to us. The way we are thinking about it right now is that this upcoming year will be a stronger year, but certainly not what we are expecting to hockey stick or bounce back to what was two very exceptional years.

Speaker #3: But the way we think about it is, as Stephen highlighted in his remarks, two of the firms in that portfolio certainly had more subdued years on the performance side.

Speaker #3: In 2025, which led to lower overall distributions. We monitor the performance closely, but there are so many products and so many business lines in these platforms, it really depends on which products perform and what margins each business runs at to really determine the ultimate distributions to us.

Speaker #3: So, the way we're thinking about it right now is that this upcoming year will be a stronger year, but certainly not what we're expecting to hockey stick or bounce back to what was two very exceptional years—not overly impossible years, but just exceptional—across the five/six firms that are in that portfolio at the same time.

Ross Zachary: Not overly impossible years, but just exceptional across the five, six firms that are in that portfolio at the same time. One data point which may be helpful, but like anything in the markets, is subject to change. We do not emphasize it at this point in the year, but if you flip to slide 32, which shows the investment performance of the composite of those five firms, you will see that calendar 2026 year to date, they are at about 3.6%. If you were to look at our August results last year, it was about 1.9%. They are tracking ahead this year of last year, but it is going to depend on which firms. The great news is that we do not see anyone in outflow.

Speaker #3: One data point which may be helpful, but like anything in the markets, is subject to change. We don’t emphasize it at this point in the year, but if you flip to slide 32, which shows the investment performance of a composite of those five firms, you’ll see that calendar 2026 year to date, they’re at about 3.6%.

Speaker #3: If you were to look at our August results last year, it was about 1.9%. So they are tracking ahead this year of last year, but it’s going to depend on which firms.

Ross Zachary: If you were to look at our August results last year, it was about 1.9%. They are tracking ahead this year of last year, but it is going to depend on which firms. The great news is that we do not see anyone in outflow. We do not see any of the performance that was subdued last year, being damaging to the enterprise value or really the management fee-driven side of the business, and they are growing. Directionally, all things are quite positive. It is just hard to have these big scaled firms bounce back super quickly and repeat what was our fiscal 2025. Hopefully that helps.

Speaker #3: The great news is that we don't see anyone in outflow. We don't see any of the performance that was subdued last year being damaging to the enterprise value or, really, the management fee-driven side of the business.

Ross Zachary: We do not see any of the performance that was subdued last year, being damaging to the enterprise value or really the management fee-driven side of the business, and they are growing. Directionally, all things are quite positive. It is just hard to have these big scaled firms bounce back super quickly and repeat what was our fiscal 2025. Hopefully that helps.

Speaker #3: And they are growing. So, directionally, all things are quite positive. It's just hard to have these big-scale firms bounce back super quickly and repeat what was our fiscal '25.

Speaker #3: So hopefully that helps.

Speaker #2: Yeah, that's really useful. I don't know if Stephen had anything he wanted to add there.

Phil Chippendale: Yeah, that is really useful. I do not know if Stephen has anything you want to add there.

Speaker #1: No, I was just thinking, but I don't think so, Phil. I think that's probably—I think slide 32 is indicative, just while we're on that, of consistency across the ownership-adjusted strategic portfolio over 1, 3, and 5 years.

Stephen Darke: No, I was just thinking, but I do not think so, Phil. I think that is probably, I think slide 32 is indicative. Just while we are on that though, look at the level of consistency across the ownership adjusted strategic portfolio over one, three, and five years. That also is largely mirrored across a number of the Lighthouse products. I would say the growth portfolio has a higher risk return to it, as you can see across those metrics. But to see this portfolio return really to those long-term averages would be certainly part of our expectation. As Ross said, we are a couple of hundred basis points, which does not sound like a lot, but when you have got the performance fee mechanics and the way that the base fees work, and you see some inflows, it can make a big difference. You would like to think that we have a bounce this year.

Speaker #1: That is also largely mirrored across a number of the Lighthouse products. The stable growth portfolio has a higher risk-return to it, as you can see across those metrics.

Speaker #1: But to see this portfolio return really to those long-term averages would certainly be part of our expectation. And as Ross said, we're a couple of hundred basis points—which doesn't sound like a lot—but when you've got the performance fee mechanics and the way that the base fees work, and you see some inflows, that can make a big difference.

Stephen Darke: But to see this portfolio return really to those long-term averages would be certainly part of our expectation. As Ross said, we are a couple of hundred basis points, which does not sound like a lot, but when you have got the performance fee mechanics and the way that the base fees work, and you see some inflows, it can make a big difference. You would like to think that we have a bounce this year.

Speaker #1: So I'd like to, you'd like to think that we have a bounce this year. I mean, Amber highlighted the distribution slide historically on 2022.

Stephen Darke: Amber highlighted the distribution slide historically on 2022. On the left-hand side of 2022, we used to refer to three to five-year averages for this portfolio. I think the five-year average is actually 71. It would be very disappointing if, for example, if 63 didn't rise by 10% to 15% to be ahead of that five-year average. But it is very difficult to be able to say that right now as we sit here in August. I did know in discussions with Ross, and concerned for how the managers are going, even at early stage, July and August, it is really promising. So I sort of agree with Ross's characterization. But for people to think the 80.1 is immediately going to be an uplift, unless we have a big private market contribution, I think it is probably difficult. So an uptick, but not USD 20 million, USD 30 million.

Speaker #1: On the left-hand side of 22, we used to refer to three- to five-year averages for this portfolio. I think the five-year average is actually 71.

Speaker #1: It would be very disappointing if, for example, a 63 didn't rise by 10% to 15% to be ahead of that five-year average. But it's very difficult to be able to say that right now as we sit here in August.

Speaker #1: I did know in discussions with Ross, and in terms of how the managers are going—even at the early stage, July and August—it's really promising.

Speaker #1: So I sort of agree with Ross's characterization. But for people to think that the 80.1 is immediately going to be an uplift, unless we have a big private markets contribution, I think is probably difficult.

Speaker #1: So, an uptick, but not $20 or $30 million.

Speaker #2: Okay, I understand. Thanks so much. I'll jump back in. Thank you.

Phil Chippendale: Okay, I understand. Thanks so much. I will jump back in the queue.

Speaker #4: Thank you. Your next question comes from Tim Lawson from Macquarie. Please go ahead.

Operator 2: Thank you. Your next question comes from Tim Lawson from Macquarie. Please go ahead.

Operator: Thank you. Your next question comes from Tim Lawson from Macquarie. Please go ahead.

Speaker #5: Hi, guys. Thanks for taking my questions. Just one to start: in terms of the pipeline of M&A—and particularly, I ask because you've obviously talked about the capacity, the medium-term funding deal, and the cash flow generated by the business.

Tim Lawson: Hi, guys. Thanks for taking my questions. Just one to start. Just in terms of the pipeline of M&A, and particularly I ask because you have obviously talked about the capacity, the medium-term funding deal, and the cash flow generated by the business. So can maybe combine those two sort of pipeline capacity to fund the outlook, and maybe talk to a pro forma leverage ratio, if possible.

Speaker #5: So, can you maybe combine those two—sort of pipeline and capacity—to fund the outlook? And maybe talk to a pro forma leverage ratio, if possible?

Speaker #1: Yeah, so maybe Ross can address the pipeline, and then Amber can address the funding and that leverage.

Stephen Darke: Yeah. Ross can address the pipeline, and Amber can address the funding and that leverage.

Speaker #3: Yeah, no, happy to. Tim, thanks so much for the question. As I said in my remarks, we have never been more active in the pipeline.

Ross Zachary: Yes. No, happy to, Tim, thanks so much for the question. As I said in my remarks, we have never been more active in the pipeline, for a mix of reasons. I'd say the first one is that our track record continues to be recognized in terms of being supportive, value add, and creative partners to these firms, especially with the 1315 and Georgian transactions kind of being successfully completed. In addition, in the sector, the most, what I would say is focused and growth-oriented firms are really seeking partners more and more. The quality of the pipeline's also improved. We are very much looking at adding hopefully one, at least one partner firm this year that would further diversify. Most of the pipeline is private markets, just given the objectives that we're talking about, as well as things outside of our core portfolio today.

Speaker #3: It's for a mix of reasons. I'd say the first one is that our track record continues to be recognized in terms of being supportive, value-add, and creative partners to these firms.

Speaker #3: Especially with the 13, 15, and Georgian transactions kind of being successfully completed. In addition, in the sector, the most—what I would say is—focused and growth-oriented firms are really seeking partners more and more.

Speaker #3: So the quality of the pipeline is also improved, and so we are very much looking at adding, hopefully, at least one partner firm this year that would further diversify.

Speaker #3: Most of the pipeline is private markets, just given the objectives that we're talking about, as well as things outside of our core portfolio today.

Speaker #3: So, the pipeline has things in, call it, specialized areas of real estate investing in the private markets, and other areas of real assets that are either kind of scalable but focused.

Ross Zachary: The pipeline has things in, call it, specialized areas of real estate investing in the private markets, other areas of real assets that are either kind of scalable but focused. We do have a couple things in liquid alternatives that we think either from a global or a strategy perspective are very institutional quality, but could be diversifying and, as we've seen, certainly can add to the growth profile and the cash flow yield of our overall business. Then we continue to look at what we call specialized private equity. You think of other sector specialists like you've seen us partner with or other very specialized strategies that we think will kind of be on that one side of the barbell in private markets that is growing and is generating good returns for clients. It is really active.

Speaker #3: We do have a couple of things in liquid alternatives that we think, either from a global or a strategy perspective, are very institutional quality, but could be diversifying.

Speaker #3: And as we've seen, it certainly can add to the growth profile and the cash flow yield of our overall business. And then we continue to look at what we call specialized private equity.

Ross Zachary: Then we continue to look at what we call specialized private equity. You think of other sector specialists like you've seen us partner with or other very specialized strategies that we think will kind of be on that one side of the barbell in private markets that is growing and is generating good returns for clients. It is really active. It's always hard, as you always say, it's hard to say if we can convert, but I think our strategic positioning as well as the overall volume of opportunities, is as active as we've ever been.

Speaker #3: So you think of other sector specialists, like you've seen us partner with, or other very specialized strategies that we think will kind of be on that one side of the barbell in private markets that is growing and is generating good returns for clients.

Speaker #3: So, it is really active. It's always hard—as we always say—it's hard to say if we can convert. But I think our strategic positioning, as well as the overall volume of opportunities, is as active as we've ever been.

Ross Zachary: It's always hard, as you always say, it's hard to say if we can convert, but I think our strategic positioning as well as the overall volume of opportunities, is as active as we've ever been.

Speaker #6: And just on the leverage ratio, we have in the deck a target net debt to adjusted EBITDA ratio of about 1.5 times. We do look at that, and for us also, it's interesting to keep in mind that we still have deferred consideration that comes into that mix, and that's not just all about debt.

Amber Stoney: On the leverage ratio we have at the deck, our target net debt to adjusted EBITDA ratio is about 1.5 times. We do look at that, and for us also, it's interesting to keep in mind that we still have deferred consideration that comes into that mix. It's not just all about debt, it's also deferred consideration. We still have to pay out on the existing investments. The funding is really a case-by-case decision. It depends on the size of the transaction. It depends on the terms, and the size of the trenching in over time, particularly on private markets. We just weigh that all up in those overall decisions in terms of managing our target ratio.

Speaker #6: It's also deferred consideration. We still have to pay out on the existing investments, so the funding is really a case-by-case decision. It depends on the size of the transaction.

Speaker #6: It depends on the terms and the size of the tranching in over time, particularly on private markets. We just weigh that all up in those overall decisions in terms of managing our target ratio.

Speaker #1: Thank you.

Stephen Darke: That's certainly fair.

Tim Lawson: Then the pro forma leverage?

Speaker #5: Global leverage?

Speaker #6: Well, I mean, there's sort of a covenant leverage, and then there's the pro forma, as we're currently at 0.8 times. We would stick around that target of 1.5 times when we're looking at a transaction.

Amber Stoney: Well, there's sort of our covenant leverage, and then there's the pro forma is we're currently at 0.8 times, and we would stick around that target of 1.5 times when we're looking at a transaction. It could go slightly above it if we had to structure something depending on the deal.

Speaker #6: It could go slightly above that if we had to structure something, depending on the deal.

Speaker #5: Okay, thank you.

Tim Lawson: Okay. Thank you.

Speaker #1: And I'm least qualified, but just an observation on this, I would say is that obviously with Amber on debt facility and as we start to get the stable forgive the term, but more stable predictable cash flows from the stable deal, four times a year revenue shares, much clearer when we're going to get it, much there's no margin that then is really effectively applied to that.

Stephen Darke: I am probably least qualified, but just an observation on this, I would say is that, obviously, with an undrawn debt facility, as we start to get the stable, forgive the term, but more stable, predictable cash flows from the Stable deal, four times a year revenue shares, much clearer on when we are going to get it. There is no margin that then is really effectively applied to that. So we get the cash flows like a royalty stream four times a year. As they start to come online, we are going to really be increasing the cash flows.

Speaker #1: So we get the cash flows like a royalty stream four times a year. As they start to come online, we're really going to be increasing the cash flows.

Speaker #6: Yeah, but we still will have cyclical cash flows. We're still going to get quite a large amount in the March quarter based on calendar year performance.

Amber Stoney: Yeah, but we still will have cyclical cash flows. We are still going to get quite a large amount in the March quarter based on calendar year performance.

Speaker #1: Yes. Yeah.

Stephen Darke: Yes.

Amber Stoney: Just to keep that in mind.

Speaker #6: So, just to keep that in mind.

Amber Stoney: Just to keep that in mind.

Speaker #5: Yeah, very clear. And then maybe on the carried interest, can you obviously performance fees are harder to forecast, but there's sort of you can build in sort of some carried interest.

Tim Lawson: Yeah, very clear. On the carried interest, can you. Obviously, performance fees are harder to forecast, but there is sort of you can build in some carried interest. Can you talk to the position of carried interest across the private market funds?

Speaker #5: Can you speak to the position of carried interest across the private market funds?

Speaker #1: Yeah, Ross, do you want to cover that? I guess Marble and Invictus are the two larger ones.

Stephen Darke: Yeah, Ross, do you want to cover that? I guess Marble and Invictus are the two large ones.

Speaker #3: Yeah, sure. We continue to see the funds that were kind of of that vintage, where we expected some carry coming in fiscal '27, '28, and '29, to mature.

Ross Zachary: Yeah, sure. We continue to see the funds that were that vintage where we expected some carry coming in fiscal 2027, 2028, and 2029 to mature. I would say some of those funds are performing or outperforming expectations. Some are either slightly behind from a return perspective or from a timing perspective. So we just continue to monitor that. We have had some, I would say, marginal contribution from that over time. The FRE side is really what has been driving the increase you see year-over-year, as well as the percentage on Amber's slide with distributions. So we can see some lumpy carry here and there, kind of starting probably in the back end of fiscal 2027. For the most part, we continue to see the AUM and the highly profitable FRE stream, which again, we think is super valuable, grow and compound over time.

Speaker #3: I would say some of those funds are performing at, or even outperforming, expectations. Some are either slightly behind from a return perspective or from a timing perspective.

Speaker #3: So we just continue to monitor that. We've had some, I would say, marginal contribution from that over time. And the FRE side is really what's been driving the increase.

Speaker #3: You see year-over-year as well as the percentage on Amber's slide with distributions. So we should see—we can see—some lumpy carry here and there, kind of starting probably in the back end of fiscal '27.

Speaker #3: But for the most part, we continue to see the AUM and the highly profitable FRE stream, which, again, we think is super valuable, grow and compound over time.

Speaker #5: Thank you very much.

Amber Stoney: Thank you very much.

Speaker #2: Thank you. Your next question comes from Nick from Ballon Joey. Please go ahead.

Operator 2: Thank you. Your next question comes from Nick from Barrenjoey. Please go ahead.

Operator: Thank you. Your next question comes from Nick from Barrenjoey. Please go ahead.

Speaker #1: Did I just have a question around stable expected kind of return that that should produce in FY27? And, obviously, you've had a little bit of asset growth as well since the announcement when you acquired it. Just— and then, how to think about the timing of that? Presumably that comes through all in January, very predictable.

[Analyst] (Barrenjoey): Good day. Just a question around Stable expected return that should produce in FY27. They have obviously had a little bit of asset growth as well since the announcement when you acquired it. Then how to think about the timing of that. Presumably, it comes through all in January, very predictable. So by February, we will know what that portfolio has contributed to NGI. Is that right?

[Analyst] (Barrenjoey): Good day. Just a question around Stable expected return that should produce in FY 2027. They have obviously had a little bit of asset growth as well since the announcement when you acquired it. Then how to think about the timing of that. Presumably, it comes through all in January, very predictable. So by February, we will know what that portfolio has contributed to NGI. Is that right?

Speaker #1: So by February, we'll know what that portfolio has contributed to NGI. Is that right? Why don't I answer initially, and then Ross can dive into some more details, Nick.

Stephen Darke: Why do not I answer it initially, and then Ross can dive into some more details, Nick. It is obviously a great question. I think the market is going to be very focused on the bridge from FY26 to FY27, and we have obviously called out that we believe it is going to be a meaningful number. I actually think, the consensus on this looks pretty bright. I would say that we did think about whether we put up a pro forma numbers of FY26 for Stable, but given we did not hold the portfolio for any of that year, we did not believe that was the right thing to do.

Stephen Darke: Why do not I answer it initially, and then Ross can dive into some more details, Nick. It is obviously a great question. I think the market is going to be very focused on the bridge from FY26 to FY 2027, and we have obviously called out that we believe it is going to be a meaningful number. I actually think, the consensus on this looks pretty bright. I would say that we did think about whether we put up a pro forma numbers of FY26 for Stable, but given we did not hold the portfolio for any of that year, we did not believe that was the right thing to do.

Speaker #1: I mean, that's obviously a great question. I think the market is going to be very focused on the bridge from FY26 to FY27.

Speaker #1: And we've obviously called out that we believe it's going to be a meaningful number. And I actually think the consensus on this looks pretty bright.

Speaker #1: I would say that we did think about whether we put up a pro forma number for FY26 for Stable, but given we didn't hold the portfolio for any of that year, we didn't believe that was the right thing to do.

Speaker #1: And also, we thought it actually was misleadingly low because that number would have been maybe in line with CY25 distributions, but it doesn't pick up the asset growth, as we've highlighted, of 19% calendar year to date, nor the power of the performance features utilization that's coming up on 31 December.

Stephen Darke: Also, we thought it actually was misleadingly low because that number would have been maybe in line with CY25 distribution, but it does not pick up the asset growth, as we have highlighted, of 19% calendar year to date, nor the power of the performance fee crystallization that is coming up on 31 December. So I would just finish by saying, we feel very good about the earnings accretion announcement being refreshed to data as that we did in May, and also we feel very good about the underwriting case. Some of it is actually performing perhaps slightly ahead on investment performance. So, we did not want to provide a bridge because I think we sit here in August, 11 months away from the next year. I think it is difficult for an asset management firm, especially one where it has got just over 50%, relative to performance fees, to give any prediction.

Speaker #1: So I would just finish by saying we feel very good about the earnings accretion announcement, the refreshed data that we did in May, and also we feel very good about the underwriting case.

Speaker #1: Some of it is actually performing perhaps slightly ahead on investment performance. So, we didn't want to provide a bridge, because I think as we sit here in August, we're 11 months away from the next year.

Stephen Darke: Some of it is actually performing perhaps slightly ahead on investment performance. So, we did not want to provide a bridge because I think we sit here in August, 11 months away from the next year. I think it is difficult for an asset management firm, especially one where it has got just over 50%, relative to performance fees, to give any prediction. But we feel very good about how the transaction's growing around it. Ross, do you want to add anything more specific to Nick's question?

Speaker #1: I think it’s difficult for an asset management firm—especially one where it’s got just over 50% relative to performance fees—to give any prediction, but we feel very good about how the transaction’s growing around it.

Stephen Darke: But we feel very good about how the transaction's growing around it. Ross, do you want to add anything more specific to Nick's question?

Speaker #1: Ross, do you want to add anything more specific to Nick's question?

Speaker #3: Sure. The only thing I would add, and Nick's adding to the back end of your question to complete the thought—I obviously agree with everything Steve said—is that yes, we will know more, and we'll know more earlier on that portfolio than we do on the NGI strategic portfolio.

Ross Zachary: Sure. The only thing I would add, Nick, jumping to the back end of your question to complete the thought, obviously agree with everything Stephen said, is that, yes, we will know more earlier on that portfolio than we do on the NGI Strategic portfolio. Where in the NGI Strategic, as you are probably more familiar than most, we really do not know until, call it March, April, if not May, in terms of how the profit distributions that are impacted by annual performance fee revenues end up. With regards to this NGI Stable Growth Portfolio, we should know by our February results how the performance fee side is coming through. We will obviously have two more quarters of management fee-driven revenue shares in our annual results, but by February results, we should be able to provide an update on that.

Speaker #3: Where in the NGI strategic, as you will, you're probably more familiar than most, we really don't know until, call it March, April, if not May, in terms of how the profit distributions that are impacted by annual performance year revenues end up with regards to this NGI stable growth portfolio.

Speaker #3: We should know by our February results how the performance fee side is coming through. We'll obviously have two more quarters of management fee–driven revenue shares in our annual results, but by the February results, we should be able to provide an update on that.

Speaker #5: Sure. And then my understanding is you kind of credit against the acquisition, the dividends, or the output of last financial year. Is that right?

[Analyst] (Barrenjoey): Sure. My understanding is you credit against the acquisition, the dividends or at the output of last financial year. Is that right? So that adjustment comes through once you account for the acquisition in FY2027 in terms of, obviously, we just saw the cap raise in the accounts this year, but the actual payment and the acquisition accounting reflects that distribution.

Speaker #5: That's that adjustment comes through once you account for the acquisition in FY 27 in terms of obviously we just saw the cap raise in the account CC, but the actual payment and the acquisition accounting reflects that distribution.

Speaker #6: Yes. So, the timing was good from my perspective of a July 2nd settlement. So it's not in the June 30 financials, and you'll see all of that acquisition accounting will be in the half-year.

Amber Stoney: Yes. So the timing was good from my perspective of a 2 July settlement, so it is not in the 30 June financials, and you will see all of that acquisition accounting within the half year. I will say, though, some of the transaction costs with the cap rates were actually recognized in 2026, but a lot of those have gone through directly to equity as required under the accounting standards.

Speaker #6: I will say, though, some of the transaction costs with the cap rates were actually recognized in '26, but a lot of those have gone through directly to equity as required under the accounting standard.

Speaker #5: All right, cool. And then maybe just one last one from me. The progress at the new partner firms is looking really good—I think over $20 million of contribution. Just maybe, Ross, if you can give us an update on where they're at in terms of realizations or new raises, and if there's anything to think about year to year with those, because I know sometimes it can be lumpy.

[Analyst] (Barrenjoey): All right, cool. Then maybe just one last one from me. The progress at the new partner firms is looking really good. I think over USD 20 million of contribution. Just maybe, Ross, if you can give us an update on where they are at in terms of realizations or new raises and if there is anything to think about year to year with those, because I know sometimes it can be lumpy.

Speaker #3: Yeah, no, happy to. It's a mixed bag in terms of everything's going well, but to your point, Carrie, versus FRE, we are super proud that Invictus, Marble, and 1315 are all on track to hit their targeted fundraisers.

Ross Zachary: Yeah. No, happy to. It is a mixed bag in terms of everything is going well, but in terms of, to your point, carry versus FRE. We are super proud that Invictus and Marble Capital and 1315 Capital are all on track to hit their targeted fund raises. In the private markets, as we have said for the last, call it two, three reporting periods, it is really challenging. You see very successful private market firms with funds that are smaller than their predecessor. We do not see that happening here. Invictus raised over USD 2 billion across their fund complex. For the, call it one and a half, two years, they are done now. We are very confident that Marble Capital is going to hit, if not exceed, their USD 800 million target by the end of this year, and 1315 Capital is out with their USD 750, 800 or so for their next two simultaneous funds.

Speaker #3: In the private markets, as we've said for the last call at two or three reporting periods, it's really challenging. You see very successful private market firms with funds that are smaller than their predecessors.

Speaker #3: We don't see that happening here. Invictus raised over $2 billion across their fund complex. For the call it one and a half, two years, they're done now.

Speaker #3: We were very confident that Marble is going to hit, if not exceed, their $800 million target by the end of this year. And 1315 is out with their $750 million, $800 million or so for their next two kind of simultaneous funds.

Speaker #3: That's likely going to go through the end of our fiscal '27, but they're making a lot of progress and doing quite well, although their portfolio isn't performing well.

Ross Zachary: That is likely going to go through the end of our fiscal 2027, but they are making a lot of progress and doing quite well, and their portfolios are performing well. Georgian also, as you know, the nature of that transaction was for the full USD 100 million of consideration to primarily be used to support the next few fund raises. So they are actually going out very shortly to raise their next two funds. The first one is their Fund VII, their flagship growth fund, as well as their second version of what they call their Breakout Fund, which is a very much in vogue, as needed, step up for individual funding rounds. So we are really optimistic. They would be targeting over USD 1 billion across those two as well. So there is a lot of momentum for continued fundraising.

Speaker #3: Georgian also, as you know, the nature of that transaction was for the full $100 million of consideration to primarily be used to support the next few fundraisers.

Speaker #3: So they're actually going out very shortly to raise their next two funds. The first one is their Fund VII, their flagship growth fund, as well as their second version of what they call their Breakout Fund, which is very much in vogue—kind of an as-needed, step-up for individual funding rounds.

Speaker #3: And so we're really optimistic. They would be targeting over $1 billion across those two as well. So there's a lot of momentum for continued fundraising.

Speaker #3: In terms of the increment and the increase of the $20 million of profit distributions this year, it's primarily still Marble and Invictus, just given their season more.

Ross Zachary: In terms of the increment and the increase of the USD 20 million of profit distributions this year, it is primarily still Marble Capital, Invictus, just given they are seasoned more. I would say Invictus' growth this year especially, has been really impressive. Starting to see that USD 2 billion of AUM come online, but also a pretty meaningful increase in their origination or lending volume creates additional kind of ongoing earnings, and that is what contributed there. So long way of saying is that good fundraising to date, more coming, and we have not seen 1315 Capital or Georgian contribute in that USD 20 million yet.

Speaker #3: And I would say Invictus’s growth this year especially has been really impressive. Starting to see that $2 billion of AUM come online, but also a pretty meaningful increase in their kind of origination or lending volume creates additional ongoing earnings.

Speaker #3: And that's what contributed there. So, long way of saying is that good fundraising to date, more coming. And we have not seen 1315 or Georgian contribute in that $20 million yet.

Speaker #5: Cool. Thank you.

[Analyst] (Barrenjoey): Cool. Thank you.

Speaker #2: Thank you. Yeah. Next question comes from Laugh Sotorio from MSD. Please go ahead.

Operator 2: Thank you. Your next question comes from Laf Sotiriou from MST. Please go ahead.

Operator: Thank you. Your next question comes from Laf Sotiriou from MST. Please go ahead.

Speaker #7: Hi, good morning, guys, and thanks for the opportunity to ask some questions. I'm a little bit surprised with the single slide on stable, which is largely a rehash of stuff we already know.

Laf Sotiriou: Good morning, guys, and thanks for the opportunity to ask some questions. I am a little bit surprised with the single slide on Stable, which is largely a rehash of stuff we already know. Is this what we should expect to see going forward on the level of disclosure now that you own the business?

Speaker #7: Is this what we should expect to see going forward in terms of the level of disclosure now that you're in the business?

Speaker #1: No. Hi, Laugh. Thanks for joining the call and asking the question. No, that's not the expectation going forward. The expectation going forward is that it will be disclosed as per the rest of NGI Strategic and rolled up into that, and you'll be able to see the same metric.

Stephen Darke: No. Hi, Laf. Thanks. Thanks for joining the call and asking the question. No, it is not the expectation going forward. The expectation going forward is it will be disclosed as per the rest of NGI's strategic and rolled up into that, and you will be able to see the same metrics. I think you are right. We have effectively updated the key financial metrics with the impact of Stable. We have also called out the growth of Stable on AUM in upfront and other metrics here today. Happy to take it offline, but a simple spreadsheet modeling out the impact of the metrics we have put here will effectively tell you the distributions. I think that is the way for us to articulate this, is to provide the inputs and to talk you through it.

Speaker #1: I think when you are right, we've effectively updated the key financial metrics with the impact of stable. We've also called out the growth of stable on an AUM in a front and other metrics year to date.

Speaker #1: Happy to take it offline, but a simple spreadsheet modeling out the impact of the metrics we've put here will effectively tell you the distributions.

Speaker #1: And so I think the way for us to articulate this is to provide the inputs and to talk you through it. But I think it's very hard to make a prediction here in August when we do have performance with revenue streams that come off the back of this.

Stephen Darke: But I think, it is very hard to make a prediction here in August when we do have performance fee revenue streams that come off the back of this. Now you will be expecting enhanced disclosure once we actually own the portfolio. We did not own the portfolio for this period of time. It was a matter of some discussion. We thought that would be misleading on the downside given how well it is actually going.

Speaker #1: But no, you should be expecting enhanced disclosure once we actually own the portfolio. We did not own the portfolio for this period of time. It was a matter of some discussion. We thought that would be misleading on the downside, given how well it's actually going.

Speaker #7: Yeah, I get that. But there's always some metrics you can give us, or a bit more color on the breakdown—or how some of the underlying funds or strategies are going.

Laf Sotiriou: Yeah, I get that, but there is always some metrics you can give us on, a bit more color on the breakdown or how some of the underlying funds or strategies are going. Maybe could you add some color around possibly the net flows in the business since you, like in the June quarter, can you give us any color and how it has gone so far this financial year or into this current quarter?

Speaker #7: But maybe could you let us add some color around possibly the net flows in the business since you in the June quarter? Can you give us any color on how it's gone so far this financial year?

Speaker #7: Or into this current quarter?

Speaker #1: Yeah. Why don't I answer broadly, and then Ross, you jump in for sure. But what I will tell you is that, just like the rest of our portfolio in the financial year, this calendar year Stable has contributed its growth from both investment performance and from net inflows.

Stephen Darke: Yeah. Why do not I answer broadly and then Ross, you jump in for sure. What I will tell you is that, just like the rest of our portfolio in this financial year, this calendar year, Stable has contributed its growth from both investment performance and from net inflows. You may have the numbers at hand, Ross, although I said we have not owned the portfolio for six to seven months at that. But I will tell you, just like NGI Strategic, investment performance has been indeed the dominant driver, like you do see in leading alternatives managers. In terms of more color around specifics, and how some of the larger managers perhaps are going, Ross, do you want to talk a little bit about Paradigm and HarbourView and others to give Laf some color?

Speaker #1: You may have the numbers at hand, Ross, although I said we haven't owned the portfolio for six, seven months at that. But I will tell you, just like NGI strategic, investment performance has been, indeed, the dominant driver.

Speaker #1: You do see in leading alternatives managers. In terms of more color around specifics, and how some of the larger managers perhaps are going, Ross, do you want to talk a little bit about Paradigm and Harborview and others, to give Laugh some color?

Speaker #3: Sure. Yeah. What I would say is Laugh and great to talk to you is that there has been organic growth in the first six months of the year, which is kind of the period obviously where most focus on to hit our earnings coming in the future.

Ross Zachary: Sure. Yeah. What I would say, Laf, and great to talk to you, is that there has been organic growth in the first six months of the year, which is kind of the period, obviously, we are most focused on to hit our earnings coming in the future. There is both closed-end fund growth, as Stephen said, at firms like HarbourView, and then some of the larger hedge funds are growing. One quick reminder from the announcement is even though they are on average smaller than the NGI Strategic portfolio and Lighthouse, they are targeting these large institutional mandates, which do take some time. So the flows happen to be lumpy. We hope they come in very frequently, but they come in kind of in size and lumpy.

Speaker #3: There's both closed-end fund growth, as Steven said, at firms like Harborview, and then some of the larger hedge funds are growing. One quick reminder from the announcement is even though they are on average smaller than the NGI strategic portfolio and Lighthouse, they are targeting these large institutional mandates, which do take some time.

Speaker #3: So, the flows happen to be lumpy. We hope they come in very frequently, but they come in, kind of, in size and lumpy. Since the transaction itself, one bright spot is, as Steven highlighted, one of the firms did launch a brand new product with multiple hundreds of millions of dollars, and that was raised very easily.

Ross Zachary: We hope they come in very frequently, but they come in kind of in size and lumpy. Since the transaction itself, one bright spot is, as Stephen highlighted, one of the firms did launch a brand-new product with multiple hundred million USD, and that was raised very easily, so there is very good momentum. That is kind of, I think, where I would leave it, unless there is anything, Stephen, specific you want me to highlight.

Ross Zachary: Since the transaction itself, one bright spot is, as Stephen highlighted, one of the firms did launch a brand-new product with multiple hundred million USD, and that was raised very easily, so there is very good momentum. That is kind of, I think, where I would leave it, unless there is anything, Stephen, specific you want me to highlight.

Speaker #3: So there's very good momentum. But that's kind of, I think, where I would leave it, unless there's anything, Steven, specific you want to highlight.

Speaker #7: Or just more generally, was it in positive flows or negative? It's great that one strategy had positive flows. I'm just trying to get some color on that.

Laf Sotiriou: Or just more generally, was it in positive flows or negative? It is great that one strategy had positive flows. I am just trying to get color on, was the June quarter positive since you announced the transaction? Has it started this quarter positive? Any color on that as a whole?

Speaker #7: Was the June quarter positive since you announced the transaction? Has it started this quarter positive? Any color on that, as a whole?

Speaker #3: As a whole, it was about flat for the quarter. But again, that's just one quarter across 17 institutional firms. So, obviously, if I look at the managers, some were materially inflows.

Ross Zachary: As a whole, it was about flat for the quarter, but again, that is just one quarter across 17 institutional firms. So obviously there is, if I look at the managers, some were materially inflows, a couple of them had outflows, but directionally, very positive.

Speaker #3: A couple of them had outflows, but directionally, very positive.

Speaker #7: And just to double-check, before you bought it, what were the flows looking like in the two or three quarters before that? Was it positive or largely flat as well?

Laf Sotiriou: Just to double-check, so before you bought it, what were the flows looking like the two, three quarters before that? Was it positive or largely flat as well?

Speaker #3: It was positive. And again, we weren’t really— not to be difficult, laugh— I can’t say that I really do look at quarterly flows that carefully here.

Ross Zachary: It was positive. Again, we weren't really. Not to be difficult, Laf, I can't say that I really do look at quarterly flows that carefully here. We're talking to Stable to understand what types of institutional mandates and products are being launched and really looking at an annual basis, and when we look back how these firms were built and grown since Stable's seed or acceleration capital in, the flows were obviously quite positive.

Speaker #3: We're talking to Stable to understand what types of institutional mandates and products are being launched, and really looking at it on an annual basis. And when we look back at how these firms were built and grown since Stable's seed or acceleration capital in, the flows were obviously quite positive.

Speaker #7: All right. Got it. Thank you.

Laf Sotiriou: All right. Got it. Thank you.

Speaker #2: Thank you.

Operator 2: Thank you.

Operator: Thank you.

Speaker #1: Thank you.

Stephen Darke: Thanks very much for your time.

Speaker #2: There are no further questions.

Operator 2: There are no further phone quest-

Operator: There are no further phone quest-

Speaker #1: Yeah, go ahead.

Stephen Darke: Yeah, go ahead.

Speaker #2: All right. There are no further phone questions at this time. I will now hand back to Mr. Dark for closing remarks.

Operator 2: There are no further phone questions at this time. I will now hand back to Mr. Darke for closing remarks.

Operator: There are no further phone questions at this time. I will now hand back to Mr. Darke for closing remarks.

Speaker #1: I think, just given the time, Ryan, we might need to wrap it up because we're out of time. We're going to go to the next meeting.

Stephen Darke: I think just given the time, Ryan, we might just wrap it up because we are out of time. We have got to go to the next meeting. But I appreciate everyone's support in joining the call, and certainly on behalf of the management team, we are very excited about FY27 to be able to convert a lot of this great AUM into earnings and to deploy the capital effectively and accretively. Thanks for your time, and I look forward to investor meetings in the coming weeks.

Stephen Darke: I think just given the time, Ryan, we might just wrap it up because we are out of time. We have got to go to the next meeting. But I appreciate everyone's support in joining the call, and certainly on behalf of the management team, we are very excited about FY 2027 to be able to convert a lot of this great AUM into earnings and to deploy the capital effectively and accretively. Thanks for your time, and I look forward to investor meetings in the coming weeks.

Speaker #1: But I appreciate everyone's support and joining the call. Certainly, on behalf of the management team, we are very excited about FY27 and the opportunity to convert a lot of this great AUM into earnings, and to deploy the capital effectively and accretively.

Speaker #1: Thank you for your time, and I look forward to investor meetings in the coming weeks.

Speaker #2: Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

Operator 2: Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

Operator: Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.

Ross Zachary: Goodbye.

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