Our business is global, and we have been successful in investing globally for decades. You know, without having a physical presence in Europe, we were able to make great investment years ago, for example, in Humira, a transaction we did acquiring that royalty from Asos Zeneca and Cambridge Centre for Technology. We now have presence in Europe, not yet in China, but that doesn't mean that we're not looking at things in China. And what we have done and do is just, you know, travel and go and meet companies and meet them when they come to the US, which has obviously, you know, happens all the time. So we do, you know, if you look at the top Chinese biotech companies that are really developing great technologies and licensing them to Western companies, we've known them for 10 years, 15 years, have had dialogues with them. and you know uh keep in touch and i think we intend to actually increase our interactions or in in china and plan to to be there this year again marcel yeah chris thanks and thanks for your question i think what you point out is exactly right i think our track record since the since the ipo and the growth in the number of opportunities you know i think hopefully has convinced um convinced everyone about what we saw when we went public, which is we thought the opportunity for royalty-based funding for alternative forms of capital in biopharma was a big opportunity and something that we were excited about capturing.

Feb 11, 2025 / receipt, needs a key / Marshall, other | earnings call 2025-02-11 | transcript c2f97de4-f4f2-441f-ae5d-b34a603c4d07 | chars 31788-33239 | segment 32

(-) $0.4 - 0.5bn Interest paid

ir_statement / Sep 15, 2026 / receipt

(-) 4% - 5% Operating expenses

ir_statement / Sep 15, 2026 / receipt

Buyback Authorization(2)

ir_statement / Sep 15, 2026 / receipt

Adjusted EBITDA margin expected to increase

ir_statement / Sep 15, 2026 / receipt

Headcount growth, 2020-2025e

ir_statement / Sep 15, 2026 / receipt

Internalization will drive efficiencies

ir_statement / Sep 15, 2026 / receipt

Strengthens alignment and governance; realizing significant cost savings

ir_statement / Sep 15, 2026 / receipt

(-) 4% - 5% Operating expenses

ir_statement / Sep 15, 2026 / receipt

Consistently strong bottom-line growth with path to >$7.50 in 2030

ir_statement / Sep 15, 2026 / receipt

Reflects cash savings from internalization of manager

ir_statement / Sep 15, 2026 / receipt

(-) $0.4 - 0.5bn Interest paid

ir_statement / Sep 15, 2026 / receipt

(-) 4% - 5% Operating expenses

ir_statement / Sep 15, 2026 / receipt