Ann: Half Year Report and Appendix 4D, page-2

Reading through this now. Paragraph 4 they discuss the performance fee:

"The Company did not accrue any performance fee for the half-year ended 30 June 2020. The Company’s performance fee is structured with benchmark hurdles and a high-water mark. Therefore, based on the capital structure and debt drawn at 30 June 2020, the Company’s net assets would need to increase by approximately $49 million to trigger a performance fee in 2020."

I know this means that the underlying NAV has taken a hit, but this is a cash flow play. I think it is interesting that they have put it quite so high in the document though, possibly glancing on HotCopper every so often.