Ann: Agreement to Invest in Cordillera Investment Partners, LP, page-7

Hi @ipsofactoid.
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Not disagreeing with your analysis. Just making note that they have probably bought 24.9% making the company Val approximately US$120mil. The 16.4% is a share of revenue not profit plus a share performance fees also.

This is a preferred method Paul has stated they like to structure deals where possible. The income is more predictable I guess but possibly limits the upside and downside.

. I’m glad they’ve allocated the $30mil even though it’s just break even and hopefully they won’t draw down any more unless they can purchase higher returning assets at better rates of return.

Also looking forward to end of quarter FUM ,expecting it the be good and it might keep to SP momentum continuing in and upwards direction.

Cheers Greg