Ann: FY22 Investor Presentation, page-8

This was a pretty good result and preso all things considered. I've previously said here that they should go into run off and return cash to shareholders given the persistent and often large discount to NTA and bizarre appointments to a board already too big that made me nervous would try to branch GMA/HLI into some new venture. However this preso, decisions to return a good amount via div, and the investor day preso gives me confidence, especially when you look at the LTV vintages. Had planned to sell down today but can't justify it.