This looks really solid Greenie,I reckon the management fees...

This looks really solid Greenie,

I reckon the management fees will actually come down in FY25 due to the portfolio write downs and do those direct property expenses from FY24 include the speculative fit out at Cremorne? If they do then that expense won't be repeated in FY25.

I noticed in the TGP presentation that at one stage they quoted the value of their stake in the listed private credit vehicle as it's share price but then quoted the value of their TOT stake at it's NTA so that might be where you've seen the discrepancy? The market value of their TOT co investment is 32 million whereas the NTA value is 50.3 million. I didn't love them doing that to be honest I thought it was quite misleading.

I do always read the TGP presentations because strangely they often give commentary on TOT in there that doesn't come out in the actual TOT presentations. The fund manager is sitting on 111 million dollars worth of cash and could take out the remaining 60 percent of TOT for 64 million dollars even if they wanted to offer 50 cents a share for it (still well below NTA). TGP described themselves as being "sub scale" in yesterday's presentation and I think this would be a logical way to increase the value of both TGP and TOT.

It was amazing to look back yesterday and see that TOT floated for $1.25 in early 2015 it's blown up a lot of capital value in that time.

I continue to think the fund holds very good assets considered in the context of the office sub sector but how much longer can we justify them effectively being trapped in a micro cap listed vehicle that trades at a 40% NTA discount?