What I want to understand is the free cashflow after sustaining...

What I want to understand is the free cashflow after sustaining capital and co-investment for new funds. On 250m shares, EPS is looking huge, until you consider the redeployment of capital to support growth. At the CFO has mentioned, debt is poison for a business model like this, even at times of historical low interest rates. I have a large percentage of my portfolio wrapped up on OBL (since early IMF days) and I am comfortable with the growth story (as it suits my financial position). However, at some point, when the funds management business model is better established (~3 yrs), I would like to see a combination of sustainable reinvestment from continued growth and progressively growing dividends. The company, by nature, is conservative and I love that they are the type of play that under-promises and over-delivers. I say keep doing what you're doing.