26 As we move to the middle part of the chart, the growth of the emerging mid-cap names picked up and that increased competition, and it did reduce and erode market share from the Big Three, as you can see. But since the early 2020s, the major companies have reclaimed the market share that they lost. The question is, what's happened to the market? What's driving this? There's no doubt that competition is still very, very much strong. It hasn't really changed over that time span, but deals are trending to the larger size. What that means is the cost of capital in our industry is becoming a much more important factor when we're competing against, in this case, usually debts where we're looking at large opportunities, and scale and size really make a difference in the market. So, I think that's the trend that we're generally seeing at the moment in the sector. So, let's turn and look a little bit more closely at the streaming markets with this slide. Streaming has really grown to be the dominant form of financing compared to royalties. That's really due to efficiencies that both the operator and the streamer gain by using the stream product. For us, if you look back at our 2025 revenue, streaming accounted for roughly two-thirds of our revenue, just to give you a sense about how it fits in our portfolio. Although we are economically indifferent between streams and royalties, we tend to be more focused on streaming opportunities. And that's just because they tend to be larger in size, and we can write our own contracts and tailor them to what we need to protect ourselves. So, that's generally how we look at things. This slide shows the transaction size distribution and average deal size over the last 20 years. And again I think there are a few points that we can leave with you. The first is when we look at the pie chart, the majority of stream transactions have been less than $300 million in size. The market is generally made up of a number of smaller deals at the end of the day. But for us, Royal Gold, say a $200 million deal is material to us given our relative size in the market -- that's probably not the case for our larger peers. They have to put a few of those deals together to kind of make up with that materiality that we see right away. Secondly, the average deal size has trended up in the last few years. I just mentioned that in the last slide, but you can see that on the bar chart here. And again I think it's just a function of the market that we're seeing right now. Forty percent of the large deals, let's say the $500 million-plus deals going back over -- going back to 2004, have transacted in the last six years. So, there's been an acceleration of the large deals in our market. Part of that growth is because the stream financing product has become more mainstream. What we find is most operators now include streaming as part of their menu when they look at options in terms of how they're going to finance a project. The final point is, although large deals, as we can see here, are quite rare in our industry, we believe that we have the experience and the creativity and liquidity to compete and win on these transactions like the $1 billion Kansanshi gold stream that Jason talked about last year -- that was one of the largest stand-alone stream deals ever in the sector to trade.