6 on the metal delivered to us. These aren't costs that can be managed by finding a new supplier or substituting new raw material inputs into our product. I would say the more impressive figure is to say that adjusted EBITDA is around 95% of net revenue. Our cash G&A is only 4% of revenue. It's primarily composed of people costs, professional fees, like accounting and legal and the cost of maintaining our four offices. Look, we're exposed to higher cost-of-living adjustments and professional fee increases, but these are pretty nominal relative to the scale of the business. This is probably my favorite slide in the deck. You consider that 39 people manage the company with 360 properties, $1 billion in revenue and a $20 billion market capitalization. I think it says a lot about the people, and it says a lot about the business model. We always like to put the tech darlings up here. They are, notwithstanding their size, their market influence and their publicity -- we're a far more efficient business on a per employee basis. So, we have the highest percentage of gold in our revenue base than any other company in our sector and that consistent focus has allowed us to show really strong results over the last decade. So, we always have new commodity fads. We get asked about investing in things like rare earths and lithium. I think about seven years ago, we had an institutional investor asked why we didn't have Bitcoin on the balance sheet. But we try to stick to what we know. We know the gold market. We know the precious metal space. We have to know the base metals to the extent the underlying mines are producing the bi- product metals to form the basis for our revenue. I don't categorically rule out other commodities. It's just not part of the core strategic focus of the business, and we have to be able to understand the markets. So, as you can see by the stat on the right, we have a higher beta to the gold price and actually a muted yet positive correlation to the market as a whole. And as we said, we're in investment for all cycles as opposed to investment for a certain part of the cycle or a countercyclical play. I mentioned our dividend history a bit earlier, but we always like to highlight our record. We don't target a payout ratio. We don't target a yield. We just try to increase the dividend rate every year. Someone may look at the payout ratios and think there is a scope for much higher dividends to the shareholders. And we just -- we like to caution that when we look at one individual year's increase, we also look to see if we can maintain that record over a longer period of time. So -- and to us, that's the evidence of long-term sustainability of the business. one year's payout increase is done with an eye towards the potential to continue that in the future. I would say even in our large investment years in 2015 and 2025, a higher dividend rate was approved by the Board. My final introductory comment surrounds accretive growth -- the fact that we have already returned 20% of issued equity capital over the past few decades. I think it's even more impressive to me when you consider it includes the equity issued for the Sandstorm