28 concentration risk. What does this asset do to the NAV makeup of the overall portfolio? And then we consider whether the investment in the asset quality will ultimately upgrade the portfolio as an ultimate test. Ideally, we prefer to identify opportunities through relationships and our own initiatives, working towards a bilateral opportunity and transaction. That's what we covered the most. But what we are seeing is more opportunities. In particular, the larger ones are ending up in adviser-led processes, and we're competing against our peers as well as other forms of capital. We may pass on an opportunity for various reasons, but if there isn't a fatal flaw, we'll continue to monitor it. Maybe there's a study that will come out that will derisk the opportunity, and we'll go back and revisit it and see if there's an opportunity for us to put some money to work. I'm going to spend a moment looking at our evaluation and execution process with this slide. The process involves professionals from a number of fields of expertise working together, typically under very tight timelines. We get Bill very active, given his background, he gets involved early in business development opportunities. Then we have access to the experience of the Royal Gold Board of Directors as well. We typically look at upwards of 100 opportunities in any given year. And we may only transact in one, or two or none -- as we're going to look at it in a moment on another slide. It just speaks to our very disciplined approach in terms of how we look at deploying capital. Through diligence, we establish a view on the asset and how the asset will perform over its life -- what are the risks, what are the opportunities. A key part of the diligence process is trying to uncover that intrinsic optionality in an asset, and we want to capture that because we believe that's one of the key reasons why our shares come at a premium in the marketplace. Diligence is followed by financial evaluation where we're determining the fair value for the investment. We're looking at the risk/rewards that we identified in the diligence process, then we need to structure the contract and protect our interests while, at the same time, trying to meet the unique requirements that might exist for a particular operator. Because these are perpetual agreements, at the end of the day we need to show some flexibility over the life of the contract to allow the operator to run their business without unreasonable constraints. So, we do consider that as well. These steps can be completed in two to three months from an agreed term sheet to final documentation, which I think is a competitive advantage when you look at other sources of capital, in particular, debt, which can take a much longer period of time. Thereafter, the contract needs to be managed. We have regular dialogue with most of our counterparties, and we go to site regularly for -- certainly for our larger investments as well -- again, making sure we have that baked into our contracts in terms of site visit and information rights. So, let's look at the Royal Gold transaction history with this chart. This shows more than $5.5 billion of stand-alone acquisitions have occurred over the last two decades or so.