25 sector. We're going to look at the approach that we take to business development. That's where I spend most of my time with the company. Then we'll look at where we think we're unique in the markets and where we have a competitive advantage, and we'll give you some examples in the portfolio to speak to that. We'll look at some returns of several key assets in the portfolio, really, just to show how our approach has worked over the long term to deliver shareholder returns in the long term. We were one of the first companies in the sector. We've been around for about four decades, and we believe that we've built an internal capacity and skill set to compete and succeed in this market. We are very much like a portfolio manager in so much as we have some of the same attributes, but we never sell our investments. We hold in perpetuity. That means our process is very important to us in terms of how we make these investments in the first place. So, let's start with this slide which is looking at the broad sector across a period of time about 15 years or so. This shows the dollar value of stream royalty transactions as well as corporate M&A over that time period. I think there are a few takeaways to highlight to you. The first is you'll notice that transactions in our sectors, they tend to be very lumpy from year to year. We -- in the sector, we tend to be deal takers. At the end of the day, we are relying on external factors like what's happening in the commodity market, what's happening in the mining sector, how healthy it is. So, that's just the lay of the land in terms of how things generally work. Secondly, there is a general trend you'll notice as we move to the right side of the chart of an increasing dollar value of transactions over time. 2025, you can see, it was a record year in our industry for both royalty and stream transaction stand-alone deals as well as M&A. Royal Gold accounted for roughly half of the transactions that were done last year. Then again, you can see on the chart, 2026, we're already at a record year for stand-alone stream and royalty deals. The trend indicates that we are a growing sector. I think it's a really good message for the market to leave. Given that there is increasing liquidity to deploy in our sector, as Paul has talked about, specific to Royal Gold. Lastly, corporate M&A is infrequent, but you can see it's picked up somewhat over the last few years. There has been some consolidation in the industry, mostly in the smaller end of the market. Certainly, we were active, as we've talked about with Jason's section, with our deal with Sandstorm and Horizon Copper last year. So, continuing on with the sector with this chart, this shows three broad categories of peers, again over that 15-year time span. We have the so-called Big Three, that's where Royal Gold fits in, that's the gold bars, the mid-caps, the dark blue bars, and then the smaller cap names and other nontraditional players in the sector with the light blue bars. Market share here is measured as a percentage of the total dollar value of new streams and royalties that transacted in a year, So, it doesn't include third-party royalties in this data set. You can see as we move from left to right on the left side, early in the life of our sector, the larger and at that time more established companies were the most active, and that's not surprising to see.