24 good growth assets. How we define excess cash is subject to change depending on market conditions. And as Dan will explain, we are always looking at opportunities, and we must be mindful of liquidity in terms of a changing deal pipeline that could extend beyond a year. Now just a few comments on our revolver and our liquidity. I view our revolving credit facility as a key strategic financing tool and a tool that is flexible and low cost. We increased our revolver capacity to $1.4 billion from $1 billion in the third quarter of last year. Our revolver has commitments from seven banks, many of which are represented here today, and I again thank each one of you for your continued support of Royal Gold. We have a long history of drawing on our revolver to fund acquisitions and paying it back quickly from operating cash flows. Prior to last year with the Sandstorm acquisition, we had not issued shares since 2012, and we financed high-quality acquisitions like PV, Cortez, and Kansanshi off of the revolver. These are multi-decade assets and the short-term interest cost of using the revolver is greatly outweighed by the long-term value of those assets that we acquired. Since the closing of the Sandstorm transaction, we have been focused on debt servicing. Upon closing in late October, we had just over $1.2 billion of debt outstanding. While this was low from a perspective of leverage ratio, this was the highest level of debt we have ever carried here at Royal Gold. And as illustrated on the slide here, we have made significant progress in reducing our debt and rebuilding our liquidity. Since November, we have repaid $625 million on our revolver and now have $600 million outstanding and $800 million available. At these metal prices and absent any significant acquisitions, I expect to have the remaining revolver repaid in late Q4 or early Q1 of 2027. This is about two quarters ahead of when we expected when we closed the Sandstorm transaction. As Jason mentioned, we also have realized some value from the sale of some noncore assets that we acquired from Sandstorm. But more importantly, the pace of this debt repayment should provide a really good sense of the cash flow generation potential from this expanded portfolio. As others have said before me, 2025 was indeed a transformational year for Royal Gold. In a short period, we have returned our balance sheet to a strong position, and we have rebuilt our liquidity, ensuring we can remain active in new opportunities. And with that, I'll now turn things over to Dan Breeze, who's going to give us an update on the current business development market. Daniel Breeze: All right. Thanks, Paul. Good afternoon, everybody. Over the next few minutes, I'd like to share some of our thoughts on the trends we're seeing in the streaming and royalty