BRM

No stated targets, forward-work book, or guidance were disclosed, and as a listed investment vehicle the result is inherently driven by mark-to-market portfolio movements rather than a repeatable revenue run-rate. The HY25/FY25 shape is the only forward signal available and it is negative: H2 revenue of NZ$1.2m and an H2 NPAT loss mean the exit trajectory into FY26 is materially weaker than the full-year averages suggest.

• What drove the H2 reversal — was it specific portfolio holdings, sector exposure, or broader market mark-downs?
• The NZ$24.8m equity increase exceeds NZ$7.9m NPAT by roughly NZ$17m; the release extract does not make the source (share issuance, DRP, other comprehensive income) explicit.
• With payout at 56.6% of NPAT and operating cash flow negative, how is the dividend being funded going forward?
• No capex, free cash flow, NTA per share, or portfolio concentration detail is disclosed in the extracted material.

This briefing cannot assess portfolio composition, underlying holding-level performance, or NTA-to-price valuation, none of which were provided in the extraction.