Lowell - comment

Fundamentally, Lowell’s Q425 is of course, not far off projections this morning. This business doesn’t move erratically. The Wolf IV deconsolidation is now reflected in the annual accounts with a big adjustment for removing 8 months of the business. The DACH contribution to the collections business collapsed as the company pivots that business towards servicing, capital light, but we have yet to trace the implied profitability and cash contribution of the servicing business - the warped accounting methodology makes this a task. The remaining DACH book seems to be in run-off now. The pivot explains the lower purchases. Considering the ongoing situation, this disclosure will not move any bonds.