Q2 results beat expectations, primarily driven by strong growth in the diversified royalty portfolio. Portfolio receipts rose +6% YoY to $773M, royalty receipts were up +14% YoY, ROIC 14.2%. On the business front, acquired AstraZeneca's cliramitug for up to $425M, securing a 3.75% global sales royalty, betting on ATTR-CM; daraxonrasib completed a rolling submission for pancreatic cancer, with approvals for Trodelvy and others. Management raised full-year 2026 guidance: portfolio receipts increased to $3.4B-$3.5B, with royalty growth of 7%-10%. Positive signals: 25 consecutive quarters of double-digit growth, and a BBB rating; risks: loss of Promacta exclusivity and Tysabri biosimilars.