• Q1 25 NAV at EUR 172.4 p/s, up 0.5% YTD and in line with our estimate• Revenue is up 2.7% in the private portfolio• One-time allotment of shares ensuring skin in the game for the long term• We estimate today's NAV to be EUR 172.9 p/s, implying a discount of 31.1%. We expect the elevated discount to remain sticky for some time and hence reiterate our Hold rating. TP moves to EUR 143 (from EUR 149) driven by lower-than-expected value for the private portfolio