Sustainability & Returns - The report discusses the source of rewards, potentially referring to sustainable yield versus dilution [1] - The analysis likely focuses on whether returns are generated sustainably or through methods that could dilute value over time [1] Investment Focus - The report encourages investors to understand the origin of their returns [1] - The central question is whether the yield is sustainable or based on dilution [1]

Group 1 - High-income investors have limited asset classes where they can invest with confidence in durable yields, avoiding unsustainable sources like return of capital or aggressive leverage [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, assisting top-tier corporates in shaping financial strategies and executing large-scale financings [2] - Berzins has contributed to institutionalizing the REIT framework in Latvia to enhance liquidity in pan-Baltic capital markets [2] - His policy-level work includes developing national SOE financing guidelines and frameworks for channeling private capital into affordable housing [2] - Berzins holds a CFA Charter and an ESG investing certificate, and has interned at the Chicago Board of Trade [2] - He is actively involved in thought-leadership activities to support the development of pan-Baltic capital markets [2]