Most diligenced deal in the slate by a wide margin — vertical slice playable, GYLD market evaluation report assessed, milestone-gated tranche schedule with explicit governance items at each release. The slice resolved the single biggest 2024 diligence flag (combat playability + scope demonstration), materially de-risking what was the primary v1 underwriting concern. Remaining risks are governance-stage (combat polish, art direction, FTE ramp), not studio-stage — and the part-time/contract structure means slippage is timing cost, not proceeds cost.