Leo listens to Niko's impassioned speech with a look of curiosity. His thoughts go from "Huh, he shifted gears really quick there," to "Whoa! This guy knows a lot more about performing than he lets on!" Leo listens closely, eager to see if any major revelations on how to be a better performer are revealed. Unfortunately for him, it's just stuff about not dying.
Leo wanders for a minute what prompted this lecture. Hmm... that's it! Niko must be jealous of the the way he hogged the stage as Tiberious during that last fight. In retrospect, he guesses that taking the cover of the escape for himself was kind of selfish. He makes a note to include Niko next time he does something really dramatic. In the mean time, he'll just try and divvy up the glorious stands with the rest of the party. Maybe some of them are jealous too, but are just less outspoken. Better to be safe than a jerk, he thinks.
Because of his trying to figure out why Niko was talking about performances, Leo misses a chunk of it, pretty much just catching the don't die stuff and something about Deadstone being the leader. Listening to Deadstone seems fine, so he'll do that in between that and trying to spread stage time, he caught what Niko was talking about.
As Niko walks back into the tent, Leo says back "Alright then! Listen to what Deadstone says it is!"
Turning to the others for a second opinion, he says "Huh, any idea what he was upset about?"