Alec (Ren)

So Henry, before we get into the world of private credit here in Australia and what you're doing, let's start with you.

And we always like to start with the same question.

Can you tell us the story of your first investment?

Yeah.

Okay.

Once bitten, twice shy.

So Balmain's seen the industry grow here in Australia, been operating since 1979.

Can you give us a bit of an overview of what has changed in the market over that time and where the big growth areas have been?

So Henry, I'd love to get specific because often private credit conversations we have, or that I've heard, you know, they talk about lending in areas, like it's more focused on the investor side of the equation.

But I'd love to really understand the lending side of it, like specific deals that you've been a part of, that you've seen to sort of bring this area to life.

And I guess in particular, where that flexibility shows up that you were mentioning earlier that the banks can't match.

Can you give us some real life case studies?

So was this an apartment complex?

Speaking of credit worthiness, it's probably worth us now talking about the risk side of the equation because as money has flooded into the space, the questions have been raised around, you know, are private credit operators going to have to lower their lending standards to just get the volume of money coming in out the door?

So, and we'll get into some specifics we're seeing in the US later, but just generally, like, how do you think about that challenge and that concern?

Yeah.

As you've spoken there and it's made me think, so like in the US, a lot of the firms that are in real trouble are the firms that are lending to particularly software names, like, you know, Blue Owl and stuff like that.

And Blue Owl, I think one of their funds has redemption requests, like up to 40%.

And there was UBS had a report about US private credit where it was like, I think they worried about 15% default rates for some funds.

Like,