James Kirby

You will find, and perhaps after this show, let me tell you, I'll get calls and they will say, listen, James, you know, it's gated.

We're doing the right thing.

This is good.

This is good for the industry that we can do this.

But I don't know.

I don't think it's good that you can't get your money out of something.

Clean and simple.

Doesn't convince me.

Yeah, because as you say, they're asset backed, right?

So they didn't sign up these loans.

They're not paying, mostly, generally, they're not paying this guy.

They're asset backed.

I noticed on the ASX, of course, anything linked with this area of private credit, it's down against a broader market that's metrics, et cetera, they're down.

KKO, the big private credit fund is down.

But I want to ask you, is it wishful thinking?

Some people say the Australian private credit market is better than the US one or the global one because it is not so evolved and so it's more linked with traditional property assets.

Yeah, correct.

It's for risky development, right?

That's very clear.

Okay.