Lewis Hart

It's this really cool document.

It's a title document when it's negotiable.

So there are four words to the order of that when those four words are printed on a bill of lading, that means that whoever to the order of the word after that, they essentially control those goods.

Hmm.

Those bills of lading have numbers and you can type those numbers into, for example, Bloomberg Terminal has the marine tracker app.

We look at that.

So we're using public source data to really track that collateral when it's necessary.

You typically don't need to do that unless it's something's going wrong because ships tend to go where you think they're going to go.

But that is a tool with technology that makes it much easier to actually track your collateral while it's on the water.

Once it goes into a warehouse, you typically get a warehouse receipt, which also can be a title document, very important if it has those four important words.

And in that case, you're often talking to the warehouse directly.

So you may say...

The client may say, I'd like to release these five bags of coffee or one cappuccino to sell to this roaster.

Is that okay?

And our team is actually saying, yes, please release those.

But that's on trust, what we call a trust receipt.

And then they have to give us an account receivable to replace that within a certain number of days.

So one of my colleagues, this may shock you, is on the board of the Peanut Tree Nut Association.

Is it actually called the Peanut Tree Nut?

It's a big trade organization, and we happen to finance— Peanuts aren't tree nuts, hence the name has to be segregated.