Nathan Latka

That's like what you've also sourced out to your partners.

That's not necessarily the paper you're holding.

Okay.

You're holding something like 20 million.

Okay.

Okay.

And then the prom notes that you just mentioned, the prom notes you raised at your operating co, you raise those at a fixed or floating rate?

Oh, interesting.

So it's like a hurdle rate almost, and then an 80-20 split above the hurdle.

We've recently seen others in this space like Pipe, for example, just give money out willy-nilly.

Those founders are now no longer there.

The book effectively, according to press outlets, blew up and the company has pivoted to selling embedded finance tools to sort of a DevOps play.

Charge-offs are very, very important in this space and managing them.

What would you consider a good loss rate and are you comfortable sharing sort of what you're under today?

So just to be clear, if at that point in time, total life to date, you'd put out $100 million of capital, your losses would have been 6.8%.

Yeah.

Okay.

Got it.

Do you recover any of those or are they just gone forever?

And that's that 6.8 number, right?