Have you got an example you want to share with us?

Yeah, I think typical transactions that we've done is having an offshore structure and an onshore structure.

So where we have a borrower who is exporting some sort of minerals or commodity And we're able to attach those revenues that are delivered offshore into a trust offshore where we have control over them.

And as the borrower performs well, the borrower receives the money.

If there's any issues, then we have the ability to sit down at the table.

I think ultimately what's important from a local perspective is understanding the structure because every borrower has assets locally and how you can structure the collateral around there.

And then ideally, if we have an offshore structure where there's Cash flow offshore, we can secure them.

So looking ahead over the next three to five years, what do you think of the big structural trends? You talked about some of the emerging LATAM nations, but what are the big sort of structural trends that you see impacting the private credit landscape in Latin America?

Do you think that's representative of the way that Filipe's positioned it?

Yes, I do.

And I think there are some interesting trends that exist today that maybe previously didn't.

And when you look about Latin America vis-a-vis other regions, the geopolitical risk associated with Latin America is a lot more muted than other places.

And on top of that, as you've seen, the Chinese have been very focused on Latin America over the last 20 years.

But importantly now, the Trump administration has sees Latin America as its backyard.

And I think that has various implications.

So from your perspective, how do we scale EM private credit? How does this become a mainstay in institutional portfolios?