Maybe you could talk about some of the red flags you look for and some of the consequences that happen once those asset movements begin.

Sure.

Let me just start by saying that, as Hadley mentioned, secondary sources of repayment are very important, at least in our experience, what we've seen.

IN THE DIRECT LENDING SPACE WHEN YOU HAVE AN ENTREPRENEUR, FOUNDER, GETTING A PERSONAL GUARANTEE FROM THAT INDIVIDUAL OR MAYBE THAT INDIVIDUAL'S FAMILY MEMBERS CAN BE IMPORTANT AS A SECONDARY SOURCE OF RECOVERY OFTEN BECAUSE THE BORROWING ENTITIES MAY SIMPLY NOT HAVE SUFFICIENT ASSETS TO COVER THE DEBT AND YOU MAY HAVE, YOU KNOW, PLEDGES OF ASSETS THAT ARE NOT SUFFICIENT TO COVER THE DEBT, ET CETERA.

Even in those situations, though, what we have seen in some of the cases we've handled here is that you start to see the founders start to move his assets to family members or to other people, which you really wouldn't know about unless you're regularly monitoring those assets.

So we've had situations where at a certain point you see the founders start to transfer assets for no consideration.

to the spouse or to the children, right? If you can find out about that, which is not so easy, but if you have in place a system to try to monitor the assets that at least you know about, and maybe ones that were not even disclosed to you but that you've independently learned about, you can pick up additional red flags of signs of distress.

WHAT YOU SEE IN SORT OF THE USE OF PERSONAL GUARANTEES AND HOW EFFECTIVE ARE THEY WHEN IT COMES TO AT THE END OF THE DAY IF YOU NEED TO TRY TO ENFORCE ON A GUARANTEE?