I am a holder too but not quite as exuberant. I do understand...

I am a holder too but not quite as exuberant. I do understand that when rates are rising KKC is covered by the indexed clauses in their contracts and this increases distributions to holders. But I am very much aware and it appears so is the market according to the discount to NTA that the scrutiny of unlisted assets is not as tested and as visible as those on the ASX or any other bourse for that matter. Sure there are ratings quoted for secured and unsecured loans issued and there are statements that all loans are paid within the terms but are all of those ratings current or recent and are the assets used as security holding the same values as when the loan was approved? I do not want to suggest that I know that any of KKC's securities should be or have been downgraded but I do know that the world economy is currently in some disarray and that it is reasonable to consider that any assets held anywhere can be affected. I think that the market is indicating that uncertainty even though it may in KKC's case be only circumstantial.