This has been on my watch list for c.5 months, as a defensive...

This has been on my watch list for c.5 months, as a defensive stock. Thanks for your valuable comments.

Re your comment, "QRI haven't had a bad debt I believe in their entire history & have a healthy LVR".

a.Have QRI put this comment, of never having a bad debt, publicly in writing to QRI investors?
If so, what time period is QRI referring to (& includes recession periods- where defaults can be expected)?

b. And does this include, also, the monthly payments the borrower must repay QRI?
And the full repayment of the loan, at its expiry?

c .Some property experts say, due to covid-related vacancy rates etc., especially on office properties/more working from home etc., that commercial real estate values have fallen.
Re the NTA of $1.60, how often are QRI's secured properties (all categories) that it lends funds to, independently valued (ie could the NTA be incorrectly high)?

d. Re the "healthy LVR", what % of QRI's property loans are they secured by QRI having FIRST mortgage security (excluding the ATO) over the property?
Is the remaining % represented by QRI having second mortgage security?