I have a small immaterial position to keep it in my head space.
We are invested in a number of unlisted non-bank debt funds, these funds are very similar to QRI but unlisted. Real estate backed and mostly senior debt.
ALL of these funds are now reporting non-performing loans in their loan book. This only just started showing up in the last couple month end reports and no doubt will get worse as the loans written in 2020 & 2021 come to maturity and need to be re-financed. Big developers and builders are now going bust and it's starting to hit every lenders book.
It is almost certain that it will happen with QRI too and likely in the next few months.
QRI Price at posting:
$1.46 Sentiment: Sell Disclosure: Held
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