Thinktank continues to focus on offering innovative lending solutions   including full documentation and alternative verification products   to self-employed, SME and SMSF [self-managed superannuation fund] customers. As a result, our total portfolio has grown organically to A$5.4 billion (US$3.6 billion) across the residential and commercial loan segments.

Today, our residential loan portfolio has surpassed our commercial portfolio and now represents two-thirds of assets under management and 75-80 per cent of monthly loan settlements.

Our commercial loan portfolio comprises a well-balanced mix of standard income-producing office, small industrial, retail and mixed-use properties, located in metropolitan and major urban areas across Australia. No specialised or remote securities are permitted.

The commercial portfolio is weighted toward standard light industrial properties. Residential assets are secured by standard houses and apartments located in metropolitan and other major urban areas, predominantly in the major markets on the eastern seaboard.

Originations are sourced exclusively through broker distribution channels. Thinktank maintains a relationship-based approach with all its major distribution partners, which has been formed over many years and continues to evolve in numerous ways. Approximately 75 per cent of our distribution arrangements are now co-branded, which allows us to work very closely with our aggregator partners.

Self-employed borrowers across our portfolio have continued to display considerable resilience. They have been able to adapt quickly to changing economic conditions including the higher inflation and interest rate environment. Underlying commercial and residential property values in the major metro locations where Thinktank operates have also held up quite well despite softer economic conditions.

Thinktank's portfolio remains well positioned in the current environment, noting the effect of higher interest rates will naturally lead to some level of higher arrears and lifting from a historically low level.

The level of unemployment continues to be the leading indicator of overall portfolio credit quality, although interest rates are now thought to be at or nearing the peak of the cycle.

We do not expect any material losses given Thinktank's track record, disciplined underwriting approach through the cycle and appropriate loan-to-value ratio settings. The SMSF business stands out due to its exceptionally low arrears and zero losses over more than 10 years of origination.

The company's financial performance is sound, with profitability reinvested in the business including further enhancement of our cloud-based end-to-end digital platforms.

Thinktank operates two discrete funding programmes, issuing in residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) formats. Overall issuance now exceeds A$6 billion, while externally funded warehouse limits of A$3.4 billion support our ongoing origination needs.

We have welcomed several new investors to our funding programme over the last two years. Thinktank has more than 30 active domestic and offshore institutional investors supporting our warehouses and term issuance programmes.

In recent years, we have formed particularly strong relationships with UK and European investors, initially and further developed through regular attendance at the Global ABS conference in Barcelona. Not surprisingly, offshore investor participation in our term transactions has increased over time and now represents roughly 40-45 per cent of deal volume.

We remain committed, however, to further expanding and diversifying our investor base and funding sources. Currently, we are seeking to develop new relationships in the Asian region with investor marketing planned in Tokyo and Hong Kong in Q3 2023.