The convict admires Pip’s belongings: a fine gold watch, a ring set with diamonds and rubies (really, Pip?!), fine clothing and furnishings and hundreds of books. He says he understands that Pip was not prepared for this news (that HE is the benefactor, not Miss Havisham). But he has waited for this, looking forward to this moment for a long time… the reveal. He tells Pip he himself received some inheritance from his sheep employer. He knew he’d never make a good gentleman himself, so he set out to make one of Pip. I wonder what will happen now with Pip’s relationship with Miss H and Estella?