Dude… The SP could really fall a lot from here, no doubt, but the loan facility has nothing to do with that… It is funding loans SPX is underwriting… Mostly historical Invigo exposure I am guessing. The other $3mio undrawn is not cash as is reported in 4C, but additional capacity to lend a little more. Hence my earlier comment: the price of that facility is not off market at all. Not cheap for sure, but enough to generate 3-5% net profit on its drawn portion. You do the maths, it has contributed to about $90K to the quarterly revenues. Yes, peanuts. But it is not to be characterised the way you did.
SPX Price at posting:
1.0¢ Sentiment: Hold Disclosure: Held
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