Zip $1 Party, page-2050

Hmmm. BNPL businesses were built on almost free capital when risk went out the door, after which we had the sharpest and most sustained interest rises in history, and poof! It all went away. Risk is back, which is why the last receivables refinance was from PE (Victory Park Capital), as was the corporate debt from Ares Capital (watch the spelling) - both in the junkyard dog dept. of corporate finance, when you have nowhere else to go, and this headbutt is putting up pretty pictures of 10.year bond rates. And he reckons you go to the lender of last resort to get the best deal. I'm the one who defended the 15% Ares Capital $150 mil as a good deal in the circumstances and the Bedger put up a purple picture of bond rates at sub 5% net of margin. LMAO