Ann: COF HY24 Results Announcement, page-48

If rates even hold here for some time, then COF will raise capital.

If rates go up, capital raise would occur very shortly after and the market will see it coming a mile away, so the raise will be at levels well below current share price.

Rates are only falling from here if there's a recesssion, which would in itself not be a good outcome for COF because it would mean leasing market would be even worse than current one.

Just don't see how the risk reward makes sense anywhere close to current prices and can see this trading down significantly, ala TOT.