I take your point here and I think that loan losses are higher...

I take your point here and I think that loan losses are higher than expected in 2021 /22. However, I would note since August 22 the book has changed quite a bit and the secured proportion is bigger so there is a blended loss. I suspect if there is an issue it is with the old unsecured book. If you put the books in runoff now what would they be worth? I agree they are capital constrained and will remain so until interest rates start falling and they work the old book through the system. The warehouse providers are asking for much more capital before extending further amounts.